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

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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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slide1

CommunitySharesWHAT is Happening?

Hugh Rolo, Investment Manager, Development trusts Association

headingley development trust
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
slide3

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
torrs hydro
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
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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
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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?)
slide8

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)
slide9

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
slide10

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
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Share and Bond Issues (> £100k) by Social Ent.

1984-2003 Co-operative Capital

Source

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