Dear Members, On behalf of the Board, I would like to thank everyone who attended and voted at last night's Extraordinary General Meeting. The proposal to purchase and install the new irrigation system was approved by a vote of 99 to 20, providing strong confirmation that the membership supports the direction we are taking. Following the meeting, I spoke with the representative from Abbotts to advise that we intend to provide formal confirmation as soon as possible. This will help secure the planned installation in late September, allowing the project to be completed by the end of the year while benefiting from the most favourable ground conditions and minimising disruption and short-term damage to the course. Our focus now turns to funding the project. We have previously outlined our proposed financing arrangements. While the bank has confirmed that it is prepared to provide the level of support required, our objective is to avoid external borrowing if possible. We hope to achieve this through a combination of term memberships and, if necessary, short-term bonds that make efficient use of the Club's cash flow and minimise financing costs. At this stage, we are seeking expressions of interest in term memberships only. We are proposing: • 10 memberships of 10 years at £15,000 each • 20 memberships of 5 years at £7,500 each This would raise £300,000 and provide the majority of the funding required for the project. To achieve this objective, these funds must be additional to the annual subscription payment that will shortly become due. I appreciate that this differs from some of the discussions I have had with individual members, but including this year's subscription within the term membership payments would leave the Club approximately £45,000 short of the funding required. As an alternative, and in recognition of the feedback received, we propose offering: • 10 memberships of 11 years at £16,500 • 20 memberships of 6 years at £9,000 These options would include the current membership year while still providing the cash injection the Club requires. In addition, participating members would benefit from a modest discount and certainty over their membership costs for the duration of the term. Both categories of term membership will be transferable. Should a member leave the Club or pass away during the term, the membership would revert to the Club, which would then sell the remaining term to another member. This would ensure that the original member, or their beneficiary, is not financially disadvantaged. We believe these memberships would be attractive to prospective purchasers given the favourable rates secured compared with standard membership fees at the time of resale. I have already received several expressions of interest. If you would like to participate, please email me at chairman@kingsdowngolf.co.uk no later than 19 June. Should applications exceed the available allocation, places will be allocated by ballot. Board members will not be eligible to participate unless there is spare capacity after all member applications have been considered. Thank you again for your continued support of the Club. Kevin Hall Chairman Board of Directors W&KGC