# Exchange Rate



## MuranoJo (May 11, 2012)

I noticed today it was 8.10--the best I've seen in a while.  Just an FYI in case you've been thinking of paying levies.


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## Dori (May 12, 2012)

With the rates this good, and the Canadian dollar pretty strong, this would be an opportune time to pay. The only snag is that our Lowveld Resort has, in essence, been stolen from its members.     I'm going to miss our SA weeks. 

Dori


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## MuranoJo (May 13, 2012)

Yes, so sad what's been happening to several SA locations.  I got out of Durban Sands because I saw it coming (First Resorts t/s).  Still own Sudwala, so we'll see how that goes now that Niky is gone  and it's under different management.


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## Carolinian (May 14, 2012)

Some resorts, like Dikhololo, do not let you pay levies in advance.  You have to wait until they are open, which is detrimental to overseas members, who would be better off to be able to pay when exchange rates are good.

As to The Bullfrog crashing resorts, that has been a problem, and if your resort is managed by his management company, First Resorts, it probably has a target pasted to it.


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## carl2591 (May 14, 2012)

Carolinian said:


> Some resorts, like Dikhololo, do not let you pay levies in advance.  You have to wait until they are open, which is detrimental to overseas members, who would be better off to be able to pay when exchange rates are good.
> 
> As to The Bullfrog crashing resorts, that has been a problem, and if your resort is managed by his management company, First Resorts, it probably has a target pasted to it.



When the exchange rate was real good (11-1) some year back i sent the equivalent of 3 yrs MF to DIK. It was listed as a credit and every year they just removed what was due in mar. That was nice wish i had done 5 yrs worth. 

oh well this is getting better every day.  one question is how do they (DIK, Sud, etc) figure exchange rate?.. I use xe.com but am sure they have another method.


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## Dori (May 14, 2012)

Carolinian, you are so very knowledgeable (I faithfully read all of your SA posts and elsewhere too). Since I can no longer use or trade my Lowveld week, how can I be expected or obligated to continue paying MF's?  Does this not constitute a breach of the original contract on their part? Any opinion would be appreciated. TIA

Dori


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## MuranoJo (May 16, 2012)

Wow, exchange rate is 8.29 in today's notice--best I've seen in ages.  I'm planning to go ahead and pay once I get Sudwala's estimate.


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## Carolinian (May 16, 2012)

Dori said:


> Carolinian, you are so very knowledgeable (I faithfully read all of your SA posts and elsewhere too). Since I can no longer use or trade my Lowveld week, how can I be expected or obligated to continue paying MF's?  Does this not constitute a breach of the original contract on their part? Any opinion would be appreciated. TIA
> 
> Dori



That would be governed by the language of the shareblock documents.  You may have received those when you purchased but probably not.  The precise language can vary from resort to resort.  I would ask the management to send you copies of all relevent documents that allow them to close down the resort but still require you to pay.


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## dundey (May 17, 2012)

Just ask them to take the week back, most will.
Even if they don't share block certificates are not deeds and unlike US timeshares they really can't force you to pay the fees.
Even if they try, its doubtful that it would ever affect your credit score since the resort is in SA.  No way I'd be paying levies for something I can't use anymore.

As for first resorts, they have transferred several t/s resorts to full time rental apartments.  They manage over 50 resorts so its hard to say which if any will be next.  Interestingly, I received information in the mail today about their new exchange company - First Exchange.  All SA resorts at this time but I was surprised at how low the fees were.

BTW, the good ole days were in 2008 when I bought my second SA t/s - 1 ZAR = 0.08 USD!!


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## Carolinian (May 18, 2012)

The Bullfrog has constantly been starting new points clubs.  That is nothing new.  He then churns members from one to another for a big joining fee.  If this new one is not points based, then he has concluded that people must be souring on the points concept.  That would be an interesting development, since it was the Bullfrog who really started the multi-developer points club concept, which was the brain fart of Andrew Davies, a former tallyman (loan shark) who got into timesharing and worked for The Bullfrog.

''Transfer'' is a rather Orwellian word in this context.  Screw members out of their weeks so that the Bullfrog can profit from the property is a more accurate description.



dundey said:


> As for first resorts, they have transferred several t/s resorts to full time rental apartments.  They manage over 50 resorts so its hard to say which if any will be next.  Interestingly, I received information in the mail today about their new exchange company - First Exchange.  All SA resorts at this time but I was surprised at how low the fees were.
> 
> BTW, the good ole days were in 2008 when I bought my second SA t/s - 1 ZAR = 0.08 USD!!


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## Dori (May 18, 2012)

Thanks! I'll check my file and see if there is anything useful that I could cite as proof that the new regulations go against our original contract.

Oh, how I will miss my Lowveld week. It got us some fabulous trades.   

Dori


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## Carolinian (May 23, 2012)

It may be wise to keep watching exchange rates.  The Greek and Spanish problems are pulling down the euro and there is a flight to the ''safety'' of the US dollar, which seems to be boosting the dollar against most other currencies, including the rand.  Depending on what happens in Europe, this may still have quite a way to run.  At this point, watching Europe is more important to the rand / dollar exchange rate than anything going on in SA.


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## MuranoJo (May 23, 2012)

Yes, tonight I noticed exchange rate was 8.40!
I've decided to hold tight and watch as you suggest.


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## Carolinian (May 30, 2012)

Now 8.50 to the dollar.  If some predictions on the euro hold, then the rand may lose even more value as the dollar soars.  Watch Irish referendum this week and Greek election, as well as Spain's multiple problems.


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## MuranoJo (May 30, 2012)

Thanks, Carolinian.  Also noted the bump today.
Meanwhile, stocks are tanking.  Too much uncertainty.


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## Carolinian (May 31, 2012)

now 8.56 to the dollar.


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## Dori (Jun 2, 2012)

Carolinian, I looked through my files, and the only references I could find were in the Annual Reports. The last one I received, in 2010, stated "The shares are divided into 1872 shareblocks to which are attached rights of occupation to certain apartments for a specific week of each year..."

According to  Mr. BF Lamont, in the same 2010 report, Lowveld was in a good financial postion. "The directors have reviewed the company's cash flow forecast for the year to 30 June 2011 and in the light of this review and the current financial position, they are satisfied that the company has or has access to adequate resources to continue in operational existence for the foreseeable future.".

Makes one wonder how they were able to ram through all the current nonsense.

I haven't received any recent documents on all of the changes/restrictions, and I never did receive a proxy vote option sheet.

Dori


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