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Somerset Co-operative Community Land Trust

Somerset Co-operative Community Land Trust 2020

£500 minimum

Somerset Co-operative CLT has been established as a community benefit society with the primary aim of taking a community-led approach to creating more affordable homes in Somerset.


Minimum raise for offer to proceed

The minimum raise for the offer to proceed is £185,000. 

If Somerset Co-operative CLT have not reached their minimum target, they will not proceed with their community share offer. No shares will be allocated and any money committed by investors will be returned. All money pledged electronically during the share offer period will be held in a secure account by Ethex. During this period, Somerset Co-operative CLT will not have access to these funds.


Financial return

Somerset Co-operative CLT expect to pay interest on shares at a rate of 4.5% interest due to accrue to members’ share accounts from the date shares are issued at the close of this offer.

Exit: by application to withdraw at the sole discretion of the board. Withdrawals will be enabled from 2021,
though at first are likely to be rationed according to an equitable formula set by the board at the time.

Access to interest: sums of between £50 and £250 will normally be paid annually, and otherwise interest will
be credited to share accounts and withdrawn as for other shares.


Social return

By investing in this share offer you will enable Somerset Co-operative CLT to undertake the development of 8 affordable units at their site to the rear of 10 & 11A East Reach, Taunton, and will also enable the purchase and development of 20 further units at a site in Wiveliscombe, which the Society has an option to purchase.


Minimum investment amount

£500 - Ethex will only be accepting applications for Class 3 (social investor) shares as defined in the Society Rules.

Somerset Cooperative CLT also issue Class 2 (local community) shares.  Anyone living or working in Somerset can join for £1; however, as interest is only credited in whole pounds, a share balance of at least £25 is needed to participate in the benefits of this share offer.  Applications for 'local community' shares can be made by contacting the Society directly. Further details are available via their website: http://www.somersetcclt.org.uk/


Maximum investment amount

£20,000 - maximum limit for this share offer, and individuals cannot hold an aggregate total of more than £50,000 of shares in the Society.


Fees payable to purchase this product

 None


Getting your money back

Shares in Somerset Co-operative CLT cannot be sold, transferred or exchanged (except on death or bankruptcy) or traded on any Stock Exchange and there is no possibility that they will increase in worth beyond their nominal value.

From 2021, shares are withdrawable on three months notice. Somerset Co-operative CLT will not pay you back more than you paid for your shares.

Although shares are withdrawable, this is subject to three months’ notice, and is at the discretion of the Directors, especially if there are insufficient funds to make repayments.  It is likely that at first withdrawals will be rationed to an equitable formula set by the Board at the time.


How secure is your money?

Payment of interest and capital is not guaranteed and is dependent on the continued success of Somerset Co-operative CLT's business model.

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.

Share certificates are issued directly by the Society, not by Ethex.


Tax considerations

Somerset Co-operative CLT anticipates paying interest gross to investors, unless required to do otherwise by HMRC. Investors should report their gross income to HMRC in their annual tax return.


Qualification

This investment is available to persons aged over 16 and to organisations.


Provisions on death of a Member

On the death of a member, the shares would be transferred to the personal representative (executor), who can request to withdraw the shares and the proceeds will be added to the estate.

£115,05025%
Applied for to date, of
£445,000 target

Need help?

The Ethex team are here to help from 9am to 5pm

https://www.ethex.org.uk/savings--investments_16.html

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