Social Impact Share Take-Up
Wednesday, 22nd October 2014 at 9:05 am
A national share offer to raise capital for investment for Australia’s Not for Profit sector has received its first application from an existing Community 21 shareholder, Able Australia.
“Able Australia have seen their way clear to invest a substantial sum at a time when the Government funding system is undergoing big changes,” Community 21 Executive Director Peter Quarmby said.
“We’re thrilled and grateful to have received this vote of confidence from one of our existing shareholders. This demonstrates the high value they have placed in their partnership with us over the years,” he said.
Founded in 2001, Community 21 is a consortium of Not for Profit organisations and one of Australia’s most successful social businesses delivering financial products and services for Australian Not for Profit organisations and their work.
Community 21 launched their community Share Offer in August 2014 and is currently seeking Not for Profit organisations to invest.
Able Australia is a Not for Profit organisation delivering person-centred services to people living with multiple disabilities, including deafblindness and in community support services.
From its early beginnings as the Victorian Deafblind and Rubella Children’s Association in 1967, Able Australia has grown into a diverse organisation that supports more than 4000 people throughout the Australian Capital Territory, Tasmania, Queensland and Victoria.
“If we are to continue providing a better life experience to people in our community, we need a strong Not for Profit sector that is capable of meeting every individual need,” Able Australia CEO, Kaye Collard said.
“We are always looking for initiatives that contribute to the sector. We are confident organisations like Community 21 have a significant role to play in meeting that goal.”
“The capital raised will continue the Not for Profit sector’s longstanding partnership with Bendigo Bank, and will go towards an expansion of their joint venture company, the NFP banking specialist, Community Sector Banking,” Quarmby said.
He said the share offer was seeking to raise up to $4 million for a number of key initiatives including a crowdfunding project supporting social outcomes and the development of impact investing vehicles, such as a social impact fund, which would allow for equity investment in social impact projects.
“Twelve years ago, 20 diverse Not for Profits contributed $20,000 each to buy the first shares to create Community 21 Limited, setting up a company dedicated to helping Not for Profits take control of their financial destinies."
“From our research, as a share offer from a consortium made up of Not for Profit shareholders, this seems to be the first of its kind in Australia.”
The Prospectus said the offer price per share was $5.00 with 400,000 shares on issue immediately with up to 800,000 new shares being offered.