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SVR (H) plc 2016 Share Offer
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hearn_p



Joined: 15 Nov 2003
Posts: 5626
Location: North Somerset

PostPosted: Tue Nov 15, 2016 11:21 am    Post subject: Reply with quote

The GM has responded that the shareholders can email him directly and they can check exactly why there has been no document sent.

I've PM'd those above

Patrick
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Derby4



Joined: 21 Mar 2009
Posts: 1694

PostPosted: Thu Nov 17, 2016 10:18 am    Post subject: Reply with quote

Are there any indications as to how much has been raised so far, a fortnight into the offer?

Rob
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hearn_p



Joined: 15 Nov 2003
Posts: 5626
Location: North Somerset

PostPosted: Thu Nov 17, 2016 1:04 pm    Post subject: Reply with quote

Nothing has been announced, nor have I heard any indications.

Patrick
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cherry_p



Joined: 17 Sep 2003
Posts: 1836
Location: Solihull

PostPosted: Fri Nov 18, 2016 4:59 pm    Post subject: Reply with quote

NBI just issued:

The Share Offer for Bridgnorth Station Development has now been open from the 1st November and I am very pleased to be able to report that as of last night, 17th November 2016, 298,420 shares had been sold. To sell nearly 300,000 shares in under three weeks is really very encouraging.

You may be interested to know that 61% of share purchases have been made by existing shareholders and 39% by new shareholders.

There has been some concern that some shareholders have not received the share offer document. The Holdings Board supported a recommendation that the document was circulated to all shareholders of 100 shares or more and those shareholders who own 50 Ė 99 shares who have purchased shares in the last five years. As you may understand the cost of producing the document and postal costs are not insignificant.

We are considering sending the document to more of our shareholders however, if you are a shareholder who has not received a share offer document but would dearly love to support Bridgnorth Station development, please telephone the office on 01562 757900 or visit www.svr.co.uk and download the document or request a copy be sent in the post.

Thank you very much indeed to all those who have supported the share offer so far, letís hope that this great start to the offer continues. All share offer funding after costs will be spent on this one project. With work already started on the foundations of the new refreshment room this share offer, if fully subscribed, will see substantial progress on site at Bridgnorth delivering this exciting project.

Please expect further share offer updates and communication on the construction itself from Chris Bond, Infrastructure Manager on SVRlive and in Express Points.

Nick Ralls
General Manager


[this answers the question about why some people haven't received the prospectus!!]
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Danny252



Joined: 01 Oct 2009
Posts: 1139

PostPosted: Fri Nov 18, 2016 7:04 pm    Post subject: Reply with quote

cherry_p wrote:
To sell nearly 300,000 shares in under three weeks is really very encouraging.


If this is "really very encouraging", I wonder what even more positive terms were used for 2012 Share Offer's 510844 shares at the same point in time!

Though it's worth noting the 2012 offer was for 20% more shares than the 2016 offer, presumably reflecting how much the SVR feel capable of raising.
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Sheila K



Joined: 30 Nov 2012
Posts: 35
Location: Wolverhampton

PostPosted: Sat Nov 19, 2016 1:53 am    Post subject: Reply with quote

From what Nick Rails has said today it looks as though I was right in my assumption that if you only hold a few shares, and if those were not bought recently, then that is why you have not automatically been sent a prospectus. This certainly makes a lot of sense to me, because you could have registered your interest in advance, and can still get hold of a prospectus easily if you wish to buy more now. If all existing shareholders were circulated automatically, the cost of this could have been enormous.
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hearn_p



Joined: 15 Nov 2003
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Location: North Somerset

PostPosted: Sat Nov 19, 2016 2:08 pm    Post subject: Reply with quote

Danny252 wrote:
Though it's worth noting the 2012 offer was for 20% more shares than the 2016 offer, presumably reflecting how much the SVR feel capable of raising.


IIRC the 2012 issue was set at the maximum allowable under the Enterprise Investment Scheme, for tax relief.

Patrick
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Graham



Joined: 21 May 2011
Posts: 829
Location: The banks of the River Severn as it meanders through the sun dappled leafy glades of Worcestershire

PostPosted: Tue Nov 22, 2016 9:14 am    Post subject: Reply with quote

Can someone clarify something for me please as I'm not sure I fully understand it.

If I buy the minimum of £100 in shares directly, the railway gets £100, less overheads (admin, printing and postage costs) and I get a certificate and an invitation to the AGM.

If I donate £100 via the Charitable Trust, the railway gets £125 with proportionally lower overheads, but I miss out on the certificate and AGM. There is also the option of making a monthly donation. Not only am I less likely to notice, say, £10 a month going out of my account than a single £100 lump sum, but I would also probably carry on paying the £10 long after it had passed £100.

It looks like if someone is not bothered about having a certificate to pin on the wall, or attending the AGM, and doesn't want to spend a large lump sum, then donating via the Charitable Trust would not only be a more attractive offer, but would be financially better for the project.
If that is so, then shouldn't it be being promoted as an alternative?
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mrmover



Joined: 31 Jan 2007
Posts: 855
Location: Shropshire

PostPosted: Tue Nov 22, 2016 12:36 pm    Post subject: Reply with quote

Firstly, the two organisations are separate, although they do of course have similar aims.

The Holdings Company, which owns the land, buildings and most of the infrastructure, as well as operating the railway and employing the staff, is seeking funding for the improvements at Bridgnorth by means of a share offer. Those shares represent a proportion of the ownership of the Company - a share of the ownership. That share stays with the owner - it may be sold to a willing buyer at a price agreed by the parties - such a sale will not affect the business as the transaction is entirely separate.

Whilst at the moment, the Articles of Association prevent the Holdings Company from paying a dividend, that may change in the future, or the Company could be subject to a takeover bid. That could increase the value of the shares held by any individual. The possibility of that of course is remote and would require major changes to the Articles.

On the other hand, the Charitable Trust is that - a supporting charity that owns some of the rolling stock, the turntable at Kidder and provides funds to support the Holdings Company. As a charitable body it has several advantages granted by HMRC, most noticeable the ability to claim Gift Aid on donations made by tax paying individuals who have agreed to do so. That Gift Aid has many strings attached - for example it can only be given by an individual, they can receive no benefit from the donation, and they must have paid tax to the amount being gifted.

At the end of the day you pays your money and you takes your choice - but it is important to not the differences between the two organisations.
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Peter Share



Joined: 30 Jul 2012
Posts: 312
Location: W'hampton

PostPosted: Tue Nov 22, 2016 4:09 pm    Post subject: Shareholding Reply with quote

There are 2 other factors to be taken into consideration when comparing shareholding to SVR (CT) donations.
If you take the shareholding line you will equally receive an annual reward of tickets to be used during the year, however it must be noted that £100 is the minimum shareholding currently to earn that reward, and it is within the right of the board to consider that ticket reward level and increase the holding required to earn that reward.
If you take the SVR (CT) line, the donation is only increased from £100 to £125 if you are a taxpayer. if you claim gift aid and then do not pay sufficient tax, it is the responsibility of the person concerned to repay Inland Revenue with the excess gift aid paid.

Net result, as mrmover says - you pays your money and takes your choice

Peter
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Robin



Joined: 07 Apr 2014
Posts: 283
Location: Stourbridge

PostPosted: Tue Nov 22, 2016 4:39 pm    Post subject: Reply with quote

Graham - what follows is my own personal view, not that of the SVR.

Broadly what you say is correct. To answer your last point first, the Charitable Trust alternative is offered as an alternative on the website under http://www.svr.co.uk/ShareOffer1.aspx and also in the introduction to the Prospectus which includes a Charitable Trust form as well as the share application form.

As far as I can see, from the SVR's point of view the benefits of people buying shares are a) it will potentially bring larger purchases from those looking to take advantage of the shareholder benefits, b) the receipts are immediate rather than potentially 'drip fed' and c) the money goes direct to the company responsible for the project rather than via the Trust. The benefits of the Trust route are a) the potential gift aid and b) not having to offer the shareholder benefits.

[Edit - removed comment on the Charitable Trust, see later postings]

A question for the future is whether the Guarantee Company will look to raise money to buy shares in order to maintain their (approximate) 25% holding. I think this was raised at the last AGM but not definitively answered.

Robin
PS - I agree with the last 2 posts.


Last edited by Robin on Fri Nov 25, 2016 4:45 pm; edited 1 time in total
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hearn_p



Joined: 15 Nov 2003
Posts: 5626
Location: North Somerset

PostPosted: Tue Nov 22, 2016 5:56 pm    Post subject: Reply with quote

Graham wrote:

If that is so, then shouldn't it be being promoted as an alternative?


It is on SVRLive but a couple of changes on there, including the Charitable Trust's page re-write, hid it rather. I'm liaising a lot with Lesley Carr of the Trust at the moment and am in Comberton Place tomorrow to sort out a wrinkle. I have the text from the Charitable Trust and the SVRLive side will be up and running again tomorrow night.

On the SVR website I did see some email traffic last week but I haven't been involved.

I agree with all the foregoing, but I would add that the CTL does have overheads ("cost of generating income") too.

Regards

Patrick
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Danny252



Joined: 01 Oct 2009
Posts: 1139

PostPosted: Wed Nov 23, 2016 2:06 pm    Post subject: Reply with quote

Following on from the announcement of 298,420 shares sold by November 17th, other totals can be found in a Shropshire Star article:

11 November - 250,000
17 November - 298,420 (article quotes 300,000)
21 November - 335,000

The article also includes comments from the GM on the progress of the share offer.
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hearn_p



Joined: 15 Nov 2003
Posts: 5626
Location: North Somerset

PostPosted: Thu Nov 24, 2016 6:02 pm    Post subject: Reply with quote

Hi

The SVRLive pages were updated yesterday to better show the Charitable Trustís donation arrangements.

Lesley Carr of the CT has asked me to point folk to the CTís website, specifically http://svrtrust.org.uk/our-projects/bridgnorth-development-project.html . There is now a clearer statement explaining that donations made to Bridgnorth through the Charitable Trust will be used only for BH, and giving reassurance that supporting Bridgnorth is entirely within the CTís remit.

Regards

Patrick
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Last edited by hearn_p on Fri Nov 25, 2016 7:18 pm; edited 1 time in total
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Robin



Joined: 07 Apr 2014
Posts: 283
Location: Stourbridge

PostPosted: Fri Nov 25, 2016 4:44 pm    Post subject: Reply with quote

Thanks Patrick. Your link is being affected by the closing full stop - this should work.

http://svrtrust.org.uk/our-projects/bridgnorth-development-project.html

Good to get the clarification from the Charitable Trust - I will edit my previous post accordingly.
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