Sorry for my delay in getting back to you. I arrived home yesterday and am now officially back on deck.

The syndicate brief for the Sail the Boat Home project is still being finalized but the boat was handed over last Friday and is currently having post factory options fitted at La Rochelle Marina in France.

In summary the numbers for the sail the boat home program are as follows;

• 1/6^th share – $A320,000 with single share entitlement being a total of 24 weeks across the term of the 3 – year contract as per the current syndicate brief.
• A refundable security bond of$5,000 per share will be held for the duration of the contract by YYSM
• The share price also includes the cost of the open water passages from Europe to Australia.
• A skipper may be arranged at cost if required during  private usage of the vessel during each of the 24 week cruising seasons     
• The management fee will be $15,000 per year per share payable in advance  to YSM to include owner access to the company booking system, arrangement of suppliers of services to syndicate members, Coordination of turnaround services and general advice to syndicate members. YSM has extensive cruising experience in the Mediterranean, Caribbean, and South Pacific.
• All operating expenses will be met by owners during the course of the contract.
• The yacht will be Australian flagged and owned by a P/L Australian company with the shareholding reflecting membership of the syndicate.
• The management fee will include registration,  insurance and admin fees but will exclude fees associated with customs, immigration and importation of the yacht into Australia.
• The assumption is that the yacht will be sold once it is imported into Australia with the net proceeds shares by the owners.
• All owners will sign a comprehensive syndicate agreement regulating usage of the vessels.  This document is already in use in Australia and will be modified for purpose.

I would be happy to talk to you or your client in detail. I’m sure there will be further questions.