9.6 Equity investment
If a provisional offer of equity match is made following an application for Pathway 2/3, is there a time limit for then launching the share offer?
The Booster Programme aims to be as flexible as possible, in order to be “customer” facing and recognises that there are many elements in launching a community share offer.
Each application will be assessed on its individual merits but expectations are that a share offer will proceed within between 3 and 6 months of receiving an offer from the Booster Programme. Some share offers may well proceed more quickly. Societies delaying offers beyond 6 months will need to keep the Booster Programme informed and may be asked to represent their case to keep Booster offer open.
Does the match for Booster equity need to come from individual community shareholders or can it be matched with institutional investment?
The Booster Programme will in principle offer match equity investment to all sums raised by the local community up to a maximum of £100K where those sums raised are below the maximum share offer investment amount and are not made with any “special” investment conditions.
The Booster Programme seeks to avoid “double match funding” where share offers are already benefitting from other forms of institutional match funding.