Update 17th December - Directors' Statement
Dear Oasis Owners,
As you are all aware, the directors of Oasis have been working diligently for the past eighteen months to secure the funding to complete the Oasis Resort in Saidia after the cancellation of our previous approved funding in Morocco. Despite the fact that earlier this year we passed the strict due diligence requirements and have since met all the terms and conditions associated with our promised funding, to date we have still not been able to achieve release of those funds.
Over the past few days it has become evident that the only reason why the funds have not already been released to Oasis was simply down to the incompetence of the company acting as our funding broker.
As a result of these revelations, we are pleased to announce that the directors of Oasis are now working directly with the principal funders and not through a third party. We have, this week, received confirmation from them that the funding has not been compromised through the actions of the third party previously involved and that the terms and conditions of our funding agreement will be honoured. As a result, the directors will be travelling to Switzerland early in the New Year to complete the signing of all of the relevant security documents and loan agreements and our lawyers have confirmed that funds will be available for release soon after and certainly during January.
The directors would like to once again apologise for this further short delay but feel very confident that this new arrangement will provide additional security for the Oasis project to the benefit all of those involved.
As a result, we will be back on track in January and would like to thank you once again for your patience and understanding. We would also like to take this opportunity of wishing everyone a healthy and prosperous 2010.
The directors
17th December 2009