Circular 109 / 25.11.2005 / Update.

Exiting Partnerships

By the end of next week all documentation in relation to exiting the partnerships will be posted to all 68 partners by Gleeson McGrath Baldwin Solicitors. Owners will have until 31st December 2005 to decide what they wish to do. At that stage a 'group exit scheme' will be put in place. Appropriate protection will also be put in place for those partners who wish to trade on within the existing partnership structure.

Six of the 68 partners are not shareholders in CGM and they will not be getting copies of the tax and legal opinions in relation to the exit as these papers have been funded by shareholders and for their sole benefit.

Appointment of new Managing Partner.

KMB Solicitors is preparing to post out all the relevant paperwork to formalise CGM as the new managing partner to replace Telcorglen Ltd which has resigned. This will be posted after the "Exit" paperwork is posted from Gleeson McGrath Baldwin Solicitors.

Management Fees for 2005.

CGM is meeting ODS as accountants to partnerships and advisors to CGM next Wed to sort out all the paperwork to allow a statement and fee demand note to be issued to all property owners at Clifden Glen.

Clifden Glen Services

CGM has an all day meeting arranged with Christine Folan to review 2005 and plan for 2006 on this Monday. This represents a very substantial management time commitment.

Telcorglen Ltd

As it has resigned its only job - as managing partner to the partnerships - Telcorglen Ltd has advised that it will be going into voluntary liquidation on 4.1.2006.

Delta Partnership (12 Cottages)

CGM has requested an estimated fee from KMB and from ODS for the dissolution. As soon as this is to hand it will be communicated to the 12 partners who will have to put the partnership in funds to allow the dissolution to complete. Partners will also have to clear their current account debit balances.

Management time: 30 minutes.

Issued by:
Clifden Glen Management (2005) Plc., Market House, Churchtown, Mallow, Co. Cork

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