The Rangers Community Share Issue
|
|
- Alexandra Diana Mitchell
- 8 years ago
- Views:
Transcription
1 The Rangers Community Share Issue Intro We are asking people to invest in a fund which has the sole purpose of acquiring a significant stake in the Club. Why We believe that the Club is best owned democratically by the Rangers Community and every share we buy as a community is a step towards that goal. 1 P a g e
2 PLEASE READ THIS IMPORTANT INFORMATION FIRST The Society and the Board accept responsibility for the information contained in this document. To the best of the knowledge of the Society and the Board (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and contains no omission likely to affect its substance. Prospective purchasers of shares should read the whole text of this document and should be aware that the intended outcomes of a purchase of shares involve significant risk. You are advised to read in particular, the sections of this document headed How it will work, The detail and Risks (pages 5, 8 and 11). Our share offer is exempt from the Financial Services and Markets Act 2000 or subsidiary regulations; this means you have no right of complaint to an ombudsman. A community benefit society is registered with but not authorised by the Financial Services Authority and therefore the money you pay for your shares is not safeguarded by any depositor protection scheme or dispute resolution scheme. As the whole of your purchase of shares could carry a risk, please consider it carefully in the context of the complete share offer document, and if needed seek independent advice. 2 P a g e
3 The Rangers Community Share Issue Background Our football Club stands at a decisive and transformative point in its 140 year history. Our support has backed the Club at every step throughout those 140 years and our only wish is for the success of the Club, both on and off the pitch, to return and for our Club to get back to the days we can be proud of. No Rangers fan needs reminded of the mistakes by those in the privileged position of owning our Club and we now must act to ensure we look to the future with integrity knowing those mistakes are not made again. There is no doubt that we can emerge from this period and write new and successful chapters in our story and ensure the mistakes of the past are not repeated. We want a Rangers that is credible and accountable to its supporters. We want a Rangers that is sustainable and secure and one that has the success of the Club on the pitch and in its community as its priority. The new Rangers Supporters Community Share Issue has the backing of many supporters. Its aim is straightforward to purchase a substantial interest in our football Club and put the control firmly in the hands of those who it means most to, to harness that collective passion ensuring we never again suffer from the actions of a small group of individuals. The scheme is run by the Rangers Supporters Trust which is structured on a one member, one vote basis. It will be affordable and set up to accommodate contributions of all levels. Decisions will be made by a board of directors that reflect the supporters aspirations and ambitions. For the first time ever there will be real accountability for the decisions made. We will live within our means and will explore new and innovative ways for the fans to support to the Club and for the Club to be involved in the community. Achieving a substantial interest would allow us to propose that traditional funding methods for the Club such as season tickets and merchandising, which will remain a major part of the Club s income, are supported by the introduction of a member agreed, on-going monthly membership scheme providing an additional, sustainable source of funds for the Club to be used for whatever purpose you decide. This would provide a new, important income stream for the Club in the way that is already successfully used by some of the world s other massive football clubs and is the model upon which the future of football clubs will be based, particularly with the implementation of UEFA s Financial Fair Play Regulations. 3 P a g e
4 But what we have to do first is to buy a stake in our Club. When we have that Rangers fans will have a direct say, for the first time ever, in how the Club is run. The RST do not want to run the football club what we want is industry professionals who can do that for us but who are accountable to the fans, collectively our voice will matter for the first time. We want to approach the Club in a professional way from a position of strength; we are committed to our long term aim of controlling the Club but we will only buy any stake on terms which the Board consider to be sustainable in the long term. The passion of the Rangers support is undiminished and has been renewed by the challenges facing us and obstacles we have to overcome. Rangers is the team of our fathers and mothers and our grandfathers and grandmothers. Let s seize this opportunity and make it our Club. Only then can we be sure of passing it, safe and healthy, into the hands of our children. 4 P a g e
5 How it will work building up the fund PLEASE READ THIS CAREFULLY Money invested in the scheme will be used solely for the purchase of shares in The Rangers Football Club Ltd (Rangers FC) (on successful listing this will become Rangers International Football Club plc). There isn t a target we wish to raise only a target objective (obtaining over time control of the Club in a sustainable way) and the fund will be kept open on an on-going basis until this target objective is met We are asking the Rangers Community to invest in the Rangers Supporters Trust (RST) which is incorporated as a Community Benefit Society registered under industrial and provident society legislation with the Financial Services Authority. You must join the RST to participate in this initiative as the legislation requires that we are bound together as members All Rangers supporters are invited to buy specially issued shares in RST known from here on in as Community Shares Each share is priced at 125 making it affordable for many of our supporters You may purchase up to 160 shares (a total value of 20,000) in accordance with the legal requirements of the scheme. We would urge you to buy as many shares as you can afford We would hope to obtain agreement from the Club that we can buy shares en bloc (as the RST) prior to the public listing of the Club on the Alternative Investment Market if we achieve a high volume of subscriptions prior to the IPO launch. To do this we would have to advise the Club and their Nominated Advisors, Cenkos, that it was our intention to do so in advance of any offer being made by us. With your investment we are aiming to purchase a substantial shareholding before the Club is listed. The terms of any investment will be negotiated with the Club by the Board and the Board will only approve a purchase if it believes that (1) the price per share is realistic (2) the Club will be in a sustainable financial position and (3) the arrangements are consistent with the long term aim of securing control of the Club for the benefit of the community it serves The proposed purchase price of each share at the pre-ipo price is 1 per share with a purchases in blocks of 500 shares and we will (subject to the conditions in the previous paragraph) be buying for you collectively We intend to continue to buy shares post listing on the Alternative Investment Market (again subject to the conditions set out above), as you further invest in the Community Share Issue, until the target objective is met If shares in the Club are listed on any public market then our approach may need to be adjusted to take into account regulations which will apply in that situation. In particular RST (in addition to applying the conditions set out above) would not acquire shares which might oblige us to make an offer for the entire Club unless the Board was satisfied that RST was in a position to fund and carry through such an offer 5 P a g e
6 Community Share Issues carry no additional voting rights in RST, your investment is in the interests of securing the future of our Club and irrespective of the number of shares you can afford everyone will have one vote Community Shares are withdrawable with the consent of the Board. Up to the point at which RST has a majority shareholding in the Club the Board intends to permit withdrawals at any time (on one month s notice), provided it can be done without financial cost to RST. Withdrawals, if possible, during this period, will be funded by the sale of RST s shares in the Club 6 P a g e
7 How it will work the fund has enough money to acquire control of Rangers FC The target objective of the Community Share Issue is for the Club to be controlled by the supporters. It may take many years to acquire enough shares to be in this position but if a point is reached at which the Board could, by agreement of by operation of the rules of a public market, give the support control of Rangers FC through RST using the money in the scheme, all Community Shareholders will be written to with a detailed outline of how the Club would run. At this point the Board would aim so far as possible to permit participants who wished to do so to withdraw their shares as it would be highly likely the Board would not be able to consent to the withdrawal of shares in the first few years of the Club operating under supporter ownership. It would be misleading to speculate on how the Club would be run when we reach the target objective, in fact that will be up to you the supporters and Community Shareholders so that is why that detail must follow later, but we can confirm that in keeping with the Community Benefit model in which the funds are held the following principles would be enshrined; Rangers FC would be owned through RST on a one member one vote basis Membership would be affordable and open to all of the Rangers FC community The Club would be run sustainably In addition, whilst there would be no guarantee, we would aspire to the following for investors who kept money in the Community Share Issue to enable the acquisition of Rangers FC We would hope to repay all participants who invest in the scheme at some point in the future should they want to leave We would hope to share in the success of the Club by paying a small amount of interest to participants should the Club be able to afford it In each case, under the Rules of RST, the Board will decide on repayment or payment of interest having regard to the long term interests of RST, the need to maintain prudent reserves and RST s primary commitment to community benefit. 7 P a g e
8 What is a Community Benefit Society? A Community Benefit Society is a recognised legal form. It arises when a group of like-minded people come together to carry on a business which has wider community and social development aims. It is a not for profit organisation run by its members and is recognised as a real alternative to the company structure which is the way the majority of football Clubs are owned. The Community Benefit Society raises capital by issuing shares to its members who share in its vision. Our vision is straightforward and unambiguous: The democratic ownership of Rangers Football Club by the Rangers Community so that the Club plays its proper role in the community it serves. Why democratic ownership? With regulatory change in the air, such as Uefa s Financial Fair Play, there is a growing shift of clubs in the UK running more responsibly and involving supporters in their ownership structures. This enables the club to play a responsible role in its community but it also offers benefits in sustainability. Aside from the added protection it can offer, having supporters as a check and balance, it also offers the opportunity to get a competitive advantage with better communication and trust leading to organisational and business benefits. Many European clubs are already ahead of the curve; famously, supporters in Germany are protected by the 50+1 in favour of the members association (similar to RST). But it s far from just a protection; this ownership model has huge revenue potential. German Clubs lead the way in Europe with the highest average attendances in any league (for the last nine seasons) and collectively they have comfortably the highest commercial revenue of any of the big 5 leagues. This commercial success has allowed a football supporter watching top flight German football to follow their team for less than 20 Euros a game. More and more supporters in the UK are waking up to this model of ownership and want it at their clubs but few have the chance to make it work like we do at Rangers. Our community is huge - working collectively is our strength. 8 P a g e
9 The Detail The shares which are being issued are Capital Funding Shares in accordance with rule 16 of the Society s rules. The shares are issued in accordance with rule 21 of the Society s rules. The Board has approved the following terms for the share issue: The minimum purchase of shares is 125 and members can invest up to a maximum of 20,000 Should you be fortunate to be able to invest more towards our aim please contact us directly at invest@buyrangers.org Shares may be purchased by anyone over the age of 16 or by an incorporated body or by a firm The commencement date for this offer is 1 st November 2012 with shares available from 1 st December The share offer will remain open until the objective of the scheme has been met securing majority ownership of the shares in Rangers FC. No interest will be paid on the shares and any interest accrued by the Society will be used to administer the scheme first and then to further the aims of the Society. The shares are withdrawable with the consent of the RST Board. The Board intends, provided it can be done without a financial cost to RST to permit withdrawals subject to one month s notice in writing in the period up to the point at which RST acquires the majority of the shares in the Club. Thereafter, it is likely that there will be a period of at least three years during which the Board will not be able to consent to withdrawals. Application to withdraw shares must be made to the Board in the prescribed form (appendix iii). As the shares are issued by a corporate body, you have no liability beyond the value of the shares you buy. Shares cannot be transferred or sold. On the solvent dissolution or winding up of the Society, holders of shares will have no financial entitlement beyond payment of outstanding interest (if any) and repayment of paid-up share capital. The Rangers Supporters Trust is a Community Benefit Society and has a registered name of the Rangers Supporters Society Ltd with the Financial Services Authority. RST completes a regulatory return annually and you can check our returns at 9 P a g e
10 RST is owned by you, its members, and managed by a Board of Directors (the Board) elected by you. To invest in the Community Share Issue you must be a member, which also gives you other benefits such as being able to stand for election to the Board of RST and to have a vote in key decisions of the organisation. Every share you buy will help to progress toward the target objective although you will still only be entitled to one vote which ensures every one of us has a democratic voice irrespective of how many shares we can afford. The money invested into the Community Share Issue will be paid directly or via RST into a bank account operated by our solicitors Cobbetts LLP on the terms set out on the application form for shares with Lloyds TSB, King Street, Manchester, M2 4LQ, and managed by the RST Finance Committee to oversee your affairs. The members of the Community Share Issue Finance Committee include our treasurer, 4 members of the Board and several prominent members of the Rangers Family who do not serve on the Board. This ensures arm s length accountability for you at all times. If you require any further information in this respect you can check the Money Made Clear website ( or info@communityshares.org.uk. There is also more information and FAQs on our website The Community Share Issue is not designed as an investment and will not give you any financial return in the short term. If the objective of acquiring a majority stake in the Club is met, there is the possibility that interest could be paid in the future but this cannot be guaranteed, and more information would be provided at the point at which the acquisition was possible. The sale of these shares is not regulated by the Financial Services Authority because it is considered to be for the benefit of its members for the good of its society and not for financial return. The constitution of RST contains a statutory asset lock. This means that our assets can only be used for the benefit of our community and this cannot be amended by resolution. The assets of the Society can only be transferred to another organisation with a similar asset lock subject to three quarters of the members voting to dissolve it. The only payments a member may receive from the society is repayment of withdrawable shares or a small interest payment (capped at 2% above bank clearing base rate) should RST ever be in a position to pay interest. This commitment reflects our mutual purpose and is the basis upon which the shares are being issued. 10 P a g e
11 Membership As Community Shares can only be issued to RST members, any applications to buy shares by an individual whose RST membership has expired will be returned to the lapsed member with a reminder to renew membership. In the event that a member that has invested in the scheme fails to renew their RST membership, their funds will remain invested in the scheme until a request to withdraw is made meeting the terms of the scheme. The Society offers two types of membership: 1. Annually renewable - 10 per annum 2. Lifetime Membership is available from the RST website and the buyrangers.org website and applications will be accepted alongside an application to invest in the Community Share Issue. 11 P a g e
12 Risks This document contains certain forward-looking statements that are subject to risks and uncertainties, in particular statements regarding our plans, goals and prospects. RST s actual results and operations could differ materially from those anticipated in such forward looking statements as a result of many factors including the risks faced by the society which are described in this section and elsewhere in this document. These statements and the assumptions that underlie them are based on the current expectations of the Board and are subject to a number of factors, many of which are beyond their control. As a result, there can be no assurance that actual results will not differ materially from those described in this document. The Board of RST has identified and considered some of the risks of this initiative. This list is not designed to be exhaustive but we have intimated what we consider to be the appropriate action to be taken to protect the Society s assets: The owners of the Club refuse to offer shares for sale to the value of the fund The Board is likely to be able to consent to withdrawals of money held by RST at any time up to the point at which shares are bought we will continue to buy shares post listing or in other ways if the listing does not go ahead in pursuit of our objective Investment into an already insolvent business No investment by RST will be done without legal & financial due diligence commissioned by the Board Guarantees will be required as to the state of the finances of the Club and ownership of all Club assets you the supporters, the members will have the final say on our investment strategy All participants of the Community Share Issue will be written to should we reach a point of acquisition being given an opportunity to apply to withdraw before there is likely to be a suspension on withdrawals. The document will cover what is being bought, and how the Club will be run post acquisition The RST Board will take all reasonable steps to ensure it doesn t present an opportunity to invest in an insolvent business without ensuring it has adequate resource to take corrective action and competency to mitigate financial risk and move the Club towards being debt free The current owners go into administration RST needs to be in a position very quickly to negotiate with administrators we aim to negotiate regular financial reporting to us in return for our initial investment and your appointed board will report to you as to the financial health of the Club Professional competency must be engaged/employed immediately 12 P a g e
13 The share price falls after being listed on the Alternative Investment Market Provided appropriate terms can be negotiated, pre-listed shares will be purchased at 0.70* subject to a minimum of 500 per transaction. Following listing the value of each share may fall significantly reducing the value of the RST members holding and also the value of the Club - we are exposed to market forces in this respect as is the Club We recognise collectively that our investment is not for financial gain but in order to put the Club in the right hands in the interests of the community it serves *updated from 1.00 following Club prospectus release. 13 P a g e
Investing in community shares
Investing in community shares Investing in community shares Introduction Give, lend or invest? Have you been invited to buy shares in a community enterprise? Then you are not alone. You are one of thousands
More informationFC United Limited Individual Loan Stock Scheme. You could benefit from Social Investment Tax Relief of 30%!
FC United Limited Individual Loan Stock Scheme You could benefit from Social Investment Tax Relief of 30%! In March 2014 FC United launched a Loan Stock Scheme for businesses and organisations as part
More informationclubdevelopment Community Shares A better way for Sports Clubs to raise money
clubdevelopment Community Shares A better way for Sports Clubs to raise money 03 Introduction A Club can command a place in the community connecting people like few other things in modern day society,
More informationINTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW
REPUBLIC OF CYPRUS INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW (No 47(I) of 1999) English translation prepared by The Central Bank of Cyprus ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND GENERAL Section
More informationMANCHESTER UNITED SUPPORTERS CLUB BAHRAIN
MANCHESTER UNITED SUPPORTERS CLUB BAHRAIN AIMS AND OBJECTIVES The main objective of the Branch is to increase interest in support of Manchester United Football Club (hereinafter called the football club
More informationRegulatory Standards of Governance and Financial Management
Regulatory Standards of Governance and Financial Management 5. Regulatory Standards of Governance and Financial Management Introduction 5.1. This section sets out our Regulatory Standards of Governance
More informationFirm Registration Form
Firm Registration Form Firm Registration Form This registration form should be completed by firms who are authorised and regulated by the Financial Conduct Authority. All sections of this form are mandatory.
More informationVIRGIN STOCKS & SHARES ISA CONDITIONS
VIRGIN STOCKS & SHARES ISA CONDITIONS 1 PLEASE MAKE SURE YOU READ THESE CONDITIONS AS THEY CONTAIN INFORMATION YOU NEED TO KNOW This agreement is governed by the Individual Savings Account Regulations
More informationAct on Investment Firms 26.7.1996/579
Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act
More informationINSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES
SD 0880/10 INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES Laid before Tynwald 16 November 2010 Coming into operation 1 October 2010 The Supervisor, after consulting
More informationTen Steps to Writing a Constitution
Ten Steps to Writing a Constitution What is a constitution? In basic terms, a constitution is simply a set of written rules or an agreement governing the aims of your organisation, how it will be run and
More informationREPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections
REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009 Arrangement of Sections PART 1 INTRODUCTION 1 Interpretation... PART 2 ESTABLISHMENT OF OFFSHORE LIMITED PARTNERSHIPS 2 Offshore limited
More informationICSA Guidance on Protection against Directors and Officers Liabilities Indemnities and Insurance
ICSA Guidance on Protection against Directors and Officers Liabilities Indemnities and Insurance Contents If using online, click on the headings below to go to the related sections. 1. Introduction 2.
More information[Insert: Full Legal Name of the Company] (the Company ) (Collectively the Company and the Shareholder are the Parties ).
Summary Terms for a Shareholder s Agreement THIS AGREEMENT made as of the day of [], 200[]. A M O N G: [Insert: Investor], ( Shareholder ) - and - [Insert: Full Legal Name of the Company] (the Company
More informationTOPIC SHEET - COMMUNITY SHARES TOPIC SHEET COMMUNITY SHARES. What are community shares? Purpose. What s involved
Purpose This topic sheet provides you with information about how to raise investment capital from your community to finance enterprising activities that may be identified in a Community Led Plan. Community
More informationMinistry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)
Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES
More informationLONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013
LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING
More informationSummary of the Scheme and of the Independent Expert's Report BACKGROUND
TRANSFER OF ANNUITY BUSINESS OF THE EQUITABLE LIFE ASSURANCE SOCIETY TO CANADA LIFE LIMITED Summary of the Scheme and of the Independent Expert's Report BACKGROUND It is proposed that certain annuity business
More informationPlease read this document carefully as the terms below apply to your Membership
Please read this document carefully as the terms below apply to your Membership In particular, please note the following: Where purchasing Membership on behalf of another person, you are deemed to have
More informationModel Constitution for a Charitable Unincorporated Association
Model Constitution for a Charitable Unincorporated Association It may be appropriate to establish an unincorporated association where the organisation: is to be relatively small in terms of assets; has
More informationZurich Stocks and Shares ISA. Terms and conditions
Zurich Stocks and Shares ISA Terms and conditions Contents Introduction 3 The Terms and conditions 3 Roles and responsibilities 3 Risks 3 Terms and conditions 4 21) Your contract with us 4 22) Roles and
More informationNew Companies Ordinance Briefing Notes on Part 5 Transactions in relation to Share Capital
New Companies Ordinance Briefing Notes on Part 5 Transactions in relation to Share Capital INTRODUCTION Part 5 (Transactions in relation to Share Capital) of the new Companies Ordinance ( new CO ) contains
More informationCo-Operative Organisations. Establishing a Co-Operative Company or Industrial & Provident Society. What is a co-operative?
Co-Operative Organisations: Establishing a Co-Operative Company or Industrial & Provident Society What is a co-operative? A co-operative is a form of business organisation that is owned and democratically
More informationInvitation to Invest
Esk Energy (Yorkshire) Limited Invitation to Invest Rev B August 2012 a small-scale hydroelectric project to support community carbon reduction in Whitby and the Esk Valley www.whitbyeskenergy.org.uk The
More informationThe new Hong Kong Companies Ordinance, Chapter 622 of the Laws of Hong Kong, (the New CO )
New Hong Kong Companies Ordinance Introduction The new Hong Kong Companies Ordinance, Chapter 622 of the Laws of Hong Kong, (the New CO ) came into operation on 3 March 2014. The New CO consists of 21
More informationManagement liability - Employment practices liability Policy wording
Special definitions for this section Benefits Claim Defence costs The General terms and conditions and the following terms and conditions all apply to this section. Any compensation awarded to an employee
More informationKAZAKHSTAN LAW ON JOINT STOCK COMPANIES
KAZAKHSTAN LAW ON JOINT STOCK COMPANIES Important Disclaimer This does not constitute an official translation and the translator and the EBRD cannot be held responsible for any inaccuracy or omission in
More informationSMITH & PINCHING FINANCIAL SERVICES LTD 295 Aylsham Road, Norwich, NR3 2RY Telephone: 01603 789966 Fax: 01603 789937 Email: info@smith-pinching.co.
SMITH & PINCHING FINANCIAL SERVICES LTD 295 Aylsham Road, Norwich, NR3 2RY Telephone: 01603 789966 Fax: 01603 789937 Email: info@smith-pinching.co.uk CLIENT AGREEMENT WHAT SERVICES DO WE OFFER? Smith &
More informationIRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES
IRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES 30 July 2008 Contents Page A. Introduction 4 B. Amendments
More informationGUIDE TO INVESTMENT FUNDS IN BERMUDA
GUIDE TO INVESTMENT FUNDS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Principal Regulatory Framework 2 3. Investment Fund Structures and Forms 4 4. Segregated Accounts Companies and the Segregation
More informationManaged Fund Service. Terms and Conditions
Managed Fund Service Terms and Conditions Important Information These are the Terms and Conditions for your Balkerne Asset Management Managed Fund Service. You are advised to read them carefully. The terms
More informationTerms and Conditions Individual Savings Account and Investment Account. For accounts opened after 28 April 2011
Terms and Conditions Individual Savings Account and Investment Account For accounts opened after 28 April 2011 These terms and conditions cover the Sterling Individual Savings Account and Sterling Investment
More informationScheme Rules. The JLT (Schools PA) Discretionary Trust Arrangement. Distinctive. Choice. JLT GROUP SERVICES PTY LTD
Scheme Rules The JLT (Schools PA) Discretionary Trust Arrangement Distinctive. Choice. JLT GROUP SERVICES PTY LTD Version (SchoolsPA) 2014 Distinctive Choice JLT is an international group of Risk Specialists
More informationSUPPLEMENTARY INFORMATION DOCUMENT THE NFU MUTUAL SELECT INVESTMENT PLAN THE NFU MUTUAL SELECT INDIVIDUAL SAVINGS ACCOUNT (ISA) INVESTMENTS
SUPPLEMENTARY INFORMATION DOCUMENT THE NFU MUTUAL SELECT INVESTMENT PLAN THE NFU MUTUAL SELECT INDIVIDUAL SAVINGS ACCOUNT (ISA) INVESTMENTS SUPPLEMENTARY INFORMATION DOCUMENT The NFU Mutual Select Investment
More informationSUNCORP GROUP LIMITED
SUNCORP GROUP LIMITED ABN 66 145 290 124 EXEMPT EMPLOYEE SHARE PLAN TRUST DEED 5709273/1 TABLE OF CONTENTS 1. PURPOSE... 1 2. DEFINITIONS... 1 3. OPERATION OF THE PLAN... 4 4. HOW THE PLAN WORKS... 4 5.
More informationCONSULTATION PAPER NO 2. 2004
CONSULTATION PAPER NO 2. 2004 REGULATION OF GENERAL INSURANCE MEDIATION BUSINESS This consultation paper explains the need for the Island to regulate general insurance mediation business and examines the
More informationDisposal Schedule for Functional records of Retirement Benefits Fund. Disposal Authorisation No. 2416
Disposal Schedule for Functional records of Retirement Benefits Fund Disposal Authorisation No. 2416 TABLE OF CONTENTS INTRODUCTION Page 4 Archives legislation Page 4 Schedule elements and arrangement
More informationMemorandum And Articles Of Association for Company Limited by Guarantee. Memorandum of Association. Transport Planning Society Ltd
Memorandum And Articles Of Association for Company Limited by Guarantee Memorandum of Association of Transport Planning Society Ltd 1. Name The Company's name is The Transport Planning Society Ltd. 2.
More informationContinuous Disclosure Policy OtherLevels Holdings Limited (ASX)
Continuous disclosure policy OtherLevels Holdings Limited ACN 603 987 266 Adopted on 19 February 2015 Level 11 Central Plaza Two 66 Eagle Street Brisbane QLD 4000 GPO Box 1855 Brisbane QLD 4001 Australia
More informationRules of Mortlake Anglian and Alpha Boat Club
Last revised: October 2010 NAME Rules of Mortlake Anglian and Alpha Boat Club 1. The name of the Club shall be Mortlake Anglian and Alpha Boat Club. COLOURS 2. The colours of the Club shall be Black, Red
More informationST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on
DISPLAY VERSION ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010 Approved by shareholders of the Company on Adopted by the board of the Company on The Plan is a discretionary benefit offered by St Ives
More informationCORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS
1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for
More informationVC - Sample Term Sheet
VC - Sample Term Sheet Between [Investors] ("Investors") and [Founders] ("Founders") (The Investors and the Founders are jointly referred to as the Shareholders ) and [The Company] ("Company") (The Investors,
More informationIncome and gains generated by ISA investments are exempt from any further UK income tax as well as capital gains tax in the hands of the investor.
What is an ISA? ISA stands for Individual Savings Account. ISAs have been available since 6 April 1999. An ISA is a scheme for investment managed in accordance with the ISA Regulations under terms agreed
More informationELECTRICITY MARKET ACT
1 NB: Unofficial translation Ministry of Trade and Industry, Finland ELECTRICITY MARKET ACT (386/1995; amendments up to 1172/2004 included) In accordance with a decision by Parliament, the following is
More informationSHARE TRADING POLICY
SHARE TRADING POLICY 1 PURPOSE 1.1 SCOPE This policy summarises the law relating to insider trading and sets out the Company s trading policy on buying and selling securities of the Company including shares,
More informationAuthorisation Requirements and Standards for Debt Management Firms
2013 Authorisation Requirements and Standards for Debt Management Firms 2 Contents Authorisation Requirements and Standards for Debt Management Firms Contents Chapter Part A: Authorisation Requirements
More informationInsolvency: a glossary of terms
Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general guidance only. Many
More informationREMUNERATION COMMITTEE
8 December 2015 REMUNERATION COMMITTEE References to the Committee shall mean the Remuneration Committee. References to the Board shall mean the Board of Directors. Reference to the Code shall mean The
More informationShareholder Protection An Advisor Guide
For Financial Advisors use only Shareholder Protection An Advisor Guide Life Advisory Services This document provides an outline of the taxation issues to be considered when you are putting together a
More informationINTRODUCTION TO THE DIFC. 42 countries Population of 2.2 billion people Combined economy US$ 2.5 trillion
DIFC Companies Law INTRODUCTION TO THE DIFC 42 countries Population of 2.2 billion people Combined economy US$ 2.5 trillion DIFC Region Financial Free Zone 100 percent foreign ownership; Zero percent tax
More informationJebel Ali Free Zone Authority JEBEL ALI FREE ZONE AUTHORITY
JEBEL ALI FREE ZONE AUTHORITY OFFSHORE COMPANIES REGULATIONS 2003 1 Part 1: GENERAL 1 1. Title 8 2. Legislative authority 8 3. Date of enactment and commencement 8 4. Interpretation 8 Part 2: COMPANY FORMATION
More informationDebt Management Plan Protocol
Aims of Protocol Debt Management Plan Protocol This Protocol aims to protect and promote the needs and best interests of consumers who take out debt management plans (DMPs). In particular, it aims to ensure
More informationTERM SHEET FOR INVESTMENT IN [INVESTEE] LIMITED
TERM SHEET FOR INVESTMENT IN [INVESTEE] LIMITED This Term Sheet summarises the principal terms of the proposed investment by Invest Growth Fund LP (the Fund or the Lead Investor ) acting by its manager,
More information'(0878$/,=$7,21 5(*,0( )25 &$1$',$1 /,)(,1685$1&( &203$1,(6 CONSULTATION PAPER August 1998
CONSULTATION PAPER August 1998 Copies of this report may be obtained from: Distribution Centre Department of Finance 300 Laurier Avenue West Ottawa, Ontario K1A 0G5 Telephone: (613) 995-2855 Facsimile:
More informationInsolvency and enforcement procedures in England & Wales
Insolvency and enforcement procedures in England & Wales Contents Introduction...01 Company Voluntary Arrangement (CVA)...02 Scheme of Arrangement (Scheme)...05 Administration / Pre-pack Administration...08
More informationVoluntary administration: a guide for creditors
INFORMATION SHEET 74 Voluntary administration: a guide for creditors If a company is in financial difficulty, it can be put into voluntary administration. This information sheet provides general information
More informationClaims Management Services Regulation. Conduct of Authorised Persons Rules 2014
Claims Management Services Regulation Conduct of Authorised Persons Rules 2014 Effective from 1 October 2014 Contents Introduction 1 Definitions 1 General Rules Principles 2 Conduct of Business 2 Professional
More information114CSR8 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 8 REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS
114CSR8 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 8 REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS Section 114-8-1. General. 114-8-2. Definitions. 114-8-3. Exemptions. 114-8-4. Duties
More informationFINANCIAL PLANNING Nationwide customer agreement
FINANCIAL PLANNING Nationwide customer agreement Customers receiving advice This important document describes in detail the terms and conditions that will apply to charging for advised services. It explains
More informationINSOLVENCY (BANKRUPTCY & LIQUIDATION) AND CHARGING ORDER POLICY
EK SERVICES POLICIES AND PROCEDURES INSOLVENCY (BANKRUPTCY & LIQUIDATION) AND CHARGING ORDER POLICY EK Services Insolvency & Charging Order Policy 1 Contents 1. Introduction and purpose of policy document
More informationPOLICE MUTUAL ASSURANCE SOCIETY. Principles and Practices of Financial Management July 2015. PPFM v16.4
PPFM v16.4 1. INTRODUCTION... 1 1.1. Purpose and History... 1 1.2. Fair and effective management... 2 1.2. Overview... 3 1.3. Principles of Financial Management... 4 1.4. Practices of Financial Management...
More informationInsolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd
Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable
More informationMERCER GLOBAL CREDIT FUND Product Disclosure Statement
MERCER GLOBAL CREDIT FUND Product Disclosure Statement 1 June 2015 ARSN: 141 046 282 APIR: MIN0032AU Contents Page 1. About Mercer Investments (Australia) Limited 2 2. How the Mercer Global Credit Fund
More informationResidential mortgages general information
Residential mortgages general information Residential mortgages general information 2 Contents Who we are and what we do 2 Forms of security 2 Representative Example 2 Indication of possible further costs
More informationMERCER GLOBAL LOW VOLATILITY SHARES FUND Product Disclosure Statement
MERCER GLOBAL LOW VOLATILITY SHARES FUND Product Disclosure Statement 1 June 2015 ARSN: 154 973 154 APIR: MIN0083AU Contents Page 1. About Mercer Investments (Australia) Limited 2 2. How the Mercer Global
More informationChapter 6A SPONSORS AND COMPLIANCE ADVISERS
Chapter 6A SPONSORS AND COMPLIANCE ADVISERS Definitions and interpretation 6A.01 In this Chapter: (1) Compliance Adviser means any corporation or authorised financial institution licensed or registered
More informationTHE OLD MUTUAL INTERNATIONAL investment account
THE OLD MUTUAL INTERNATIONAL investment account investments pensions benefit from our strength and reputation The Investment Account is provided by Old Mutual International Isle of Man Limited Singapore
More informationRULES THE RIO TINTO SHARE SAVINGS PLAN
B RIO TINTO PLC RULES OF THE RIO TINTO SHARE SAVINGS PLAN Shareholders' Approval: 11 April 2002 Shareholders Re-Approval: 19 April 2012 Directors' Adoption: 28 June 2002 HMRC Approval: 26 July 2002 HMRC
More informationRules of Mortlake Anglian and Alpha Boat Club
Rules of Mortlake Anglian and Alpha Boat Club NAME 1. The name of the Club shall be Mortlake Anglian and Alpha Boat Club. COLOURS 2. The colours of the Club shall be Black, Red and White. OBJECTS 3. The
More informationFINANCIAL REPORTING STANDARDS FRS 9
CONTENTS SUMMARY Paragraph FINANCIAL REPORTING STANDARD 9 Objective Scope 2-3 Definitions 4-5 Applying the key definitions in practice 6-17 A joint arrangement that is not an entity 8-9 A joint venture
More informationTRUST AND ESTATE PLANNING PARTNERS IN MANAGING YOUR WEALTH PARTNERS IN MANAGING YOUR WEALTH
TRUST AND ESTATE PLANNING 1 About St. James s Place At St. James s Place Wealth Management we offer a wide range of high quality services to both individuals and businesses. At the heart of the business
More informationAuthorised Persons Regulations
Authorised Persons Regulations Contents Part 1: General Provisions Article 1: Preliminary... Article 2: Definitions... Article 3: Compliance with the Regulations and Rules... Article 4: Waivers... Part
More informationAn Introduction To Insolvency - Part 1
An Introduction To Insolvency - Part 1 An Introduction To Insolvency - Part 1 Introduction A company (or LLP) will be considered to be insolvent if it is unable to pay its debts. A person can be insolvent,
More informationwww.yourmoneyclaim.co.uk tel: 01254 822880 Fighting Your Corner
www.yourmoneyclaim.co.uk tel: 01254 822880 Fighting Your Corner BILLIONS set aside in compensation for mis-sold PPI & bank accounts Welcome MILLIONS to Your are Money entitled Claim, to compensation The
More informationHow to incorporate. A guide to the Associations Incorporation Act 1985. www.cbs.sa.gov.au
* How to incorporate A guide to the Associations Incorporation Act 1985 www.cbs.sa.gov.au 1 how to incorporate The information provided in this brochure is of a general nature only and should not be relied
More informationTACTEX F1 PRIVATE EQUITY FUND LP SUMMARY OF PRINCIPAL TERMS
TACTEX F1 PRIVATE EQUITY FUND LP SUMMARY OF PRINCIPAL TERMS Certain terms and attributes of Tactex F1 Private Equity Fund LP (the Partnership ) are highlighted below. This summary is qualified in its entirety
More informationPolicy for the Exploitation of University Intellectual property - Formation of New Companies
Policy for the Exploitation of University Intellectual property - Formation of New Companies 1. Introduction By law, the University owns the Intellectual property (IP) generated by its employees in the
More informationAPPENDIX Company Annoucement May 15, 2014, STOCK OPTIONS TO PRESIDENT AND CEO OF ASPOCOMP GROUP PLC
APPENDIX Company Annoucement May 15, 2014, STOCK OPTIONS TO PRESIDENT AND CEO OF ASPOCOMP GROUP PLC ASPOCOMP GROUP PLC STOCK OPTION PROGRAM 1/2014 I. TERMS OF STOCK OPTIONS 1.1 Number of Stock Options
More informationGuidelines. ADI Authorisation Guidelines. www.apra.gov.au Australian Prudential Regulation Authority. April 2008
Guidelines ADI Authorisation Guidelines April 2008 www.apra.gov.au Australian Prudential Regulation Authority Disclaimer and copyright These guidelines are not legal advice and users are encouraged to
More informationSIPP Key Facts. This is an important document which you should keep.
SIPP Key Facts! This is an important document which you should keep. 2 Key Facts of the Alliance Trust Savings SIPP The Financial Conduct Authority is the independent financial services regulator. It requires
More informationOverview of Entities in the DIFC
Overview of Entities in the DIFC Table of Contents Page Topic Objectives... 3 Session 1: Legal structures in the DIFC... 4 Session 2: Legal structures & their use... Error! Bookmark not defined. Session
More informationTHE COMPANIES ACT 2006 PRIVATE COMPANY LIMITED BY GUARANTEE ARTICLES OF ASSOCIATION of CORNWALL PARTNERS IN CARE LIMITED
THE COMPANIES ACT 2006 PRIVATE COMPANY LIMITED BY GUARANTEE ARTICLES OF ASSOCIATION of CORNWALL PARTNERS IN CARE LIMITED PART 1 INTERPRETATION AND LIMITATION OF LIABILITY 1 Defined terms (1) The regulations
More informationTerms of Business. Who we are? Whose policies do we offer? Which service will we provide you with?
Terms of Business The Financial Conduct Authority is the independent watchdog that regulates financial services. Contained in this document is information which the Financial Conduct Authority requires
More informationDebt Management and Recovery Policy for care & residential services debt
Debt Management and Recovery Policy for care & residential services debt V1.0 15 Jun 2012 www.manchester.gov.uk LEFT BLANK INTENTIONALLY 2 Table of Contents 1 Introduction and Background 4 2 Legal and
More informationNationwide customer agreement. Customers not receiving advice
SELF-Directed Nationwide customer agreement Customers not receiving advice This important document describes the terms and conditions that will apply if you invest on a selfdirected basis without advice.
More information13.9.6.1 ISSUING AGENCY: New Mexico Public Regulation Commission, Insurance Division. [13.9.6.1 NMAC - Rp 13 NMAC 9.6.1, 1-1-04]
TITLE 13 CHAPTER 9 PART 6 INSURANCE LIFE INSURANCE AND ANNUITIES REPLACEMENT OF LIFE INSURANCE AND ANNUITIES 13.9.6.1 ISSUING AGENCY: New Mexico Public Regulation Commission, Insurance Division. [13.9.6.1
More informationClaims Management Services Regulation. Conduct of Authorised Persons Rules 2013 (2)
Claims Management Services Regulation Conduct of Authorised Persons Rules 2013 (2) Effective from 8 July 2013 Contents Introduction 1 Definitions 1 General Rules Principles 2 Conduct of Business 2 Professional
More informationExplanatory Notes to Sample B MODEL ARTICLES OF ASSOCIATION FOR PRIVATE COMPANIES LIMITED BY SHARES
Explanatory Notes to Sample B MODEL ARTICLES OF ASSOCIATION FOR PRIVATE COMPANIES LIMITED BY SHARES This Model Articles of Association is the Model Articles prescribed in Schedule 2 of the Companies (Model
More informationGUIDANCE NOTES for Insurance Business
GUIDANCE NOTES for Insurance Business INTRODUCTION 1. The Isle of Man Government is fully committed to encouraging the development of insurance business carried on from within the Island provided it is
More informationDSA. Guide to a Debt Settlement Arrangement
nseirbhís Dócmhainneachta na héirea DSA Guide to a Debt Settlement Arrangement n Insolvency Service of Ireland A Debt Settlement Arrangement enables an eligible insolvent debtor to reach agreement with
More informationInsolvency: a guide for shareholders
INFORMATION SHEET 43 Insolvency: a guide for shareholders If a company is in financial difficulty, it can be put under the control of an independent external administrator. The role of the external administrator
More informationCouncil Tax Relief on the Grounds of Hardship
Council Tax Relief on the Grounds of Hardship 1. Introduction 1.1 The Local Government Finance Act 1992 section 13a has always allowed for a discretionary relief of Council Tax in exceptional circumstances
More informationEXPLANATORY STATEMENT. STATUTORY RULES 2010 No.
EXPLANATORY STATEMENT STATUTORY RULES 2010 No. Issued by authority of the Assistant Treasurer Tax Agent Services Act 2009 Tax Agent Services Amendment Regulations 2010 Section 70-55 of the Tax Agent Services
More informationChapter 32 Utah Interlocal Financing Authority Act
Chapter 32 Utah Interlocal Financing Authority Act 11-32-1 Short title. (1) This chapter shall be known as the "Utah Interlocal Financing Authority Act." (2) All bonds issued pursuant to authority of this
More informationIncorporating a Company
Incorporating a Company what you need to know About this Guide This guide has been produced by Sean Toomer, Founder of Diverso, a firm of accountants, taxation advisors and business consultants based in
More informationCommunity Shares Practitioner Training and Licensing
Community Shares Practitioner Training and Licensing January 2016 Contents Introduction... 4 Becoming a licensed practitioner... 4 Other materials... 5 Skills Specification... 6 Functional analysis...
More informationMulti-employer withdrawal arrangements
Multi-employer withdrawal arrangements Guidance from the Pensions Regulator November 2005 as they existed before 6 April 2008. 1 Contents About this guidance...3 Introduction...4 Proposing a withdrawal
More informationCompanies Act 2006. Capital reductions and share buybacks. April 2008
Companies Act 2006 Capital reductions and share buybacks April 2008 Introduction Under the Companies Act 2006, private companies will from 1 October 2008 be able to make a reduction of capital without
More informationSocial Investment Tax Relief (SITR)
Social Investment Tax Relief (SITR) The legislation governing SITR will not become law until the Finance Bill receives Royal Assent, expected to be in July 2014. This guidance is based on HM Revenue and
More information