Please email us if you can not find the answer to your question..
Shares cost £1 each.
Given the large amount of money required, we have set the minimum purchase at 100 shares , so £100.
The minimum investment has been set at £100 to enable as many people within the community as possible to purchase a share whilst ensuring that the administration task remains manageable.
The maximum purchase is 10,000 shares, £10,000.
Any amount between £100 and £10,000 can be invested (in multiples of 100)
Shareholders must be aged 18 or over. Shares can be purchased by individuals, jointly or on behalf of groups or companies.
Please Note: only the first named applicant or representative on the application form will be a member of the society with voting rights when applying jointly, or as a group or company.
Shares can be held for children - An adult must complete the application form. The shares and vote will be transferred to the child as soon as they reach 18 years of age. In the meantime, any adult who does not already have a vote, may vote on the child’s behalf.
The value of membership shares cannot go up in value but in the unlikely event the Society gets into difficulty there is a possibility that the value may reduce.
Our rules include a statutory Asset Lock which ensures that should the Society achieve a surplus beyond that required to meet its liabilities, improve the facilities and ensure the future of the business, this surplus may be made available for distribution to other community or charitable projects. Specifically, any such surplus cannot be used to benefit the members as individuals. Our Model Rules state that interest paidd shall not exceed 5% or 2% above the
base rate of the Bank of England whichever is the greater (section 8.5.2 Model Rules). A copy of the Rules are available on our website or can be requested by emailing ulghamCBS@gmail.com.
While a community benefit society cannot distribute its profits to members, it can pay to them a reasonable rate of interest on share capital and loans, but it may not do so at a rate that is more than that reasonably necessary to obtain and retain enough capital to run the business.
Shares should therefore be primarily regarded as an investment in the community rather than a
financial investment. Please don’t invest hoping for a quick return, the real return on
investment is being able to secure an important local amenity for the long term benefit of our local community.
The capital value of a Share will not grow, but the Society will seek to provide opportunities for members to withdraw their capital over time. The return of capital cannot be guaranteed and will be subject to the needs of the business from time to time.
You will be unable to withdraw your shares for 3 years. After that time, three month’s notice of your intention to withdraw your shares will be required. You cannot sell or transfer your shares, and withdrawals must be funded from surpluses or new capital raised from members. However it should be made clear that such withdrawals are at the discretion of the Management Committee, who will at all times prioritise the ongoing financial sustainability of the society. The
Management Committee will have the authority to refuse a withdrawal request if it would endanger the business. Therefore, there is no guarantee that you will be able to withdraw your shares at a given time.
In the event that the asset is ever sold for whatever reason, the shareholders would be repaid their investment from the proceeds of such sale, after repayment of any debts. Should there be any surplus, it would have to be paid to a charitable or community body with similar objectives.
You may nominate a person to whom your shares are to be transferred on your death within the
Share Application Form, or at a later date in writing to the Society Secretary. Alternatively you
may wish to convert to a donation to the society. If you do not nominate such a person, your shares convert to a loan and that loan will be repaid on the same basis as the Society allows
withdrawal of shares and subsequently become part of your estate which can then be transferred under the terms of your Will.
Ulgham Community Benefit Society is a limited liability entity. This means that the most a member can lose is the amount originally invested (experience of other Community Benefit Societies suggests that this is highly unlikely).
If the business fails, your investment is fully at risk and before investing you should be comfortable with this. However, it should be noted that The Forge is a Freehold property which does give the security of owning the property
The period marked for the sale of shares may be extended. If we still fail to meet the target, a shareholders meeting will be held. Once the Management Committee in consultation with the shareholders determine the purchase is not viable, you will be contacted within 2 weeks of the decision date to establish how you would like your investment to be returned and your money will be returned (less any potential admin fees) as soon as possible after that.
No, they are under no obligation to sell the pub to us and they do not have to accept an offer from us. Our best chance of success is to raise the required amount as quickly as possible to demonstrate we have proof of funds and therefore have a credible offer.
If you wish to raise a general concern, in the first instance please contact one of the management Committee direct, or email the Secretary at UlghamCBS@gmail.com. Management Committee members can be found on our website
The share offer opens on 13 November 2023 and closes on 31 December 2023. The Management Committee reserve the right to extend the offer beyond the initial period if they believe doing so would be of benefit. In the event that shares are oversubscribed a waiting list will be held by the Secretary and individuals contacted as shares become available
Copyright © 2024 The Forge at Ulgham - All Rights Reserved.
Powered by GoDaddy
See the CBS News for the latest update from the Ulgham CBS on the Forge
2nd September 2024