Based in the Greek islands but with a capacity to cruise any Mediterranean seas, this syndicate makes for a very interesting proposition. The Captain is the main syndicator which should give any shareholder owner a great deal of comfort.
There will be a full time Crew of 3 persons to maintain and look after the well being of the vessel. There will be an Annual General Meeting for share holders to set the budget for the coming year. This to include Maintenance and Running costs, Insurance, Moorings etc.
Background Information
David Waldman and his wife Sharon will own one third of the Yacht and personally crew this along with their daughter Sara, to ensure high standards of care and maintenance are provided at all times, also to maintain the investment of the Yacht. The Waldman’s have had 7 years experience in running and maintaining their own motor yacht and chartering business in Greece, and David is a Commercially qualified Captain.
Previously David & Sharon have had 25 years experience in their own businesses in the UK in Construction, Design & Joinery Manufacturing Companies. David is also the Eastern Mediterranean Dealer for Norseman Yachts. With his previous experience of construction, design & project management skills, David is personally going to Project Manage this, and over see the build in the Shipyard.
Syndicate Agreement
The Syndicate
There are 3 equal share holders who share the use of the Vessel and share the Running Costs of and each owns one third of Vessel. Each syndicate member purchases 100 shares of 300 shares issued at the agreed price of one pound a share. The Running Costs are to be paid in full by each syndicate member by the 1st January each year. Budget for Running Costs Crew of 3 Captain / Engineer First mate / Chef Stewardess / Deck hand Salary per annum for crew Duties General crewing of Vessel Hostess duties including breakfast, lunch, occasional gourmet Evening meal. If regular evening meals are required an additional crew member will be taken on for that period. Regular maintenance and servicing, excluding Warranty Issues which have to be carried out by Manufactures Winter maintenance and antifouling Day to day running and accounts kept of the Syndicate Chartering of the Vessel if required by any Syndicate member not using their allocation , costs incurred to be met separately i.e. Advertising etc. Insurance Mooring fees inclusive of Electric and Water Whilst in Lefkas Marina Diesel to be paid for by each member at the end of their 2 week period Food & Beverages Local produce including house wine, beers, spirits and soft drinks. Does not include Champagne or vintage wines etc. Chandlery General chandlery , filters, spares for maintenance, Antifoul, consumables for cleaning and polishing etc. Lift out and propping Servicing by Manufacturers Under Warranty Work Accountancy For Returns for Isle of Man Company Contingency Satellite TV subscription Estimated total 150,000 Pounds sterling Budget Annual Cost for each syndicate share holder £50,000 to do so, will result in the syndicate member not being allowed to use their 6 week allocation. Further failure to pay these fees will give the Syndicate the right to sell that individual syndicate members shares and recoup outstanding fees and costs incurred and pass the balance to the individual.
Cruising Area
This will be discussed at the AGM and a vote taken to where the next years cruising area will be. Initially the Vessel will be based in Lefkas Marina, Lefkada, Greece. Alternative cruising areas Greece, Turkey, Croatia, Italy, Spain etc.
Syndicate Member Time Allocation
The year will start from approx. beginning May and run through until approx end October While a flexible approach to time allocation will be adopted to allow each member to be able to choose his preferable times on the Yacht, a default timetable will be included within the agreement which will be adopted in the event of clashes in demand, as follows : Each syndicate member will have 6 weeks use made up of 3 x 2week blocks. It will rotate as follows, 2 weeks use followed by 6 days maintenance period when the Vessel will be cleaned, polished, maintenance carried, laundry etc, re-stocking of provisions, and a short rest period for crew, before the next 14 day period. Then followed by the next syndicate member 2 week block and then another 6 day maintenance period, and so on through until each syndicate member has had one 2week block and then will follow on with the second 2 week block then the third block Any syndicate member may ‘swap’ their 2 week block with any other syndicate member providing they are willing.
Chartering
Each member will “charterthe yacht and those fees will cover the maintenance costs for their allocation periods to protect status of the yacht. Any syndicate member not using their allocation may charter this period out. This will be done under a separate arrangement directly with each syndicate member and the Captain, so that it will not interfere and incur any expenses to the Syndicate Running Costs. The revenue generated from each period will go directly to the syndicate member, a contribution from this will be required by the Captain towards any advertising etc. incurred on behalf of the member. Chartering rates are at the syndicate member’s discretion. A guide price of 25,000 to 30,000 euros per week
General Rules
Each syndicate member is responsible for themselves and their guests whilst on board to ensure the respect of the Vessel and its belongings. Any damage caused by negligence during their period will be at that syndicate members expense.
The Captain will have the final word regarding the safety of the Crew, the Guests and the Vessel. The Captain will have the right to put any persons ashore if it is deemed they are a danger to the Crew, other Guests or the Vessel.
There is a strict No Smoking Policy on the Vessel. Anyone wishing to smoke will be allowed to only on the aft deck.
General boating rules will apply, i.e deck shoes or bare feet whilst on Vessel etc.
The voting on decisions will need 3 out of 3 for major items i.e to sell the Vessel in its entirety or a major re-fit. Minor decisions i.e upgrades, cruising area etc. majority vote 2 of 3.
Consumables: Fuel The Vessel fuel tanks will be full at commencement of each period of use and will be re-filled at the end of that period at that person’s expense.
Food and Beverages Standard food for breakfast and lunches and the occasional evening meal will be included in the Running Costs. This will include local wines, beers, spirits and soft drinks. It will not include Champagne, vintage wines and gourmet evening meals. If a gourmet evening meal is required on a regular basis, or if additional services are required, then an additional crew member will be taken on for that period at that person’s expense.
Maintenance All routine maintenance, annual servicing minor repairs will be at the Captains discretion and he is responsible that the Vessel is in a fit and working condition. The Captain is also responsible for minor upgrades and renewing small items through wear and tear. Major items that need to be renewed are to be discussed and voted on at the AGM. Refit when appropriate to be discussed and voted on at the AGM.
The Vessel will be kept and maintained in A1 condition, therefore protecting the Investment
The Company
An Isle of Man Off-Shore Company. To hold only the Asset of the Vessel to have 300 shares issued. 100 shares to each syndicate member. To be in your own name or company . Nominee share holder if preferred at own cost. The company will be a Registered Charter Boat Company, so the yacht will be VAT free. The yacht will be British Registered in the Isle of Man. This will be a non-profit making company. There is to be no borrowing against the asset. Any syndicate member may sell their shares at any time at whatever value they wish. Firstly to be offered for sale back to the Syndicate to any member if interested. Or if 3 out of the 3 syndicate members are in agreement the whole vessel can be sold in its entirety. A unit of 100 shares can be purchased by an individual or several individuals or a company, but will still only be entitled to a one 3rd vote of any decisions and only the 6 week allocation use. Two or more units can be purchased by any one member.
