UPDATE: The result of the timeshare owner vote on the future of the resort has been announced.
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The proposed $954 levy has been defeated, with 740 timeshare owners voting against the resolution.
There were 388 votes in favour of the motion, and nine abstentions.
THE official result of a timeshare owner vote on the future of Shearwater Resort is expected to be announced today.
Timeshare owners met with board members at the Grand Chancellor in Launceston yesterday, following reports earlier in the week that the resort faced possible receivership.
A report into the finances of the resort found that the Tavern, which is wholly owned by Shearwater Resort, owed $908,000 to the resort and $2.88 million to Bendigo Bank.
The vote will decide if the 2171 timeshare owners will accept a proposal to pay a one-off, $954 levy per week owned.
The money raised would be used to pay part off the debt owing to Bendigo Bank, and the rest would be used for the upkeep and renovation of the resort.
Shearwater president David Grey last night said only about 34 per cent of owners voted in favour of the levy.
‘‘That’s not exact, but the electoral commission will finalise that and put results up tomorrow,’’ Mr Grey said.
‘‘We certainly heard concerns of ‘how did this happen?’, the new board will take time to understand that.’’
He said the result did not mean receivership was imminent but the board would have to work to keep the operation’s cash flow positive.
One timeshare owner, who declined to be named, said she estimated close to 1000 people attended yesterday’s meeting.
‘‘The whole thing today was really to establish if the levy was a goer or not.’’
‘‘[The crowd] turned up angry ... but they were quite controlled, not loudly outspoken, but everybody had a view. I do think the meeting would have settled their minds considerably.’’
Timeshare owners would be liable to pay a maximum of $10 per week owned and any outstanding annual fees if the resort goes into receivership.
Four of the seven board members resigned last week at the request of shareholders, and a Queensland based resort management company will take over from next month.
