Why the Atria En bloc should be reviewed

Are you following The Atria's En Bloc proceedings? To Date, four EOGMs have been conducted and as of 5 March 2011, the first CSAs have been signed. The Sales Committee has up to 1 year from this date to ensure 80% of shareholders sign the CSA in order to put the property on sale.

This site attempts to explain why the Atria CSA should be reviewed.

Please read and leave comments, we encourage discussion among owners.

Wednesday, 9 March 2011

Process in Passing the Motion for Approval of Apportionment of Sale Proceeds


During the 2nd EOGM, when the Motion for Apportionment of the Sale Proceeds was passed, there were questions raised from the House on the decision for adopting the current Method of Apportionment and even proposals to withdraw the voting on the Motion due to the non-disclosure of details of the discussion on the current Proposal of Apportionment. However, the Sale Committee proceeded to call for a vote on the motion, resulting in the Motion for the Approval of Apportionment at (For: 71.8%; Against: 28.2%), and details of the discussions and objections on this subject were left out in the minutes.

Points to note are; as stated in the attendance list, Mr. John Yeo, one of the 5 CSC members, was assigned the Proxy to 19 units. With the rest of the CSC, they held approximately 44% of the value votes during the passing of the Motion, not forgetting, that most of the Subsidiary Proprietors of high-level/sea-fronting units were not present at the meeting.

1 comment:

  1. This may be a silly question, but seriously, I would like to know if there are any members in the CSC who are impartial to the sales proceedings? This is an earnest question, honestly I do not know.

    Do they represent all the owners if the members have the same agenda to sell?

    If I do not wish to sell, or sell at a certain price, how could I expect the committee respond impartially, or offer assistance to obtain a better apportionment?

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