Below is a copy of a letter from The Hive Live tem updating on the share offer and notifying of an extension
Update to The Hive Live Share Offer
Thanks to everyone who has subscribed to The Hive Live community share offer.
Milestone 1 - Raise at the very least £60K from community shares to secure the purchase of the asset with sufficient working capital to trade. (conditional on blended fund of £100K being secured from MTAP fund.)
We met this deadline, raised additional deposit monies through volunteer led events and exchanged contracts with EI Group with a completion date set for September 25th. (conditional on blended fund of £100K being secured from MTAP fund or this community share offer hitting the £160K maximum target.)
Milestone 2 – Raise up to 160k in community shares. This £160k is likely to be £80k from individuals which would be matched by investment of £80k from Big Society Capital subject to Advance Assurance from HMRC that The Hive has qualified investors for SITR - a condition of Big Society Capital’s investment is that The Hive gains Advance Assurance of SITR for investors.
We can report that we have now received Advance Assurance from HMRC and are therefore extending this share offer until 15th September in order to give time for Big Society Capital Match Fund to complete their due diligence. We hope to reach the £160K total in order to carry out planned renovation work in October.
Should The Hive fail to raise the total funds required to complete the purchase of de bees with this community share offer, subscriber investments will be refunded in full.
Thanks for your support
The Hive Committee