Re: Waiting List
We need the waiting list in case anybody has to pull out.
Remember, we still have some uncertainty over the Alva street unit - in case the DCC decides to sell it, we'll need to be able to call on induction-ready people at short notice.

However, I agree that people on the waiting list should be kept informed and allowed to withdraw their funds if they wish.

Re: Private sale on the open market halfway through the build
I oppose private sales on the open market at this point in the build for two reasons:
1.  The incoming person will be unable to take part in group activities as a full member
2.  I have no real idea how the sale contract would impact UCOL, the bank loan, and the smooth continuation of building works.

So, item 1 is fairly easy to address
The seller has to contract part or all of their voting rights in UCOL to the buyer, in such a way that the buyer can participate fully in the group

Item 2 needs legal advice
For the group to really consider item 2, the private sale contract, I feel we need more information.
The way I see it moving forwards is something like this: The seller who wants to do a private sale needs to engage a lawyer, and draw up a legally valid plan for the transfer - keeping in mind item 1, and then bring that plan to UCOL so we can assess it.
All the legal costs for this plan be borne by the seller, and it needs to be done within a couple of weeks, so we can inform the incoming buyer(s).
UCOL may require changes to the plan to minimise impact on the UCOL's own legal obligations.
If UCOL agrees (due to minimal impact on the company), and the buyer agrees, then the private contract will be between the buyer and seller, and UCOL then has interest in this only where it impacts our own Company legal agreements and operating affairs.


Regards
Min




On 15/06/2019 10:51 PM, Alex King via Ucol-shareholders wrote:

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


_______________________________________________
Ucol-shareholders mailing list
Ucol-shareholders@list.king.net.nz
https://list.king.net.nz/listinfo/ucol-shareholders


_______________________________________________
Ucol-shareholders mailing list
Ucol-shareholders@list.king.net.nz
https://list.king.net.nz/listinfo/ucol-shareholders