EGM 4th September 2017-07-21

Dear Owners,

It seems there is general agreement we are enjoying a wonderful season with the restaurant fully justifying the subsidy we made early this year. The menus and the service have certainly improved considerably and sincere thanks must go to Doris Röthel for all her work encouraging the team in the right way. Doris will be discussing the tenancy during October and the intention is of course to ensure the team continue working with us in the years ahead.??As many of you are aware, the Committee have received an offer of 450.000€ for the 150m2 library and adjacent toilets and you are asked to vote whether to accept or reject this offer. If the vote is to accept there will be approximately 300.000€ after taxes available to invest in other areas. If the vote is to reject the offer we need to agree how best to utilise the space. A number of alternatives, together with approximate costings are enclosed.??The Committee asked for two independent valuations of the space and they are enclosed.

The valuations have been calculated based on 2 separate basis, the lower figure is based on “existing premises basis” and the higher valuation is calculated as if it was converted into living accommodation. ??We have also been in talks with UCSA to purchase their office space, and a figure of €150k has been agreed for the 160m2 subject only to your approval. There has always been a real concern that UCSA would eventually close or relocate and it is obviously in our interest to ensure such a central structure in the heart of the Club area remains under our ownership and is not sold to any other third party who may wish to develop it into a business contrary to the philosophy of the Anchorage. La Caixa has provisionally offered a 15 years mortgage to the Anchorage at around 2.1% interest which will mean a repayment of only 15.000€ per year to purchase the premises. ??There are a number of options for you to consider and there are attachments which clearly outline the alternatives.??We hope to have a positive majority one way or another which will set the future direction of the Anchorage for years to come.??There is an additional agenda point regarding the gardens where the team needs your approval. ??Finally the new security barrier is now being prepared and will be brought into use at the end of October. Owners have asked a number of questions about the project and your questions, together with the appropriate responses are enclosed.

We are looking forward to seeing you on September the 4th.

Best regards,

The Anchorage Committee

Letter EGM 04sept17



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