In this issue:
Notice of 2024 Annual General Meeting
From the Boardroom
Resort Roundup
NOTICE OF INTENTION TO HOLD THE 2024 LAKE EDGE RESORT LIMITED ANNUAL GENERAL MEETING
In accordance with S120 of the Companies Act 1993, the 2024 Lake Edge Resort Limited Annual General Meeting is to be held on Saturday 4th of May at 1.00pm in the Resort. A light luncheon will be provided prior to the AGM. More details will be provided with the AGM packs to be mailed out in April.
Matters for Discussion at the AGM
Schedule 1 Clause 9 of The Companies Act 1993 stipulates that all shareholders have a right to have any relevant matters discussed at the Annual General Meeting.
Please advise the Lake Edge Resort Office <admin@lakeedgeresort.co.nz> or Chairman <board@lakeedgeresort.co.nz> if you wish to have any such matter(s) raised at the 2024 AGM.
If you wish to table a resolution for the shareholders to consider you should submit the proposed resolution along with any supporting explanation(s). The proposed resolution should be signed by the proposer and seconder prior to sending it to the Resort Admin.
If the matter is for general discussion at the AGM, please provide any additional information that can be included by way of an explanation of the item(s) you wish to have discussed. Resolutions and matters for discussion will be included in the AGM pack sent out to all owners prior to the AGM.
For the resort team to have time to prepare the information packs to shareholders, The close-off date for receipt of notices for the AGM is 5.00pm, Thursday 28th of March 2024.
Board Nominations
Clause 19 of The Lake Edge Resort Limited Constitution covers the rotation policy for directors. This was confirmed at last year’s AGM by resolution.
Accordingly, in accordance with the constitution, two directors are due to retire at this year’s AGM. The two retiring directors are Wayne Keats and Donald Boddie. Both have indicated they will offer themselves for re-election in accordance with clause 19.7.
Any shareholder wishing to stand for election to the Board may do so by completing a Board Nomination Form which can be downloaded from the AGM Page on the Lake Edge Resort website (click here) or can be emailed to you from the admin team on request.
An election is only required if there are three or more nominations for the two vacant positions.
From the Boardroom
The Directors are pleased to advise that a settlement has been reached regarding the claim against MMC Law, the solicitors acting for us to change the Lake Edge operating structure from a Body Corporate to a Limited Liability Company.
You may recall that the advice given by MMC Law to be exempted from the Financial Markets Conduct Act 2013 (FMCA) was not accepted by the Financial Markets Authority (FMA). As a result, we are obliged to follow the rules of the FMCA as it is not possible to apply for an exemption retrospectively.
Solicitors Tomkins Wake were engaged by the Board to seek repayment of costs incurred and to have the FMA grant an exemption with respect to some of the FMCA rules, in particular, audit requirements.
The claim has now been settled with the insurers for MMC law agreeing to pay all our costs. This is a positive result and, along with the support from the New Zealand Holiday Ownership Council, it means that the conversion process has been achieved below our original budget.
The delay is gaining an exemption from the FMCA Audit requirements may mean that this year’s accounts will be presented to shareholders at the AGM as unaudited accounts. This will be rectified once we receive the FMA ruling.
Survey
Thank you to all owners who completed the survey on the level of service provided by the admin and office team at the resort. The overall results were very positive with most owners feeling the service levels met or exceeded their expectations. Headline results can be found on the Owners’ Information Page on the Lake Edge website (click here to view).
More important to the Board were the constructive comments we received, both positive and not so. We are using all feedback to assist us in finalizing the position description for the resort manager role. Once agreed we will commence the recruitment process to replace Jen Vandenberg.
In the meantime, the resort office continues to function well with the team providing the required added cover. Thanks to Candice, Karryn and Shona for their support.
Resort Roundup
New Faces in the Office
Our new person in the office is not new at all. Shona Campbell joined the team as our laundry attendant last year and has moved downstairs to the office on Friday mornings and afternoons to help with departures and arrivals. Shona has a career in running her own business and also spent a number of years working at Sun Pacific Resort, so is well qualified to help us out.
Rick Martin is also in the office in a temporary role as acting Manager until a new Resort Manager is appointed.
Levies 2024
Thanks to all who have paid the 2024 levy by the due date.
One issue that has arisen is confusion with regard to the advance levy and the balance due. You will be aware that to make an advance booking for the following year it is a requirement to pay 50% of the current year’s levy as a deposit. The Levy for the following year is not set by the Board until the end of the current year once the budget for the next year has been approved and the new levy amount set.
As an example, the 2024 levy was increased $100 over last year. This meant that the second payment due for any owner with an advanced booking was the 50% balance PLUS the $100 increase levy amount.
If you wish to bank your week with an exchange company, the fully levy amount must be paid prior to banking.
Checking in time: 3.30pm – Checking out time: 9.30am
– A repeat from the last newsletter. Please remember to adhere to our check in and out times. The staff have a huge job every Friday to clean and restock all 13 apartments in the 6 hours between these times. We would like to say a huge thank you to those owners who leave their apartments spotless when they leave, treating it as they would their own homes. To others that leave it in less than an acceptable state, there is a surcharge for extra cleaning of $100 that will be asked for. Thank you for your consideration with this.
Booking Weeks
2024 is filling up fast so if you have not booked your week yet you will need to act soon. Check out the Lake Edge website to make a booking or email admin@lakeedgeresort.co.nz. We are looking at adding apartment selection to the website in the future to help you with your choice of apartment.
2025 The ballot for the first term school holidays weeks of April 11-18 and 18-25 will be held next month. If you wish to be in the ballot you need to email your request to the admin team (admin@lakeedgeresort.co.nz) by the 29th of this month. Remember the week of April 18-25 includes Easter.
Another Survey
Hot on the heels of the last survey we will be asking you for your input to do with the refurbishment programme. Your opinions do count so please find the time to respond.
Contact and Communication
You are always welcome to discuss any matters with Board members and the resort admin team. Contact details are:
Board of Directors
Rick Martin - Chairman
Email: rick.martin@me.com Phone: 0275 659 222 -Taupo
Clinton Green
Email: clintongreen2017@gmail.com Phone: 0294 520 698 - Napier
Wayne Keats
Email: waynekeats@gmail.com Phone: 0274 434 812 - Wellington
Marjorie Symonds
Email: symonds12@xtra.co.nz Phone: 021 161 95 25 - Auckland
John Wilson
Email: jjmw@xtra.co.nz Phone: 0274 491 220 - Wellington
Don Boddie
Email: donjboddie@gmail.com Phone: 0274 944 551 - Cromwell
Lake Edge Resort Office
275 Lake Terrace Taupo 3330 – P O Box 35 Taupo 3351
Tel: +64 7 3784981 – Email: admin@lakeedgeresort.co.nz