Hello dear Member! Thank you for your interest in the Community Share Offering that will enable us to open The Wigtown Ploughman. It is really important that you read all the information provided to ensure you’re making an informed decision about your investment. If the flipbook below is too small you can download it, zoom in, or put it in full screen mode with the controls in the top right of the flipbook.
Other supporting documents that are mentioned are:
Share Offer Target Raise Summary
Minimum
£5,000
Target
£46,000
Stretch
£92,000
- Individual investment limits: £25 – £13,800
- Organisation investment limits: £250 – £13,800
- Target interest rate: 2% – 5%
- Target withdrawal terms: After 5 years
- Share offer opening date: 20th January 2025
- Share offer closing date: 3rd March 2025
- Shareholder eligibility: Anyone 16 or older
RISK WARNING – Wigtown Community Inn Community Benefit Society Limited is registered with the Financial Conduct Authority but community shares are fully at risk. You could lose some or all of the money you subscribe. You have no right to compensation from the Financial Services Compensation Scheme, nor any right of complaint to the Financial Ombudsman Service.
PLEASE DON’T INVEST ANY MONEY YOU CAN’T AFFORD TO LOSE
The Legal Section
The Wigtown Community Inn Community Benefit Society Ltd was registered with the Financial Conduct Authority on the 17th May 2024 (registration number 9294). Our governing document is the “Rules of Wigtown Community Inn Community Benefit Society Ltd”.
- Shares are priced nominally at £1 and entitle any person 16 or over to be a Member. The minimum investment in Community Shares during this share offer period is £25 with a maximum investment of £13,800 for an individual or company.
- Shares are non-transferable. Shares may be withdrawn from the Society after a minimum of 5 years, subject to terms listed below (see item 6).
- Nominal share value cannot increase. However, the value may fall if liabilities exceed assets e.g. if the business fails. Please note – your investment is fully at risk.
- Your personal liability in all circumstances is restricted to the value of your shares.
- We are allowed to pay interest on shares provided the business’ profits allow it. Our aim is to pay 2% interest after Year 5, but our first priority is to create a viable business and therefore the longevity of your investment. Any payment of interest on shares is dependent on the Society making a profit and is also subject to the approval of the management committee, with the maximum interest capped at 5%.
- After the minimum 5 years, you may withdraw your share capital from the Society at the discretion of the Management Committee. All withdrawals shall be paid in the order in which the notices were received by the Society. Evidence from elsewhere is that new members come forward to replace departing members, keeping the level of shares roughly constant.
- Upon submitting your application for shares, you will be given details of the Wigtown Community Inn Community Benefit Society bank account to transfer funds. These funds will not be accessed or utilised until the closing date of the share offering (3rd March 2025). At the first Management Committee meeting after the closing date we will ensure that the minimum target share amount has been reached, and that the majority of funds are from DG8 postcodes. You will be informed of the status of the share offer and subsequent bid. Upon successful application, you will receive a Shareholder certificate with your shareholding details. If we fall significantly short of the target, such that, in the opinion of the Management Committee the business would not be viable, then we will not proceed and if funds have already been transferred to the Society, then ALL monies raised through this share issue will be returned to investors in full as soon as practicable.
- Once you are issued with your shares you will become a Shareholder member of the Society and will be entitled to voting rights at general meetings and to stand as a member of the Management Committee. If your shareholding drops below the minimum amount, you will lose this right. All Shareholder members have one vote irrespective of the amount of their shareholding.
- In the event of the death or bankruptcy of the Member, the value of their shares goes to their estate. Membership is not transferable. The application form in this document offers the option for you to nominate a recipient for the value of the shares in the event of your death.
- The Society has a statutory asset lock designed to safeguard the Wigtown Community Inn Community Benefit Society Ltd for the future, meaning that if the Society is dissolved, then once shares and other liabilities are paid, residual assets cannot be distributed amongst the shareholder members but must be used to benefit the community of Wigtown and the surrounding area, or another similar not-for-profit organisation.
- The Wigtown Community Inn Community Benefit Society Ltd is registered with the Financial Conduct Authority. However, special rules apply to Co-operative and Community Benefit Societies and you have no right of complaint to an ombudsman. Nothing in this document constitutes investment, tax, legal or other advice by the Wigtown Community Inn Community Benefit Society Ltd, its Management Committee members or advisers. See www.fsa.gov.uk/doing/small_firms/msr/societies for full details. As with any share offer you would be well advised to seek independent financial advice before investing. There are also several online independent sources of advice. Community Shares Scotland has numerous guidance documents and case studies. We particularly recommend that you read their guide aimed at potential community investors, which can be downloaded from the resources section of their website: www.communityshares.org.uk This is a business venture and as such is liable for both success and failure. We are confident that The Wigtown Ploughman will be a great success.
- This community share offer closes at midnight on the 3rd March 2025. However, if the minimum target sum has not been received by that date, but we are very close, the Management Committee reserves the right to extend the share offer. The Management Committee reserves the right to reduce the target sum and shorten the share offer closing date.
- Due care has been taken in the preparation of this document, a process which has been overseen by the Management Committee, who can vouch that the information it contains is in accordance with the facts and that there are no omissions likely to affect its import. We are confident that our predictions are realistic. The figures are based on what we believe the potential trade to be, taking into account figures for similar businesses in the area and across the industry in general, as well as historic data from previous management of The Plough Inn.
- Providing that Members and the Management Committee behave responsibly, reasonably and legally and take out any necessary insurances, incorporation protects the Members and members of the Management Committee of the Society from any legal action against them as individuals and any access to their personal finance in the event of the enterprise entering receivership.
- We encourage prospective Shareholders to view their investment as a long-term commitment to the project – a one-off investment to generate a long-term financial benefit to yourself, the community of Wigtown, and all those who love the area, the Town and The Wigtown Ploughman. Shareholders should be prepared to tie up their capital for a number of years. Please note, the Management Committee may resolve at any time to return excess capital to members in the proportions in which they provided it. They also reserve the right to refuse an application for withdrawal to protect the financial position.