Update re extension to share offer 14-10-20
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,
on behalf of the Somerset Co-operative CLT Board