progress report – 25 th june 2013. objective to complete the fund raising for a community hydro...
TRANSCRIPT
Progress Report – 25th June 2013
OBJECTIVE
To complete the fund raising for
a community hydro scheme at
Harlaw Reservoir and
‘make it happen’.
Harlaw Hydro LtdAn Industrial and Provident Society, created
for the Benefit of the Community (BenCom)Can sell shares to raise capitalA cooperative 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.
Why Should I Invest?Feel Good – a social investment
Green EnergyCommunity Cooperative SocietyFunds for community projects and activities
through BVTFinancial Benefits
4% interest compares favourably with Savings Account and cash ISAs
30% tax relief through the Enterprise Investment Scheme
90% and Rising!
Shareholders / Society Members
100
33
9
36
19
BalernoCurrieJuniper GreenEdinburghOther
Enterprise Investment SchemesThe sale of electricity is an eligible activity for SEIS & EISHM Revenue & Customs have provided ‘Advance Assurance’ that
shares in Harlaw Hydro should qualify for EIS & SEISRules 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 submittedRules 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
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
The 4/6 Rubber Ducks to line upPlanning Permission
Granted October 2012
Extraction License Granted by SEPA October 2012
Lease agreement Heads of terms approved by CEC March 2013
Grid Connection Grid connection proposal received from Scottish Power Networks May 2013
Financial TargetsOver 90% of target achieved
Lower Penstock RepairLining completed in May 2013
What next?Share offer closes - 28th June 2013Prime contractorClerk of WorksTender - preparation in process – to be issued
late July.Select contractor August/SeptemberStart Build – Autumn 2013Generating Electricity - Spring 2014
QuestionsOne to one discussionApplication Forms Do you have skills that would help the
development and implementation?