Cape Verde Islands

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 Post subject: PROPOSAL OF 22ND SEPT 2009
PostPosted: Wed Sep 30, 2009 4:41 pm 
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Hi All:- The couple of queries that some of you were not sure of is the 4% is a one off payment and if less than 75% do not agree the proposal will be withdrawn.

I first invested in Ponta Bicuda in November 2006, I was one of the early investors(7th) and my contract states:-

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<b>that if our property is not handed over by the 30th September 2010 we can claim 100% compensation,"force majeure" or no "force majeure"......Fifth Clause, annexe(11).</b>
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However one thing is to have the right to be refunded, the other is to have the money. Vilas Oceanicas is indirectly owned by Design Resorts i.e. I am assuming if Vilas Oceanicas goes bankrupt Design Resorts will still be trading. Design Resorts have a number of projects going at the moment Vilas Oceanicas have one.Therefore we will have a comfort letter from Design Resorts a much stronger company albeit twenty seven months later.

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Therfore I will be voting for the proposal even though I will not be able to declare breach until December 2012 instead of September 2010.
<b>The reasons I will be voting for the proposal:-</b>

1) We are receiving 4% of our monies invested when the developers could have said take it or leave it, others will say why not 4% per year....half a loaf is better than none.
2) Most people will be aware of the contractural problems at Vila Verde on Sal regarding money back. This is a view from my solicitor:-

<b>We might assist you to declare breach but if they do not accept your position, you have to claim for arbitration in Cape Verde which will imply costs and time. Please note that the legal fees we have agreed do not include this situation.</b>

3)Everybody is aware of the "Credit Crunch", Ponta Bicuda have had a double whammy with the land dispute.
4) There is now a light at the end of the tunnel whereas for months its been looking gloomy.

May I state that these are my views and I know every buyer has different circumstances and even though I will be voting for the proposal, the contract will have to suit and nothing is binding until the contract is signed.

Hope this helps and if anybody wants a private chat ask Daniel for my e-mail address.

Terry.


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 Post subject:
PostPosted: Fri Oct 23, 2009 10:23 am 
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<center><b>"GOOD NEWS</b></center>

I been in discussion with Ponta Bicuda and they confirm that the 4% will be an annual payment rather than a one-off payment.
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The <b>"4% per year"</b> will be accrued as of 1 December 2009, provided we both have all the documents in place (program + amendment), until completion. The payment will be discounted from the final payment in the notarial deed. It is then completely income and stamp tax exempt.
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 Post subject:
PostPosted: Fri Oct 30, 2009 7:19 am 
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The deadline to reply to the proposal contained in the letter of 22nd September has now been extended to the 15th November!!!!

RichBhoy1967


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 Post subject:
PostPosted: Mon Nov 09, 2009 4:38 pm 
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Hi All,

I received an email memorandum from my solicitor's this morning, outlining Vilas Oceanicas state and Ponta Bicuda in general, I've now decided to <b>accept</b> the proposal contained in the letter of 22nd September and the amended completion date....

To be honest I didn't really have much choice, by accepting, hopefully there'll be a product at the end of the day. If I had refused, then I could have tried to force the breach of contract issue next summer at more expense and who knows Vilas Oceanicas might have folded by then without 75% support from investors.

Another thing is that the wife of the original landowner has appealed to the Supreme Court in Cape Verde and no construction will commence until this has been resolved one way or another (it could take upto 1 year also for this to be resolved!!) this will no doubt delay the construction work further.... But hopefully when construction is complete, I'll be able to sit down with a beer and enjoy PB.....

RichBhoy1967


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 Post subject:
PostPosted: Tue Nov 10, 2009 12:18 pm 
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HI,

I AM ALSO ACCEPTING THE NEW CONDITIONS AND WILL SIGN THE NEW CONTRACT. AS SAID ABOVE I THINK THEY WILL LIQUIDATE THE COMPANY IF PEOPLE DO NOT AGREE TO THE NEW TERMS AS THEY DO NOT HAVE ENOUGH MONEY TO GIVE EVERYONE THEIR DEPOSITS BACK WHICH MEANS A LENGTHY COURT APEAL IN CAPE VERDE WHICH WILL COST MONEY AND TAKE TIME. I HAVE JUST ACCEPTED THE DELAYS AND WILL JUST WAIT TILL ITS ALL COMPLETE. GOOD LUCK IN MAKING YOUR DECISION!

Kirk Thompson


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 Post subject:
PostPosted: Wed Nov 11, 2009 4:56 pm 
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Hi Guys:- Join the club, maybe its a blessing in disguise with the exchange rate, and we are getting<b> 4% net per year</b> knocked off at deeds, and we do not have to stump any more money up until 2-3 years time![8D]


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 Post subject:
PostPosted: Tue Nov 17, 2009 1:20 pm 
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Just joined - have been speaking with my lawyer this morning and it seems that they (VO) haven't reached 75% yet - they claim to have 72% so far.

He believes that the chances of getting any money back at present are Zero as they are probably insolvent. It would seem perverse to me that they are now insolvent - if as they claimed in November 2007 that they has 50m Euros in reservations that equates to 20m Euros in receipts

On the contract --It is probable that they are in breach of clause 3.1 in relation to commencement of works. It would be difficult to prove that the works undertaken so far are actual construction works or simple pre-construction investigation. It is interesting that we received this In November 08

“Construction Update
We've completed the leveling and the platforms for both Tiara Tedju and Coladera. Tiara Cor di Mar is still being modulated and should be complete in the first week of January. The next steps are happening on the oceanfront, where we have to build protections against the, sometimes sheer strength, of the sea. The tender for the concrete stage for all properties is due at the end of the current month and a decision is expected during December.”
Somewhat of an exaggeration!

Posing as a new purchaser I received this in January 09
"As you may have read in our last Construction Update, the first phase of construction is complete. However we are still negotiating some of the important details of the bid for the next construction phase at Ponta Bicuda and as such, we are at this stage a little behind schedule. We will let you and all Ponta Bicuda clients know as soon as we as we know when construction is due to recommence.”[/black]From the photos I received from my solicitor on Friday the above statement is not true.[/blue]
They are in clear breach on clause 2. 1. iii as they are not entitled to request payment (Althouigh they have and been paid) on this clause until "1 (one) month after the start of the construction work on the villa". They have clearly failed to start the villas and as no infrastructure is in place to enable them to do so it would be impossible for them to claim otherwise. (A little credibility red flag here).

The court case is not within the accepted "force majeure" under Portuguese law. This just puts up another red flag in relation to their credibility.

It is possible they are in breach of 3.3 if they have decided to only build the three residential areas as mentioned in the "optiontrader" threads 10.03.09.

Whilst many of you have signed up for the extension has anyone actually seen sight of the letter of comfort from Design Resorts?

If we decided to fight VO my lawyer assured me that they would probably put up any delaying tactic they could and that it would be very expensive to get the matter decided by arbitration, he then mentioned – it is all very well obtaining adjudication against VO getting paid out is another matter.

It would seem that everyone is between a rock and a hard place here – if a villa turns up fantastic - odds- slim I fear![V]


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 Post subject:
PostPosted: Tue Nov 17, 2009 2:58 pm 
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Hi tunbridgewells:- You are correct when you state:-

<b>It would seem that everyone is between a rock and a hard place here</b>

However we have to look for a light at the end of the tunnel, and our only hope is looking to the future, disregarding completely whats happened previously, thats our only hope!

Regarding your query:-

<b>Whilst many of you have signed up for the extension has anyone actually seen sight of the letter of comfort from Design Resorts</b>

i have not analysed the comfort letter and I do not know if it is valid, however the legal team at Vilas Oceanicas has forwarded:-

The proposal from Vilas Oceânicas of 22 September + your confirmation + the declaration of implementation are formally a contract between us, and you will then be fully protected.


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 Post subject:
PostPosted: Tue Nov 24, 2009 5:04 pm 
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Option that will be a first, a contract or agreement in Cape Verde that means something.

The Solicitors just haven't got a clue, they tell you what you want to hear and charge you big bucks, then keep you dangling, so to charge you even more further down the line.


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 Post subject:
PostPosted: Wed Nov 25, 2009 9:39 am 
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Worwilly, it is easy to be cynical. In this situation, everyone involved has to do what they see is best for them. Most of the people on this thread will have paid 40% of the cost price. They have the choice of walking away saving themselves the stress, spending money to sue with the implications involved or playing the game out.

From my own perspective, I have made a fair amount of money by speculating on Bricks and Mortar both in the UK and Internationally over the last decade. Sooner or later I was likely to catch a cold. Fortunately I am now in a position to make speculative investments like Cape Verde and potentially write off the loss. If I had not previously taken risks then that would not be the case.

It is easy to be negative and a harbinger of doom. In my experience fortune sometimes favours the brave and life's more fun that way.


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 Post subject:
PostPosted: Wed Nov 25, 2009 10:59 am 
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Does anyone know what percentage we are up to date? previously it was state a figure of 72% had already agreed in principle!

I am just going to stick it out and wait and see what happens and i do feel Ponta Bicuda will eventually be reality but it may take longer than expected/stated.

I am a quantity surveyor and for a contract of that size and complexity i would expect a construction time of at least 3 years from completion of site leveling and formation which still is not complete.

Keep your fingers crossed!

Kirk Thompson


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 Post subject:
PostPosted: Wed Nov 25, 2009 11:12 am 
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Last I heard (wednesday 18th Nov) they were at 73%. There were still 20 respondents who hadn't got back to VO and they reckoned that 10 acceptances would make the quorum.

I'm going to email Carla Leandro from VO to get an update, once I get a reply I'll post..

Also there was a communication from João Távora on the 19th Nov asking the people who were yet to respond to 'hurry up'


RichBhoy1967


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 Post subject:
PostPosted: Wed Nov 25, 2009 11:21 am 
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I recieved this email back

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Hello! 74%, 6 to go and 15 to reply!

Kind regards

Carla Leandro

Legal Department/Departamento Jurídico
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I presume that if another 6 out of the 15 accept the proposal then we've reached the quorum. I'm not sure of how long they'll wait until they close this 'ever changing' deadline..






RichBhoy1967


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 Post subject:
PostPosted: Wed Nov 25, 2009 11:37 am 
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Hi again!!

Just had another email back from VO....

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The deadline is 27/11/2009 and all the answers have to be given by then. The process is closed on 30/11 (but it is public holiday), so that on 1st December the program starts and people are notified of the outcome.

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I am presuming the outstanding 15 replies have been informed by VO of the urgency in replying by this Friday, however we'll know what the outcome is by Tuesday........

RichBhoy1967


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 Post subject:
PostPosted: Wed Nov 25, 2009 1:09 pm 
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Hammersteve:

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">It is easy to be negative and a harbinger of doom. In my experience fortune sometimes favours the brave and life's more fun that way.<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Couldn't agree more Steve & how very well worded. [:)]

I do hope you reach the 75% in time & have my fingers crossed for you all.


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