Finally, after seven months of negotiations on the proposed Third Amendment to the National Roads Authority Agreement, Dart Realty (Cayman) Ltd, their patience has grown thin and they have said enough is enough.

After Cabinet Minister’s “imminent” pledge that the Dart/NRA Deal would be finalised the developer has issued a press release saying it had withdrawn from the talks over the proposed amendment to the deal.

Dart wants the public to see the independent review as well as the original NRA agreement signed in December by the former premier and the two subsequent amendments.

Dart believes by withdrawing from the negotiations, this will speed up “the completion of the Independent Review and the public release of the results”.

The following is the complete transcript of the Dart Realty (Cayman) Ltd Press Release:

National Roads Authority Agreement Update

For immediate release

May 8, 2013 ‐ Grand Cayman, Cayman Islands.

After seven months of negotiations on the proposed Third Amendment to the NRA Agreement and having not reached agreement, Dart Realty (Cayman) Limited has today withdrawn from further negotiations with Government.

Dart Realty expects that by withdrawing from negotiations on a Third Amendment, which has delayed the finalization of the Independent Review begun by PricewaterhouseCoopers in March 2012, the public will quickly be provided with the results of the Independent Review as well as the release of the executed NRA Agreement, and the First and Second Amendments.

Dart Realty remains supportive of the new components in the proposed Third Amendment, which includes the widening of the southern portion of the ETH through Camana Bay to the Butterfield roundabout, and land transfers to Government adjacent to Smith Cove and Barkers. Dart Realty does not believe discussions on the Third Amendment should hold up the finalization of the Independent Review any longer as the components could form a separate agreement between Government and Dart Realty at a later date.

“We believe that the public should be informed of the results of the Independent Review as soon as possible, particularly in the context of the significant progress being made on the main projects and in light of the upcoming election,” explained Dart Realty Chief Operating Officer Jackie Doak.

Dart Realty is optimistic its decision will expedite the completion of the Independent Review and the public release of the results. In the meantime, Dart Realty continues to fulfill its obligations under the executed NRA Agreement.

Ends

Photo submitted by DART