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Envelope-to: gloria@homs.co.ke,
 mnhgure@homs.co.ke,
 liban@homs.co.ke
Delivery-date: Fri, 19 Jul 2019 03:15:59 -0600
From: "Abdalla Ngovi (Corporate & Investment Banking)"
	<abdalla.ngovi@dibkenya.co.ke>
To: "gloria@homs.co.ke" <gloria@homs.co.ke>, "mnhgure@homs.co.ke"
	<mnhgure@homs.co.ke>
CC: "liban@homs.co.ke" <liban@homs.co.ke>
Subject: FW: BAYSIDE LIMITED
Thread-Topic: BAYSIDE LIMITED
Thread-Index: AdU9YWZ4HnhedxwkT/yJR66od5DwcAAsLBjQ
Date: Fri, 19 Jul 2019 09:15:31 +0000
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 Content preview: The managing Director Dear DIB bank Limited 
 
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--_000_AM6PR10MB2855B0ABDED95DF62BAFB286DFCB0AM6PR10MB2855EURP_
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___________________________________________________________________________=
__________________________________________________________________________

The managing Director

Dear DIB  bank Limited

Dear Sir,

Thank you for meeting up with us in your offices on July 18, 2019.

As discussed in our meeting, we wish to offer additional insights on the co=
nditions annexed to the letter of offer being;

*   Prior to disbursement, the customer shall avail additional equity of =
Kenya Shillings Seventy-Five Million (Kshs.75,000,000.00) Only which will b=
e held in an escrow account at DIB Bank Kenya Limited

And

*   Full deployment into the project of the additional equity of Kenya Sh=
illings Seventy-Five Million (Kshs.75,000,000.00) Only held in the Bank's e=
scrow account prior to drawdown of Bank's facility

It is paramount to note that the Bank's initial concern was if the amount s=
ought of Kes.150 Million would be adequate to complete the project a positi=
on we affirmed and gave our further commitment that any cost overruns would=
 be met by we the project promoters (In the very unlikely event that the pr=
e-sales we intend to unlock don't come as fast). That notwithstanding, it i=
s also paramount to note that the project financing negotiations commenced =
in October 2018, period during which, the construction process has progress=
ed as the approval process took inordinately long, you'll appreciate that d=
uring that period, the construction process has progressed and we remain ad=
herent to the project timeframes. As per our breakdowns, we have provided y=
ou with documentation to prove that since our engagements with the bank com=
menced, we have spent an amount of circa kes.69,906,838.00 whilst other amo=
unts have been spent on  undocumented expenditure like purchase of sand, ba=
llast, directors expenses etc and more importantly to note is that , we con=
tinue spending daily on the project, as we await conclusion to the Bank's f=
inancing, which not only amplifies our resolve to ensure the successful com=
pletion of the project but also we feel negates the need for us to bank an =
additional Kes.75 Million in the designated escrow account as per the appro=
val terms.

CONFIDENTIALITY NOTICE: INFORMATION IN THIS MESSAGE IS INTENDED ONLY FOR TH=
E PERSONAL AND CONFIDENTIAL USE OF THE RECIPIENT (S) NAMED ABOVE. This mess=
age is privileged and confidential. If the reader of this message is not an=
 intended recipient or an agent responsible for delivering it to an intende=
d recipient, you are hereby notified that you have received this message in=
 error, and that any review, dissemination, distribution, or copying of thi=
s message is strictly prohibited. If you received this message in error, pl=
ease notify the sender immediately, delete the message and return any hard =
copy print-outs to the address above. DIB Bank Kenya Limited is neither lia=
ble for the proper and complete transmission of the information in this com=
munication nor any delay in its receipt.

--_000_AM6PR10MB2855B0ABDED95DF62BAFB286DFCB0AM6PR10MB2855EURP_
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<o:p>&nbs=
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_______________________________=
___________________________________________________________________________=
___________________________________________<o:p></o:p>

<o:p>&nbsp;</o:p>

The managin=
g Director<o:p></o:p>

Dear DIB&nbsp; bank Limited<o:p></o:p>

<o:p>&nbsp;=
</o:p>

Dear Sir,<s=
pan style=3D"color:black"><o:p></o:p>

<o:p>&nbsp;</o:p>

Thank you for meeting up with us in your offices on July 18, 2019.<o:p></o=
:p>

<o:p>&nbsp;</o:p>

As discussed in our meeting, we wish to offer additional insights on the c=
onditions annexed to the letter of offer being;<o:p></o:p>

<o:p>&nbsp;</o:p>
<ul style=3D"margin-top:0cm" type=3D"disc">
<li class=3D"MsoListParagraphCxSpMiddle" style=3D"color:black;margin-left:0=
cm;mso-add-space:auto;mso-list:l2 level1 lfo3">
Prior to disbursement, the customer shall avail additional equity of
Kenya Shillings Seventy-Five Million (Kshs.75,000,000.00) Only which=
 will be held in an escrow account at DIB Bank Kenya Limited<o:p></o:p><=
/li></ul>
And<o:p></o:p>
<ul style=3D"margin-top:0cm" type=3D"disc">
<li class=3D"MsoListParagraphCxSpLast" style=3D"color:black;margin-left:0cm=
;mso-add-space:auto;mso-list:l2 level1 lfo3">
Full deployment into the project of the additional equity of
Kenya Shillings Seventy-Five Million (Kshs.75,000,000.00) Only held =
in the Bank&#8217;s escrow account prior to drawdown of Bank&#8217;s facili=
ty
<o:p></o:p></li></ul>
<spa=
n lang=3D"EN-US" style=3D"font-family:&quot;Neo Sans Std&quot;,sans-serif;c=
olor:black"><o:p>&nbsp;</o:p>
<spa=
n lang=3D"EN-US" style=3D"font-family:&quot;Neo Sans Std&quot;,sans-serif;c=
olor:black">It is paramount to note that the Bank&#8217;s initial concern w=
as if the amount sought of Kes.150 Million would be adequate
 to complete the project a position we affirmed and gave our further commit=
ment that any cost overruns would be met by we the project promoters (In=
 the very unlikely event that the pre-sales we intend to unlock don&#8217;t=
 come as fast). That notwithstanding,
 it is also paramount to note that the project financing negotiations comme=
nced in October 2018, period during which, the construction process has pro=
gressed as the approval process took inordinately long, you&#8217;ll apprec=
iate that during that period, the construction
 process has progressed and we remain adherent to the project timeframes. A=
s per our breakdowns, we have provided you with documentation to prove that=
 since our engagements with the bank commenced, we have spent an amount of =
circa kes.69,906,838.00 whilst other
 amounts have been spent on &nbsp;undocumented expenditure like purchase of=
 sand, ballast, directors expenses etc and more importantly to note is that=
 , we continue spending daily on the project, as we await conclusion to the=
 Bank&#8217;s financing, which not only amplifies
 our resolve to ensure the successful completion of the project but also we=
 feel negates the need for us to bank an additional Kes.75 Million in the d=
esignated escrow account as per the approval terms.<o:p></o:p>
<o:p>&nbsp;</o:p>
</div>
CONFIDENTIALITY NOTICE: INFORMATION IN THIS MESSAGE IS INTENDED ONLY FOR TH=
E PERSONAL AND CONFIDENTIAL USE OF THE RECIPIENT (S) NAMED ABOVE. This mess=
age is privileged and confidential. If the reader of this message is not an=
 intended recipient or an agent
 responsible for delivering it to an intended recipient, you are hereby not=
ified that you have received this message in error, and that any review, di=
ssemination, distribution, or copying of this message is strictly prohibite=
d. If you received this message
 in error, please notify the sender immediately, delete the message and ret=
urn any hard copy print-outs to the address above. DIB Bank Kenya Limited i=
s neither liable for the proper and complete transmission of the informatio=
n in this communication nor any
 delay in its receipt.
</body>
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