I have to be quite careful what I say here, but feel some of these comments, and earlier references to this development in Tasmania require a response.
First point, we are still delayed by a very technical ruling that saw our Founders Bonds classified as Managed Investments, (with free golf as the commercial dividend). If any of you ever wanted reassurance that government bureaucracy is alive and well please see below a recent communication from the lady dealing with my submission. Up until this time my lawyer had been doing all the negotiation etc. but when the govt did not meet their own deadline, i then had cause to step in-
>>Dear Mr Ramsay
Thank you for your email of 19 June. I have noted its content, including your comments about the need for a decision to be made on your application as soon as possible. I had hoped that decision would be made on 12 June. I confirm that no decision has yet been made.
Unfortunately applications for relief are not being determined as quickly as we would like, because of the wider application of the new provisions, inserted into the Corporations Act by the Financial Services Reform legislation, which took effect on 11 March 11. The new provisions affect applications such as yours. In the past, regulations made under the Act provided that an exemption from the managed investment provisions carried with it an exemption from the requirement to hold a licence. This is no longer the case, and the ramifications of that difference are being examined. There are also, of course numerous applications concerning other matters to be dealt with.
Your concerns have been noted and I will let you know as soon as l can, when a determination is likely to be made on your application.
Yours sincerely
Aileen Sarsfield
Secondly- Once we have the clearance to procees, as we are still very confident we will, then we are pretty much underway, as many of the bonds are accounted for already, simply by word of mouth. This would see us with the earliest possible opening time of Christmas 2003, so i doubt we would qualify for best course anyway based on timing and not being in the US!
Thirdly- I could have walked away with a fat back pocket and sold this project many times over, and am still in discussions with a variety of well known golf developers. However i won't be disclosing any of those, so don't ask. The reason i have not sold this project is that this very special site deserves to be done right-I am 25 with a very tidy little tourism consulting business, and don't have a mortgage, children or any other financial pressures (I can't even find a girlfriend, but Laura Diaz is off the list...i think). I would rather be patient and see Barnbougle done in a financially viable manner, and in the interests of the local environment, local community and the wider golfing community, as opposed seeing it operated by those who have to squeeze every dollar out of the project (carts all over the place, ultra-expensive and exclusive). I have spent 2 years working in Scotland and would rather produce a Cruden Bay or Machrihanish than a Turnberry or Links Portmarnock.
Fourthly- Tom has made some statements about Barnbougle which have mystified and disappointed many, but put in context of the general failure rate of proposed golf developments, his concerns are understandable. Mike Clayton is quite right, after what seems like months of treading water- some exciting things are in the pipeline which may make the Founders Bonds quite so crucial.
Fifthly (not a word used often)- Based on comparisons by those who have seen Bandon&Pacific Dunes, Sand Hills, Doonbeg, Kingsbarns, and the dunes at Barnbougle, (all 1000acres of it) we have a site that is equal or better than all the above, and I think we stand a very good chance of opening a golf course that will compare very favourably.
If i just knew how to attach pics i could add some more to those already available at
www.barnbougledunes.comLooking forward to surprising many of you with something quite special (even if only George Pazin, Paul Daley and I turn up for the inaugrual GCA USA vs.GCA Downunder Matchplay)...and i would rather open with something in 3years which people say 'i'll never forget the first time i played here, and i can't wait to get back' than opening a course next year which people say 'what great service, how wonderfully manicured, shame i can't recall the golf course...i wonder where i'll go on my next golf holiday'
best wishes
Greg
www.barnbougledunes.com