We were overwhelmed by the support for the transition to a permanently open share-offer. We received 120 ‘yes’ votes and no ‘no’ votes. Voting closed on Saturday 1st September.
A move to a permanently open share-offer would give our members quicker access to their money, by removing the 3 year minimum investment period, and enable us to accept new members at any time – bringing in cash to develop new projects as they arise and more projects being installed.
Co-operatives UK have launched a Share-Booster programme to encourage best practice and innovation in the community shares market. Most community share-offers are time-bound, for example, standard practice is to hold the investment for a minimum of 3 years with a notice period of 180 days. The Co-op believe that established societies should ideally be making open offers, as a principal way of maintaining membership and share liquidity. And we believe it’s time for Tresoc to innovate in this way too.
Changing the society rules requires a significant amount of legal work. Co-operatives UK are currently providing grants of up to £10k to do this and launch new open-share offers. We’ve already applied for the grant which has been provisionally awarded. However, in order to draw down the money we need to provide the signed heads of terms agreements for the new solar installations we are proposing. So it is all taking much longer than we anticipated, and the ‘spring solar share offer’ that became the ‘summer solar share-offer’, might even become the ‘autumn solar share-offer’. However, it is well worth waiting for because it will now include more roof top solar pv on community buildings and the re-financing of the Charity Bank loan (that we took out to purchase the 50kW Hatchlands Array).
A move to a permanently open share-offer and to make these beneficial changes to the society rules required a member vote. For it to be valid, we needed a quorum, which was 50 people.