WRONG IMPRESSION OF L&B EXPANSION SHARE OFFER

The article on the L&B share offer (SR463) may give an entirely wrong impression about this part of the railway’s expansion. In the first instance, it should be understood that the L&B Blackmoor Company plc is offering shares in a venture that is intended to produce a dividend share of the profits and ultimately redeem the shares at par value. That is made clear in the share offer documentation. The share offers made by some other railways - such as the Severn Valley Railway’s Bridgnorth scheme - are not dividend bearing. For those that are, the Financial Conduct Authority has stringent regulations that have to be followed to enable interested parties to confirm their suitability to invest. In actual fact, the process is quite simple, the questions easy to answer and the next step in the application quickly reached. The format and wording of the share offer was strictly controlled in order to comply with the FCA requirements, and although we are aware that some potential investors may have been deterred, that may be the FCA’s intention. The planning application process with Exmoor National Park is taking longer than was expected for some very good reasons. This has resulted in additional input from our team and a sense of frustration from members and enthusiasts. However, we all hope that the end result will be worth the wait. It is perhaps not surprising that some investors in the Old Station House Inn at Blackmoor Gate are holding back until the ENPA decisions are made known in a few months’ time. The L&B is at a very exciting and interesting stage of its resurgence. It has been a long time coming, but well worth waiting for! Peter Miles, chairman, L&BR Trust, Tring