Minutes of SGM 08/07/2021

Minutes of the Special General Meeting 
held at 7.00pm on Thursday 8^th July 2021

Present:

And approximately 60 members, including some seated outside.

1.  Chairman’s Opening Remarks

Chairman welcomed members and others to the meeting, and introduced Pen Hadow, the Fundraising Coordinator

2.  Presentation by Pen Hadow

Pen emphasised that the work done by the FMCLT was a team effort and that the way forward was for the community to work together to provide a secure home for the shop in the future.   The shop had been supported by the community for the last 150 years, and in turn had provided a high level of service, especially during the pandemic.   He pointed out that it was estimated that proximity to local shop was worth between 1% and 5% of the value of a property, equating to between £5,000 and £25,000 in Fontmell Magna.

3.  Chairman’s summary of progress so far

The Chairman introduced the other Directors.   He described the work of the Village Shop Working Group, which had researched other shops in the area, had examined the proposals to set up a hub around the Village Hall, and had come to the conclusion that acquisition of the freehold of the Village Shop and Post Office presented the best chance of securing the shop’s future.   He also explained that discussions had been held with the shop’s owner, who had verbally agreed to give FMCLT until the end of December to fund a purchase.

4.  Members’ Questions

Louise Murchie said that the shop provided an essential service to villagers, as well as a location where people could meet.   She was sure that if everybody contributed, the project could succeed.

Lorna McCurrach asked how the project would be managed.   The Chairman explained that a Property Management Group would be set up.   Its Terms of Reference would specify its objectives.  It would need some professional skills, such as accounting and legal.   If these could not be found from volunteers, they would be sourced externally.

Barry Roberts asked how much had been pledged to date, to which the answer was approximately £135,000.

Simon Man asked how the funds would be treated in the event that the property was sold at some future time.   How could shareholders or donors be assured that their money would not be put into another scheme?   Chairman pointed out that any new project would need members’ approval.   The Prospectus dealt with the possible sale of the property, and explained how members would have the right to request withdrawal of their shares on such a disposal.

5.   Resolution

The Chairman explained that the resolution had been worded to give directors the authority to proceed, to complete the necessary legal formalities, and to satisfy the requirements of any grant providers and financial institutions.

The following resolution was put to members:

Fontmell Magna Community Land Trust should:

(a)  proceed with the collection of pledges to build up enough funds to complete the purchase;

(b)  at the same time negotiate a final price with the freeholder, contract with him, with banks and other financial institutions, with charities and with other potential providers of financial support for the project;

(c)  complete the purchase if the conditions set out in the prospectus are met to their satisfaction.

On a show of hands, the Resolution was approved by 53 members, and no votes against.

6.  Fund Raising Update and Project Team Volunteering

Pen Hadow explained that it was essential to move quickly, and to reach a target £200,000 by the end of July.   This would put FMCLT in the position to approach grant providers, with the further aim of raising £400,000 in total, if possible without resorting to mortgage finance.

He said more fund raising events were needed, for example an auction of promises in the autumn, or a musical event at Springhead.

Members were all given a pledge form to complete as soon as possible.

Roger Thomas gave a brief account of dealing with the freeholder. This emphasised the difficulty of negotiating with him and he urged everyone to act now to make sure that we do not miss this opportunity.

The meeting closed at 8.30pm

RJMcC 

9/7/21