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CommunityShares WHAT is Happening? Hugh Rolo, Investment Manager, Development trusts Association

CommunityShares WHAT is Happening? Hugh Rolo, Investment Manager, Development trusts Association. Headingley Development Trust. 2 issues 2007/2008 £100k raised to buy out Health Food Shop £100k raised to redevelop Headingley Primary School

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CommunityShares WHAT is Happening? Hugh Rolo, Investment Manager, Development trusts Association

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  1. CommunitySharesWHAT is Happening? Hugh Rolo, Investment Manager, Development trusts Association

  2. Headingley Development Trust • 2 issues 2007/2008 • £100k raised to buy out Health Food Shop • £100k raised to redevelop Headingley Primary School • Matched investment from ACF £500k original offer £350k loan, £150k grant-now £200k grant • More than the money

  3. Westmill Wind Farm Co-op • 5 turbines 100% community owned • Farmer worked for 13 years to get permission for wind farm – spent £140k at risk • First wind farm in affluent populated SE England • Energy4All bought project and est. co-op • Energy4All launched fsa approved share prospectus • Forecast 12% p.a. over life of project • Offer oversubscribed £4.4m raised • Locals receive priority (£3.2m) • Additional bank finance (£1.8m) • Call for further funds from members • £1.3m raised on low returns • Operational Spring 2007

  4. TORRS HYDRO • Jan 07 Public Information weekend • June 2007 Full planning permission • Sept 2007 Torrs Hydro New Mills formed • 23/11/07 Prospectus Launched • 31/1/08 Share Offer Closed • 8.6.08 Screw delivered • July 08 Commissioning starts • £95k from share issue Emda £75k Coop Fund £45k

  5. 1. Direct social investments • Non-retail ethical investment, typically higher risk and lower financial return but greater SEE impact / social return • Larger examples - Café Direct, Ethical Property Company, West Mill Wind Farm* • Smaller examples - Fair Finance**, Shared Interest, VIRSA • * IPS Co-Op with EIS; ** IPS Ben Comm exempt promo

  6. 2. Sources of Investor • Clients of ethically minded IFAs (EIA, UKSIF, Investing for Good) • Ethical stockbroker fund managers • Local wealthy individuals • Respondents to PR / marketing campaign • Trusts (& charitable foundations?)

  7. 4. What Works • Tested use of IPS vehicle – no problems • Tested strong social return versus weak financial return • Tested complex social proposition versus simple proposition • Tested attraction of tax relief alone • Successful project had single core activity, easy to grasp, with track record, and offered potentially a good return (c.f. Windfarm offerings via Energy4All)

  8. Rathbone Greenbank Investments • Specialist ethical investment team within Rathbone Brothers plc, a leading independently owned investment management business • Ethical investment management for private clients, charities and trusts • They only manage ethical portfolios • Dedicated ethical research team • Over 600 clients, in excess of £300m under management • Involved in ethical investment since 1992

  9. Examples of Recent Investments • Cafédirect • ECOS Housing • Approx. £500,000 invested • Industrial and Provident Society • Approx. £250,000 invested • Ordinary shares • Golden Lane Housing Bond • Approx. £180,000 invested • Bond • Westmill Windfarm Co-Operative Ltd. • Approx. £100,000 invested • Ordinary shares • City Car Clubs • Approx. £200,000 invested • Ordinary shares & loan notes • Ethical Property Company • Approx. £750,000 invested • Ordinary shares

  10. Share and Bond Issues (> £100k) by Social Ent. 1984-2003 Co-operative Capital Source

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