Hi Roz, and all,
The documentation that goes with the waiting list makes it clear that the $5000 is refundable at any point that someone asks to withdraw from the waiting list, or at the completion of the build. If someone on the waiting list has the opportunity to purchase a unit, the $5000 converts into the shareholding.
Because this is clearly stated for anyone who wishes to go on the waiting list, I don't see any problem with continuing with the waiting list at this stage. There is still 18 months (give or take) to go before the period for which it is designed is over. I would not want to dismantle it now and find ourselves in 12 months with a unit that needed to be taken up by someone else.
The waiting list money is held in a separate bank account, and will all be repaid when the build is complete. From that point, buying and selling units will be on the open market (with the cohousing covenant on the title)
Go well, Anne (still in Melbourne till Tuesday night)
Sent from my iPad
On 16/06/2019, at 8:22 AM, michael.rosemary@xtra.co.nz michael.rosemary@xtra.co.nz wrote:
Once again my concern was the $5000 for going on the waiting list. see other emails. However would be very surprised if we didn’t need to change ownership of a unit during the build. And maybe that is what is happening already with Rachel and Geoff and anne?
From: Ucol-shareholders ucol-shareholders-bounces@list.king.net.nz On Behalf Of Rainer Beneke Sent: Sunday, 16 June 2019 10:18 a.m. To: Marianne Quinn mariannequinn@xtra.co.nz Cc: UCOL shareholders ucol-shareholders@list.king.net.nz Subject: Re: [Ucol-shareholders] waiting list
hi all
please see below from our Ucol legal agreement:
- ASSIGNMENT
26.1 A party must have written approval of the Group through the Group Decision Making Process before: 26.1.1 assigning, selling or otherwise disposing of any right or obligation under this Agreement;
regards Rainer
I check my emails once a day. Please call me if you need an urgent reply. Rainer Beneke +64 21 144 7700
www.rainerbeneke.nz
On 16/06/2019, at 10:12 AM, mariannequinn@xtra.co.nz mariannequinn@xtra.co.nz wrote:
Hi Alex: I get what you are saying post settlement but is it appropriate to suggest that someone could bypass our legal agreements as signatures to this project to maximize their own gain prior to that time?
We’ve all held the risk around this. I can appreciate that there may be circumstances that compelled a change ahead of time, but would not have thought that simply making a quick gain would fit into that list of circumstances.
Your thoughts?
I believe its in all our interests to have an orderly process through to settlement. Changes to this have implications for the extent of legal support UCOL may require in the coming months and would strengthen my resolve to stay with McMillan.
I presume that this is something that’s been discussed with the Directors as a group. It does need to be clarified with all the shareholders and those who’ve an interest in buying in.
Regards,
Marianne
Marianne Quinn
Level 3, 115 Stuart Street, Dunedin P.O. Box 20, Dunedin 9054 ph +6434773115 or 0211612050
From: Ucol-shareholders ucol-shareholders-bounces@list.king.net.nz On Behalf Of Alex King via Ucol-shareholders Sent: Saturday, 15 June 2019 10:52 PM To: ucol-shareholders@list.king.net.nz Subject: Re: [Ucol-shareholders] waiting list
As you say, if people sell their units after settlement the waiting list is not necessary but it is a handy list of possible buyers. If someone's circumstances change and they need to pull out through the mechanism in the UCOL agreement, then the waiting list would be used. However it seems to me that the value of our units has already increased significantly since we signed up for them a year ago, and even if people needed to pull out early they could get a better price by selling on the open market rather than going through the mechanism in the UCOL agreement. There is still some use to the waiting list. However I agree that there is now practically zero chance that the waiting list will give buyers any advantage beyond simply an expression of interest. That probably needs to be communicated to people on the list. Thanks, Alex King RimuHosting Support On 15/06/19 8:05 pm, michael.rosemary@xtra.co.nz wrote: Can we continue to have a waiting list where people have to pay to be on it? once the remaining units have sale and purchase agreements against them doesn’t ucol lose the right to decide who can have a unit so therefore it can’t be right to take money? Eg we have signed a sale and purchase agreement so, subject to our making the final payment, we are the owners of our unit. If we want to sell maybe it would be handy for there to be a waiting list/list of expressions of interest but, as private owners, we can choose our own purchaser. So paying $5000 would give no one any advantage over anyone else, on the waiting list or not. Not sure I am making my point too well, sorry, roz
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