Journal

Capital Return for Members

Capital Return for Members

Update: Hepburn Wind Capital Return has now closed. 

Hepburn Wind is now in a position to offer our members an optional Capital Return, in the form of a repurchase of shares (share buyback). Note, though, that it is not a dividend.

The Capital Return is a commonplace, tax-effective way of returning shareholder funds to those who would like to participate. In order to receive the financial return, members who wish to receive the financial return will need to surrender 5% of their shareholding (Please read our detailed FAQs for further information).

The board of Hepburn Wind has taken a conservative approach to the capital return. This is due to the downward trend in prices for Renewable Energy Certificates that is forecast to occur towards 2020 due to federal energy policy uncertainty.

All unclaimed capital that isn’t taken up by members will be put to use to develop ongoing sustainability and profitability; for example, we will consider new projects and investments that could help grow our co-operative and take us closer to being able to pay dividends in the future. Please also note that we are around a decade ahead of schedule in regards to being debt free.

The details are as follows:

  • The board has allocated a maximum total sum of $500,000, equivalent to approximately 5% of members’ shareholdings.
  • Shares will be repaid at $1.00 per standard share, up to a maximum of 5% of any member’s shareholding.
  • To participate in the repurchase of shares each shareholder must make the choice to have their shares repurchased (up to the offer limit).

Please note that $500,000 is the maximum amount that may be paid out through this offer if all shareholders were to take up the repurchase of shares. The Board encourages members to consider not taking up this offer because Hepburn Wind is a community enterprise managing a community asset which is a long-term investment, with many more years and milestones ahead. All funds allocated to the return that are not spent will be retained to further assure the future of the Co-operative.

For members who do wish to take up the offer:

  • Go to Security Transfer Australia our share registry provider’s website (www.securitytransfer.com.au/login.cfm) to register your participation.
  • To log in you will need to select; Investment Name: Hepburn Wind, Holder Type: Issuer Sponsored, SRN/HIN: (enter your share registry number), Holder Name: (enter your surname), Post Code: (enter your postcode).
  • If you need any of these details please call STA on +61 3 9628 2200.
  • Once you have logged in, on the right-hand side you will need to click on the link ‘Buyback’. This will then take you to the portal.
  • Once you confirm you wish to sell the shares you will receive a confirmation email, and the information will be sent to STA to update the system.
  • Note that the Capital Return offer will close at 5pm AET on Friday 13 October.

Payments to members with an Australian registered address will only be made by way of direct credit to an Australian bank account. Members who have changed details should update them online at www.securitytransfer.com.au/login.cfm

If you have further questions, please review our FAQs. We have endeavoured to answer as many questions as possible there, if there are some missing please contact us at info@hepburnwind.com.au. We will keep adding FAQs as they come through to us.

We want to thank you for your continued support for our community enterprise.

You can find out more about STA here and read our FAQs here.

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