31 March 2011

Capital raising - status

On behalf of the Committee I would like to thank the many members that have embraced the discounted capital raising offer and paid $1,500 by December 2010 instead of the lengthy instalment programme.

Over 60% of members paid the $1,500 offered as a once off payment for their contribution to the Capital raising.

In addition, a number of junior members and also some Life members contributed to the capital raising.

As a result of the payments received, the Club's cash reserves are now much higher than was anticipated. This will add significantly to our ability to earn interest while we finalise the building works plan and also in the preparation of additional funding to complete the project.

For those that have chosen to pay by instalment, the next invoice for the current payment will be arriving in early April for payment in May 2011.

As Treasurer I shall give a report in detail of the financial position regarding the lodge redevelopment and also in general terms at the Club AGM on 24th May at the Royal Brighton Yacht Club.

David Stogdale
AAC Falls Creek

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