The Share Offer – a summary
This is a specifically local share issue aimed at boosting local membership. Buying shares makes you a member and co-owner of the Scottish Cooperative Discovery Centre Ltd. This is a Community Benefit Society registered with the FCA and structured so that a majority of members will always be local residents. The more local members we get, the more investor members from outside we can draw in.
Our target for this local membership share issue is £20,000.
The minimum share purchase is £10, and the maximum is £50.
You must be resident in the West Calder & Harburn Community Council area and be over the age of 16 to buy shares.
A wider share issue with a target of over £200,000 and a higher minimum share purchase will be launched later this year. How many investors we get depends on the success of this local issue!
If you are interested in purchasing a larger amount of shares or live out with the area, please email us here on [email protected] and we will be happy to help.
Each individual, family member or organisation must complete a separate form.
FAQs
Community shares are a form of investment crowdfunding and a way for community enterprises to raise money. Members of the community of West Calder & Harburn (and others in later issues) who support the aims of the Scottish Cooperative Discovery Centre are invited to buy shares to support the business. In return they will become members and co-owners of the Society.
Although this current share issue is for local residents only and is a way to build membership and allow people to support the project, community shares are, at all levels, a share-based equity investment in the business and the value of shares can be withdrawn at the board’s discretion. More detailed information on how this can happen will be shared at the time of the wider share issue aimed at investors.
The Scottish Cooperative Discovery Centre Ltd is a Community Benefit Society which is a type of business registered with The Financial Conduct Authority. We have set up this type of organisation because it has the ability to raise share capital. Its registration number is 9069, was incorporated on 15th May 2023 and has the registered address of West Calder Community Centre, Dickson Street, West Calder, West Lothian EH55 8DZ.
The Society has three initial founding members who are Gavin Henderson, Willy Findlay and Norman Lannigan. It has been supported in its incorporation by WCHCDT which will own a community anchor share, but they are legally separate entities. The society’s rules can be seen in full here on the FCA website. The diagram below shows the relationship between the two organisations.
- A personalised Share Certificate – be part of local and national history!
- You or your loved one’s name on display in the building
- Help lever in big investment to our village
- Ensure the building and centre stays under local control
- A chance to have your say in running the society.
This share issue is only for people over the age of 16 who are resident in the West Calder & Harburn Community Council area.
This issue is primarily about engagement and building the membership base that will allow us to lever in further investment. A further issue for people outside the local area and for those wishing to buy larger amount of shares is planned to follow later in 2023.
If you are interested in buying more shares, making a larger contribution or live out with the area, please do contact us at [email protected] and we will be able to help you.
Shares are £1 each. The minimum share purchase for community members is £10 (ten shares) and the maximum share purchase is £50 (fifty shares). There will be an opportunity to purchase larger amounts of shares at a later date.
Yes. If that person is over the age of 16, just fill out the necessary section of the Share Purchase Form.
Yes, you can, and we’d be delighted but we really want to have as many local members as possible so please do consider buying shares first. If you contact us at [email protected] we can arrange to receive a donation. Thank you.
No. Unlike shares in most (limited) companies, community shares cannot be sold, traded or transferred between members. However, the value of the shares of a deceased shareholder may be transferred to another person in accordance with their wishes. You will be able to request to withdraw the value of your shares at a later date and at the discretion of the directors. More information on this process will be given at the time of the later and larger share issue.
No. Community shares do not increase in value. However, they could lose some or all of their value should the business not succeed. Remember community shares are primarily designed to support the initiative for the good of the community.
If for any reason, WCHCDT are unable to finish redevelopment of the building to the point where the society can progress business as planned then the value of remaining member share capital will be returned subject to meeting outstanding liabilities (see below also).
Our Society has an asset lock which means that in the event of our insolvency or winding-up, the proceeds from the sale of assets and our cash would first pay off all our creditors. Any leftover funds, if there are any, would then be used to pay back shareholders’ investments on a pro-rata basis. If there is any surplus after returning funds to creditors and investors, this would be gifted to WCHCDT.
Remember that the building will always be owned by WCHCDT for the community and only leased to the society.
Note also that shareholder personal liability is restricted only to the value of your shares.