- Yacht Data
- Syndicate Information
1/3 Share, 12 Weeks p.a.
Fractional Yacht Ownership in Greece & Cyprus
Greece and Cyprus offer almost endless possibilities to discover secluded anchorages, magical bays and timeless coastal towns.
Cyprus offers a contrast of sandy beaches and rocky coves and Greece offers over six thousand very different islands with more than 15,000 kilometres of coastline.
Cruising around the Aegean and Ionian Seas make the Greek archipelago one of the most sought after boating destinations in the world. Each island has its own character and attractions and offers the yachtsmen the opportunity to explore the vast remains of the Roman empire’s history, much delightful cuisine, many secluded ports and its timeless culture.
Hand-laid composite hull moulded in one piece. Below water line: solid hand-laid fiberglass hull. Above water line: hand-laid fiberglass construction cored with high strength DIVINYCELL foam using “Vacuum Bag” construction techniques. Vinyl ester resin for first 3 layers of hull lay-up. Gel Coat: DSM yacht gel coat. Bottom painted with 2 coats of “INTERLUX 2001” or equivalent epoxy primer barrier coat and 2 coats of “Micron 33 Super Yacht” or equivalent anti-fouling paint. Hull/deck joint through-bolted every 6”, glued & sealed with 3M 5200 sealant, and glassed over with 3 layers of fiberglass. (Mat, roving, mat.) All exterior decks in teak. Main bulkheads are cored with DIVINYCELL H80 properly bonded to the hull. Interior structural components are all properly bonded to the hull. Longitudinal and transverse stringer system. High density foam (200 kg/m3) core in engine room longitudinal stringers. Moulded F.R.P. rub rails capped with solid stainless steel trim rail. Steel engine bearers with mounting platform for engines, spanning the full length of the engine are thru bolted to the stringers. Hull designed by Gary Grant, tank tested by Vizon SciTec B.C. laboratory.
Decks & Superstructure
Hand-laid fiberglass decks, deckhouse, cabin sole and bulkheads cored with high strength DIVINYCELL foam using “Vacuum Bag” construction technique. Stainless steel backing plates are installed behind hardware mounting locations, such as: hand rail stanchions and exterior door hinges, for secure mounting of the hardware. Stainless steel cleats, with the necessary hawse pipe are installed on both sides of the vessel. A total of 10 cleats including 2 retracting cleats on the swimming platform) Stainless steel exterior handrails and stanchions are 316 grade, handrails are 1 1/2” diameter and 36’high from deck. Opening of the rail are provided for side boarding gates. Deck, hull and superstructure are suitably insulated for heat from the sun. Moulded FRP seating with storage space below. Non-skid F.R.P. exterior decks. Self draining drains & scupper. Step lights: IMTRA Polaris LED lights on each exterior steps. Seating cushions: exterior vinyl or standard SUBRELLA fabrics covered over exterior type (water draining) foam. Fabric to be selected by client.
Windows, Portholes, Hatched & Watertight Doors
All external windows, above deck will be frameless, directly bonded to the fibreglass. Front windshield will be10mm tempered glass. Side windows to be 8mm, lightly tinted, colour choice to be: blue/grey or brown/smoke. Aft salon & sky lounge sliding entrance doors from have stainless steel frames and tempered lightly tinted glass. The doors are manual opened. Stoppers will be in position for the door slides when opened. Watertight doors are built with stainless steel frame, heavy duty hinges and locking mechanisms. Stainless steel door jams are lined with rubber gaskets to ensure good seal. Total of 4 exterior air-craft style doors as follows: 1 at sky lounge port & starboard side, 1 at main deck starboard side & 1 at transom centre line opens to swim platform. Total of 2 interior watertight doors with sound insulation and window as follows: 1 for engine room access. 1 for crew quarter/ rudder room access. (The rudder/ storage room is an independent water-tight compartment.) Stainless steel opening oval shaped portholes. Each has 8 millimetres security glass and is fitted with insect screen.
Chain lockers with shelves. Foredeck flag staff with anchor light Fresh water deck wash on separate deck wash pump. Reinforced anchor winch mount. Storage locker for fenders.
Cockpit, Aft Deck & Swim Platform
Capstans: MAXWELL, 2 units, port & starboard transom. Cockpit storage locker for fenders and shoes. D-shaped rubber bumper around swim platform. Teak cockpit table on stainless steel legs to seat 8 people with F.R.P. seating for 4 and 4 folding teak chairs Moulded stairs down to swimming platform with rails and lights Shore water, phone & TV connection on transom. Stainless steel #316 frame sliding doors to salon with tinted glass. Stainless steel #316 swimming ladder with teak steps Transom hot & cold fresh water shower Water tight door to crew quarter from swim platform.
Fly Bridge Deck
Moulded exterior FRP seating, cabinets & sun pad per approved plan. Moulded staircases per approved plan from fly bridge to cockpit with glass & stainless steel frame sliding hatches. Tables: (2 units) FRP table tops on stainless steel legs. Flag staff.
Engine, Batteries And Tanks
Propulsion, Electrical & Mechanical
Engines: Twin 700 HP CATERPILLAR C-12 engines with ZF gear box 325A, 2.417:1 reduction ratio, and PTO on both engines Engine controls: 4 CATERPILLAR electronic engine controls: Power assisted hydraulic steering system off engine PTO pump: TELEFLEX. Stabilizer system: WESMAR Model # RS932, 9 sq. in. fins with twin hydraulic rams. Stainless steel rudders and rudderposts. Stainless steel trim tabs. Shaft: 3” AQUAMET17 shafts.
Thrusters & Stabilisers
Bow: 40HP WESMAR hydraulic bow thruster with 4 station controls. Stern: 35HP WESMAR hydraulic stern thruster with 4 station controls. WESMAR RS1600 stabilizer system
12 V DC system. 24V DC system. 240V AC system. Air Conditioning: CRUISE AIR, 240 volt AC/50HZ reverse cycle with total 180,000 BTU. Individually controlled in each cabin, including air conditioning to all heads and utility areas. AC sockets (UK), phone jacks and switches with trim plates: VIMAR. Batteries: (FREEDOM battery or equivalent) 10 heavy-duty marine (12V/225AH) AGM batteries w/box for 24VDC house system. 4 heavy-duty marine (12V/225AH) AGM batteries for engine starting (2 per engine). 1 heavy-duty marine (12V/225AH) AGM batteries for 12VDC house system. 1 heavy-duty marine (12V/225AH) AGM batteries for generator starting. 1 heavy-duty marine (12V/225AH) AGM battery for 2nd generator starting.
MASTERVOLT 30amp 12V battery charger for radio batteries and navigation lights. 1 MASTERVOLT 30amp 12V battery charger for generator batteries. 1 MASTERVOLT 30amp 24V battery charger for engines batteries. Battery selection switches. Ceiling lights IMTRA: “Tony 2001” Charging Isolator: 2 MASTERVOLT BI-702 charging isolators. Colour code marine grade wiring systems for easy identification Colour-coded wiring system with marine grade wires. Complete backlit AC/DC distribution panels with magnetic circuit breakers & digital Volt & Amp meters. Complete electrolysis bonding system. Electric air horn: AFI. Enclosed fibreglass battery boxes with covers.
ONAN E-QD 27Kw/50 Hz generator with sound shield and air/water separation muffler. 2 units GFI outlets for all wet locations.
Inverter/ charger: 2 MASTERVOLT 120A/4000Watt 24V “Mass Combi” battery charger/ inverters. Navigation lights. Power Supply: Two 80A DOLPHIN Power Supply Rope lights on selected interior valances. Searchlights: ACR. Shore connections for phone and cable TV. Shore power connections: Two 50 amps outlets at port and starboard stern corners: 2 GLENDINNING cable master with 100’ cable. TV antenna wiring system with 6 outlets (saloon, dinette, 3 x master cabins, and aft deck). 150 amp alternators. (If available from Caterpillar as factory original parts, if not available as a factory option, the warranty on the alternator will not be covered by CAT.) 24V to 12V transformer for navigation battery Under water lights. Additional control stations: Cockpit (Aft. deck) control station with engine controls, stop-start buttons, bow & stern thruster controls and windlass switch. Wing control station with engine, bow and stern thruster, windlass switches. Blue LED lights on stairs and walk ways. Switch at helm. Electric heated double towel rack in heads. Flood lights for boat deck and foredeck. Flood lights on aft deck to light up bathing platform. (2 units). High definition colour CCTV system, with 1 camera in engine room, 1 for aft platform, 1 for aft deck, and 1 for sundeck. CCTV monitors to be located at helm and galley.
Stainless steel water tanks with level gauges, separate filter and vents Shore water inlet and connect by fresh water system Water heater: Two 30-gallon TORRID stainless steel water heaters with heat exchanger. Fresh water pipes: WHALE colour coded pipes. Main line: 1”; all braches: ½”. Fresh water pumps: ‘HEADHUNTER Mach 5’ (240 VAC). 2 units: 1 pump for forward master and VIP staterooms; second pump for aft cabin stateroom, galley, and engine room. Fresh water pumps: ‘HEADHUNTER X-caliber’ (24 VDC). 1 unit for deck wash system and swim platform shower. Fresh water pumps valve system for back-up in case of break-down of one pump. Holding tanks (2 units: 50 gallon aft and 100gallon forward) with macerator pump and deck discharge. All waste outlets to have Y-valves for overboard drainage. Holding tank gauge on electrical panel. Grey water holding tanks (2 units: 50 gallon aft and 100gallon forward) with pump and automatic float switches. Deck wash down outlets. 3 fresh water outlets: one each at fwd, aft & flybridge deck. Water maker: (SEA RECOVERY Aqua Whisper 1800 g.p.d.) on separate sea cocks/strainers and inlet filters. Commercial pre filter, commercial oil/water separator, automatic fresh water flush, multi media filter, back wash system, remote controls to helm.
Engine Room & Mechanical System
Bilge pumps with high water level alarm and manual switches: – RULE DC electrical bilge pumps (6 units total, 4 @ 3700gph, 2 @ 2000gph) with automatic float switches and through hull fitting with sea cocks. – Emergency high output AC bilge pumps (3 units) on engine water outlet with Y-valve. Colour coded copper fuel lines. Colour coded hydraulic fluid lines. Colour coded water lines. Drip-less packing gland: TIDE. Electrical out lets: Two sets of double GFI 240v UK power sockets Engine exhaust system: Water-cooled FRP under water exhaust system with by-pass outlets above water at transom. Engine exhaust pipes are wrapped with insulation blankets for additional noise and heat insulation. Engine mounts: Vibration damping mounts for engines are original equipment specified by engine manufacturer. Engine raw water intakes system: 2 sea cocks with strainers plumbed to work independently or combined for emergency or cleanout underway. Engine room AC and DC lights (240 VAC & 24VDC) with switches next to access door. Engine room bulkheads are watertight and insulated with extra foam sound insulation. Engine room floor board: Removable non-skid floor panels, bilge surface is painted with white PU paint. Engine room sound insulation (min. 2” total thickness); extra sound insulation on forward and aft engine bulkheads. Engine room ventilation system with in-take and exhaust blowers and fire dampers. (DELTA-T “Moisture Eliminator” or LIVOSTECH products.) Engine room wall are finished with white colour, perforated aluminium panels. Engine room watertight access doors with view window. Engines, gearboxes, filters, etc. all electrically bonded F.R.P. fuel tanks with sight gauge, separate fillers and vents. Fire extinguishing system and automatic shut-off system: FIRE BOY. Fresh water outlet.
RACOR Dual 1000FG fuel filters for each engine w. vacuum gauge. RACOR fuel filters for each generator. Oil change system: REVERSO 706 system with 6 valves for 2 engines, 2 gear boxes and 2 gensets connections. Stainless guardrails in engine rooms.
Interior Decoration & Finishes
Build according to approved interior floor plan per contract. Burl wood table tops and counter tops in selected areas. Burl wood inlaid in selected areas. Carpeted interior stairs. Custom ceiling design “Makore” cherry or teak wood interior wood surface in satin finish. Push/Release type button latches for cabinets and drawers: HEFFELE. (Colour selection: Polished chrome, satin nickel or polished brass). Quality carpet flooring in salon & staterooms with rubber insulation pads. Removable overhead padded headliners throughout in synthetic leather: ULTRALEATHER. Rope lighting in selected areas. Interior doors to all cabins to be core doors with matching wood veneer surface and sold wood trims. Door jams are made of the same solid wood and heavy duty scissor hinges. Interior handles to be BALDWIN or KLC (style and colour to be selected by client); or install handles supplied by client. VIMAR UK spec. power sockets.
Galley & Dinette
1 fridge: SUB ZERO- 700 TR, stainless steel, 27”. 1 freezer: SUB ZERO- 700 TF, custom panel, 27”. 1 trash compactor: GE- GCG1580LSS, 15”. 1 dishwasher: GE- PDW7980NSS. 1 range and oven: GE- JD968SKSS, 30” 1 microwave and extractor: GE- SCA 2001KSS, 30”. All equipment to be installed with teak timber faces where possible.Built-in storage cabinets for china & silverware. Complete china & silverware for 8. CORIAN or granite counter top. CORIAN or granite floor in Galley. Custom dinette table with burl wood inlaid table top & 8 matching dining chairs. Halogen ceiling lightings with VIMAR dimmer switch. Quality GROHE single lever faucet in the galley. Stainless steel double sink: FRANKE. Storage cabinets. Self locking device on galley fridge/freezers GROHE “Europlus” galley faucet with extendable spout. Stairs to fly bridge with storage cupboards under.
Heads (4 + crew quarter)
All head floors in marble or granite All shower walls & floors in “CORIAN”. All head ceilings: plastic mirror ceilings with IMTRA waterproof lights HEADHUNTER Royal Flush Super bowl bone colour toilets in all heads Marble vanity tops with under mount ceramic sinks. GROHE “Euro Monobloc” basin mixers faucet in chrome finish. Cupboards under vanity top, lined with shelves Cupboards above vanity top, lined with shelves Opening porthole with screen Exhaust blower Large walk in shower glass door. Toilet paper roll holder, concealed soap dispenser and concealed bin Corian shower ceiling with 2 waterproof halogen light, in corners GROHE “Relexa Plus” faucet for shower in chrome finish. GFI power (UK) sockets.
1 fridge: SUB ZERO- UC24B beverage centre, glass door. 1 wine cooler: SUB ZERO- 424 glass door. 1 ice maker: SUB ZERO- 151 custom wood panel. Bar per approved drawing with granite worktops, 3 x stools, cupboards for storage of glasses and bottles Built- in L-settee with leather or ULT Cabinet for entertainment system. Carpet throughout on rubber noise insulation pad. Coffee table with burl wood in-laid table top Curtains, blinds or drapes to all salon windows.(style & material to be selected by client) Day head. IMTRA halogen ceiling lights on VIMAR dimmer switches, two locations Quality carpet flooring. Salon overhead decorative redwood burl inlaid ceiling treatment. Screen door for aft sliding door. Sony “Bravia” 42” Flat screen TV, stereo & speakers. TV to be wall mounted. (Client to supply TV ( A/V equipment). Wet bar with faucet & stainless steel sink.
Sky Lounge – Pilot House
12V DC, 10-CD stereo system with 4 marine grade speakers. 3 STIDD or PAMPONETTE helm chairs. Bilge pumps visual and audible warning indicators. Built in settees with tables. CARLING Octoplex display panels for electric breaker system and on board monitoring system includes indicator lights for bilge pump, high-level alarm, engine room blowers and navigation lights. CATERPILAR start-stop engine keys CATERPILLAR engine controls. CATERPILLAR engine information LCD panels with audible and visual engine alarms. Compass. Custom Built TV & AV equipment cabinet. Custom stainless steel steering wheel. Dashboard instrument panel surface in carbon fibre or burl wood panel. Engine room fire extinguisher warning system control panel. Interior stairway to main deck/salon. Marine horn with controls Pilothouse dimmer switch. Remote windlass controls switches. Sound insulation pad. ULTRA LEATHER wall surface for sky lounge interior wall. Various switches for designated equipment and lights WESMAR combined bow and stern thruster control panel. Windshield A/C defogs vents. Windshield wipers with washers: IMTRA. Staterooms 4 master cabins. Air conditioning outlets and independent control for each room. Cedar lined hanging lockers with automatic lighting. IMTRA bedside reading lights with bedside dimmer switches. IMTRA LED ceiling lights with VIMAR bedside and wall switches. Make-up table with folding mirror, drawers and chair. Quality foam mattress for all berths. Upholstered bed head board. Storage cabinets. Sony 22” flat screen TV, CD and DVD player (Client to supply); TV to be wall mounted.
1 double & 1 single cabin. Washing machine: GE -WCV H6800, JMS silver 27”. Tumble drier: GE -DCVH 680 EJMS, Silver 27”. Worktop over washing machines & cupboards above. Carpet over rubber insulation pad. Carpeted companion way with noise insulated floor hatches. Cedar lined hanging lockers with automatic lighting. IMTRA halogen ceiling lights switched on wall and dimmed from bedside. ULTRALEATHER upholstered bed head board. Mirror full height in each cabin. IMTRA bedside reading light, switched at bedside. RUDDER ROOM (Aft storage area) Watertight bulkhead with watertight door to crew quarter. Access from & to swim platform thru watertight door. Steps and floor in grey rubber button flooring Lights and UK power sockets. Socket for dive compressor. Steering system: Hydraulic steering by Teleflex. Stainless steel rudders w/stainless steel posts. Emergency tiller. Work bench in rudder room.
Navigation & Safety
Anchor & Chains
MAXWELL VWC4000HT Reversible hydraulic anchor windlasses with 2 station controls. (1set of waterproof step controls at bow and 1 set of controls at pilot house helm station) Two set of 110m chains (3/8” BBB rating) are placed in the chains lockers ahead of the watertight collision bulkhead and the bottom of the chain lockers is placed above the waterline and self drains through scuppers on each side. The chains are fixed to the deck beams by means of a quick-release hook, near the hatches openings. 60 kg stainless steel anchors (2 units) Stainless steel anchor chaff guard plates. Fresh water wash down outlet in the chain locker. Hydraulic davit. NAUTICAL STRUCTURE. (2500 lbs lift capacity) Hydraulic gangway “passerelle”
SIMRAD future Chart System 15” screen. SIMRAD Future Radar 15” screen. 48” SIMRAD Black Box Radar 6kw. SIMRAD echo sounder. SIMRAD AP25 Auto Pilot System. SIMRAD RS82 Multi station VHF. SIMRAD IS15, (2 units), speed, depth, temperature & wind. SIMRAD hand held HT50 VHF. SIMRAD SA50 Sat. SIMRAD EG50 automatic Epirb with GPS. SIMRAD rudder indicators R135. SIMRAD compass RC36. Chain counter
5m Tender & 80hp outboard
Norseman 770 Sky Lounge Syndicate Information
Here is an opportunity for what can only be described as superyacht ownership.
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.
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.
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.
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.
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
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
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.
770 Sky Lounge