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SVR-H plc 2016 Share Offer
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hearn_p



Joined: 15 Nov 2003
Posts: 5781

PostPosted: Mon Oct 30, 2017 7:50 pm    Post subject: Reply with quote

The Share Offer has smashed £2.33 million (12.15 p.m.) and it's your last chance to help us reach £2.5 million.
Shares may be purchased in person tomorrow (Tuesday 31st) between 9am and 4.30pm at our Head Office in Comberton Place, Kidderminster; payment by cheque, cash or card as you wish! We'll hopefully see you there.
Remember, all applications must be received by our registrars by post or hand by tomorrow at the latest.
www.svr.co.uk/ShareOffer

SVRLive
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Derby4



Joined: 21 Mar 2009
Posts: 1762

PostPosted: Tue Oct 31, 2017 9:04 am    Post subject: Reply with quote

Short piece on BBC Midlands Today this morning, and giving the closing time/date as 4-30 pm today.
Nice shots of a very busy Bridgnorth during sunny weather.
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Derby4



Joined: 21 Mar 2009
Posts: 1762

PostPosted: Tue Oct 31, 2017 4:22 pm    Post subject: Reply with quote

The SVR official twitter site says " Due to an overwhelming number of shares being purchased today, our offices in Kidderminster will be open until 9pm!! We can do it!!"
Whether that means shares can be purchased up to 9pm is not really clear. Maybe they just need to stay open to process what has come in today.

The offer document says that the share offer closes at 5pm.

Sounds like good news in any event.
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michaelh



Joined: 08 Oct 2005
Posts: 922
Location: Droitwich Spa

PostPosted: Tue Oct 31, 2017 5:21 pm    Post subject: Reply with quote

Derby4 wrote:
The SVR official twitter site says " Due to an overwhelming number of shares being purchased today, our offices in Kidderminster will be open until 9pm!! We can do it!!"
Whether that means shares can be purchased up to 9pm is not really clear. Maybe they just need to stay open to process what has come in today.

The offer document says that the share offer closes at 5pm.

Sounds like good news in any event.


No - it means you can buy shares by phone until 9pm
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Michael Howard
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http://www.flickr.com/photos/21979240@N07/
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sharpo



Joined: 19 Feb 2006
Posts: 3300
Location: Dark Side

PostPosted: Tue Oct 31, 2017 6:52 pm    Post subject: Reply with quote

On BBC1 local TV news it just announced they had reached 2.5million, but phone lines still open.....
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Probably better to check youtube videos:-
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hearn_p



Joined: 15 Nov 2003
Posts: 5781

PostPosted: Tue Oct 31, 2017 7:52 pm    Post subject: Reply with quote

http://www.bbc.co.uk/news/live/uk-england-birmingham-41782586 18:56

Quote:
Severn Valley Railway appeal hits share target
In the last few minutes the Severn Valley Railway has announced it's reached its target of raising £2.5m with a share issue.

It has been selling them to the public for £1 each and the money will be spent on improvements to its station in Bridgnorth.


7.25 on SVR Facebook:

Quote:
At the last estimate we were over £2.43million


8.04 answer on FB - not sold out yet, if you call 01562 757900 option 1 there is someone there till the close of 9 pm
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Derby4



Joined: 21 Mar 2009
Posts: 1762

PostPosted: Tue Oct 31, 2017 9:29 pm    Post subject: Reply with quote

Seen on BBC teletext ten minutes ago, target reached.

I have not checked all the SVR media outlets for verification.

Update: SVR Facebook: Numbers need to be checked, but confident £2.5m target reached.
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cherry_p



Joined: 17 Sep 2003
Posts: 1888
Location: Solihull

PostPosted: Fri Nov 03, 2017 9:34 am    Post subject: Reply with quote

NBI this morning ......

If you want to comment on this notice,
email feedback@svrlive.com,
or call 01562 757900
NBI-H-457
02/11/17

As most people will be aware, the share offer launched on 1st November 2016 is now exactly one year old and therefore closed as of midnight last night. When we opened the offer we were asking for £2.5M for the Bridgnorth Project so that we could complete the new refreshment room/toilet building, and refurbish the listed station building, including an extension to the Railwayman's Arms, the restoration of the booking hall and provision of a new retail area. Once this had been done, any surplus money would be spent on additional car parking and access, a turntable and landscaping.

The share offer started brightly, and then flagged a little in the middle months, so by 23rd August, we were celebrating passing the £1.5M mark, still a million pounds away from the target, and we were anticipating that we would be fortunate to raise about £1.75M with only nine weeks of the offer still to go. A small group comprising Tony Bending, Clare Gibbard, Sue Bown and myself, with additional help from Stan Jones, was tasked with trying to encourage people to buy shares to increase the total. A lot of hard work was done in the background. A concerted publicity campaign was pursued with adverts appearing in the major railway magazines and other publications. Giant thermometers were erected at Bridgnorth and Kidderminster to show visitors progress on the chase for the extra million. We even put adverts on toilet doors to keep the share offer uppermost in people's minds. We have had three very good promotions in Steam Railway, Railway Magazine and Steam Days in which long and well illustrated articles appeared, all stressing the need for support. We had radio and TV coverage to do the same. All in all, a great deal of effort was put in by a lot of people, for which we are very grateful.

During October, we saw a remarkable turn of events in that having gone so slowly during the middle months, finally the money started to come in, steadily at first and then at amounts which we could only dream about during August and September. In one five day period alone we took over £100,000 and our targets increased as a result. We might make £1.8M, maybe £1.9M and at this point Tony Bending offered to buy the drinks if we reached the magic mark of £2M! By the time this had sunk in, we had already passed £2M, and by some way. Tony's wallet was about to take a hammering as we started to revise our estimates again. As October progressed, the daily figures became eagerly awaited, and then we received over £107,000 in just one day. Upwards went the estimates and in the last few days, there were people buying shares over the phone as well as coming to the offices. During the last week of the month (half term week) when we were running trains, there was a stand at Bridgnorth and one at Kidderminster and between them they managed to sell a staggering £50,000 plus of shares to passing visitors.
Tuesday evening was a bit like election night when we were watching the results of share acquisition coming in. The office stayed open until 9pm and managed to sell about £33,000 worth of shares in just three hours. At the same time there were radio interviews and an appearance by BBC Midlands Today at Bridgnorth to film next to 7714 in steam and interviewing Nick Paul and Chris Thomas, together with a ceremonial popping of the cork by Nick Ralls to celebrate live on TV. What were we all celebrating?

Well if you have kept up with the momentum of the paragraphs above, late Tuesday evening we actually achieved the magic £2.5M. Mr Bending's wallet is looking increasingly fragile now, but more importantly it enables us to carry out the works at Bridgnorth which we have been planning for four years. It is an amazing achievement and a big thank you is due to all those who have helped us to get there, whether it is by buying shares, or by publicising the offer, manning stands or manning phones. Effectively we raised one million pounds in nine weeks to achieve that goal.
The final figure will not be known for a few days as we wait for the last payments to be processed and then we will spend a bit of time analysing the figures so we can better understand the patterns of giving. There were a few large purchases, but the overwhelming majority of the share purchases were for amounts of £1200 or less, an indication of the support given by our visiting public, members and existing shareholders. About a third of the shares bought were by people who had not bought shares before, the rest by existing shareholders.
The success of the share offer must also be put in the context of the pressure on scarce resources within the heritage railway movement. We were in stiff competition with the Gloucester-Warwickshire Railway and the Llangollen Railway to name just two who had launched their own share offers, so our own success is even more remarkable.

The Project Team will be meeting shortly to discuss the way forward once the full financial position is known, but there is no doubt that the £2.5M will enable us to do most if not all of the work which we aimed to do in the first two phases of the Bridgnorth Project.

As far as the progress on the buildings goes, the new building is now up to eaves/roof height. The roof trusses have been delivered on site and will be erected shortly. There has been a small snag in the roof finishing in that the quarry at Penrhyn is unable to supply the slates we specified until 1st March next year due to an unprecedented local demand. So we shall complete the roof structure ready to take the slates and then cover it with a temporary covering to enable the work inside to be completed. At the moment, completion of the building is scheduled for the middle to end of January.
At this point it is proposed to move the Railwayman's Arms into the new building temporarily whilst the existing premises are refurbished and expanded but without losing the intrinsic character. There will also be improvements made to the cellar access. Once these works are complete, the pub will move back into its original home, and the finishing touches to the new building will be completed, including equipping the kitchen, so that the long-awaited refreshment room can be opened for business.

In anticipation of this, we have now turned our attentions to the listed station building and are drawing up specifications for the repair work and new work needed to implement our plans. It is hoped that these will be prepared, costed and approved by the Holdings Board in time for the contractors to continue their work on site by moving from the new build to the listed building without a break in their operations.

Regular meetings are still being held with the contractors to ensure that the new building is constructed to the highest of standards appropriate to the Bridgnorth site. Although this can occasionally lead to small delays, it is the view of the Project Team that it is better to get it right rather than get it wrong and live with the consequences for years to come, just for the sake of a few weeks at this stage. Off site, the doors and windows are currently being constructed and they will be delivered and installed in the next few weeks.

The continuing progress of the building works and the success of the share offer will enable us to maintain the momentum in the implementation of the Bridgnorth Project plans. It is important to maintain this momentum so that those people who have kindly bought shares in this Project can see that their money is being put to good use and quickly. 2018 should be an exciting year in the history of Bridgnorth station!

David Postle
Bridgnorth Project Team
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michaelh



Joined: 08 Oct 2005
Posts: 922
Location: Droitwich Spa

PostPosted: Fri Nov 03, 2017 7:32 pm    Post subject: Reply with quote

Derby4 wrote:
Seen on BBC teletext ten minutes ago, target reached.

I have not checked all the SVR media outlets for verification.

Update: SVR Facebook: Numbers need to be checked, but confident £2.5m target reached.


Posting on FB says total is £2.52m
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Michael Howard
Heritage Railways supporter since 1968
http://www.flickr.com/photos/21979240@N07/
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hearn_p



Joined: 15 Nov 2003
Posts: 5781

PostPosted: Fri Nov 03, 2017 7:58 pm    Post subject: Reply with quote

Full update on http://www.svrlive.com/share-issue-2016
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geoffsvr



Joined: 26 Apr 2010
Posts: 50

PostPosted: Sat Nov 04, 2017 10:57 am    Post subject: Reply with quote

It is fantastic to see that the Share Offer raised over 2.5m but in hindsight what would have happened had the total not been reached? Also, why was there a specific deadline of 31st October? Could this not have been more of an open-ended offer? Maybe there are legal reasons why there had to be a specific date but I'm no expert in these matters!
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hearn_p



Joined: 15 Nov 2003
Posts: 5781

PostPosted: Sat Nov 04, 2017 11:45 am    Post subject: Reply with quote

The end date is a legal requirement.

In 2012 the Share Offer did not meet its limit. The Directors then choose which bits to do and which not.

Patrick
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mrmover



Joined: 31 Jan 2007
Posts: 875
Location: Shropshire

PostPosted: Sat Nov 04, 2017 11:52 am    Post subject: Reply with quote

geoffsvr wrote:
It is fantastic to see that the Share Offer raised over 2.5m but in hindsight what would have happened had the total not been reached? Also, why was there a specific deadline of 31st October? Could this not have been more of an open-ended offer? Maybe there are legal reasons why there had to be a specific date but I'm no expert in these matters!


I think that had the total not been reached, then some of the work would have been postponed or cancelled. Quite simply, if you haven't got the money you can't do the work.

As far as the time limit goes, these things have to have a legal closing date - the issue of new shares in a Limited Company is regulated in law, and there must be limits as the numbers of shares being offered for sale and the timeframe when they are to be sold.

What does interest me is where does the 20,300+ shares sold over the 2.5million being offered come from? Has someone sold part of their own existing holding to procure these? Technically the offer was oversubscribed, and in normal events this would mean that applications would be scaled back slightly - maybe this has happened with the 'few large purchases' mentioned. Of course any monies given via the Charitable Trust are in addition to the Share Offer and will fund additional works. It just means that shares will not be issued for these donations.

Or are there some unissued shares from the 2012 Share Offer, which did not reach it's £3m maximum?

It would be interesting to know.
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geoffsvr



Joined: 26 Apr 2010
Posts: 50

PostPosted: Sun Nov 05, 2017 6:24 am    Post subject: Reply with quote

I rather suspected it was a legal requirement to have an expiry date for the Share Offer. Thanks to the last respondent for confirming this. I am looking forward to seeing the Bridgnorth redevelopment in 2018.
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madderlake



Joined: 22 Jul 2007
Posts: 278
Location: Bridgnorth

PostPosted: Sun Nov 05, 2017 9:16 am    Post subject: Reply with quote

I can't see anything in the document that explains how any oversubscription to the 2016 offer would be dealt with, but 'ordinary' shares, ie not against a specific prospectus, (actually they are all ordinary shares) are available at any time. The issued share capital is increased periodically at an AGM to ensure this is the case.
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