Sojourn refit

At the owners' meeting on November 11th 2001, there was considerable discussion about the rear cabin floor and its bearers and possible remedies. It was concluded that the deterioration had arisen from the floor getting damp in the past, but that it did not seem to be getting significantly worse.

Ownerships advised that a remedy would involve what was essentially a full refit of the rear cabin, including the loo and shower, and the main bedroom and they estimated the cost of this as around £4,000. They pointed out that one other option was to sell Sojourn as she is, estimating her market value at £28,000 to £30,000. Owners could then commission a brand new boat, costing around £60,000. This course of action would require an investment of around £2,500 for each 1/12 share.

Owners discussed these issues at some length, both within the meeting and informally over lunch. They accepted that, if nothing was done at all, the value of the boat and, therefore, of individual shares in her, would continue to fall and that operational problems would increase.

A suggestion was put forward of a 'middle way,' which was essentially to plan for a full refit, probably including engine replacement, in 2 to 4 years time (possibly not all in one year), with a budget in the region of £10,000 to £12,000, and this proposal was agreed in principle. It was noted that a contribution of £250 per 1/12 share in any one year would put £3,000 in the refit fund, so that a sum of £12,000 could be accumulated in four years with contributions at that rate. It was then discussed with Allen Matthews, who agreed that it was a workable plan and said that Ownerships could set up a deposit account for the refit so that contributions from owners would remain completely separate from normal 'sinking fund' or management costs.

During the discussion, various owners identified features of the boat that they liked and were not so keen on, and it was accepted that a refit would be an opportunity to make internal changes to suit the needs of the current owners. In effect, the refit would be an opportunity to re-design the inside of the boat to owners' specifications.

The proposal was also discussed in relation to the value of shares, and it was accepted that such a plan should increase the share value from the outset, since the share price would be the current market price plus the value of contributions to the refit fund relating to an individual share. Allen Matthews pointed out that there could be no guarantee that the value of contributions could be recouped in this way if a share was sold, but the owners present accepted that the asking price for shares reflected the value of the boat and its assets - the current asking price of £2,500 reflects a market value of the boat of around £30,000.

It had previously been agreed that owners would plan to meet on Sojourn on 23rd February 2002 to prepare her for the season's cruising - touching up paintwork and varnish, etc. As a result of the discussion about a refit, Allen Matthews was asked whether someone from Ownerships could be there on that occasion to discuss, in principle, what might need to be done and to put together a provisional budget, to which he agreed.