For more than 15 years, Darrell Frampton has had visions of playing golf in the pastures and orchards behind his home. He dreams of developing the property into a regulation golf course, which would be called Quail Hollow Golf Course.
Frampton's dream took one giant step toward coming true recently when Quail Hollow Golf Inc.'s registration statement with the Securities and Exchange Commission went into effect - which allows the company to begin selling stock.Quail Hollow Golf Inc. is the company Frampton and former Tri-City Golf Course professional Jimmy Thompson began in July 1988 in hopes of building a golf course in Lindon. The company was incorporated in September 1988 with the purpose of constructing and operating public golf courses.
Frampton and Thompson decided to take Quail Hollow public last summer after spending about a year unsuccessfully trying to lure local investors. The company filed a registration statement with the SEC in October.
In hopes of raising at least $2.5 million and possibly $6 million, the company is offering 1,200,000 units of stock at $5 a unit. Each unit is made up of three common shares of stock.
Bret Jenkins, attorney for Quail Hollow, said the company cannot begin construction on the course until at least $2.5 million is raised. All money received from the sale of stock is being held in an escrow account at Deseret Bank in Pleasant Grove. If $2.5 million is not raised within nine months, Jenkins said, all funds received will be returned to investors.
Frampton, Thompson, Don Holbrook (an associate of Frampton) and seven other initial shareholders will own about 29 percent of the company, depending on how much stock is sold. The rest of the company will be owned by public shareholders. Shareholders owning at least 1,000 units will receive certain golfing privileges for a period of one year.