LETTER FROM THE COMMITTEE

NOTICE TO ALL GOLF CLUB MEMBERS FROM THE COMMITTEE

The Committee would like to go on record in saying that it unanimously and whole-heartedly supports the appointed Administrator in his efforts to maintain GSA as a viable business, thus avoiding liquidation. At present the Golf Club and its members have been very fortunate that loyal staff, despite very difficult circumstances, have continued to work, thus enabling us to continue to use the clubhouse and enjoy what is still a very well maintained golf course.

From a Golf Club perspective the Committee believes that the alternative option of liquidation must be avoided at all cost, as it is inevitable that if this route is followed the golf course would quickly become unplayable and a recovery plan from this point would be far more difficult and complicated. Whilst we understand that although the non-payment of the Urbanisation Charge by property owners is not wholly responsible for the deterioration of Vigia’s finances, it is a contributing factor and certainly disadvantages their cash flow. Therefore the Committee supports the Administrator in his endeavors to recover the outstanding amounts where they are genuinely applicable.

In conclusion we believe that we have entered a very delicate stage in the life of Vigia that clearly impacts directly on the Golf Club and its members. As a Committee we wish to thank the remaining staff for their loyalty. In addition we would like to make clear that the Administrator has our full support in his efforts to keep GSA alive, something in which we believe is in the best interest of the Club and its members.

The Committee