Circular 114 / 27.12.2005 / Exiting Lodges

Updated 16.2.2006 at 20.14.

The Lodge owners listed below have instructed KMB that they wish to exit their partnership.

Alpha (14)

50, 51, 65, 68, 76, 77, 78, 80 leaving 6 in the partnership.

Beta (12)

41, 42, 52, 58, 60, 67, 70, 75, 83 leaving 3 in the partnership.

Elm (7)

5, 19, 20, 25 leaving 3 in the partnership.

Fir (8)

7, 8, 13, 17, 36 leaving 3 in the partnership.

Gamma (10)

45, 46, 48, 57, 71 leaving 5 in the partnership.

Hazel (8)

3, 10, 22, 29, 31 leaving 3 in the partnership

Oak (9)

14, 16, 32, 33, 34, 35, 39, 40 leaving 1 in the partnership which means there is no partnership!

In summary, 44 lodge owners have instructed KMB to transfer their lodges from the partnership to themselves or that they are going to sell direct in the case of 6 lodges. These official "exiters" will join the 15 lodges who exited earlier. This will leave 24 lodges in partnership.Two properties did not complete their instructions in a manner that would allow KMB to proceed.

CGM has instructed Barr Pomeroy to complete CGT calculations for the exiting lodges.

GMB and KMB will begin the transfer process immediately. "Exiters" who have instructed other solicitors need to follow up their transfer with their own solicitor. CGM will deal with GMB and KMB only in relation to exits.

"Exiters" will need to have their finances ready in place to allow the transfer to take place. However, it is up to each individual to decide on their own closing date.

CGM is indifferent whether owners chose to exit or stay in partnerships. All ownership types are treated equally.

CGM Management time: 90 minutes.

Issued by:

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

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