PEC Renewables is a Community Benefit Society, set up in 2014 by Plymouth Energy Community to fund, install and manage community-owned renewable energy installations.
Share Offer 1 Withdrawal
If you bought community shares in our first community share offer in 2014 and wish to withdraw them, then please read all the information below.
As per the 2014 share offer document: “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.”
How much can I withdraw?
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 your 2014 shareholdings are more than £300.
How does the Board decide whether or not to approve applications?
In considering applications, the Board will apply the following decision making process:
Oversubscription In a situation where the total value of applications for withdrawal exceeds the value of reserves set aside for repayment, Members requesting full withdrawal of holdings of £300 or less will be repaid in full and everyone else will have their request reduced by the percentage of the oversubscription.
Undersubscription In a situation where the total value of applications for withdrawal is significantly less than the value of reserves to be repaid, all partial and full applications will be approved and the remainder of the capital repayment to be spread amongst all investments, after first seeking repayments from the larger investors.
How do I apply?
Please complete and return this share withdrawal application form by Wednesday 31 August 2022.
You can choose to either scan and email the form back to Gill Peele (Company Secretary) email@example.com (with the title Share withdrawal application) or post it back to:
Attention Gill Peele
PEC Renewables Ltd,
c/o Low Carbon City Team,
When do I know if my application is successful and when will I receive payment?
Applications will be considered in accordance with the annual accounts and will be determined before the Annual General Meeting (AGM) in November 2022. You will be notified as to whether your application has been successful by October 2022. 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.