Share Offer Extended

shutterstock_77073613Why have we Extended our Share Offer?

As our share offer was due to close on 5th November, MaidEnergy had raised £37,000 of share capital in just 3 weeks.

This is a really exciting amount, but not enough to start our projects.  However, we always knew that we were working in an ambitious timeframe brought about by the proposed changes to solar energy subsidies.  Following the other changes to SEIS tax relief (see earlier blog and share offer document for an explanation of this), the Directors have decided to extend the share offer until 18th November.

This means that eligible tax payers will still be able to get 50% tax relief on their investments in our share offer.  We are also talking with another Co-operative about a loan to help us reach our share offer target.

Keep applying for shares and watch this space.

SEIS and all that

What is SEIS?

SEIS or Seed Enterprshutterstock_30193669ise Investment Scheme is an incredibly generous tax scheme to help encourage new enterprises.  Individual tax payers will be eligible for 50% of their investment back as tax relief in the first year.

MaidEnergy is a Community Benefit Society, a kind of social enterprise and therefore was eligible for the scheme.  I say was, because the government recently moved to change all this.  In order for your investment in community energy to be eligible for SEIS you need to have applied for shares by 18th November.

The best place for information about SEIS is here

What does this mean for MaidEnergy?

MaidEnergy is still committed to doing as many as possible of our 6 installations before October next year.  However, the income for investors will be less after the 18th November.  Therefore we are urging as many people as possible to invest beshutterstock_143526016fore then.

We will continue to fundraise and hope to still get more investment after this date, but we realise it will be harder.  However, if you are looking for a local, ethical investment, 4.3% is still not a bad rate of return.

To find out more go to our Downloads page or Be Part of It and get involved.