PEC Homes

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 3 withdrawal

If you bought community shares in our third share offer in 2016/17 and wish to withdraw them, then please read all the information below.

PEC Renewables’ business model assumes that any withdrawal of share capital is suspended for the first 5 years of any particular Member’s investment. This assumption was made clear on page 20 of the 2016 share offer document:

Share Offer 3 2016:
“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 to be bought back from year 6 onwards. The Directors intend to repay up to 1/15th of the share capital 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.”

Your 2016/17 shareholdings have now been held for 5 years. The Board would like to invite you, if you wish to do so, to apply for your 2016/17 shareholding to be paid back.

How much can I withdraw?
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 your 2015 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 make 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 the reserves to be repaid, all partial and full applications will be approved and the remainder of the capital repayment spread evenly across remaining eligible Members.

How do I apply?
Please complete and return withdrawal application form below by Friday 3rd September 2021.

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 2021. You will be notified as to whether your application has been successful prior to the AGM. Capital repayments will be made at the same time as the 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.