4.5.8 Re-opening time-bound offers

A society can re-open a time-bound offer, with a new timetable, if the original offer succeeded in raising at least its stated minimum amount, and if the additional capital to be raised will not result in the total share capital exceeding the stated maximum amount. A society may re-open an offer in order to replace debt capital with share capital, or to launch a new phase of development highlighted in the supporting business plan. In such circumstances the same offer document and business plan can be reused, with revisions to the fundraising targets and timetable.