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Resilient Energy Alvington Court Renewables

Share Offer 2017

Minimum: £250 (£50 Forest of Dean residents)

Invest in renewable energy by buying REACR withdrawable shares, which make you a member of the community benefit society, giving you a vote and the right to interest.


You should consider carefully whether an investment in Shares is suitable for you in the light of your own personal, financial and tax circumstances. You should consider carefully all the information set out in the Offer Document including the information set out in ‘Risks’ on pages 13-14. If you are in any doubt as to any aspect of investing in the Shares, including any accounting or tax issues, you should seek advice from an FCA-authorised person who has experience in advising on investments such as these.

In principle, the investment is intended to continue for approximately 18 years up to 22nd April 2036. The Project has planning consent for 25 years’ operation dated from commissioning, 25th November 2015. The Financial Projections assume 5% withdrawal of share capital from 22nd April 2020 onwards subject to Society performance.

Investment product type

Withdrawable shares can't be sold on to anyone else, but you can withdraw them by asking the Society to return your investment (subject to terms and conditions - see below). The price of a withdrawable share does not increase, although in some circumstances it can decrease. Read more


Membership is open to individuals, corporate bodies and voluntary organisations.

Voting rights

Each member of the Society will have one vote regardless of the size and value of their shareholding.

Financial return

Interest is capped at 6%.

Shares in REACR will entitle members to receive interest on capital invested where there are sufficient funds available. In addition to paying interest at up to 6% per annum, the Society has budgeted sufficient funds to pay back Share capital over the life of the Project, at a rate of up to 5% of the total issued Share capital per year from Year 4 (after 22nd April 2020) onwards. Paying back Share capital to those members who wish to withdraw their Shares is considered an efficient use of the Society’s funds. Priority will be given to shares redeemed as part of deceased estates and priority cases based on need and/or first come first served based on requests received. Based on the business plan approved by the Directors, REACR intends to return any members’ outstanding capital on 22nd April 2036, or earlier as funds allow, and subject to the approval of the Board.

Shareholders have no entitlement to receive a share in any surplus of the Society’s assets on dissolution, following the repayment to members of the value attributable to their Shares. As a Community Benefit Society the assets of the Society are locked.

Returns to investors are not guaranteed.

Read more about the project finances and additional debt finance on the Financial Performance section.

Minimum investment amount

£250 (£50 for those living in the Forest of Dean)

Maximum investment amount


If you have already invested in REACR, your aggregate investments cannot exceed £100,000 in to the Society.

Fees payable to purchase this product

Basic account Member account
None None

Read more about our Portfolio Service.

Statutory charges


Getting your money back

The investment in principle runs until 22nd April 2036 and is for a minimum of 2.5yrs up until 22nd April 2020 to allow the Society to build capital.

Withdrawal of capital is at the directors' discretion but the society will create a reserve to return a proportion of capital back to investors from year 4 of the project.

How secure is your money?

You will only receive interest if the Society generates sufficient funds and if the directors choose to pay interest in line with their stated policy. Your original investment will not normally change in value, however, whilst the value of the shares cannot go up, it can go down.

This investment is not covered by any government compensation scheme.

Keeping track of your investment

The details of your investment are recorded on your share certificate and by the Society.

The Society will send out a full annual report once a year together with an invitation to the annual general meeting. 

If you subscribe to the Ethex Portfolio Service you can track your investment and follow the performance of the business in your personal portfolio.

Tax considerations

Interest is paid gross without deduction of any tax. You will also receive inheritance tax relief on these shares if they form part of your estate.


This investment is available to persons aged over 16 only.


As of the date of this document the Society has borrowed £600,000 from Resonance a social finance intermediary as a construction loan at a rate of 9% interest secured on the asset and used to cover the shortfall in funds raised via the first community share offer. Any funds raised via this share offer will look to repay some or all of that loan in multiples of £30,000.

Nature of Investment

This is a long-term investment. It is unlike investment in a for-profit enterprise where the member seeks to share in profits through dividends and make capital gains from an increase in the value of shares held which are freely marketable.

The Shares in the Society under this Offer are not transferable. The value of Shares cannot increase beyond their nominal £1 value and may be reduced if liabilities exceed assets.

Shares cannot be sold to third parties. Shares may be withdrawn by giving 3 months’ notice of withdrawal to the Society, subject to Board consent. This cannot take effect until 2.5 years have elapsed from the date of the current share offer, i.e. April 2020

Payment of Interest

Provision is made in the Rules for payment of interest on the shares sold at the pre-construction stage of the work.

The Directors anticipate that shares issued under this second phase of the operation will return 75% of the interest of shares sold at the pre-construction phase - they will deliver up to 6% member’s interest on share capital annually. Interest will be paid on equity shares held up until 22nd April 2036

This investment should be considered as an opportunity to contribute financially to the community with the expectation of a social, community and environmental benefit and not just a financial reward.

Right of Cancellation

You have the right to cancel your application at any time up until the date of closure of the Offer. To cancel the application, The Resilience Centre Ltd must receive written notice of your wish to cancel prior to 30th June 2018 to:

Ethex The Old Music Hall, 106-108 Cowley Road, Oxford OX4 1JE; or

Your right to cancel will lapse if you do not give notice within this period.

Offer Closed

 As of the 22nd September 2018 this offer is closed.

Read more

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