Sadly many railways launched share issues many years ago offering generous travel benefits not realising just how much this may cost them in the years ahead in terms of lost revenue and management of long lists of shareholders with tiny investments. The SVR is by no means the first to try and rectify the situation Bluebell and Great Central immediately coming to mind I'm sure there will be others. Many of us have purchased shares in the past not expecting to receive a return and recognising that a charity structure offering gift aid tax advantages is a more efficient mechanism for fund raising. In some instances the SVR share offering included various tax advantages to the share purchaser under initiatives (EIS schemes) in place at the time. Similarly many societies offered life memberships with generous travel perks which in retrospect were very low cost relative to the benefits on offer. I doubt anybody actually fully understands the motivation of people buying shares or life membership or the degree to which individuals benefit from them. It would be interesting to know how widely spread the £270k loss was across those eligible or whether much of it was from a small number of individuals. It is clear that the references to benefits being abused and the need for photocards to prevent this show that the morals of some "supporters" are questionable and one suspects there are many shareholders who have rarely used their benefits preferring to support the railway by buying tickets when visiting. Whilst having some sympathy for those who have given significant support who possibly now have much depleted personal incomes in retirement as supporters we should all recognise that Railways are very expensive to maintain and it is unsustainable to provide significant free and reduced rate travel. I well recall travelling on an SVR train where the ticket inspector observed how few paid tickets he'd seen.