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In mid January 2024, TRG, Fractional Property Solutions Limited, FPS Corporate Services, David Hannah, Nick Hannah entered into discussions to resolve matters between them.  These matters formally concluded in November 2024.  The agreement includes some restrictions on what all parties can state.  

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"For nearly two years the Directors of the Limited by Guarantee Companies through which Fractional Owners (or members) hold their interest in TRG Property have had a Board of Directors consisting of:

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David Hannah, TRDD1 and TRGD2 Limited (Group 1), and

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TRG Founder Membership Holdings Limited (TRGFMHL)

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For Much of this time there have been disagreements between Group 1 on the one hand, and TRGFMHL on the other in respect of the way in which the LBG Companies should be managed, and specifically who can best administer these companies for the benefit of the Members. 

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Recently, Group 1 (and their associates) reached an agreement with TRG over a separate dispute, and this has made it possible for TRG to begin paying rental yield to the Members. Acting together as a Board, Group 1 and TRGFMHL have been supportive of this process and this has enabled Members of over 90 LBG Companies to receive income over the last few months. David Hannah, TRGD1, TRGD2, FPSL, FPS Corporate Services and TRGFMHL are now pleased to announce that they have taken this opportunity to reach an agreement for the benefit of the Members which will allow a more cost effective and simplified administration of the LBG companies, and allow as much money as possible received from Rental Income to flow through to Members. While some of the details of the agreements must remain confidential, this statement has been agreed by all parties. 

TRGFMHL has now taken full responsibility for the administration of the LBG Companies and will appoint an independent 3rd party professional administrator to carry out the work for all of the LBG Companies at an aggregate lower cost to the fee levied previously by FPSL. FPSL no longer has any ongoing involvement in the LBG companies and once the arrangement are fully formalised, David Hannah, TRGD 1 and TRGD 2 will resign as Directors. It is believed that this will result in a greater proportion of the income being free to flow to many Members. 

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TRG paid FPSL and its predecessors at an agreed rate for the management of the fractional structures out of the income prior to distribution to investors from around 2011, but ceased doing this at the end of 2018. 

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It is acknowledged that David Hannah only became involved with the LBG Companies in mid 2018, stepping in to replace a previous director and had no involvement in the establishment of the LBG Companies or their operation prior to this. 

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The continued administration of the LBG Companies was provided via FPSL from January 2019 until the beginning of 2024, for which they received no payment by TRG. TRG's letter to investors in early 2019 made it clear that investors should make their own arrangements with FPSL for the payment of those expenses. 

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It was originally assumed that the costs of administering these companies would be met from within rental returns paid by TRG, and indeed some costs were initially met in this way. What could not be foreseen was the pandemic and effect this had. 

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Investors/Owners are again invited to make their own arrangements directly with FSPL, and without involvement of TRG, for payment of any arrears of administration fees for the period from 2019 to 2024 as these costs will not be deducted from the rental income now being paid by TRG. 

FPSL have offered to make discounts and offer extended settlement terms to make this as manageable as possible. 

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Going forwards, for 2024 and beyond, the costs of administering the LBGs will ONLY be covered by a deduction from income actually received from TRG, and TRGFMHL will not allow anyone they appoint to approach Members directly for any payment of any kind. 

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At the same time, TRGFMHL have agreed to cease and withdraw any and all legal demands, including the High Court Action led by Tortuga Beach Resort Apartment 111/16 Limited or on behalf of any other LBG Companies, against David Hannah, Nick Hannah, FPSL and FPS Corporate Services (the Defendants), believing that it is in the best interest of all embers to move beyond this now to a new simplified and more cost effective administration structure. On this basis, TRGFHML (and its associates) will NOT support any further action against the Defendants either directly or on behalf of the LBG companies. 

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For the avoidance of doubt, this agreement and the change in structure it describes should absolutely not be interpreted by the Defendants (either collectively or individually) as any admission that there is any substance to the claims made in the submission to the High Court. The Defendants wish it to be clear that they strenuously deny any actual or implied wrongdoing in their work as Directors or service providers to TRG or the LBG Companies and their Members.

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While it has been a difficult and confusing time for Members, we now firmly believe that the new arrangements are to the significant benefit of the Members, many of whom will already have this in the receipt of income this summer, for the first time in a number of years. The Boards of the LBGs unanimously believe that these new arrangements provide the basis for improve operation of the Fractional Ownership structure going forwards, and have unanimously agreed this statement.

Should you wish to enquire of the LBGs, you should address your questions to office@trgfmholdings.com "