Low Carbon Hub Community Groups: Becoming a member of the IPS
Further to the recent consultation and consolidation of the Low Carbon Hub, all current B class shareholders in the Low Carbon Hub CIC are invited to sell their £1 share in the Low Carbon Hub CIC to the Low Carbon Hub IPS in exchange for a £1 share in the Low Carbon Hub IPS Ltd. A guide to completing the documents can be found below.
Documents for signing:
Each community group has been sent in the post a full set of the documents that need signing plus a SAE.
We would be most grateful if you could complete and return the paperwork to us, ideally by 24 July 2023.
For reference, and ease of sharing with other group members, electronic versions of each item can be found below, and in the relevant section of the guide to completing the Share Exchange Paperwork:
Cover Letter from the Communities Director
- Written Resolution
- Low Carbon Hub Community Groups: Becoming a member of the IPS
- Share Exchange Agreement
- Stock Transfer Form
Each of the following documents need to be signed by the Authorised Community Group Representative and returned to:
Tessa Paterson, Low Carbon Hub,
Holywell House, Osney Mead,
Oxford OX2 0ES
A guide to completing the Share Exchange Paperwork
There are four different documents that need to be signed on behalf of your group.
If any of the details are incorrect, please cross out it out and write in the correct information, initialling the change. Alternatively, please email us via info@lowcarbonhub.org and we can correct and reissue the paperwork.
If you have any questions at all about this process, please do not hesitate to contact us by email info@lowcarbonhub.org or calling 01865 246099.
- Written Resolution – printed on pink paper in the mailing pack
This is a Resolution that enables us to transfer the shares held by the CIC Community Groups to the IPS, which is the first step in the process in exchanging your class B share from the CIC to the IPS. It needs to be signed by the majority of the CIC shareholders by Monday 24 July 2023.
The article 34.1 that is being deleted states “The Class ‘B’ Shares are non-transferable.”
Action: Please sign and date the form in the box
- Low Carbon Hub Community Groups: Becoming a member of the IPS – printed on white paper in the mailing pack
This document has a number of sections:
Section 1 is to confirm you have the agreement of your group to act on their behalf
Section 2 sets out some additional information that is required to complete your application for the £1 share in the IPS. The £1 being treated as an investment in the Community Energy Fund and so needs to go through the same process as any investment – whether £1 or £100,000.
The last part relating to payment of interest is to help us keep the administration of your £1 investment manageable.
Action: Section 1: sign and date
Section 2: a) Check to contact details are correct, and amend and initial if necessary AND b) Choose between Option 1 and 2 for interest (and delete as appropriate) AND c) sign and date
The agreement refers to a set of documents investors are advised to review. For reference they are listed below
Available documents:
Business Plan
2019 Community Energy Fund Guidelines
Community Energy Fund 2021 Share Offer Document
IPS rules
- Share Exchange Agreement – printed on green paper in the mailing pack
This is the agreement between your organisation and the Low Carbon Hub IPS whereby you agree to transfer the £1 share to the IPS, and the IPS issues you with a £1 share in IPS in return.
Action: a) Check the details and sign the last box on page 3
- Stock Transfer Form – printed on white paper in the mailing pack
The final bit of paperwork to complete the transfer of the £1 share which requires a signature too.
Action: Sign and date
Phew – done. Please return in the Stamped Addressed envelope.