Kennet Community Energy Limited is a not-for-profit social enterprise, constituted for the Benefit of the Community, and applications for membership were being accepted in specific fund raising periods.
For each fund raising a Prospectus was made available and applications for membership made by submitting a written and signed form contained within the Prospectus.
Our initial fund raising round ended on 31st May 2013 and a second round was opened on 1st October 2014.
Due to changes in government support for renewable energy, and in particular for the tax benefits for community energy companies, there is not a fund raising round open at present and we are not accepting applications for new Members.
In some more detail, our Rules ensure that Members own and control the Society as follows:
- There is a single class of shares with a nominal value of £1;
- Membership is open to individuals over the age of 16, corporate bodies or nominees of unincorporated associations.
- A Member of the KCEL Society must subscribe for a minimum number of 500 shares;
- No Member may hold more than 100,000 shares, unless the Member is another Community Benefit Society;
- All Members of KCEL have one vote regardless of how many shares they hold;
- The Board of KCEL is elected by the Members by rotation, at an Annual General Meeting, save for up to two Members who may be co-opted by the Board for a fixed period;
- Members may withdraw their share capital after a period of three years subject to Board approval and the availability of funds;
- Shares are not transferable as per KCEL’s Rules which prevent the sale of shares to third parties;
- Interest is payable on Members' share investment, at a rate determined by the Board and agreed at an AGM;
- KCEL obtained Seed Investment Enterprise Scheme (SEIS) qualification for the 1st funding round which is now closed, and we also gained Enterprise Investment Scheme (EIS) qualification for the 2nd funding round which opened in October 2014, thus providing tax relief benefits for our existing Members' investment if they are UK tax payers.
Members are kept up to date on KCEL developments through this web site, occasional emailed newsletters, an Annual Report and an Annual General Meeting.
Members are also provided with an individual secure login for this web site so that they can maintain their contact and membership details and we can publish non-public information to them.
The Frequently Asked Questions section of this web site provides further details which you may wish to review.
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