NI Community Energy (NICE) as at 24th March has raised £78,700 in the 20 days since first launching the share offer! The Board convey their thanks to the local community and those further afield in Europe who have invested in NICE – the first solar community owned co-operative in Northern Ireland.
The Board are delighted with the response received so far. However, we are not yet there. NICE still aims to install as many PV solar panels as our target share capital amount will allow so the Board has unanimously decided to extend the share offer deadline to 30th April 2015.
More time gives the Board a further opportunity to promote the share offer – since we sensed a growth of interest in NICE, and more time means more opportunities to democratise our project. Extending the deadline also makes good business sense. If NICE raises its £150k capital via shares it will mean less reliance on borrowing from financial institutions that will, of course, result in better returns to the Community Fund and the shareholders, too!
The Board also considered the recent Budget 2015 announcement (https://www.gov.uk/government/topical-events/budget-2015) in which the Seed Enterprise Investment Scheme was providentially extended for at least a further 6 months for qualifying organisations. As you know, NICE is seeking advanced approval for SEIS from HMRC and if granted, this means eligible shareholders can claim tax relief of 50% of the value of their shares. As a result of the Budget extension, this relief will also apply for shares subscribed for and issued after the 5th April 2015. For the avoidance of doubt, please note that at that time of writing, NICE has not yet been granted approval and applicants should take their own advice as to whether they are eligible for SEIS tax relief.
We invite new investors to join us and get involved in this not-for-profit green energy initiative. Equally if any of our current subscribers wish to contribute more to help us to achieve our aims, any further investment you and or your organisation can make between now and the 30th April 2015 will be most welcome.
Please refer to the share offer document and the details of the offer before completing an application for the purchase of shares. http://www.nicommunityenergy.org/wp-content/uploads/2015/03/Community-Shares-Offer-Document.pdf.
Notwithstanding the decision to extend the deadline for the share offer, NICE will soon issue share certificates based on subscriptions to all those who submitted applications as at the original closing date of 23rd March and we are confident that you will be allocated all the shares you have subscribed for upon receipt of full payment and cheque clearing.
NICE is supported by Co-operative Alternatives, a co-operative commissioned by the Building Change Trust to run its Community Shares, Ready! pilot project to increase awareness of Community Shares in Northern Ireland. NICE would like to record its gratitude to Co-operative Alternatives which has made the Share Offer possible through its continued supportive, professional and diligent services to us in the form of guidance on legal process, forward planning, marketing, and good governance.
NICE welcome your interest and support. Should you have any queries and questions please do not hesitate to make contact with us via our links.