Letter from President of Celtic Club

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Dear Member,

I am very pleased to announce the successful outcome of negotiations with a number of Club members who brought Court proceedings to prevent the sale of the Club premises.

As a result of these discussions, the members in question have agreed to throw their support behind the sale of the premises and for the use of the proceeds of the sale to find alternative premises both in the short term and in the longer term.

I can also advise that the sale to Beulah Land Internationa l Pty Ltd will soon be completed, after which we will conclude negotiations with Beulah with a view to deciding whether the Club will purchase space in the new building or settle on other premises somewhere else in or near the central business district. The Committee is committed to keeping members informed of the steps it is taking to secure short term and long term premises.

To this end I will report to you on the progress on a regular basis. We are also putting in place an internet question and answer forum to enable members to communicate any concerns they have. The Committee will take into account those concerns and respond to those concerns through me.

While the Committee has, at all times, been committed to securing alternate premises both in the short term and the long term, and quarantining the proceeds of the sale for these purposes, it will establish an account to be known as the Celtic Club Redevelopmen t Fund. Monies held in this account will only be able to be spent for the purposes associated with securing a temporary and permanent home for the Club.

Decisions to expend monies from the fund will only occur with the prior agreement of an independent “guardian”.

The Secretary has agreed not to proceed with the grievances under the Rules. It has been also agreed, with some conditions, not to pursue disciplinary action against the Secretary.

While the terms of the settlement agreement are not confidential, it has been agreed that I will be the only person making public comments about the agreement.

I sincerely hope that Club members are now able to look forward to sharing the benefits which will flow from the Club having the resources to acquire new premises.

Yours Sincerely,

Brian Shanahan O.A.M.

President Celtic Club.

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