Purchase procedure

The "Cuillin" proposition has attracted a high degree of interest, and only one share now remains available. In order to proceed in a timely manner, interested parties will be asked for appropriate deposits at various stages to confirm their degree of commitment, ensuring that only serious enquirers obtain the attention of the organisers. It is recognised that given the scale of individual investment, a degree of caution will be appropriate on both sides, and for this reason prospective buyers will receive a further detailed information package before being asked to commit to any further agreement. 

This stage by stage process is intended to permit both organisers and potential members to validate each other’s bona fides, and includes provision of more detailed financial and other information, as well as inspection of the actual property, prior to making a firm commitment to joining. All deposits will be made to a separately identified client bank account opened in the name of the Group and for which The OwnerGroups Company Ltd. is fully accountable. All deposits will all be credited towards the cost of membership.

Interest confirmation. Following any initial contact and perusal of this basic prospectus information, a potential buyer will need two different types of information, about the property itself and the organisation. This is provided in two forms: an Information Package and an optional inspection visit. Deposits are required for each element. 

The OwnerGroups Company will inform the current owners of the identity of serious enquirers who wish to obtain the Documentation Package and take up an option to buy, and obtain their approval to release the Documentation Package. This is necessary as the package contains internal documentation relevant to the group, and includes confidential financial data. We will make personnel available as needed to explain its details. The Information Pack is provided on a CD and includes a 15 minute video tour of the property, as well as details of organisation and financial matters. A deposit of £300 is required for this. 

Prospective buyers are also be entitled to visit the property for 3 days and a further deposit of £750 is required for this. Additional nights accommodation may be obtained in accordance with current rental arrangements subject to availability and agreement with the owners. 

Payment for the Information Package also secures an option to buy a one third share in the group. This option will be valid for 3 months from the date of any inspection visit, or 3 months from receipt, whichever is earlier. The option period may be extended by mutual agreement. The Information Package and Inspection visit deposits are not refundable.

Option deposit.  Following provision of the detailed information discussion and any inspection visit, an enquirer may withdraw without further ado. Should an enquirer wish to proceed further, he may take up his option to participate in the group. At this point he will be asked to provide a buyer’s deposit of £5000. This will be placed in the group’s bank account, and credited towards group total costs on completion. In the event that the syndicate subsequently does not proceed because of the withdrawal of the current owners of Byam House from the scheme, the Option deposit will be refunded in full, and in addition the current owners will reimburse any costs which can be shown to have been directly incurred in considering joining the scheme, such as travel inspection costs, up to an absolute limit of £1,000 per option holder.

Legal Advice. OwnerGroups expects that potential buyers will want to seek independent legal advice. We can provide information to enable contact to be made with the most recent buyer's lawyer if desired, but buyers are entirely at liberty to seek advice elsewhere. 

Completion. The group will be completed when another buyer has signed the Members’ Agreement and the remaining share is transferred, when payment of all outstanding costs for the share in the group will be due in accordance with the relevant provisions of the Members’ Agreement. In the event that a buyer declines to proceed with the purchase, his deposit will be forfeited. 

The OwnerGroups Company Ltd. will assign initial usage in accordance with the Members Agreement and the members will start making monthly payments to cover the agreed initial budget. Members can expect to be able to make full use of all the facilities at this point as the rightful owner of a one third share in the "Cuillin" Group.

How to proceed from here.

If you want to know more about joining the group, you should in the first instance contact Steve Last, CEO of The OwnerGroups Company Ltd, preferably by e-mail , or by phone or fax at (+44) 1628 486350. On confirmation of serious interest by receipt of the application form below, the Documentation Pack sent to you will include:

Draft Membership Agreement.

Additional agreement explanatory documents.

Detailed financial statements.

Video CD of the property.

Microsoft Excel Spreadsheet Software to make value comparisons.

Authorisation to inspect the property.

Option purchase form.

Application for Documentation Pack.

I wish to examine the Documentation Pack for "The Cuillin Group".

Name

Address

Telephone Number

Fax Number

E-mail Address

I can confirm that I am acting on my own behalf and not as a nominee for another individual who would in the event of purchase be the actual group member.

I enclose a cheque for £300 in favour of "OwnerGroups Company (Cuillin Group)". This will form part of my contribution to the Cuillin Group in the event that I decide to take up an option to purchase, and is not refundable in the event that I elect not to take up the option to purchase.

Signed:

Date: