The deadline to buy shares in the proposed Swansea Bay Tidal Lagoon has been extended to 2 August 2013 to allow extra time for the 400 local people that have registered to buy shares to complete their investments.
Tidal Lagoon (Swansea Bay) Plc launched the £2m local community share offer to give people living in the SA postcode area the opportunity to be early stage investors in the planning and design development phase of the Swansea Bay Tidal Lagoon proposal.
The £2m Community Share offer is part of the Company’s current fundraising round. This is expected to raise a total of £5m from EIS qualifying shares and offers investment terms identical to a parallel £5m share offer to the wider professional investment community. With no minimum stake required, shares are priced at £800.
In launching the offer, Mark Shorrock, CEO of Tidal Lagoon Swansea Bay plc described the share offer as: “a rare opportunity to help shape the future of the country and change the balance of the UK’s energy mix by harnessing the natural power of the sea.”
Ioan Jenkins, Development Director adds:
“The share offer is a high risk investment as the proposed funds raised, being £10m in total, will be spent on the development phase; preparing the planning application for the lagoon and the associated Planning Inspectorate planning process as well as the turbine and breakwater design and optimisation and the completion of environmental survey work. There is no guarantee of securing development consent or securing construction finance thereafter, which is expected to be in the region of £650m to £750m. Realising value from this investment opportunity is not guaranteed and any potential investors are advised to take independent financial advice. However, we have been overwhelmed by the interest from local people who want to take advantage of this unique investment opportunity.”
It is envisaged that this high profile, renewable energy project will also help facilitate local regeneration objectives in Swansea Bay, create a renewable energy education and visitor resource, an impactful art and cultural icon and a national water venue suitable for sailing, triathlon, canoeing and rowing events. It will produce sustainable and predictable electricity during its expected useful economic life of over 100 years.
Those interested in investing should visit www.tidallagoonswanseabay.com to register for a copy of the investor memorandum. This offer will close on 2 August 2013.