MABULA STRUCTURAL REFURBISHMENT
Dear Shareholders
The refurbishment program finally got under way on 22 May 2007 when we stripped the furniture and fittings out of five units at Modjadji and the contractors moved on site.
The contractors have now completed Modjadji units 16 to 36 and are now in the process of completing chalets 37 - 42. Although we had hoped that we would complete the Modjadji units before the start of the December school holidays, we were hampered by delays and we had to stop construction on 04 December.
The Bush Lodge units are scheduled to start on 01 March and should be completed by the end of July, when we move to Game Lodge. Sunset Hill will be tackled once Game Lodge is completed.
The timetable of when the units are scheduled to be completed changes on a weekly basis, depending on the how complex the refurb of a particular unit turns out. The Bush Camps, for example, consist of a main building and three, two bedroom satellite units. These obviously take longer than a smaller two bedroom unit.
It is strongly recommended that share holders contact the resort directly to find out the status of their unit, bearing in mind that the timetable is always subject to change.
There is now a new thatching and main building contractor - Durand Construction, who has been awarded the contracts for the remaining Modjadji units, as well as Bush Lodge and Sunset Hill. They have had extensive experience in large contracts, and were involved with the refurbishment of the Main Lodge at Mabula.
Mabula Shareholders who belong to R.C.I., are still advised to space-bank their week and utilize their time at another resort for the proposed refurbishment period. Share holders are advised that as we have as many as twelve units blocked off at a time, we require as many units as possible and are therefore not renting units out to the public. For those that do not space bank, we will try to accommodate you in a similar size chalet.
You will note at the top of the following page, that there are links to the various camps and to the various unit types. Each unit type web page will give you an idea of the anticipated scope of works to be completed, as well as the estimated costs.
Unfortunately, there are a small percentage of shareholders who have still not paid the second part of the special levy that was raised in May last year.
We are now in the process of exercising the lien over the shares of these shareholders who will be also blacklisted with ITC.
These shares will be then sold on the open market and the shareholders will be handed over to our attorneys to recover any shortfall.
To those shareholder who have paid, once again we thank you
Yours sincerely
Gavin Hatherley
General Manager - Mabula Private Game Reserve.
