Shotley Pier Update
We have already sold £45,000 of community shares, so we are making good progress as the match fund will add a further £45,000, giving us £90,000 in hand.
This does not mean that you have lost the chance to invest. Your Board met on 24th July and decided to extend the opportunity to buy shares until the end of August 2017. You will be able to invest by completing an application form, which is available locally, or by email request to email@example.com and paying by:
- Bank transfer
- Debit card by phone
The ‘match funding’ from Power to Change will still be applicable for investment funds received during August, so your support at this stage could make a huge difference.
One of the reasons the Board decided to extend the period was that, at this time, we are unable to complete negotiations to purchase the pier with the current owner. As the primary use of this share issue funds will be for the purchase and commencement of initial renovations it seemed that an opportunity to generate further funds would be lost if we closed the issue at this time whilst financial negotiations were yet to be completed.
Our solicitor’s conveyancing searches established that some aspects of the pier need to be regularised with the Crown Estate before we proceed. These are not insurmountable problems but will take a little time to resolve. As the custodians of your money and the match fund of Power to Change, we will not purchase the pier without being 100% certain that we will own the entire structure. We are assured by our legal representative and the current owner that this can be resolved, but clearly this creates delays.
Your support in making this exciting project a reality is very much appreciated.