ExmouthMart
Active member
I am sure I remember seeing somewhere that The President said OTR had returned to Club ownership. What would be the point of someone holding onto a small share of it, as I believe no one has ever made a penny out of OTR.We don't own the whole building.
OTR
There are some aspects that need clarification about the position regarding the building known as OTR, or the Centre Spot to some, St James Building to others.
Everyone should be very clear. The rent paid to OTR by the club goes directly to pay off the loan taken out to build and fit out the building at the outset. It should be made equally clear that the directors by the rule of the mem and arts cannot, do not, and have not taken, nor been allowed at any point to take one penny over the past 20 years from OTR Ltd.
The loans, which were placed 20 years ago are completely interest free. Recently on retirement Steve Perryman asked if his interest free £30k loan could be repaid. The club decided to buy, at par, Steve’s share. It also magnanimously asked if I would like my £15k bought out at the same time. I gratefully accepted and my £15k was returned. When I put it in to help the club in 1999 it would have paid for a deposit on a house last year when I got it back its barely enough for a deposit on a new Range Rover!
Finally it should be clear that the M&A’s also say that the club can demand its ownership by payment at par (ie only loans outstanding no interest nor dividend) whenever it wants. It’s something that is currently being looked at in the round by club and Trust. I hope that clears it up once and for all but, somehow, I doubt it… Julian Tagg Trust AGM Nov 2018.