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SVR (H) plc 2016 Share Offer
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jackson_p



Joined: 02 Jul 2003
Posts: 347
Location: The Midlands, England

PostPosted: Wed Oct 05, 2016 9:16 pm    Post subject: SVR (H) plc 2016 Share Offer Reply with quote

From the SVR web site:

Bridgnorth Station: Building for the Future Share Offer
Launches 1st November 2016


Help secure our unique heritage for future generations.

We will soon be launching our Share Offer to help fund transformative works at Bridgnorth Station.

With 2.5 million shares available at a price of 1 each, proceeds will support ambitious plans to deliver much-improved visitor facilities whilst at the same time conserving and enhancing the line's main destination station.

You can be sure all proceeds of the Share Offer will be used solely to support our Bridgnorth Station development and your investment will play a vital role in preserving precious memories of the past, whilst building for the future.

Also see link to access a pre-registration form

Refer to http://www.svr.co.uk/ShareOffer1.aspx
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Last edited by jackson_p on Sat Dec 03, 2016 2:44 pm; edited 2 times in total
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Graham



Joined: 21 May 2011
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Location: The banks of the River Severn as it meanders through the sun dappled leafy glades of Worcestershire

PostPosted: Thu Oct 06, 2016 1:38 pm    Post subject: Reply with quote

Is it still the case that buying a minimum number of shares entitles the shareholder to free travel?
If so, would it be worth mentioning this in any publicity material? I suspect many people would be more inclined to buy shares if they knew there was some personal benefit, rather than it just being another way of making a donation, as it appears to be now.
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Derby4



Joined: 21 Mar 2009
Posts: 1682

PostPosted: Thu Oct 06, 2016 4:01 pm    Post subject: Reply with quote

Was thinking exactly that myself.

If those benefits follow those available with the previous share issue, can anyone recall how it worked last time.

Thanks
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sharpo



Joined: 19 Feb 2006
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PostPosted: Thu Oct 06, 2016 4:39 pm    Post subject: Reply with quote

For a silver pass you need a minimum of 1200 shares, not sure what the figure is for the others.
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Graham



Joined: 21 May 2011
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Location: The banks of the River Severn as it meanders through the sun dappled leafy glades of Worcestershire

PostPosted: Thu Oct 06, 2016 4:46 pm    Post subject: Reply with quote

There's a cryptic message that "shareholder benefits are being managed by the Railway" on http://svrlive.wixsite.com/svrlive/copy-of-shareholders and on http://www.svr.co.uk/Membership.aspx with no explanation of what those benefits are.
Going by the information on those two links, it just looks like an overly complicated way to make a donation via a third party.
Have I missed something?
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hearn_p



Joined: 15 Nov 2003
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Location: North Somerset

PostPosted: Thu Oct 06, 2016 5:53 pm    Post subject: Reply with quote

Shareholders have certain travel benefits that are periodically reviewed. They were fixed for 3 years in the 2012 share prospectus.

There is a shareholders' newsletter

I infer the setting of the benefits and the administration (sending them out) falls to the railway rather than the registrars

Just my take, nothing official

Patrick
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Divington_R



Joined: 05 Feb 2016
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Location: Nuneaton

PostPosted: Thu Oct 06, 2016 6:46 pm    Post subject: Reply with quote

Can the existing shareholder travel benefits be shewn here or is that not permitted?
Could then compare against the new values when the information is released.
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hearn_p



Joined: 15 Nov 2003
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PostPosted: Thu Oct 06, 2016 7:47 pm    Post subject: Reply with quote

I believe those listed here are still correct:

http://forum.svra.org.uk/viewtopic.php?p=28260#28260

I've no indication whether these will change.

The benefits work off those held at the preceding 31/12 so this might be a good chance to 'trade up'!

Patrick
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KJEvans



Joined: 08 Feb 2010
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PostPosted: Thu Oct 06, 2016 9:34 pm    Post subject: Reply with quote

hearn_p wrote:
I believe those listed here are still correct:

http://forum.svra.org.uk/viewtopic.php?p=28260#28260

I've no indication whether these will change.

The benefits work off those held at the preceding 31/12 so this might be a good chance to 'trade up'!

Patrick

No, IIRC the pattern is now:
1 3rd class ticket
2 3rd class tickets
4 3rd class tickets
4 first class tickets
a silver 3rd class pass for the holder and up to 3 others
a silver 1st class pass for the holder and up to 3 others
a gold pass ( I think with the various grades of sunday luncheon vouchers)
and a platinum pass which in addition grants you the use of an obbo a year.

I'll have a search for a more definite up to date list.
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Graham



Joined: 21 May 2011
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Location: The banks of the River Severn as it meanders through the sun dappled leafy glades of Worcestershire

PostPosted: Thu Oct 06, 2016 10:45 pm    Post subject: Reply with quote

Shouldn't this information be easily available from an official source and prominently promoted along with the share offer itself?
Even the shares page on the web site only contains the rather confusing "The management of our share register has been transferred to Neville Registrars. All enquiries regarding share information or share purchase should be addressed to them, shareholder benefits are being managed by the Railway. " followed by the contact details of the registrars.
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mrmover



Joined: 31 Jan 2007
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Location: Shropshire

PostPosted: Fri Oct 07, 2016 7:46 am    Post subject: Reply with quote

I think we are jumping the gun a bit.

The announcement is that the latest share issue will be launched in November. It does not, and should not, give any indication as to the price of the shares, the number of shares being offered for sale, the quantities that may be purchased, the benefits available to shareholders, any EIS (Enterprise Investment Scheme) qualification and so on.

Share offers are heavily regulated, and the offer document has to be very carefully prepared and checked by financial and legal professionals. Details within the offer document are only available on the release of the document, and not made available before.

Anything else, including discussion on this forum, is pure speculation.

We can guess that the details will be similar to previous share issues, but there is nothing to say that the plc will not be offering a different class of share with different benefits. Personally, I doubt that very much, but who knows? I have a feeling that the numbers of shares required to qualify for free travel will rise a little. A bit like inflation, really.
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Danny252



Joined: 01 Oct 2009
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PostPosted: Fri Oct 07, 2016 9:48 am    Post subject: Reply with quote

Quote:
Share offers are heavily regulated [...] Details within the offer document are only available on the release of the document, and not made available before.


Is it therefore not permitted to list shareholder benefits outside of a share offer document, whilst still being able to have a permanent invitation to "become a shareholder" on the website? (I wouldn't be overly surprised if the answer is "yes, not permitted")

Quote:
The announcement is that the latest share issue will be launched in November. It does not, and should not, give any indication as to the price of the shares, the number of shares being offered for sale, ...


It makes a rather clear indication of 1 per share, with 2.5 million on offer!
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Graham



Joined: 21 May 2011
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Location: The banks of the River Severn as it meanders through the sun dappled leafy glades of Worcestershire

PostPosted: Sun Oct 16, 2016 5:14 pm    Post subject: Reply with quote

Quote:
...the offer document has to be very carefully prepared and checked by financial and legal professionals

Who pays for these professionals? Does the registrar take a cut?
Unless someone is going to buy enough shares to take them over the threshold of gaining a free travel pass (assuming that is the case), I can't see the advantage over a conventional donation.

Let's say, for example, I want to donate 10 to this project.
I could post a 10 note in to a donations box.
I could transfer 10 from my bank account.
I could register my interest in buying shares via an on line form. After whatever exchange of emails and posting of forms and certificates is involved, what's left of my 10 after paying for professional fees, printing and postage would go towards the project.

I must be missing something. Why would anyone do that, unless it was to buy enough shares to get free travel, in which case, why is this not mentioned?
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hearn_p



Joined: 15 Nov 2003
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PostPosted: Sun Oct 16, 2016 6:49 pm    Post subject: Reply with quote

A share offer is a legal document for which the directors are personally liable. Solicitors and accountants at least are involved in the prospectus and the registrars in the share issue. The bank will also be involved in banking the money. All will be paid by the company issuing the shares and, effectively, the first x will cover these costs. Those costs have been incurred anyway so not buying shares won't reduce those costs.

The previous issue involved a 30% tax rebate to the purchaser under the Enterprise Investment Scheme. I don't know what arrangements the new one will carry.

Buying shares gives you a vote at the AGM. Legally the share issue money will be ring-fenced for Bridgnorth (the blurb says).

You can donate to the Charitable Trust (tax reliefs), to the Guarantee Company (who last time bought shares) or to the PLC direct (which is not ring-fenced for Bridgnorth).

(I would guess (but don't know) that the PLC's directors, who owe a fiduciary duty to the PLC's shareholders, might be legally constrained from making the link you suggest?)

The last issue raised 2m gross (including those bought by the Guarantee Company). I don't know offhand what the maximum raised in a donations appeal has been but I would guess it is less.

Patrick
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Graham



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PostPosted: Sun Oct 16, 2016 7:47 pm    Post subject: Reply with quote

Thank you, that goes some way towards explaining it.

Quote:
...might be legally constrained from making the link you suggest...

I don't fully understand this, but it sounds like there might be a good incentive for individuals to buy shares, which the directors are not allowed to mention. Is that about right?
If so, are ordinary members similarly constrained? Obviously, I don't want to encourage anyone to do anything that might jeopardise the offer, but if someone found out what those benefits were, is there any reason why they shouldn't tell other people about those benefits via unofficial channels, such as this forum, the Unofficial SVR Facebook Group, or the entirely independent SVR wiki?
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Last edited by Graham on Sun Oct 16, 2016 7:55 pm; edited 1 time in total
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