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Syndicate Details:

The Syndicate

There are 3 equal share holders who share the use of the Vessel and share the running costs. Each syndicate member purchases 100 shares of 300 shares issued at the agreed price of one pound a share.

The Company - An Isle of Man Off-Shore Company

To hold only the Asset of the Vessel and to have 300 shares issued. 100 of which will be allocated to each syndicate member to be in your own name or that of a company. You can nominate a shareholder if preferred at your own cost.

The company will be a Registered Charter Boat Company, so the yacht will be VAT free - the yacht will be British Registered in the Isle of Man.

This will be a non-profit making company and there is to be no borrowing against the asset.

Any syndicate member may sell their shares at any time at whatever value they wish. Firstly to be offered for sale back to the Syndicate to any member if interested or if 3 out of the 3 syndicate members are in agreement the whole vessel can be sold in its entirety.

A unit of 100 shares can be purchased by an individual or several individuals or a company. However, this will still only entitle the purchasing entity to a one 3rd vote of any decisions and the 6 week use allocation. Two or more units can be purchased by any one member.

Running Costs

The running costs will be kept separately to the holding company accounts and will be non-profit making. Simple accounts will be kept by the Captain (syndicate member).

There will be a full time Crew of 3 persons to maintain and look after the well being of the vessel.

There will be an Annual General Meeting for share holders to set the budget for the coming year. This will include maintenance and running costs, insurance and moorings etc.

The running costs are to be paid in full by each syndicate member by the 1st January each year. Failure to do so will result in the syndicate member not being allowed to use their 6 week allocation. Further failure to pay these fees will give the syndicate the right to sell that individual syndicate members shares and recoup outstanding fees and costs incurred and pass the balance to the individual.

Cruising area

The cruising area will be discussed at the AGM and a vote taken to where the next years cruising area will be. Initially the vessel will be based in Lefkas Marina, Lefkada, Greece.

Alternative cruising areas include Greece, Turkey, Croatia, Italy, Spain etc.

Syndicate member allocation

The period will start from approximately the beginning of May and run through until approximately the end of October each year.

Each syndicate member will have 6 weeks use made up of 3 x 2 week blocks. The blocks will rotate as follows:

2 weeks use followed by a 6 day maintenance period.

Prior to the next syndicate members 2 week block the Vessel will be cleaned, polished, maintenance carried out, laundry, re-stocking of provisions, and a short rest period for the crew.

Any syndicate member may ‘swap’ their 2 week block with any other syndicate member providing they are willing.

Chartering

Because of the Vat status of the yacht, each member will charter the yacht and those fees will cover the maintenance costs for their allocation periods.

Any syndicate member not using their allocation may charter this period out. This will be carried out under a separate arrangement directly with each syndicate member and the Captain, so as to ensure that it will not interfere and incur any expenses to the syndicate running costs.

The revenue generated from each period will go directly to the syndicate member. However, a contribution from the revenue will be required by the Captain to go towards any advertising and other costs incurred on your behalf.

Chartering rates are at the syndicate member’s discretion. For your information between 25,000 and 30,000 Euros per week can be achieved.

Rules

Each syndicate member is responsible for themselves and their guests whilst on board to help maintain the Vessel and its belongings. Any damage caused by negligence during their period will be at that syndicate members expense.

The Captain will have the final word regarding the safety of the crew, the guests and the Vessel. The Captain will also reserve the right to put any persons ashore if it is deemed they are a danger to the crew, other guests or the Vessel itself.

There is a strict no smoking policy on the vessel. Anyone wishing to smoke will be allowed to only on the aft deck. General boating rules will apply, e.g. deck shoes or bare feet whilst on the vessel etc.

The voting on decisions will need 3 out of 3 for major items e.g. to sell the Vessel in its entirety or a major re-fit. Minor decisions e.g. upgrades, cruising area etc. a majority vote of 2 out of 3.

Consumables

Fuel

The Vessel fuel tanks will be full at commencement of each period of use and will be re-filled at the end of that period at that syndicate member’s expense.

Food and Beverages

Standard food for breakfast and lunches and the occasional evening meal will be included in the running costs. Items include local wines, beers, spirits and soft drinks. It will not include champagne, vintage wines and gourmet evening meals.

If a gourmet evening meal is required on a regular basis, or if additional services are required, then an additional crew member will be taken on for that period at that person’s expense.

Maintenance

All routine maintenance, annual servicing and minor repairs will be at the Captains discretion and he is responsible to make sure that the Vessel is in a fit and working condition.

The Captain is also responsible for minor upgrades and the renewing of small items through normal wear and tear. Any major items that need to be renewed are to be discussed and voted on at the AGM. Any re-fitting will be discussed and voted on at the AGM.

The Vessel will be kept and maintained in A1 condition therefore protecting the investment.