Dear All,

As you should all now be aware, we have received formal advice from counsel in relation to remedial action on behalf of our clients against Akeld management and potentially associated companies, partnerships and individuals. As we have always advised from the outset, and this has now been endorsed by counsel, this is a complex and tangled structure and one of the key requirements for us is to establish the correct opponent. Counsel’s advice is understandably complex, detailed and thorough and has confirmed the appropriate direction for our next steps. In this update we will attempt to keep you informed of our activity, summarise the advice received and inform you of our next actions.

The first requirement we have from counsel is to establish the correct structure of the operation. We have already prepared a detailed asset trace report which counsel has had sight of, however we need to take this a step further. There are 7 main contractual documents that establish the structure and ownership of the Akeld site, all of which counsel has considered at some length. Remember these papers have been collected and collated by you all for a number of years. We have been very pleased to witness the positive way in which counsel has approached your case which has simply endorsed the belief in this case, which we formulated from a very early stage.

1)      Advertising, promotion and point of sale material

2)      Contract of sale – or purchase application / agreement

3)      Deed of Trust

4)      Master Operation Agreement

5)      Stakeholder Agreement

6)      The Club Constitution

7)      Management Agreement and various Deed of Variations to this document

Ownership, usage right and lease / license detail is somewhat vague in these documents however it did allow us to formulate the areas of target associated with any intended action. Often in cases like this, the key information associated with ownership is found in the simplest of places. What will override all documentation is the ownership’s as registered with the Land Registry Office. Due to the way that the c