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Share Offer Details

​A community share offer is a method of raising funds for projects that are designed to benefit the local community. This allows members of the public to invest in these projects by purchasing shares. Investing in Elysium art will allow you to engage in the redevelopment of your community whilst benefiting from social and financial returns on your investment. By investing and becoming a member of Elysium art you will be contributing to the renovation of one of Swansea most iconic but neglected buildings.

We have set our minimum shareholding to encourage new members

 

Targets:

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  • Minimum Target: £50,000

  • Optimum target: £100,000

  • Minimum investment £100 (100 shares)

 

Offer ends 30th November 2024

Share Offer Application Form

Important

If you are filling the application for a group or business, please fill in as the business, so the certificate will be issued to that group/business. Then email dan@elysiumgallery.com with the name, address, email & phone number of the representative.

Birthday
Interest rate Please indicate the rate you would like.
Shares cost £1 each. The minimum shareholding is £100.

Please email dan@elysiumgallery.com for any investment over £500. Transfer details will be sent avoiding us paying fees and saving money for the project.

Holding shares on Behalf of Children & Nominations of Shares on Death

I will be holding shares on behalf of children. anyone under 16.
I wish to nominate a person to whom I wish my shares to be transferred on my death

I understand that it may not be possible for Elysium art to action this request. I understand that these instructions can only be revoked or amended by my giving clear written instructions to the Secretary of elysium art at its Registered Office. I understand that trustees will need to be appointed if my nominee is under 16 years of age.


You can bequeath your community shares to friends and relatives, or to the Society on your death. You can amend these details at any point in the future by writing and giving clear instruction to the Society Secretary. Note: only the first £5,000 of shares that can be nominated to someone, any more than £5,000 needs to be stated in your will.

If you have answered yes to any of the above questions. Please email name, address, postcode, date of birth of the nominated child and

name, address, postcode, date of birth, phone number and email of the nominated person. email to dan@elysiumgallery.com. Forms will be sent out for your signature.

Agreement

• I have read the Share Offer Document and Business Plan, including the risk factors pertaining to this offer


• I wish to become a Member of Elysium art


• I agree to be bound by the terms & conditions included in the Share Offer Document, and by the rules of elysium art


• I consent to receiving formal notices by email.


• I understand that the Board of Directors of Elysium art may reject my application and are not obliged to tell me why it has been rejected

Terms & Conditions

The community share scheme will play a part in safeguarding this landmark building for the future and will enable us to create a bigger and better community hub for Swansea and the wider area. 

Anyone can buy shares, become a member and become entitled to a vote on important issues that involve Elysium studios at yearly meetings. It’s one member, one vote, so you will have a say, no matter the size of your investment.

You don’t have to invest your money forever. Investment withdrawals will be allowable once the financial security of elysium art is secured, we see this as being after 5 years of successful trading in JT Morgan. 
 

A comprehensive set of terms and conditions are set out below.

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TERMS & CONDITIONS

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Community shares

These shares are known as community shares because your primary return for holding shares is a social one and NOT driven by an overarching desire for a financial return. The real (social) payback to becoming a member is to ensure a thriving, sustainable community-owned business is established, benefiting all members community.

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Type of Shares Issued:

The value of each share issued is £1. 
The shares are not transferable, except in case of death or bankruptcy. They are withdrawable shares.

 

Who can apply?​

Applications are open to individuals over 16 years old.
It is possible to nominate another person to receive shares or donate them to them.
An association, corporate body or firm may apply and must authorise a named representative.

For all other individuals and corporate Members the minimum investment is £100. That will be 100 shares. 
The maximum investment of withdrawable shares set by law is £100,000 but the maximum subscription in the share offer will be 10% of total raised less any shares previously subscribed.

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​​Your attention is also drawn to the withdrawal of shares below.

Withdrawal of shares

Applications are made in line with our Withdrawal Policy.
In exceptional circumstances, the Board of Directors may, at its discretion, waive the notice required for a withdrawal.
The Board of Directors has the discretion to suspend withdrawal of shares, if circumstances dictate. At present that discretion
is being exercised until such time as the financial security of the Society is secured. We would however anticipate that in accordance with our projections Elysium will be carrying substantial cash reserves by 2029, which would permit withdrawals after this time. However, no withdrawals are shown in the forecasts that form part of this offer.

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Shares on Death of a member​

On the death of a member, their personal representatives can apply for withdrawal of the shares. The Directors will prioritise the withdrawal of shares relating to those Members who have died. Alternatively, Shares can be inherited in accordance with the terms of the Member’s will or under the rules of intestacy, subject to Board approval of the new member who shall hold the shares.

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Reduction in Share Value​

If the society’s auditors or independent qualified accountants find that the society’s assets are insufficient to meet its liabilities to creditors and shareholders, the Board of Directors may decide to reduce the value of the society’s shares for the purposes of withdrawal of shares. This means that the value of members’ shares would be reduced accordingly. At such future time that the asset value is restored by profitable trading, the shares can be restored to their original nominal value.

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Shares on Dissolution​

On the solvent dissolution or winding up of elysium, holders of the shares will have no financial entitlement beyond repayment of paid-up share capital. Any remaining funds must be transferred to another asset locked organisation with similar objects.​​

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Timeframe​

Offer will open September 2024 and run until 30th November 2024. 

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What happens if?

If we reach the maximum of £100,000  share capital the offer will be closed early.

If we reach the minimum target of £50,000 or below  the Directors reserve the right to extend the share offer to be open for a total of six months from launch, to raise further share capital towards the maximum target. If during this extension, we reach the maximum target the share offer will be closed.

If at the end of the six-month maximum timeframe from launch, we have not reached the minimum share target the share offer will be closed and all monies raised will be used.​

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