Ashlar/ Stonecutters Ridge Swap Deal

[amanda]

Really? I'll definitely make an enquiry to the NSW GM tomorrow after they have their weekly project meeting. Thanks for the tip

[WeekendHacker]

Yep, but I'm talking about the purchase of Ashlar. Stonecutters is developing sure, but Ashlar purchase has been postponed.

Thats what I heard also. I believe it was put to the members of ashlar that "Due to the current economic climate UPL and Medallist have shelved all aquisitions until further notice. This means the ew curse development will continue but the land swap deal with ashlar has been temporarily put on hold". There is an agreed terms contract ready to go but is now on hold.

[WeekendHacker]

Looks like this has now been officially kyboshed.

Letter sent to membership of Ashlar this month states that UPL has been given instructions not to proceed with the proposed land swap with Ashlar. Due to market conditions UPL cannot take on additional development risk with the acquisition of Ashlars land and the position to be reviewed over the next 18 months.

Interesting.........

[3oneday]

Surprised Ashlar hasn't washed away

[Scottt]

Looks like this has now been officially kyboshed.

Letter sent to membership of Ashlar this month states that UPL has been given instructions not to proceed with the proposed land swap with Ashlar. Due to market conditions UPL cannot take on additional development risk with the acquisition of Ashlars land and the position to be reviewed over the next 18 months.

Interesting.........

What's that saying again?

You snooze, you lose... something like that!

[amanda]

Hi everyone,

I know the deal is off - but in case anyone is interested in how the Stonecutters Ridge course is going (very slowly) - I thought I'd update with some pics from about a month ago:

The 8th tee and fairway


Bunkering on the 8th


My understanding is that there will be 6 holes open for play some time next year - greens apparently were seeded but I don't see any green on them at the moment! I'll try and take some decent course pics when I'm out there next. No official word when 18 holes will be open

No word on when the big clubhouse will be built - I figure UPL will wait for the economy to really pick up.

Land sales are going ok and people start moving into newly constructed homes at the end of this week.

[Andrew]

Amanda, you can see an updated aerial from mid November at www.nearmap.com

[3oneday]

Did they stop altogether ? seems like they haven't progressed far at all.

[amanda]

Andrew - thanks for the link.

Pete - I think for a while there was a pause while something was going on - but construction is back in full swing. Last I heard today - the plan is to open in mid 2011 (still a ways off). The greens have been seeded - just waiting for rain

[Not so Big Easy]

Latest and maybe greatest...

Reportedly the developers UPL, are still keen to do a trade deal with Ashlar as UPL are developers not golf club managers (even though Troon could step in there), however by all reports, whatever proposal they do come to Ashlar with from time to time since mid 2009, is substantially less than what was discussed in the past, and subsequently many people believe the deal is completely off the table.

Obviously with Ashlar's current state with no clubhouse, and the potential that they can construct a nice clubhouse that can house all the necessary facilities to host revenue raising events (and hopefully profitable) such as corporate days and weddings etc. the deal that the developers would need to go Ashlar with, would have to be more lucrative than what they have 'offered' in the past. ie more than just a land swap.

I believe the developers would have less than 6 months to come to Ashlar with a final offer prior to Ashlar signing off on construction of a new clubhouse, because it would be ridiculous for Ashlar to entertain any deal with after they've spent a considerable amount of money on a new clubhouse.

[3oneday]

But surely them walking would affect any insurance claim ? I doubt any insurance company would be handing them a cheque, rather they would be funding the new construction ?

[Not so Big Easy]

I don't know the terms of their insurance policy, but I believe if the Stonecutters offer came to approval, perhaps there is the possibility of a cash settlement from the insurance company. Of course, it hypothetical, but still food for thought for the decision makers of Ashlar.

[Not so Big Easy]

I don't know the terms of their insurance policy, but I believe if the Stonecutters offer came to approval, perhaps there is the possibility of a cash settlement from the insurance company. Of course, it hypothetical, but still food for thought for the decision makers of Ashlar.

The Ashlar / Stonecutters deal is back on the table. Obviously considering Ashlar's position of being able to build a new clubhouse to better match the course, the developers of Stonecutters felt they needed to sweeten the deal, and now come up with soemthing for the Ashlar members to assess and vote.

[WeekendHacker]

vote is on for the 28th July and the percentage required for it has been dropped from 75% to 50%. should be a shoe in.

[Grunt]

Anything extra that was not in last deal?

[WeekendHacker]

With the insurance payout on the clubhouse they are going over with a few million in the bank so I believe that UPL have taken a cash amount off the table but have added that if the club is not making money after the first 12 or 24 months they will cough up some dollars to assist. Really this should not be an issue as if the board and secretary manager cannot make the only Norman course in Sydney work then they should be doing something other than running a golf club.

[GolfBallWhackerGuy]

Would be a shame to lose the current Ashlar course. Its a decent layout and can be difficult if the greens played real fast.

[markTHEblake]

vote is on for the 28th July and the percentage required for it has been dropped from 75% to 50%. should be a shoe in.

That seems unusual, you would think that there would be a vote required to change the % vote required;; ie an amendment to the constitution.

[WeekendHacker]

i believe that a special amendment was made to the constitution when the last vote was to be done in 2009 that set the percentage to 75% but with a condition allowing the board to change it to a maximum of 50%.

[GolfBallWhackerGuy]

If the votes come in at 50%, doesnt that mean its a stalemate?

[Hawkers2008]

That seems unusual, you would think that there would be a vote required to change the % vote required;; ie an amendment to the constitution.

This transaction is about the disposition and acquisition of certain assets its not really about amending the constitution. The objects of the club (palying golf amongst other things) are not being affected its just a proposal to change location.

I assume the vote is to approve to disposal of certain club assets (ie the old course) and also that the current constitution only requires an ordinary resolution for such a motion.

[Hawkers2008]

If the votes come in at 50%, doesnt that mean its a stalemate?

No it means the motion is lost. The motion needs a majority to be carried and if not carried its lost.

[happy_golfer]

i believe that a special amendment was made to the constitution when the last vote was to be done in 2009 that set the percentage to 75% but with a condition allowing the board to change it to a maximum of 50%.

My understanding is that since last time no one bothered to look up what was required. A 75% majority is still required to change the constitution, however this prorposed move is governed under the auspices of the Registered Clubs Act therefore only 51% majority is required. Also all nominated members are elligible to vote which would include 7 Day, 6 Day and 5 Day members including juniors and intermediate members. Social members are not nominated therefore not elligible to vote.

[terrys]

Is the word on the course confident that it will pass? Might be worth joining up as my second club.

[happy_golfer]

Is the word on the course confident that it will pass? Might be worth joining up as my second club.

hi terrys, the feeling is very confident. People have been quoting about 90% yes and can hardly name or know of any people that want to vote no. The only probelm seems to be one of complacency and not getting people to turn up on the night to vote. But now only a majority is required that should not be a problem.