The first meeting for the establishment of the Chambers Venture Company, was held on Wednesday 11th October, 2000 at the Community Hall in Durban North. This will provide and drive objectives for the Chamber and its individual members needs in their businesses and for business development.

As mentioned before, within the community and Chamber there is a great and unutilised experienced and expertise, which can be used to create a successful venture company. To achieve this success we need to be united, willing and participate. In the past we have only spoken about being united and flexing our muscle as one cooperative body, however, in today's challenging times, actions are more important than preaching in uplifting ourselves as well as our community / chamber members.

Before reviewing the proposal we want to make clear that this is a base model, which was discussed by the Committee, and we are open to suggestions to add and improve. Everyone's contribution will be appreciated and considered.

The benefits and objectives of this Venture for the members.

• Share portfolio for stock exchange (many members have experience within this field)
• Financial Assistance - Bridge financing, loans
• Property Portfolio - Syndicating purchase of offshore properties
• Venture - Business Partners
  • new projects
  • members projects
• To establish trade links with Greece, Cyprus and other areas of the world, which are represented by Hellenic Communities
• To organise trade missions in and out of South Africa to promote trade (e.g. USA - Annual Hellenic Trade Fairs)
• Explore the potential of acting as agents for trade into Africa through the new links
• Projects from the EU for SA to come via the Chamber going towards black empowerment.

Above are some of the benefits and objectives and your further input is requested.

The following is an outline of the operational structure and running of the company.

• Proposed name Hellenic Ventures 2000 (Pty) Ltd
• Maximum members - 50
• Shares R1/share maximum of 10 000 shares per member
• However, there is a limitation to the input of investment capital of each member, which will be proportional to the dividend ratio of profits to each member's investment capital. (Min = R10 000 per member)
• Initial operations to be operated by a 5 member voluntary body
• An additional 5 member decision making body will be selected to approve actions of the operating body
• The decision making body will be demanded by industry specific, rotational relying on drawing specialists from the members relevant to the decision topic
• It must be stressed from the beginning that the company would be formed for the sole purpose of profit making
• A "levy fee" to be left to the Chamber when transactions are successful
• Profits to be shared annually
• Profits could be invested offshore]
• Members to be of "Hellenic" origin

The results of the first meeting - 20 members of the Greek Chamber have joined the new venture and we look forward to the next meeting on the 24th October 2000. This will again be held at the Hellenic Community Centre in Durban North at 7:30 for 8:00 p.m.

Should you require more information on this venture, kindly communicate either with the office or with one of the members from the Executive Committee.

Regards

The Executive Committee