Mulpha Australia begins due diligence ahead of potential buy-back of Sanctuary Cove -The Palms Golf Course

MULPHA Australia Limited could re-purchase the world-class The Palms Golf Course at Sanctuary Cove and the adjoining Country Club it sold in 2007, after entering into a memorandum of understanding to complete the due diligence process ahead of a formal sales agreement with the Sanctuary Cove Golf & Country Club.

Mulpha Australia Limited CEO Greg Shaw said, “we are delighted that Mulpha has entered into an agreement in principal with the Sanctuary Cove Golf & Country Club to purchase the assets of The Palms Golf Course, The Sanctuary Cove Country Club and half of the maintenance facilities,” said Mr Shaw.

Mr Shaw, who has extensive executive management experience in the tourism, sport and leisure industry, said the assets required ongoing infrastructure investment.

“Mulpha Australia was approached by the Club and had started these discussions more than a year ago and it made perfect business sense, given Mulpha Australia’s long-term commitment to Sanctuary Cove, Australia’s premier integrated leisure and lifestyle community.”

Sanctuary Cove Golf and Country Club President Mick McDonald said “Over a year ago the Sanctuary Cove Golf and Country Club Holdings Ltd Board instigated discussions with the Company’s major shareholder Mulpha Australia, to investigate and establish a pathway to overcome significant challenges regarding the future.

“The Board are excited that this outcome, if accepted by shareholders at the upcoming Extraordinary General Meeting, will give the Club the required financial stability to allow the opportunity to significantly upgrade The Pines Golf Course, and return it to arguably one of the best private and exclusive golf facilities in the country,” Mr McDonald said.

Mulpha’s investment in Sanctuary Cove is valued at more than $250 million, where it has achieved in excess of $800 million in property sales, making it one of the most successful master-planned communities in Australia.

The agreement is subject to due diligence and a vote in the coming weeks by Sanctuary Cove Golf & Country Club shareholders.

For more information, visit http://sanctuarycove.com