West Somerset Railway General Discussion

Don't forget now there are wires to get under when getting in and out of DRC. A question, I suppose, of how much work there is in removing the standard components.

 

Plus changing the drafting arrangements back for the full height chimney.

As I understand it main line has been ruled out for the current certificate, but nothing has been decided for the next one yet.

 

A solution would be to have a chimney with a permanently attached saddle and a removable top section, which would save having to dismantle half of the smokebox. Changing the blastpipe is a simple job, as is swapping the bonnet. The biggest issue would be the cab roof, as taking it off obviously requires more than a couple of spanners and a cup of tea.

As for a mainline 6023, well, personally, I think it's high time that the GWS faced the music, but that's definitely a subject for another thread!

 

News today - 6960 will be staying at the SVR until the expiration of the boiler certificate in 2021

 

Mainline running is vanity - not sanity

 

I can understand both sides of the argument, however some of our most iconic loco's - Tornado & Clan Line as 'for examples' do almost all their work on the main line.

More to the point however, while you can put a pannier through its paces on the WSR, for the bigger loco's surely the only place where you can experience what they were meant to do, and working hard is on the main line.

 

The Share Register on that link is interesting - lots of shareholders with 50 or 100 shares. ISTR that these are 10p shares, so they "invested" £5 or £10 only?

 

Don't you need to subscribe to get that information?

 

I just clicked on the link and downloaded the PDF

 

It took some finding. I was surprised to find such information available to the world and his wife. Share ownership is very spread out, but a lot of 'seriously large' shareholdings by people whose names you never hear (or see) in the discussions. It does show that some people with money have made a commitment to the Railway. If my memory serves me right (as a small shareholder I usually go to the AGM just to be sociable, but we haven't had one for a while!), it is, however, one shareholder, one vote.

 

The last SVR version 2016 was the same (subsequent years are on CD-ROM and you have to apply to view)

Patrick

 

Seriously large in terms of numbers of shares- but @ 10p each not a lot of cash. The total appears to be circa 8 million shares which is only £800k - a pretty small number if I'm reading it correctly. Perhaps I'm wrong and the issued share value is greater?

 

The most recent confirmation statement appears to show 23,270,843 shares, nominal value £2,327,084.30.

The large number of allotments of 50 or a 100 shares does, as you suggest, indicate investments of £5 or £10. Assuming they were made many years ago (perhaps in the 1970s), that suggests that the investment has surely been spent many times over just to maintain those names on the register - even in the 1970s, £5 wasn't a very large sum of money. It does rather confirm my feeling that for heritage railways, share ownership is an expensive way to raise capital for what is essentially an altruistic act.

Tom

 

However there is a need to make the management accountable, in the case of the WSR its via shares, in other places via Society Membership

 

By contrast the SVR issued share capital is over £10 million and the most recent share issue (2016) raised £2,548,595 - how many appeals raise that sort of money?

https://www.svrlive.com/copy-of-svr-share-issue-2016

 

The problem is actually likely to be even bigger. As you have mentioned the shares have no value on the open market. So when most peoples estates are being settled then it's highly likely that these small amounts of shares will have been forgotten. My own suspicion is that there are probably lots of orphaned shares still on the register.
You are entirely correct that it's not a efficient way to donate, either for the railway or the shareholder. What must be set against that fact is that folks must be free to choose. I suspect that the railway may consider again raising it's minimum initial purchase of shares to ensure that money is not simply lost in admin fees.

 

The generous travel concessions are an attraction for potential new shareholders, as well as an incentive for smaller shareholders to increase their holding. These concessions go with the shares if/when they change hands.

 

A couple of questions: How are shares in 'not for profit' entities (i.e. those sold on the clear understanding they'll never pay a dividend, or form any component of a controlling interest) classified in law? I'm specifically thinking "by HM Treasury for tax purposes", but are there any other legal aspects of share ownership?

 

I know that some on here have been anxious to receive further details of the AGM on 14th December.

My information pack arrived in the post this morning.

 

Like any other share? My recollection of my very minor preservation shareholding is that the lack of any prospect of a dividend was part of the information I was provided with on purchase. Likewise, I believe that the valuation of the shares for purposes like IHT would be based on accounting and tax guidance, rather than the share being separately classified somehow.


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