Why should I become a Member of the Society?
By reading our proposal you have demonstrated your interest in Carrickfergus’ future. We believe that the shop will be a vital part of the community and that it is an important step towards the regeneration of Carrickfergus town centre. We are, therefore, inviting you to join us.
Is this a sound proposition and is the business viable?
The community shop model we are proposing is very robust. Over 300 such shops have been established in the UK, with a greater than 96% success rate. Not only is this project feasible but the business plan also shows profitability.
Who will benefit from my investment?
All residents of Carrickfergus and adjacent communities will benefit from having a community greengrocers.
What voting rights will I have?
If you become a member, you will be able to attend and vote at the Society general meetings, and to stand for, and to vote for, the Board. The rule of one member, one vote applies. This means that, no matter how large or small your shareholding, you will have an equal say in the running of the shop.
What is the minimum and the maximum I can invest?
The minimum holding is 25 shares at £1 per share, namely £25. The maximum shareholding is £5,000 per individual. For organisations and businesses, the maximum is £ 5,000.
Who can buy the shares?
Any individual over the age of 16 can invest in the Society as well as businesses and other incorporated and unincorporated organisations and institutional investors.
Can I buy shares for a child?
Yes, but the shares will be issued in your name until the child reaches the age of 16. After that, a new share certificate will be issued in their name.
What happens to my shares if the business fails?
If the business fails, any stock, fixtures and fittings owned by the shop will be sold off, and, after creditors are paid, members may be repaid up to the value of their shares. If any surplus remains will be distributed in the community.
Will my investment increase in value?
These shares cannot increase in value above the nominal value of £1. However, they can decrease or completely lose their value if the business is not performing well. It is possible that an accountant/auditor will suggest a revaluation downwards, if things are not going well.
What happens to my shares if the minimum target is not reached?
If the minumum target is not achieved by the closing date of 3rd June, the directors may decide to extend the share offer period. The directors may also decide to take a loan to cover some of the shortfall with Community Finance Ireland or another organisation that supports community benefit societies. This decision will be based on what has been raised so far.
What happens if the maximum target is reached before the closing date?
Can I withdraw my money?
The Rules of the Society state that withdrawals are at the sole discretion of the Board, and that no withdrawals can be made in the first three years of trading. The two exceptions are the death or bankruptcy of the member, but this remains under the sole discretion of the Board. After three years, members may request the withdrawal of their funds by giving three months’ notice in writing.
Can I sell my shares?
No, the shares cannot be sold. The only way to recover their value is to apply to withdraw your shares from the Society.
What happens to my investment if I die?
If you die, shares can be transferred to another person nominated by you before you die. The shares may be withdrawn by the nominee provided the Society has sufficient funds and the Board agrees. We will ask all members to nominate a person after we close the share offer.
What should I do now?
Buy some shares! Please fill in the appropriate Application Form online or by contacting us on carrickgrocers@gmail.com and return it as directed. Please be as generous as you can – this is a one-off opportunity for you to contribute to Carrick Greengrocers, the first community-owned shop in Carrick, and to have a say in its operations.
I have already bought some shares…can I buy more?
Yes, you can buy as many shares as you want as many times as you want as long as the minimum amount each time is £25.00 and the total amount of all the shares you buy does not exceed £5000.00.
Our new closing date for applications is now Saturday 3rd June 2023 and payment must be in our account by 7th June 2023.
Why are you extending the community share offer?
Our share offer document explains that extending the community share offer was an option that could be decided by the directors nearer the closing date.
We have been asked if we could keep the share offer open for a little longer to give some people the opportunity to buy shares once they are in a better financial position. The directors discussed the possibility of an extension and after considering various factors reached the decision to extend the share offer by 3 weeks until Saturday 3rd June 2023.
Other factors that helped us reach this decision are that we are still waiting on the keys to our premises and advance assurance from HMRC that the purchase of shares will be eligible for tax relief. We expect these issues to be resolved in the couple of weeks.
By extending our share offer we hope to give more people the opportunity to become owners and members of Carrick Greengrocers while helping us get closer to our optimum target amount of £40,000.
Will you extend the share offer again?
No. We will not extend the share offer any further as we want to open the greengrocers by the end of June.