At a meeting of the Board of Directors of Pegasus Hotels of Jamaica Limited (PEG) held on March 28, 2011, resolutions were passed in regards to the proposed Lease of the Hotel and Sale Agreement for purchase of fixed assets of PEG by Surrey Hotel Management Limited, a company owned and operated by the majority shareholder:
a. That the Company lease its Hotel and real property to Surrey Hotel Management Limited.
b. That the company enter into a Sale Agreement with Surrey for the furniture fixture and equipment associated with the Hotel at the current book value of these assets on the terms negotiated.
c. That the parties use their best efforts to finalise and report to the Board on the terms of the above Lease and Sale Agreement on or before April 28, 2011.
d. That a sub-committee comprising Milton Samuda, Rev. Denzil Barnes and Alston Douglas be and is hereby appointed to conduct the negotiations in relation to the lease and sale agreement with Surrey on behalf of the Company.
e. That the company (with the guidance and help of a sub-committee to be appointed by the Chairman) shall take all necessary steps required for the closure of the Hotel after the signing of the Lease and Sale Agreement.