14 Nov 2007 12:16 PM:

All,

Just a quick note for those of us whose glass is half-full and are still in it for the long term.

Yesterday I spoke to Robin Ford of Global Spaces and he confirmed that they'd had a number of meetings with Caravaca Nature Golf SL in London and they'd confirmed to him that they were still proceeding and were currently in talks with 5 or 6 developers/builders to take over Llanera's role.

Things are proceeding but until the insolvency of Llanera has been concluded then Caravaca Nature Golf SL can't appoint another developer/builder. Robin believes that this will be finished shortly and, because the final planning permission isn't expected until 1st Quarter next year, he also believes that this will nto introduce any further delays (but this is Spain, afterall...)

Robin also explained that any of his clients who'd requested their holding fee back had received the money back from Caravaca Nature Golf SL - he commented that only 7 or 8 out of 80 or so customers had done this. Robin's take on why Caravaca Nature Golf SL had been so forthcoming with returning the deposits, was so that they could sell them again, at a higher price, when the development recommences!!

When I hear anymore I'll post again.

Community thread: Planning permit

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18 Oct 2007 12:05 PM:

Hi All,

Just to let you know that yesterday I received a letter from Robin Ford @ Global Spaces (whom we reserved through) to which is attached a letter from Caravaca Nature Golf SL and both letters confirm that LLanera were only a 30% shareholder in this company and that the majority shareholders have confirmed that they fully intend to proceed with the development and will honour all and every contract with both suppliers and clients alike.

Both letters also explain that if people want their deposits back then this is available because the deposits are held in a seperate account, to which Llanera only being minority shareholders have no access. So even Sunworld or Foxtons' customers should be able top get their deposits back - if anyone wants the address details of the majority shareholders to chase their deposits through this route, then let me know and I'll send the details that are on the letterhead.

The letters also explain that a new developer / builder is being sought to continue the project. I discussed this with Robin Ford of Global Spaces and he was trying to set up a face-to-face meeting with the majority shareholders to learn more details. Robin believes that this will be done in parallel with progressing the final planning application and may not introduce further delays into the process.

Robin also explained that these majority shareholders were an extremely wealthy bunch of people who happened to be very large landowners in Murcia and also were the largest fruit exporters in Spain. As such he feels that they do not want to be involved in the "loss of face" that would occur if the development didn't go ahead.

From my point-of-view when I heard of Llanera's financial problems, I wasn't worried about the deposit - I was worried that the project would not go-ahead because there are no other projects that offer such (proposed) facilities / quality at anywhere near the cost. Having visited a Polaris World development (La Torre) for a long weekend with 3 golfing mates only a week ago, I am more convinced than ever of the value-for-money of Nature Caravaca.

If the development goes ahead then we're in a good position having got in so early and if it doesn't ,then I'll start looking again - but I'll be sitting it out and seeing what the next few months brings.

Community thread: Financial crisis in personal terms

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