General Meeting resolutions are the first of many approvals required before de-amalgamation is confirmed

On Monday night 19 April 2010, as a first step toward seeking member approval to de-amalgamate MIBC Ltd into two clubs, members will be asked to vote on two ordinary resolutions.  These resolutions relate to the potential transfer of land assets and gaming machine entitlements to the new Tura club.  If approved, the Board will then proceed to the next stage in the process of securing the essential approvals required before de-amalgamation can be implemented.

If the two resolutions are approved on Monday night it does not necessarily mean de-amalgamation will occur, but more so, without Monday night's approvals, de-amalgamation cannot occur.  If the two resolutions are passed they will only apply if de-amalgamation ultimately proceeds.

There are several more layers of approval required after Monday before de-amalgamation is finally approved.  As a minimum:

• a steering committee of Tura sporting members will be required to demonstrate the stand alone Tura club can be financially viable;
• the Office of Liquor, Gaming and Racing (OLGR/Authority) must approve the granting of a new Club licence, which includes being satisfied that the new club will be financially viable;
• the members of the new Tura Club will be required to approve a constitution and incorporation of the new company;
• BVSC will be required to grant approval to the transfer of the crown lease; and,
• after all these approvals are achieved, as part of a Supreme Court application, members of MIBC Ltd will be required to give their final approval to the finer detail of the arrangements.

If any one of these approvals is not received, de-amalgamation cannot proceed.

The approval of Monday night's resolutions will not confirm de-amalgamation is to take place but in the absence of these approvals it cannot take place.

Damien Foley
Chief Executive
MIBC Ltd.
15 April 2010