Letter to Members from the Founder Member

We have bee asked to pass on a communication to Fractional Owners by TRG Founder memberships Holdings Limited. Please note that this is NOT a communication from TRG.

Managing the UK “Limited by Guarantee Companies” for Dunas, Llana and Tortuga

You may be aware that the Companies managing all of the ‘fractional properties’ ownerships in the Dunas, Llana and Tortuga Resorts appointed a sub-committee to investigate the actions of FPSL, and the Directors and Companies associated with FPSL.

The Sub-Committee immediately suspended FPSL from any ongoing services to the LBG Companies.

The Sub-Committee has recently concluded that the actions of FPSL between 1st January 2019 and 31st December 2023 are the subject of a High Court Action brought by Tortuga Beach Resort Apartment 111/16 Limited.  The Sub-Committee has now formally communicated with the legal advisors of TBRA111/16 to confirm that all of the Dunas, Llana and Tortuga Companies with to benefit from the Representative action and will fully co-operate bringing this matter to a conclusion.

All ongoing administrative services to Members will be provided by TRGFMH without charge to Members, including processing the supervising the distribution of yields, the processing of transfer or sales of Memberships and the updating of the Registers of Members.  Members should be aware that changes administered by FPSL risk not being recognised by the Companies.  This provides a single point of contact to Members.  Given that TRGFMH will be ensuring the distribution of yields in accordance with the Registers they hold for the Companies it is important that Members engage with the correct support at office@trgfmholdings.com

There are ongoing discussions about the way historical fees charged by FPSL are to be handled, and ultimately these may be decided by the High Court action, although this is unlikely to conclude until some time in 2025, so until a resolution is communicated Members are advised no to accept any requests for fees.

In addition to the process of bringing yield distribution up to date, we are pleased that this now removes the need to communicate with FPSL for all Members, and hopefully reduces a small part of the historical confusion.

We are grateful for the patience and co-operation of Members and also TRG is making this progress.

TRG Founder Memberships Holdings Limited

Chairman and Founder Member