Community Carrot Shares
Our initial community share offer ran from 15 June 2019 to midnight on 31 July 2019. This time-limit was to ensure there was demand and support for raising the funds for the buy-out - and there certainly was! Our target was £50,000, and by the time the offer closed we had raised over £62,000.
We, and particularly the owners, were overwhelmed by the support and love shown to the Crunchy Carrot. We could barely keep up with the Application to Purchase Shares forms that came flooding in, and getting shares certificates prepped and sent to over 500 new members of the Community Benefit Society was a task as logistically intricate as it was exciting.
Shares can still be bought at any time, and we welcome every new investment. The following guidelines should be read before submitting an application to purchase shares, and any questions directed to shares@communitycarrot.scot:
Anyone who supports the objectives of the Community Carrot can become a member by purchasing the minimum of one £10 share.
All members will have one vote regardless of the size of their shareholding, and will be able to determine policy and vote and stand in elections for the Board.
No interest will be paid on shares.
Investors may be able to set 30% of the cost of their shares against tax under the terms of the government’s Social Investment Tax Relief scheme, but this is subject to confirmation by HMRC and cannot be guaranteed at this stage.
The value of shares cannot increase beyond their nominal value of £10.
This is a long-term investment. Shares cannot be sold or transferred between members and can only be withdrawn after a minimum period of three years with three months’ notice. Withdrawal will be at the discretion of the Board of Directors, having regard to the long-term interest of the Society.
However, the value of shares of a deceased shareholder may be transferred to another person in accordance with his/her wishes.
The security of your shares
A CBS is registered with, but not authorised by, the Financial Conduct Authority. Therefore the money you pay for your shares is not safeguarded by any depositor protection or dispute resolution scheme. The share offer is exempt from the Financial Services and Markets Act 2000 or subsidiary regulations, which means you have no right of complaint to the Financial Ombudsman.
While the Board will do everything possible to safeguard the value of your investment while pursuing the Society’s objectives, and believes that ownership of the shop property will provide added security, any investment in shares carries risks and you should be prepared to lose part or the whole value of your investment.
