As work continues at Plough Lane, the Plough Lane Bond is being kept open.
With more than £5.1m in the bank, the Bond organisers are keeping applications open and encouraging existing applicants who haven’t yet completed their purchase to do so.
Whilst the vast majority of bonds have been completed, there are still 134 applicants (for bonds totalling over £200,000), who have yet to finalise their purchases. They are urged to contact the bond team and do so before the end of the month.
The Bond will remain open for any further applications at least until the Dons Trust and club have finalised the loan deal for the remainder of the stadium funding - which is expected to be announced in the next few weeks. The organisers would like to see the total push on to £6m, but remind fans that every new bond purchased helps the Trust and club enormously, while providing a return on investment of up to 4%.
Bond spokesman Damian Woodward explained: “Obviously, recent events have fundamentally changed all of our worlds in one way or another. The confidence of the bond money has allowed stadium construction to continue even during this extraordinary period and we are in the final stages of the due diligence for the loan negotiation.
“We have therefore decided to keep the Bond open for now and will still be accepting further applications at the same rates as before. Given saving interest rates have dropped even lower, the bond potentially represents even better value to investors.
“We are delighted to confirm that more than £5.1million in Bonds have been purchased and paid for - this is an incredible achievement and means it is our fans, and individuals who buy into our incredible story, who will be the biggest funders of Plough Lane.
“At the same time, we are still following up with a few remaining applicants who haven’t yet completed their purchases. If anyone has applied for a bond and not yet paid, we encourage them to do so as soon as possible. If you haven’t received your bond certificate in your email then it is likely that we haven’t received your funds. If you need any help to complete your purchase, please contact the admin team by e-mail.
“We fully appreciate that currently many fans and businesses are facing a different financial situation thanks to the impact of COVID-19. But if anyone is able to take out more bonds and provide further funding through the Bond scheme this remains the most cost effective way of the Trust (and club) ensuring the stadium will be built ready for us all to enjoy when restrictions are lifted.”
Dons Trust Chair Mark Davis added: “We remain incredibly grateful to everyone for their support of the Plough Lane Bond. We are glad it is being kept open to allow fans a further opportunity to invest more. We know fans are waiting for the announcement of a loan to complete the funding picture - we are now very close to this and will have more details as soon as the due diligence and paperwork is completed.”
Club Chief Executive Joe Palmer concluded: “A lot has changed since the Bond was launched, but we are glad to say we are keeping the stadium construction on track while complying with all government guidelines. The response from our supporters over the last few months, first of all through the Bond scheme and then the Dons Local Action Group, has been fantastic. Many thanks to you all and we look forward to further announcements in due course and setting up our Plough Lane home for us all to meet in, as soon as we are able.”
The Plough Lane Bond is available by visiting the website with options available over 5,10 and 20 years, and interest rates available between 0 and 4%. Capital at risk, full terms and conditions on website.