Time to request your share withdrawal

If you bought community shares in at least one of our three community share offers between 2014 and 2016-17, then you are invited, if you wish to do so, to apply for your shareholding to be paid back. As is previous years, this is an annual process.

If you wish to withdraw your shares you have until the 31st August 2024 to return a withdrawal form. 

Full details of how to do this are below.
 

The share offer documents for all three schemes state the following in regards withdrawal of shares: 

  “The return of Members’ capital can be achieved by PEC Renewables purchasing the Shares back from the Members. Members will have the opportunity to apply to have some or all of their Shares bought back from year 6 onwards. The Directors intend to establish a cash reserve to enable up to 1/15th of the capital to be bought back by the Co-operative in each of the 15 years from years 6 to 20. If requests for Shares to be bought back are oversubscribed (i.e. greater than the amount the Directors deem appropriate to acquire) the amount of capital acquired per Member will be pro-rated according to their proportional holdings.” 

You can:  
a) Apply to withdraw all, or some, of your shareholding, or 
b) Keep your shareholding the same 
  

To reduce administration, applications for partial withdrawal will only apply if shareholdings are more than £300.  

As in previous years, we do try to meet the requests in full, whether the total value of applications for withdrawal is under- or over-subscribed when compared to the value of reserves to be repaid. However, the Board endeavours to take a pragmatic view on the applications received each year and reserves the right to respond in accordance with the policy, should it become necessary.  

Please complete and return a withdrawal form by 31st  August 2024.

You can choose to either scan and email the form back to Gill Peele (Company Secretary) support@plymouthenergycommunity.com (titled 'Share withdrawal application') or post it back to: 

Attention Gill Peele  
PEC Renewables Ltd, 
c/o Low Carbon City Team, 
Ballard House, 
Plymouth, 
PL1 3BJ 

Applications will be considered in accordance with the annual accounts and will be determined before the Annual General Meeting (AGM) in November 2024. You will be notified as to whether your application has been successful by October 2024. Capital repayments will be made at the same time as Member interest payments after the AGM. Investors receiving return of capital will receive pro rata interest on that part of their investment for the period 1st July to the AGM date.