Re: Email from the AXIS Crown liquidator

From: Andy Myers <andy@xxxxxxxxxx>
To: axiscrown@xxxxxxxxxxxxx
Date: Fri, 3 Dec 2021 09:49:32 +0000

Thanks Martin
As per, I have an enquiry in with them on our (NPP) status and what the
alleged offers look like - all I know is they don't satisfy the breakeven
clause.  (I am guessing they are very low)

I will add the service charge query to this.   They are pap at replying but
good to see we are getting some communications.

As I was not tracking it prior, what is a notional service charge - say on
a 2 bed, and and on a 3 bed?  Just so I can get some context of possible
additions to the costs sat under the clause.

Cheers, have good weekends
Andy
Andy Myers
FCA, Director

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On Thu, Dec 2, 2021 at 2:16 PM martin pitcher <dmarc-noreply@xxxxxxxxxxxxx>
wrote:

Hi all
I sent FH an email and to my surprise they replied. I had asked them "who
will be responsible for paying the service charges of the units originally
bought by the non-participating purchasers which you are trying to sell to
another buyer?". Their reply is below. Revealing for those of you in the
NPP group - they want to sell your units at a price that not only includes
paying you the original purchase price but also all other additional costs
such as the service charges and (presumably) their fees.
Martin

----- Forwarded message -----
*From:* Lee Yunn Ting <yunnting.lee@xxxxxxxxxxxxx>
*To:* mart_pitch@xxxxxxxxxxx <mart_pitch@xxxxxxxxxxx>
*Cc:* Tuan Li Xiu <lixiu.tuan@xxxxxxxxxxxxx>; Lim Wei Chun <
weichun.lim@xxxxxxxxxxxxx>; Ng Khee Herng <kheeherng.ng@xxxxxxxxxxxxx>;
Ashley Loh <ashley.loh@xxxxxxxxxxxxx>
*Sent:* Thursday, 2 December 2021, 02:25:41 GMT
*Subject:* RE: Reliable Capacity Sdn Bhd (In Liquidation) - Circular
Update as at 18 November 2021

Dear Mr Martin,

We refer to the above matter and to the electronic mail below.

We inform that the Sale and Purchase Agreement entered between the Company
and your good self has been terminated pursuant to Clause 1.2.9 of the
Explanatory Statement dated 21 January 2018 (“the ES”). In this regard, we
inform that the cost of the monthly maintenance charges and sinking fund
for the Non-Participating Units (“NPP Unit”) shall be borne by the Company.

In view that the Company’s present insolvent position, we had liaise with
the Joint Management Body of Axis Pandan that the payment of the
maintenance charges and sinking fund shall be made upon the disposal of the
NPP units. Hence, the disposal price of the NPP Units are required to be
sufficient to defray the Opt-Out Payment and any additional cost incurred
for the NPP Units.

In furtherance to the above, we wish to inform that the disposal of the
NPP Units are on-going, however, the sale has been negatively impacted due
to the Covid 19 pandemic and various Movement Control Order implemented in
Malaysia. We inform that the liquidators of the Company are in the midst of
deliberating several offers put forth by the potential investors in
relation to the disposal of the NPP units. However, we inform that the said
offers are not sufficient to defray the Opt-Out Payment payable to the
Non-Participating Purchasers pursuant to the Clause 1.2.9, Part D of the
ES. In this regard, we inform that the liquidators are currently exploring
alternatives to dispose the NPP units.

Premised to the above, we inform that we shall update you in due course in
regard to the disposal of the NPP units.

Your patience on the above matter is much appreciated.

Should you have any further queries, please do not hesitate to contact us
of this office.

With regards,

*Lee Yunn Ting*

*Consultant, Corporate Recovery and Restructuring*

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References:
- Email from the AXIS Crown liquidator
  - From: martin pitcher

Re: Email from the AXIS Crown liquidator

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