It is our pleasure to have sent out Share Certificates to members with their names and details appearing as entered in our Ecodynamic Share Register on 17th October 2013.
We are delighted to inform you that the £75,000 loan from Resonance Community Land and Finance fund was finalised in late September following a detailed process of agreeing documentation. Many thanks to all concerned from Ecodynamic and Resonance in concluding the loan from the Community Land & Finance CIC. It took considerably longer than we had initially anticipated but the pioneering joint BDLT / CLF mortgage is in place and the loan monies have been disbursed to Ecodynamic.
The project has so far raised over £180k in community shares equity and loan financing from previously unconnected investors (now members), with the balance coming from the Biodynamic Land Trust and the Resonance CLF fund. Ecodynamic has now issued the new EIS (Enterprise Investment Scheme) eligible equity and we are delighted to enclose your Ecodynamic share certificate.
Interest has been accruing on your shares since 1st July 2013, or the date received if more recent.
To update you on what has been happening:
1. ‘Geoff Watson’, the Croft West wind turbine has progressed to the final stages of the OFGEM accreditation and we expect final accreditation shortly. The total generation now stands at 30,000 kWh since commissioning. Following relatively low wind speeds over the summer period, wind speeds are now picking up, with 10,000kWh being generated in a 4 week period since the 7th September.
2. We have raised:
£188,700 in shares (including £25k from the BDLT)
£20,000 in private loans
£75,000 loan from Resonance Community Land and Finance fund
£75,000 loan from the Biodynamic Land Trust Ltd
The initial project financing was provided by the Biodynamic Land Trust and the money raised in shares and loans has been used to repay the BDLT.
3. The 4 month full application period for EIS started from the date of the turbine transfer to Ecodynamic in early September. After the 4 month period, EIS1 will be completed and sent to HMRC. Once HMRC inform us of their acceptance of the EIS paperwork, an EIS2 form is issued with sufficient EIS3 forms for us to send to you to claim your tax relief. All being well, all certificates that you will need to submit with your tax returns will be issued before the end of this tax year.
4. Share Offer: any further share investment from new members that comes in this calendar year will be counted as founding shares and interest accrue from the date of the investment. We may be launching a new share offer in January 2014 to help pay off loans for Croft West/Geoff Watson so keep the news circulating that shares are available. When we identify a new project, we will then raise a new Share Offer for that project.
Please note that we will have an AGM on 6th September 2014, as the year end is the end of March 2014.
Once again, many thanks for all your assistance and support in bringing this community project to life. Do not hesitate to phone me on if you have any questions on 01453 757124 on most Thursdays, or email on email@example.com
Yours Sincerely, Martin Large
PS. I visited Croft West, near Redruth, Cornwall in September and “Geoff” was twirling away happily in a gale..a year from considering starting up Ecodynamic to developing a successful first project is quite an achievement, for which thanks to everyone, especially members who have made it possible.