At the Board meeting of 10 February 2010 the Board considered the concept of de-amalgamation and after much consideration unanimously agreed that the de-amalgamation of MIBC Ltd into two separate clubs (MIBC and TBCC) would be more beneficial to all members.  The Board further resolved that the practicalities associated with such decision will be investigated as soon as possible so that a recommendation can be made to a meeting of members.

The Board’s decision was based on current and future business grounds and also on the ongoing cultural differences between the two clubs.  The Board believes both venues will ultimately trade better and members will be happier.

At a Members’ Information Meeting on 10 March 2010 the Board and CEO explained the background  to the de-amalgamation proposal to the 332 members in attendance.  At conclusion of this meeting an informal “show of hands” was taken and those present voted overwhelmingly in favour of the Board continuing to pursue its investigations into de-amalgamation.

Members are likely to be asked to formally vote on the de-amalgamation proposal at the Mid Year General Meeting on 19 April 2010.

The proposal presently being investigated by the Board would see Tura related non-current assets, currently owned by MIBC Ltd., transferred to a new club to be formed by the “Tura” members.  The assets would be transferred at no cost.  The new club would have no debt and the two original Clubs would return to being separate entities.

Under this arrangement the club, formally known as Tura Beach Country Club Limited, with its own constitution and its own Board and staff, would be recommenced but with much better facilities, owning all its own assets, and most importantly with no debt.

In return for MIBC agreeing to the transfer of assets at nil cost, a condition of the proposal is for MIBC to retain ownership of a piece of vacant freehold land situated on the right of the driveway entrance into Tura known as Lot 1442, DP 615595. Tura would retain a first right of refusal on this piece of land if it was ever sold.

Ultimately this proposal will see the Tura community regain ownership and control of these valuable community assets.  The new club would have Tura’s community interests as its highest priority.  The clubhouse has been enlarged and renovated six years ago, debts are extinguished, and the land will be returned to its rightful owner.  Tura is now ready to stand on its own two feet.

One of Merimbula’s main reasons for supporting amalgamation in 2002 was to help stop the Tura assets, particularly the bowling greens, from being lost from the local community.

In handing these assets back to the Tura community, now improved and debt free, Merimbula’s objective has been achieved.

Damien Foley
Chief Executive
MIBC Ltd.
16 March 2010