• The St Francis Links AGMs for both its Club and HOA was held on Monday, 27 March 2023 with 374 owners present in person, by proxy or online.
• All resolutions proposed and supported by the Boards passed by an average of 90%, confirming massive support for the Boards and management.
• For the 16th year in a row, both the Golf Club and HOA produced unqualified, sound financials.

St Francis Bay, 29 March 2023 - A well-attended annual general meeting of both companies was held at St Francis Links with the vast majority of shareholders and members demonstrating their support for the Boards and newly appointed Directors, Kevin McNaughton and Elsabé Du Preez. This despite various allegations that have been sensationalised in the media in recent months. The meeting was attended by 67.75% of the entire member-base.

Jeff Clause, CEO of the Links, tabled his report that reflected a healthy financial position, significant increases in golf rounds as well as numerous improvements on the estate. Further plans include expanding amenities for families and children and capital expenditure exceeding R10 million.

“We fully support new Board members”, commented Mike Wylie, chairman of the HOA and Club, adding that “ as the developer inches closer to ending the development period, we hope for a return to the vision we had when we developed and opened in 2006, that of a harmonious community on one of the best estates in the country.”

He also highlighted the outstanding financial results limiting the combined levies and subscription increase to only 5,43% and that the estate’s reserves have never been healthier.  The average annual increase of the estate’s levies and subscriptions since 2010 is only 6%.

St Francis Links recently hosted a successful SDC Championship, a Sunshine Tour and DP World Tour co-sanctioned event with a purse of $1,500,000, that gained significant international and local live television coverage, not only for the estate, but also for the entire Kouga region.

More than 100 homes have been constructed on the estate since COVID and more than 80% of the residents on the estate are now living there permanently. The golf course, currently ranked as number 4 in South Africa, has a multi-generational appeal for both young families and mature residents.

It is unfortunate that the Boards and the estate have been the subject of negative publicity promoted by a small splinter group on the estate.  Wylie commented that a shadow had been cast over the estate by ongoing attempts to discredit the Boards and management.  In discussions, he added that this was something that often happens as estates reach maturity. Monday’s AGM however demonstrated that issues can and should be dealt with in the appropriate forums as opposed to pursuing personal agendas in the media.  He added that he encourages every member to move forward and support future Boards in uniting the Links community.

The AGM voting results, scrutineered by an independent, leading company specialising in AGM hosting platforms, confirmed that the vast majority of St Francis Links shareholders and members sided with the way in which the Boards had compliantly governed the estate over the past 16 years.  This is supported by various opinions obtained by the Boards from the foremost legal and tax experts in South Africa.

Jeff Clause remarks that he and his management team look forward to working with the Boards and members in building on the sound foundation established over the past 16 years and added that St Francis Links is better than ever!