Raglan SuperValue owner Sanjay Sharma, has called in a $50k loan he made to the Raglan Club Inc. Members of Raglan Club were sent an email last night (19th March 2018- see below), advising them that a $50K loan to the Club had been called in. The email sought short term loans from members to allow the Raglan Club to repay Mr Sharma.
Mr Sharma gave Raglan Club Inc. the loan of $50,000 on 22 June 2017. The loan was interest free and the note covering the loan says it is to repaid by 31st July 2018 or when any of the Club’s properties are sold to Mr Sharma or any of his associated companies.
Special General Meetings of Raglan Club members have voted not to sell any Club property.
Placed in this difficult position, the Raglan Club executive said, “If anyone is interested in lending the Club money, please contact the Finance sub-committee immediately. Maxine Picard on 027 285 8982 or Darryl Hawkins on 027 290 6675 for a confidential discussion.”
Email sent to Raglan Club Members on 19th March 2018
Over the last few months the Executive have been busy writing the strategic plan, as requested by the last special general meeting and putting together budgets and a cashflow forecast for the next financial year. As a result of this the executive has proposed a restructure that we believe will bring us back into the black. This structure should be finalised over the next 2 weeks.
Unfortunately, today we have been notified that we need to repay a $50,000 loan to Sanjay Sharma of Raglan SuperValue by this Friday 23rd March otherwise his lawyers are instructed to apply to the high court for an order putting the Raglan Club inc. into liquidation.
If anyone is interested in lending the Club money, please contact the Finance sub-committee immediately.
Maxine Picard on 027 285 8982 or Darryl Hawkins on 027 290 6675 for a confidential discussion.
We are working on a capital plan to pay it back, but we require immediate finance to bridge this loan in the short term.
We look forward to hearing from interested parties in the next day or so.
Regards
The Raglan Club Executive