CHAFFERS MARINA

Hello Chaffers Mariners,

I trust the colder turn in the weather has not put too much of a damper on your boating enjoyment. With Chairman Guy away on travels to some truly adventurous and exotic places, I would like to take the opportunity to welcome you to the first edition of our revised newsletter. Thanks to a lot of hard work by our communications team (Robyn and Saiful particularly) we have produced the first in what we expect to be a monthly communication to stakeholders that will provide an update on both what is happening day to day in our marina and the longer-term activities that the board and company management are working on. This is a direct response to the excellent feedback received at the last Annual General Meeting (AGM) where shareholders requested that we provide more regular and more targeted communications, particularly around the progress with the Long-Term Asset Management Plan (LTAMP). As a board we were delighted to get such a lot of support and the desire from our stakeholders to know more about what is happening and when is a very heartening level of engagement. We have a range of different stakeholders and interested parties with different preferences as to how they would like us to communicate with them. Our recent survey, the results of which are summarized in this month’s newsletter, show the work we have done to identify how we can do this best, and we are committed to continuing with refining and updating our activities here.

While we need to balance requirements for commercial sensitivity around some aspects, we are keen to provide as much information as possible as to what is happening with both the Long-Term Asset Management Plan (LTAMP) and the general operations of the marina. As always, we are happy to take constructive feedback on how we do this so please feel free to provide further feedback to us as we bed down our new comms process and thanks again to those who have donated their skills and time to make this happen.

The May Board meeting was focused mostly on the funding options for the Long-Term Asset Management Plan (LTAMP) and an overview of the options under consideration is contained in this month’s newsletter. The board spent a considerable amount of time discussing the pros and cons of the various options and we continue to work together as a united board to bring options and a recommendation to shareholders at a Special General Meeting (SGM) later in the year. A number of discussions and considerations are still underway, and these will need to be concluded before the Special General Meeting (SGM) can be scheduled.

The board also discussed and agreed the fee increases for next financial year. These will be communicated to all shareholders and tenants later in the month and are broadly in line with Consumer Price Index (CPI) increases and the increases signalled at the last Special General Meeting (SGM). We are mindful that the increased cost of living is affecting everyone, and we have adopted a balanced approach that takes this into account, while ensuring that we continue to operate the marina both safely and effectively.

Best regards

Paddy Hanna

Deputy Chairperson Chaffers Marina Ltd