Stockland, Kings Arms, SCPL and Community Shares
The Community Shares Unit (CSU) is an initiative between Locality and Co-operatives UK. Its objective is to grow a sustainable market for the use of community shares to raise equity finance and participation, with due process and protection for investors, in a range of community enterprises.
The CSU and FCA are working together to promote good practice by societies making community share offers. They have established the Community Shares Standard Mark as a way to recognise and promote good practice. The Mark is awarded to community share offers by practitioners who have been licenced by the CSU to carry out this work on its behalf.
We are currently working on our Business Plan and Share Offer documents, and we are being guided by the Community Shares Handbook and our share offer will be assessed by an independent licensed practitioner appointed by the CSU, whose work will be funded by our membership of the More Than A pub program.
Community Shares are defined by the CSU as non-transferable, withdrawable shares in a society with a statutory asset lock. The society must raise a minimum of £10,000 in share capital and have at least 20 members to qualify.
Shareholders have the right to withdraw their share capital, subject to the terms and conditions stated in the society’s rules and share offer document. But they cannot sell or transfer their shares on any market, or liquidate the business in order to achieve a capital gain.
We will provide full details of the shares in our Business Plan and Share offer documents, which will be published if and when we can reach an agreement with Horatio Properties to buy the whole of the Kings Arms site.
A Date for your diary:
On Sunday 8th April we are delighted to be jointly hosting a Pop-up-Pub event at Corrymoor Farm, where there will be an opportunity for the public to interact with the goats! A light lunch will be available and all proceeds will be donated to SCPL. We will provide full details of the event next week. Make a note in your diary please!