If Vincentia fails the definition of 'Financial Viability' (MOU Clause 8.3) for 3 consecutive quarters then the Country Club can cease trading at, and dispose of, the premises.
The Country Club has declared that Vincentia has failed the Adjusted EBITDARD % test and is less than 15% for 3 consecutive quarters. However, they have used incorrect financial information to threaten closure, much as they did with the discredited Tully Heard Report.
Their misunderstanding of financial KPIs is underlined by Clause 21 of The Information Memorandum For General Information.
They have described the calculation methodology incorrectly and labelled it incorrectly. This is unarguable.
This table compares the Club's incorrect calculations with correct calculations. It has been re-labelled correctly.
At no point in the last 8 quarters has Vincentia failed the 'Financial Viability' test.
This is important because the Country Club has relied on this test to threaten closure.
The test has been passed and Vincentia is 'Financially Viable'.
A pdf version of this analyses can be downloaded here for you to pass on to those who need access to this important information before they vote on Sunday, 25th August 2024.
Analyses by:
Phillip Kennedy BA Acc FCPA (ex)
Noel Burke MBCS (ret)
Comments