What is the position if for some unforeseen reason the island is sold?
Firstly, it is currently considered extremely unlikely that the island could ever be sold not least because of the Company’s contractual obligation to Associate Owners. A fundamental premise of the project is that the island be retained to protect its environment and allow visits by existing and future Associate Owners in perpetuity. However as ‘forever’ is a long time the contractual commitments of Friends of Sgarabhaigh Limited require that, in the event of a sale being required, then the proceeds of any sale would be equally shared between all Associate Owners alive at that time less the original purchase price and any administrative costs of the Company including distribution of the payments. I have to restate that this is an eventuality that is inconceivable at this point in time and would only occur on currently unforeseen circumstances but at least you can see the proposed protections included in the contractual arrangements. It is felt that this position provides an inherent fu
