You are invited to subscribe for shares in the Coed Talylan Land Trust, a Community Benefit Society registered in England and Wales with the Financial Conduct Authority (no. 7366) under the Cooperative and Community Benefit Societies Act 2014.
The registered address of the Society is Coed Talylan, Bethlehem, Llangadog, SA19 9DR
The fundraising target for this Share Offer is £85,000. The minimum level of investment sought from this offer is £85,000. If we raise less than £65,000 in shares then we shall have to consider the Share Offer to have failed, and the future structure and development plans of the Society would need to be reviewed. In this case all monies paid by investors during this Share Offer would be returned to them in full (without interest) unless we find additional funding through other means to top-up the funding to the minimum target.
The Share Offer period is from 21st of February to 31st March.
On investing, you become a member of the Society. Each member has one vote irrespective of the number of shares held. Shares can be purchased jointly, but jointly held share holdings still only hold a single vote. Anyone (over the age of 16), with a UK bank account can invest with a minimum membership shareholding of 250 and a maximum of 25,000. Shares are priced at £1 each.
This Offer Document has been prepared by CTLT supported by professional advice, and the Board of Directors takes responsibility for its contents. Due care has been taken to ensure that all information and opinions contained within it are fair and accurate at the time of issuing the Share Offer.
This share offer is exempt from the financial services and Markets Act 2000. This means you have no right of complaint to an ombudsman. The CTLT is registered with, but not authorised by, the Financial Conduct Authority and therefore the money you pay for your shares is not safeguarded by any depositor protection scheme or dispute resolution scheme.
Interest payable on shares is voted on at the annual general meeting, following a recommendation by the Board of Directors. Interest is paid gross and is taxable. It is your responsibility to declare these earnings to HMRC. Supporter Members can, if they wish, choose to waive their interest return in order to further support the Co- operative’s work.
The Society anticipates paying interest on shares at 3% (or a lower rate if selected by the investor); however, a return on your investment is not guaranteed and this should be regarded primarily as a social and environmental, rather than a financial investment.
Shares are withdrawable upon application to the Board. They are not transferable (except on death or bankruptcy), so the value of shares is not subject to speculation and the shares remain at their paid- up value (i.e. £1 each, which is the purchase price). The Board of Directors has the authority to, in exceptional circumstances, write down the value of shares in order to protect the financial stability of the Co-operative.
We encourage investors to view shares purchased as a long term investment of five years or more. After an initial 2 year suspension of withdrawal the Board will limit total withdrawal in any one year to a maximum of 16% of the Community Share capital held by the CTLT. Following the closure of this Share Offer, we will establish a waiting list of prospective investors; as new members join and invest, their capital investment will enable prior investors to withdraw.
We will always seek to facilitate withdrawals at the earliest possible opportunity, but please note that all withdrawals are at the Board’s discretion, and the right to withdraw may be suspended by the Board at any time.
You cannot sell your shares, except back to the Society itself, which requires giving three months’ notice of your wish to withdraw your investment to the Board. Your withdrawal will be subject to the conditions outlined above.
This share offer is not eligible for Social Investment Tax Relief (SITR).
Shares will be allocated on a first come first served basis. Those whose payments were received first will be deemed to have been first.
If this offer is oversubscribed – by which we mean the offer achieves subscriptions above £95,000 – the Board retains the right to make a policy decision on whether or not to close the offer. You are able to purchase shares jointly with someone else.
Only one application per person, couple, family or body will be accepted and the application should be made through our website (www.coedtalylan.org.uk) or completing the form below and returning it to this address:
Coed Talylan
Bethlehem
SA19 9DR
You can also choose to hold shares on behalf of children; you may also nominate a person to whom you wish your shares to be transferred on your death. In these cases, please use the forms below and make you application by post.
Your money will be held in a Co-operative Bank Account until the Share Offer closes on 30th November If we do not reach the minimum level of investment then all monies will be repaid to investors. In the event of a successful Share Offer, the CTLT board will review all applications for shares and share certificates will be sent to all successful applicants.
We would love you to invest with us! However, please note that all applications for shares are accepted at the discretion of the Board of Directors. The Board reserves the right not to issue shares, or to allocate fewer shares than applied for. They do not have to give any reason for this decision. The CTLT will return your money to you within 28 days of the Board’s decision if they decide not to issue shares to you. If the Board decides to issue fewer shares than you applied for, the CTLT will return the balance to you within 28 days of that decision.
Applicants will receive a final email from the Co-operative detailing the date on which their application was approved by the CTLT Board of Directors after the Share Offer has closed. Supporter Members will then receive annual statements detailing their current shareholding plus any interest accrued.
An investment of this type carries risks and you may lose the value of your investment. Before deciding to invest you may want to seek independent advice.
To keep our administration costs down, all future communications with new members, including annual statements, from the CTLT will be by email. Please ensure that you provide your email address when making your application.