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Eastern Golf Club


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#991 Littleman

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Posted 13 February 2018 - 06:26 PM

True or False ?
With cost overruns and expensive drainage works still to be done Eastern has burnt through most of their cash reserves.
Rumour heard today


Absolutely false.

Firstly i believe they still have about 3-4 months to run on the DPP with Mirvac so effectively they are getting $1mil per year for a $20mil loan on land that the club still holds the title of at the old site.

Last financials published and audited showed the club had substantial cash reserves well and truely above the $2mil mark with operating cashflow positive.
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#992 golfguy33

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Posted 13 February 2018 - 10:21 PM

Absolutely false.

Firstly i believe they still have about 3-4 months to run on the DPP with Mirvac so effectively they are getting $1mil per year for a $20mil loan on land that the club still holds the title of at the old site.

Last financials published and audited showed the club had substantial cash reserves well and truely above the $2mil mark with operating cashflow positive.

So only $2 mil + left out of how many million that they got from the sale of the old site ?

Jon... 


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#993 Acheron

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Posted 14 February 2018 - 03:47 PM

So only $2 mil + left out of how many million that they got from the sale of the old site ?
Jon...



#994 Acheron

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Posted 14 February 2018 - 03:47 PM

So only $2 mil + left out of how many million that they got from the sale of the old site ?
Jon...


2+20=22 mil left
Which still means a very big bill paid to build the course..guess that's what happens when you have alot of cash in hand.. but wasn't so much cost blow out as case of not being restrained with spending..

Edited by Acheron, 14 February 2018 - 03:52 PM.





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