Minutes of CSC Meeting No.4
MINUTES OF MEETING DRAFT COPY
Date of Meeting: 16.10.2007
Venue: Bedok Court Block 295 Function Room
The BCSC Chairman called the meeting to order at 20:05 hour.
Members Present
1. Heng Hock Heng
2. K Tanapalan
3. Cheng Ah Lain
4. Russel D Walklin
5. Paul lim
Agenda
1. To review & confirm the Minutes of BCCSC Meeting No.3
2. Update on activities:
1. Report on Property consultants,
2. Report on Solicitors
3. Land Titles (Strata)(Amendment) Bill No.32 / 2007
3. EOGM Matters (27th Oct.2007)
4. Any other matters (invite comments from SP Observers)
Minutes:
1.0 The minutes of BCSC meeting No.3 were reviewed and confirmed. Proposed by Russel and seconded by Tanapalan
2.1.0 The Chairman announced that Lian, Russel, Robert, Carol, George, Palan and himself made a visit to 2 Marketing Consultants on Tuesday (09/10/2007); Dennis Wee and CB Richard.
2.1.1 Daniel Ong of Dennis Wee presented their proposals to market Bedok Court at the original reserve price of $500mil. This was followed by discussions where most of the answers given were satisfactory. The discussion lasted 2hr 40mins.
2.1.2 Impression given by CB Richard during the short discussion was one of disinterest – not keen on marketing the collective sale of Bedok Court aggressively. The reserve price was still maintained at $322mil. In fact, CB Richard has officially written in to withdraw their proposal.
2.1.3 The chairman highlighted that the terms & conditions of the property consultant’s proposal have not been negotiated.
2.1.4 The Chairman proposed that a summary of Dennis Wee’s proposal & the company’s profile be given to all SPs at the EOGM.
2.1.5 CSC proposed that the appointment of Dennis Wee as marketing agents be put up at the EOGM for SPs to vote on their acceptance.
2.2.0 Paul informed that additional solicitors have submitted their proposals. In summary:
· Infinitus law - Will collect a fee of S$450 if the collective sale does not go through.
· De Souza Tay & Goh - No payment for legal fees and disbursement fees if no collective sale.
· Collin Ng & Partners – most expensive but lowering their fees
· Hilborne law firm – no Pro-enbloc experience (so CSC members decided not to consider their proposal)
2.2.1 According to the Chairman
· Dennis Wee had recommended 3 law firms – 2 of which are busy, and the third, Legal 21 has submitted their proposal.
2.2.2 Paul suggested that since all the law firms have en bloc experience, the only criteria to judge them on is cost.
2.2.3 The Chairman encouraged all CSC members to study the proposals received and shared his criteria when considering a law firm:
· track record on conveyancing
· number of lawyers in the company
· number of lawyers in conveyancing
· number of law clerks and legal assistants (as they do most of the work)
· reputation (top notch, middle or bottom?)
· sales turnover
· professional indemnity insurance
· date of establishment of firm
2.2.4 After much deliberation and debate amongst the CSC members it was voted and agreed upon that each law firm will be given 30 – 45 mins to present their proposals prior to the EOGM. This will be held at the Bedok Court function room. SPs will be given a copy of the law firm’s profile and proposal at this meeting.
2.2.5 Due to time constraints, no law firm or marketing agent will be invited to the EOGM as the meeting has to end by 1 pm sharp. There are already 7 agenda items to be discussed within 3 hrs.
2.3.0 The Chairman reconfirmed that all CSC members were emailed a copy of the new Strata Title Act document. He highlighted the major changes:
· that the appointed law firm will have to explain the CSA to all SPs before signing
· SPs who have signed the CSA are given 5 days to reconsider
· all the SPs who owe Bedok Court MC money are entitled to vote
3.0 Paul voiced those clauses (2.2) and (2.3) on the 27/10/2007 EOGM agenda may be unlawful.
3.1 The Chairman reiterated he had included these clauses ,with the intention of saving the cost of holding an EOGM ($2000~$3000) to vote in new CSC member or to remove uncommitted CSC member.
3.2 It was agreed that the legality of these clauses would brought up to the lawyers during their presentation at Bedok Court prior to the EOGM.
3.3 The Chairman has requested Dennis Wee to do a summary report for all SPs regarding the sales proceeds apportionment.
3.4 The Chairman suggested that both the apportionment method (2.6) and the appointment of the solicitor (2.7) will be decided based on the highest votes received from the SPs.
3.5 At this EOGM, the Chairman plans to prepare the agenda for the next EOGM so that he can obtain SP signatures in advance (i.e. 20% Share Value or 25% apartment units must be obtained before an EOGM can be held)
4.0 George (SP) suggested and it was agreed that Dennis Wee should be present during the law firms presentation at Bedok Court to help explain on the apportionment methods should SPs have any queries.
The next CSC meeting will be held on 20th Nov.2007, 8:00 pm.
The meeting was declared closed at 9.05 pm.
Subsidiary Proprietors Present:
1. Walklin Victor 299#03-07
2. David Ng 295#11-05
3. George Lim 297#06-02
4. David & Cecilia Seow 295#01-04
5. Christine Teo 295#08-03
From: Heng Hock Heng, On behalf of CSC
Date: 26/10/2007, 02:15 hour
