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Progress Report – 25 th June 2013

Progress Report – 25 th June 2013. OBJECTIVE To complete the fund raising for a community hydro scheme at Harlaw Reservoir and ‘make it happen’. Harlaw Hydro Ltd. An Industrial and Provident Society, created for the Benefit of the Community ( BenCom ) Can sell shares to raise capital

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Progress Report – 25 th June 2013

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  1. Progress Report – 25th June 2013

  2. OBJECTIVE To complete the fund raising for a community hydro scheme at Harlaw Reservoir and ‘make it happen’.

  3. Harlaw Hydro Ltd • An Industrial and Provident Society, created for the Benefit of the Community (BenCom) • Can sell shares to raise capital • Acooperative society owned by its members • The specific purpose of owning and operating a micro-Hydro scheme • Membership is open to individuals, corporate bodies, voluntary organisations and public sector investors.

  4. Why Should I Invest? • Feel Good – a social investment • Green Energy • Community Cooperative Society • Funds for community projects and activities through BVT • Financial Benefits • 4% interest compares favourably with Savings Account and cash ISAs • 30% tax relief through the Enterprise Investment Scheme

  5. 90% and Rising!

  6. Shareholders / Society Members

  7. Enterprise Investment Schemes • The sale of electricity is an eligible activity for SEIS & EIS • HM Revenue & Customs have provided ‘Advance Assurance’ that shares in Harlaw Hydro should qualify for EIS & SEIS • Rules for SEIS tax relief • a minimum investment of £500 for a period of over 3 years • an overall limit of £150k – first come first served • spend 70% (£105k) of the capital raised before a claim is made • The SEIS process must be completely separate from EIS. • i.e. First share issue must be completed and SEIS1 accepted before subsequent share issues and an EIS1 is submitted • Rules for EIS tax relief • a minimum investment of £250 for a period of over 3 years • Harlaw Hydro to be trading for at least 4 months before a claim is made NB Harlaw Hydro Limited cannot give guarantees

  8. How SEIS/EIS Works • Harlaw Hydro submit an SEIS1 (EIS1) to HMRC • If HMRC approves it will issue forms for Harlaw Hydro to distribute to tax paying investors to claim their tax relief • Harlaw Hydro will complete the second share issue and submit an EIS1 after 4 months of trading

  9. The 4/6 Rubber Ducks to line up

  10. What next? • Share offer closes - 28th June 2013 • Prime contractor • Clerk of Works • Tender - preparation in process – to be issued late July. • Select contractor August/September • Start Build – Autumn 2013 • Generating Electricity - Spring 2014

  11. Questions • One to one discussion • Application Forms • Do you have skills that would help the development and implementation?

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