Today, the Trustees would like to provide the following update to shareholders/owners.
The Trustees have appointed Pilot Partners to oversee distribution of sale proceeds to owners. Pilot Partners will also be appointed liquidators of Voyager Resort Ltd in the near future, for the purpose of distributions to shareholders (2 and 3 below) and winding up its affairs.
We currently anticipate distributions will occur in the following steps:
- Distribution for lot holdings. For each week owned in a lot, the owner will receive 1 in 51 fraction of the value assigned to the lot based on the contract price and valuation. Therefore, in this distribution, owners will receive differing amounts based on the apartment(s) owned.
- Distribution for share holdings. For each 1/51 lot holding, shareholders hold a share in the Company – Voyager Resort Ltd. Voyager Resort Ltd held a significant number of timeshare weeks. The value of these weeks (based on the sum of the distributions received by the Company in step 1) will be distributed to shareholders on an equal basis per shareholding. Therefore owners with the same number of shares/weeks will receive the same distribution in this step.
- Distribution for other assets. Voyager Resort Ltd held cash and other assets at the time of settlement. These funds will be distributed to owners based on the number of shares held (similar to 2) at the time of liquidation, which is provisional on the court process outlined in the Service of Originating Application sent to members yesterday.
Pilot Partners have provided the attached information on the Foreign Resident Capital Gains Withholding and implications for owners in affected lots. Please note that the information contained in this letter provides only general information and does not constitute personal tax advice to timeshare owners. We recommend that all timeshare owners seek professional tax advice in relation to their own circumstances.