ORLY AIRPARK LIMITED 2011 Annual General Meeting 11 June 2011
AGENDA 1.Approval of 2010 AGM Minutes held on 26 June 2010. 2.Chairman’s Report 3.Financial Report and Audited Accounts for 2010 for Orly Airpark Limited. 4. Audited Accounts for Orly Property Limited. 5. Appointment of Auditors. MOTION: “It is proposed and seconded that Githere and Associates continue to serve as auditors for both Orly companies in 2011”. 6. Presentation of Income and Expenditure in 2010 7. Setting of any fees, levies or service charges for 2011. MOTION: “It is proposed by the Board of Directors that the following fees and charges be levied from Shareholders: “Service Charge: $ 1500 and Development Levy $ 500. Private Landowners would pay $ 200 per acre owned”. 8. Adjournment of Meeting. AFTER THE FORMAL BUSINESS HAS BEEN CONCLUDED, LEGAL ADVISOR GUY ELMS WILL GIVE AN UPDATE ON THE PROGRESS OF THE PROPOSED REVISIONS TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF THE COMPANY.
Chairman’s Report ACHIEVEMENTS 2010-2011 KCAA Aerodrome Licence and Manual Airport Lounge New Hangars One New Cottage Land Acquisition (8.4 ac.) Land Acquisition (0.8 ac.) Re-Fencing of Land Completion of New Borehole NEMA Studies and Approval Electricity Connection (Capt. Ririani) Beefed up Security (Wells Fargo) External Access Road (1.5 km) from Ollooloitikosh Village Surveying and Pegging 12 “Private Land Plots in LR 6470 Successful Negotiations with District Commissioner and Kajiado County Council Implementation of Management Office at ACEA with accountant. Regularization of all financial systems, Payroll, PAYE, NSSF, NHIF, Training Levy, Budgeting, etc. Construction of 300 meters of water mains, connecting new borehole to reticulation. Drafting the new proposed Memorandum and Articles of Association of OAL, to be finalized at an EGM this year.
Chairman’s Report Objectives for 2011 Complete construction of Water Tower, Pump and Reticulation to the west side (LR 3225) To connect Orly Airpark to electricty grid, with assistance from Captain Ririani. To build all-weather access road from the west gate to the Apron. To establish a Staff Housing complex for Orly employees. To acquire a “Bowser Trailer” of 3500 litres to enable transport of Avgas from Wilson Airport and store it at Orly. To sell two more shares of Orly Airpark Limited that OAL acquired in the recent land purchase. To increase income from other sources, such as landing fees, aircraft parking, etc. To finalize and approve the new Memorandum and Articles of Association (Shareholders’ Agreement). To finalize the tenure system for the 12 “private plots” on LR 6470. To acquire additional acreage in the “Inverted Triangle” on the north side of OAL. To cover parts or all of the Main Apron with Bamburiblox
Financial Report Cash On Hand: Balance: Shs. Account: Shs. 746,528.40 Balance: US $ Account: $ 3186.25 Total Balance ($ and Shs. @ $1 = 85.9): $ US 11,876.91 Expected Income from Arrears: $ 5850.00 Total Cash and still expected income from 2010: $ 17,726.91 Potential Liabilities: Legal Fees (Raffmann, Elms, Dhanji, Virdee) Recurrent Operating Costs (Staff, Security, Office, Maintenance, Fuel, etc.) Old Credit of $ 400 to Garry Spoors Relocation of the Lasiti Homestead.
Land Purchases Mini Plots in “Triangle” 8.4 Ac. Purchased Recently
Fees and Levies 2010 Service Charges exceeded budget due to higher security costs, generator fuel increases, lawn mower, uniforms, land purchases, road maintenance, etc. 2011 will be lower. Development Levy was within budget, due to financial cushion. Land Levy over budget due to dramatic increase (Doubling) in land values. Board suggests: Service Charge of $ 1500 for 2011 for shareholders (More workers, security costs up, office administration up, etc.). Private land holders charge: $ 200 per acre (Last year: $160) Development Levy for water supply system, water tower, pump electricity cabling, small additional piece of land in “Triangle”, staff housing, : $ 500. Additional funds may accrue if OAL can sell one or both available shares. If so, more objectives can be achieved.