Update 23.09.2019 - Subscriptions Paused
Below is a copy of a letter from the Foundation East team, updating on the share raise.
Foundation East has been operating as a responsible finance company for 15 years. During that time, we have achieved an economic impact of £15 for every £1 spent supporting entrepreneurs who do not meet the lending criteria of mainstream finance. We have done so by lending over £10 million to 612 small businesses, creating and safeguarding 1267 jobs across the East of England and we are extremely proud of these achievements.
However, the UK economy is currently facing a time of extreme uncertainty:
• SMEs, the lifeblood of our economy, know they need to access finance in order to grow, yet are nervous to do so at the present time;
• Corporate and individual investors drawn to socially responsible investing, e.g. CITR shares, one mechanism by which we raise funds, are nervous about investing;
• A significant funding source we had expected to have in place, has been indefinitely delayed.
We do not therefore feel it appropriate or responsible to continue to offer our Ordinary or CITR shares to the general public at the present time and have therefore withdrawn the offer. We are currently reviewing our equity raising strategy and expect to be in a position to re-launch in early 2020.
All those shareholders who have purchased shares since the launch of the 2019/20 share raise will be contacted individually.