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/