SIGNANT TWO HOLDINGS LTD

2013 ANNUAL GENERAL MEETING

November 16, 2013

12:00 pm (beginning with lunch)

At Sharyn’s

MINUTES

Meeting called to order

At 1 pm, Dale moved that the meeting be called to order.  Sharyn seconded.

Rhonda joined the meeting by phone.

Shareholders present

Sharyn, Vic, Duane, Dale, Sheila and Rhonda.

Minutes of previous meeting

Moved by Sharyn that the minutes of the previous meeting be accepted as presented.

Seconded by Vic.  Unanimously carried.

Matters arising from previous meeting

Report on Repairs and Upkeep 2013

Window Frames and Walkway Railing

Sanding and Painting (Dale, Sheila, Duane)

Trees (Dale)

Dale has done superficial pruning.  There are trees on the West side of the lot that require pruning and culling since they are too crowded.  Dale will attend to this.

Other

Dale took care of replacing the middle bedroom window that was accidentally broken.

Culling of items at Cabin 2013

Some items that were bequeathed by Mom as well as some personal items were removed by Shareholders during summer 2013.

Other

Rhonda asked what will be done with items remaining after people have taken their personal things.  This would include housewares, furniture, and other items that were placed in the cabin by Mom and Dad.  It was decided that prior to the closing date we will have a discussion about how to dispose of remaining items.  Duane is still intending to take the radial arm saw, but wishes to leave it presently so that it can be used, if needed.

Sale of Cabin

Listing Date

Vic suggests it should be listed early in 2014.

Dale noted that the Wintemute cabin is no longer on the market and several others are now on the market.  Some properties that have not sold are firm in their asking price while the assessed values have gone down in the past few years.

Duane has heard that the value of real estate is generally on an upward trend.

Dale suggests we put it on the market on April 1, 2014.

Choosing Realtor

Vic suggests getting proprosals from a couple of realtors.  Sheila suggested Melody’s realtor, Jane Hoffman, be given consideration.  It was noted that a good web presence will be very important.  International exposure would also be an important asset.

Dale will contact Jane Hoffman Group (Caldwell Bankers) and Grace Urquhart (Alliance Realty) to ask them if they would like to prepare proposals for early in the new year.  A third possibility would be Sabrina Frankland, if one of them does not work out.  Dale will ask what they do for international advertising.

Duane suggests having a meeting on March 15, 2014 to decide on realtor, listing price and a range of prices that we would be open to.  All agreed.

Attendance at the meeting could be by phone or by written proxy.

Procedure for setting asking price

We will review all pertinent information and decide at March 15, 2014 meeting.

Procedure for discussing purchase offers

Vic says this will entail a Special Resolution.  There has to be a means for everyone to vote.  We need an understanding that we will set a certain asking price and will accept an offer within, for example, 10%.  We will decide the exact percentage for the acceptable range and the exact procedure for discussing purchase offers at the March 15, 2014 meeting.  Sharyn offered that the meeting take place at her home.  We will start with the meeting at 12 noon, followed by lunch.

Lawyer

Dale will speak with Grace Urquhart regarding suggestions for a lawyer to use.

Preparation of Cabin for Sale

Culling still needed

Boat

Combination wood and electric stove – Dale will put the boat and stove on Kijiji in the spring

Other

Dale will put out the bathtub as a freebie.

We will look into selling the fishing boat and hoist when we have a closing date.  One could be included with the other if someone shows interest in one.

Sheila will bring lobster trap to Calgary for Rhonda, this summer.

It was acknowledged and agreed that the labour and costs of disposing of the remaining contents of the cabin will be shared by all six shareholders.  Sheila offered to contribute additional labour on behalf of Rhonda who will not be present.

Renovation or repair priorities and plan

No repairs will be done unless they are absolutely necessary (e.g. Repairs will be done to the spiral stairs only if they are unsafe or falling down and repairs to the dock will be limited to the repair of deck boards falling off).

Trees

Dale will be doing some pruning and tree removal in the spring.

Easter 2014 Clean-up and/or Repair Plan (Easter:  April 20, 2014)

Staining walkway and front deck.

Plumbing fittings etc… in the storage – we can donate them to social assistance organizations such as “Transition House,” and a few other local possibilities that Dale is aware of.

Other: Hedge Trimming could be done in spring.

Sheila inquired about the safety of the large propane tank in the yard.  Dale informed us that he has done a “bubble test” to check for leaks and that the propane tank is safe.

Summer 2014 Cabin Usage

Timeslots chosen to date

(Sheila June 29 – July 9; Duane July 21-31; Sharyn Aug 1-11)

Setting An Agreed upon Standard for Cabin Presentation for Realtor Showing:  We will follow realtor’s suggestions regarding “staging” the cabin.

Understanding Regarding the  Impact of a Summer 2014 Sale on remaining summer Family Timeslots:  We are all aware that in the event the cabin sells this summer, any family timeslots after the closing date will not take place.

Other

None

Directors Resolutions

Vic moved that Dale remain as President and Sheila remain as Secretary.

Sheila seconded.  Motion carried.

Year end Review

We have touched on this throughout the meeting.

Financial Statements

Prepared by Jennifer, were reviewed.

Fintry Synopsis

Other

When Dale drained the cabin, there was a leak between the kitchen sink and the main sewer outlet.  (This only showed up when the kitchen sink had been drained.)  Dale will take care of this.  It has happened before and Dale taped it.

Next Meeting

Set for Saturday, March 15, 2014 at Sharyn’s.

Dale and Rhonda will attend by Skype or phone (conference call).

Meeting adjourned

At 2:20 – moved by Dale.