|Welcome to Perth Boatshare
We Manage to let You have a Great time Boating!!!
Questions and Answers
Ph 0419 846 517
What is my Investment going to be?
Every owner pays the share purchase price applicable to the Syndicate they are joining. They then contribute to the annual operating costs such as mooring charges, insurance, licence etc. and also to each year’s maintenance costs. The contribution amounts to 20% for each shareholding and a guide to the costs are enclosed with our brochure. This gives an indication of ongoing annual expenditure.
Is there a Syndicate Agreement?
A formal agreement is drawn up between each owner and Perth Boatshare. This is designed to protect the interests of all the owners and covers points that can arise in the operation of the syndicate. It has been designed to be fair, non- contentious and to protect the interests of members of the Syndicate. You may require a solicitor to look through the agreement and be satisfied before you proceed.
How long do the Syndicates stay in existence?
There is no fixed time for the life of a Syndicate. The life span of these boats is virtually unlimited because they have all been very well built and are receiving regular maintenance during their life. They are kept well and undergo a regular maintenance programme. Replacement of items such as cookers, carpets, upholstery, fridges etc. over the years means that the boats are kept well and truly up to scratch. All of the Syndicate must be in agreement before the boat can be sold. If such a decision is taken the boat would be offered on the open market by Perth Boatshare and receipts from the sale would be split between the owners in proportion to their shareholding, less 10% selling fee.
Can I sell my share in the boat?
Owners may offer their shareholding for sale at any time after the first year, and this service is handled by Perth Boatshare. It will be offered initially to the other Syndicate members and, if not taken up at the shows, open days and exhibitions attended by the Company and through ongoing advertising. Perth Boatshare charges a small commission of 10% plus GST for this service. The final choice of the resale share price is the responsibility of the owner after discussion, and advice from Perth Boatshare.
Who looks after the boats?
Perth Boatshare contract with Fremantle Boat Park to provide storage and our own team for operational and engineering support and to maintain and service the boats. Perth Boatshare also arrange for a predetermined and cost maintenance programme to be carried out. When on the boats, the owners have full engineering support available in the unlikely event that this is required.
Will I meet other members of the Syndicate?
Each year owners meet at the Annual General Meeting for the Syndicate. Formal discussions take place and the owners mutually agree between themselves their use of the boat for the coming year. It is also an opportunity to get to know fellow owners in a social setting over a meal and a drink. Each member is provided with details of other members of their own Syndicate.
Can I take friends along with me?
Yes of course you may just as if you were the sole owner of the boat. The only restriction that you or a named shareholder must be with the boat at all times as you will have the responsibility for it.
May the boat be hired out or offered for skippered hire?
A definite “No”. There must be a shareholder on board the boat at all times and the boat MAY NOT BE HIRED OUT OR OFFERED FOR SKIPPERED HIRE. If however, you are unable to use the boat, you may either swap with another owner or if this is not possible or required, the unused time may be offered for use to another member of your Syndicate through the Administration Office. You yourself may also be able to take up unused time from other owners giving you more time on the boat for which your only additional cost is fuel and engine hours.
How are the weeks allocated?
The year is divided into three periods covering prime holiday weekends, weekends, weekdays. Each shareholder will be given a colour being either red, orange, yellow, blue and green. This will show on the calendar when each shareholder is entitled to the Boat. These three periods can be swapped by mutual agreement with any shareholder . each year a ballot will be drawn for colours but a shareholder must not have the same colour twice in 5 years unless another shareholders prepared to swap.
How much time a year can we use the boat?
The concept is based on the Syndicate members being joint owners of the boat and sharing the year between them on a lot drawing basis each year, as described. This has two advantages. Firstly, no one is tied to taking the boat out the same time every year and secondly, it is possible to take the boat out on a minimum of ten occasions each year. However, for those who want longer cruising there is no reason why, with agreement, you cannot use unwanted time of other members of the Syndicate during the year. Remember, the only extra cost you incur for increased use of the boat is fuel and engine hours.
Can weeks be swapped with other members of the syndicate?
Once the initial allocation has been made each year, members may then swap and change about in order to increase their time allocation or obtain consecutive time. All that is asked of you is that you keep the Administration Office advised of any swap that you may make.
What is my investment going to be?
Each owner pays the share price applicable to the Syndicate they are joining. They purchase10 weeks which represents a 20% shareholding and this will be a life ownership, which can be bequeathed to their heirs.
Is this a time-share scheme?
Only in so far as the weeks during the year are shared between all the Syndicate members. In every other aspect it is totally different. You do not have the same fixed weeks each year. The share price does not vary according to when you take your holiday. There is no limit on how many weeks you actually take if they are available. Your only extra on-cost is for the fuel and engine hours used. The company is not liked to an international exchange organization. Finally and most importantly you own title to your share in one specific named boat and use of that boat is restricted solely to the named owners within that syndicate.
Why should I not go out and buy a boat for myself?
Apart form the sheer amount of capital outlay, there are several reasons for not being the sole owner of such boat. These vary from the total responsibility and worry if you have not visited it recently to the actual cost for paying for the moorings, insurance and maintenance. In our experience boats like to be used – cleaned and generally moved around throughout the year. It is a fact that most boat owners, unless they are living aboad, utilize their boat only about two to three weeks per annum maximum.
Will I need training to use the boat?
Perth Boatshare will make arrangements for all owners to be trained on the boat. At the end of the training, all owners will receive a Certificate of Competence. The reasonable cost of this training will be paid for by the owner.
What is expected of owners using the boats?
Each Syndicate member is responsible for the boat whilst it is under his/her control and for any self-inflicted damage such as damage to the carpets or upholstery and broken windows. The cost of any general problems that arise will be covered by the syndicate fund. At the end of each holiday period the Syndicate member is responsible for fuelling the boat and leaving it in a reasonable condition for the cleaning contractors to then carry out a thorough clean for the following owners.
What happens if the boat has a breakdown?
If you are on the boat and you have a breakdown that you are unable to fix yourself, you would make contact with our mechanic based in Fremantle. Once the breakdown has been carried out the cost would be billed to the Admin Office for payment out of the syndicate account. In the event that you are a long way from home base and had to pay cash for the central fund. This fund is set up each year to cover the costs of breakdown during the year. With regular maintenance these should be minimal and any excess funds at the end of the year would be rolled over to the following year. Payment for self-inflicted damage will always be the responsibility of each individual member.
What happens if a syndicate member breaks any of the rules?
Our Syndicate Agreement gives clear guidelines as to what happens if there is a contravention of the rules. The ultimate sanction is that the owner would be asked to leave the syndicate.
What inventory is included on the boat?
The boats are equipped with a very comprehensive inventory which is listed in this presentation. When inventory is broken the operating base will keep a small stock of replacement items.
Who pays the annual maintenance?
The cost of the maintenance work is proportional to each member’s shareholding. A purchase of ten weeks means that the member contributes 20% of the annual costs. All the work carried out is to formally produced quotations and we use our contacts in the industry to find the most competitive and experienced labour. The cost of engine maintenance is directly proportional to the amount of hours used by each shareholder. If for 100 hour service one shareholder used 27 hours engine time then. That shareholder will be charged 27% of the 100hour service.
Is the boat insured?
The boats are fully insured up to full replacement value. Each owner is responsible for the excess depending on any damage caused during his control of the boat. Any claims above this amount are covered by the boat insurance policy, and there is a third party liability as per policy. There is no cover for personal possessions or personal accident.
Do you operate a “no-smoking” policy on the boats?
No we do not. However it would appear that only a small percentage of our owners do smoke and it would appear they do it out on deck. However we do expect smokers to be considerate of non smokers and not smoke anytime in the cabin.
At what stage am I committed to proceeding with my purchase?
Only when you have finally signed a contract with Perth Boatshare.
Do owners have any control over operational and administrative costs?
Yes, through their decision making and input at the Annual General Meeting where they are presented with accounts for income and expenditure of all items involved with their syndicate for the preceding year. One of the Perth Boatshare mission statements is to keep the annual running costs for all owners for all boats as low as possible. Perth Boatshare put no mark up of any sort on to any operational or maintenance costs and all owners pay the NETT costs.
Do you allow children and would I be guaranteed school holidays every year?
Children are welcome as part of your family. School holidays are not guaranteed for any owner. At the annual meeting, we ask other owners to co-operate when the allocation is carried out by making school holidays available for those who specifically need them. Most owners who want them normally get them as most owners DO NOT want school holidays.
How many shares can I buy in a boat?
The maximum number of shares an owner can buy in one boat is two. This prevents one person having too much control over decision making in a syndicate. For those owners wishing to purchase more than two shares they would have to buy them on different boats or even in different waterways if they wanted.
If I am interested in the idea how would I arrange to look over one of the boats?
Our boats are regularly on show at Fremantle Boat Park. We hold Open Days on a regular basis at Fremantle or where the boat is moored.
How many names can there be on a share certificate?
Only one person can be named on a share certificate. This would be the person responsible with the skippers ticket every time the boat was taken out by this shareholder. They may take any guests they so desire.