How It Works
OOf your £10,000 investment, £9,000 is in the form of Preference Shares and £1000 of Ordinary Shares. Preference shares don't fluctuate in value, and are only paid out in preference to ordinary shares should disaster befall the company. As 94% of Fantasy Fleet Ltd will be held in liquid assets (fully depreciated cars!), your investment is 90% asset backed. The remaining £1,000 of shares will be Ordinary Shares, and as such will fluctuate in value and pay dividends on profits made.
Fantasy Fleet Ltd. will generate profits by renting out the cars in the fleet on a one-off basis. This income will cover running costs such as insurance, storage and maintenance. Excess profits will be returned to the investors via their holding of ordinary shares, or used to upgrade the fleet.
What happens if I want my money back?
There are 2 ways that you can get your money back:
Firstly, this website points out that the only way to use the cars will be to hire them or become an investor member. Fantasy Fleet’s Company Secretary will hold a waiting list of those who wish to become an investor, together with how much they are prepared to pay for the shares – not only will you get to use the cars as rewards and potentially get cash dividends, you could also make a profit when you sell the shares.
Secondly, after 3 years (1st November 2015 will be next opportunity) you will get the option to redeem the shares for cash. Whilst the £9,000 of Preference shares will hold a fixed value, the Ordinary Shares will fluctuate; so on the 1st April of each year, the Board will decide the value of each nominal £1,000 of Ordinary Shares and publish that figure. This will be dependent on the cash held in the bank at that time. Should you wish to redeem your shares in that year, if you notify the Company Secretary in writing no later than 1st May, then by the 1st Nov you will be paid £9,000 plus the agreed value for your Ordinary Shares.
How many cars will the fleet have?
We are currently starting with 10 cars, and this may vary over time at the board’s discretion. See the Fleet page for details of these cars.
Where will the cars be stored and maintained?
We are yet to decide which property the fleet will be stored in, but it should be fairly close to the current location – i.e. within the ring-road on the west side of Edinburgh.
Each investor will have access to the club premises, and will be free to collect and return the car within the time slot that they have booked. Delivery will also be available at cost.
How will I book a car?
The website www.fantasygarage.co.uk will have a “Member’s area” which will provide access to a diary showing car availability. It will show fixed and provisional bookings so members can choose their time slot for a car and then e-mail us with the request form. We will respond and update the diary.
Who are the holders of the Ordinary shares in FF?
Out of the £36,000 nominal value ordinary shares, £16,000 will be held by the investor members, and £20,000 by the four Board members, chaired by Myke Grantham, who holds £11,000.
Who is Myke Grantham?
Myke is one of the founder members of the club back in March 2002, and has been a long term supporter of the club. He can be contacted by e-mail at Myke@cccedinburgh.co.uk for anyone who has further questions.
How do I apply for shares?
Download the Prospectus, complete the share application form and experienced investor disclaimer form, and return to us, complete with a cheque for the relevant amount and we will process your application. Should you wish to pay via a method other than cheque, just let us know.
The address is: Fantasy Fleet Limited, c/o 8 Ravelston House Road, Edinburgh, EH4 3LW |
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