The Board of Cyprus Capital Limited, which was set up for this purpose, announced that it has now raised over $6 million from members of the Cyprus Community of NSW Ltd (Cyprus Club), and is now in the position to fully fund the discharge of the Community’s bank loan.
The Community’s president, Mr Spiro Constantinou thanked Cyprus Capital for its efforts and said that the Community will inform its members in due course for all matters relating to the finance and all agreements will be under the approval of the membership.
In an announcement by Board of Cyprus Capital Limited the following are stated:
Cyprus Capital Limited was formed by the Cyprus Community of NSW Ltd, to comply with the resolution passed by its members in November 2019.
This was a never before attempt by a Community organisation to raise capital from members and provide a financial lifeline for their Community. A record amount of money has been raised by Cyprus Capital Ltd and is being made available to the Cyprus Community to end the financial pressure it has been experiencing and give it the possibility to complete its rezoning plans.
“We are ready to paydown all the Cyprus Community’s bank debt and to fund the costs to complete the rezoning process of the very valuable Inner West Stanmore site owned by the Community.” said the Chairperson of Cyprus Capital Ltd, Mr Sergios Argyrou
Board member, Michael Kyriacou confirmed, “Cyprus Capital Ltd has raised funds beyond the bank debt to assist the Club going forward, a historic milestone for the Community and a huge vote of support for the future of the Community by its members!”
Mr Argyrou added, “We would like to thank all the members of the Community who put their hands in their pockets, and their trust in the Community, to help raise the much-needed capital”
In November 2019 at the Extraordinary General Meeting of the Cyprus Community, the members voted overwhelmingly to support resolutions to raise money from the members, through Cyprus Capital Ltd, to stop the sale of the assets and to complete the rezoning application for the Stanmore site which was already underway.
Dorothy Bassil, Board Secretary explained, “The intention was to resolve the Community’s dire finances and give the Community the funds and the time it needed to maximise the Stanmore site potential through the rezoning of the site. We wanted to guarantee the future of the Community for generations to come against what seemed to be overwhelming odds.”
Mr Argyrou stressed, “This is a big day for the Cyprus Community which until recently was on the brink of a fire sale, possible liquidation of its prime real estate asset. It is also a big day for other community organisations and clubs throughout Australia, like us, they too have assets, but they are cash poor with immense debt pressures and face an uncertain future. We hope our model will offer them hope.”.
Mr Argyrou noted “our compatriots in Cyprus have been amazed at what has been achieved, a first in the great diaspora community, an example of what can be done together, to build trust by being transparent, accountable and focused with a clear plan, and of course the support of many volunteers”
“The Cyprus Capital model has shown there is a way forward, to tap into members desire to preserve their community identity and future. The Cyprus Community united, focused and committed to preserve the efforts of the past, our identity and culture, has shown what can be achieved. It is a recommitment of who we are, to respect and serve the needs of our members today and for generations to come as we continue to enrich the wider Australian community well into the future, it’s an investment for our future ”
He said “ I hope Greek organisations with real estate and financial pressure may now have another alternative going forward, it would be a pity to see the efforts of our pioneers become another footnote of history ”
Mr Argyrou also added, “Cyprus Capital is still open to share applications and welcomes new investors.”
Mr Argyrou expressed his personal sense of pride to be part of what is being achieved, he said “ well beyond the millions raised, our engagement with members to raise the funds has reinforced my belief that the Community has dedicated supporters, with a firm belief in a bright future of the Community as a leading centre of education, culture, the arts, sports, dance, and much more for all ” .
He added, “This achievement places the Community in an independent position at last, after more than 90 years, of financial struggle and difficulties. As it approaches its Centenary the Community is free to decide its own exciting destiny on its prominent Inner West site. This is what it’s members asked us to do and the future can now be built on the members aspirations, faithful to the Community’s mission”.
