Beware of Fake News ... Part 1

Contributed by a fellow Teresa Ville SP:

Dear Teresa Ville owners, 

Please take note -

There are some people who are pro-enbloc sale, including certain members of the CSC and the marketing consultants, who would spread fake news in order to get more owners to sign the Collective Sale Agreement (CSA). The following are some examples of the fake news.

(1) “The Collective Sale Committee (CSC) does not need an EOGM to increase the reserve price. But it needs an EOGM to reduce the Reserve Price.”

This is a “half-truth”. It is true that the CSC does not need an EOGM to increase the reserve price from $990 million to $1.1 billion. But it is NOT TRUE that the CSC needs an Extraordinary General Meeting (EOGM) to reduce the Reserve Price from $1.1 billion down to any amount between $990 million and $1.1 billion.

In the CSA, Section 1.1.28, paragraph C of the Collective Sale Agreement (CSA) allows the CSC to set the minimum price to “such sum as the Collective Sale Committee upon the advice of the Marketing Consultants may from time to time deem fit”.

Basically, the $990 million is presently the only minimum reserve price that is guaranteed because it was passed in our EOGM. The CSC cannot sell Teresa Ville below $990 million.

... Please tune in to this blog again tomorrow, for next fake news example.