Somerset Co-operative Community Land Trust - OFFER CLOSED

Update: 10/12/2020

Important Updates on offer target and closing date

Share Offer Target Reduced as Loan Stock Take Up Exceeds Expectations

We’ve got some good news on Somerset Co-operative Community Land Trust’s (SCCLT) current share offer - Loan Stock payments have now reached £154,000**. Adding this to the total of shares applied for, means the Land Trust has surpassed its optimum of target of £445,000, and the maximum raise of £534,000 is within striking distance. As the SCCLT now needs to raise less (£154,000 less) from community shares alone, it is reducing the maximum target for these from £534,000 to £380,000. As a result, only £73,000 (as of 8th December) is needed to achieve the maximum raise .

** As detailed in the Share Offer documentation, loan stock counts towards the overall share offer target, but as the payments go direct to the SCCLT, none of the payments show up on the Ethex website.

Closing Date Extended

Unfortunately planning permission, for the East Reach scheme in Taunton has been held up again as a new ruling on phosphate discharges has resulted in a complete halt to progressing planning applications in large parts of Somerset (as well as others nationwide) ***.

As outlined in the offer document, the share offer has been extended until 28th February 2021, by which time it is anticipated that full planning permission will have been received for the new housing units at East Reach in Taunton.

Although we are unable to allocate shares at this time, once planning approval is granted, we commit to doing so as a priority. No investors will be disadvantaged by the offer extension. All those of you who have supported the share offer to date, will accrue interest from the published closing date at the time of your application. We thank you for your patience and understanding.
Investment is still needed

The more we raise, the more affordable housing we can provide and the more sustainable it will be; and, the more support for employment and new community enterprises can be offered. Reaching our maximum target raise is a goal with real consequences for people in housing need and those needing support with finding work and starting up new social enterprises,

***The planning authority for the Taunton area has halted the processing all applications until it resolves how to deal with the discharge of phosphates, following a notification from Natural England, issued after a recent court ruling in Holland. More information can be found here: https://www.somersetwestandtaunton.gov.uk/planning/phosphates-on-the-somerset-levels-and-moors/

Update: 14/10/2020

Update re extension to share offer 14-10-20

Dear Investors,

While we have met our minimum target - and we are very grateful to all the early subscribers that have made that possible - we feel that there is more to be done in engaging local people and involving more networks and partners. In addition, we know that our resilience and capacity would be significantly improved if we did get closer to our maximum target. As we outline in the offer document we will not close this share offer until full planning permission has been received for the new housing units at 10 and 11A East Reach. At this point in time the decision is still pending due to capacity issues at the Council, but indications are that when a decision comes it will go the right way. For these reasons we have decided to extend the closing date to December 14th, and we will use the additional time particularly to seek more take-up of membership with smaller investments from around Somerset.

Our maximum target is a goal with real consequence. It will enable us to be more ambitious in setting high ecological standards for our buildings; make it much more likely that we can retain 100% of the land available to us for social rentals; and support new community enterprises trading from our premises. This will be the last extension as we are determined to close the share offer in 2020 (subject to receiving planning approval) and concentrate on delivery in 2021.

Although we are unable to allocate your shares at this time, once planning is received we commit to doing so as a priority, and all investors who have supported us before the original closing date of 14-10-20 will not be disadvantaged by the offer extension i.e. interest will begin to accrue on investment from the original close date.
 

Thank you for your support,

Alex Lawrie

on behalf of the Somerset Co-operative CLT Board