Originally Posted by Marben

Hi Cam

The combined documentation that has been received means that GS in theory have everything they require to push clients to Private Purchase contract on Galatea. However, given the situation with GS at the moment (ie them being in voluntary administration) the lawyers will be requesting a further bank guarantee for the next stage payment incase GS financial situation worsens. The lawyers will advise clients NOT to sign the contract until this security is in place.

As per my post from yesterday I have been advised by the lawyers that as the license has now been granted on Galatea, it is expected that the licenses on Miltonia, Marginata and Solanum will be granted within a 4 week period. If the licenses are granted on your block before your contracts expire, then your Bank Guarantee will no longer be valid and your reservation deposit becomes non refundable.

With regards to how many buyers are looking at pulling out I can advise from the personal communications I have had that 70% have made the decision to pull out and invest in an alternative project. 10% have decided to pull out altogether and not re-invest at this time. 15% are still unsure and 5% have advised they will continue with the purchase if all licenses are received.

I hope this helps, let me know if you have any other questions.

Regards

Lisa