Amidst the recent flurry of activity on debentures, we are providing a brief update from the Dons Trust on the Plough Lane Bond.
Few supporters will need reminding of the extraordinary success of the Plough Lane Bond, which rapidly raised over £5 million for the stadium financing following its launch in January. Our thanks go to everyone who bought bonds and to the small band of individuals who put in so much work to get it launched.
Understandably, subscriptions have slowed to a trickle recently, following the further finance we managed to raise in equity from Nick Robertson and development finance from MSP Capital. The bond remains open and people can still lend money to the Trust on the same terms for the purpose of funding the stadium, although we are not actively promoting this at the moment.
We would, however, like to resolve some outstanding payments under the bond.
At present, the total amount of subscriptions is fractionally under £5.4 million. Of this amount, £93,000 (less than 2%) remains unpaid.
Considering the global emergency that arose just two months after the bond was launched, the loyalty demonstrated by our fans in fulfilling their commitments is magnificent. We fully understand that the financial circumstances of some people will have changed following the crisis, and we have no intention of obliging those people who originally ordered bonds but did not pay to fulfil their orders.
We would, however, like to draw a line under the unfulfilled orders. Accordingly, all current bond orders that have not been paid for by 31 October will be cancelled.
If you received an email containing a bond certificate after subscribing for the Plough Lane Bond, then you can be confident that we have received your payment and you need take no further action.
if you have received emails from us chasing payment, but do not wish to fulfil your bond order, you need take no further action and your order will be cancelled on 31 October. If, however, you do wish to proceed with your order, then please finalise your payment before that date.
If you are uncertain whether you paid for the bond or whether you received a certificate, please check your bank records and check your emails to see whether you received a certificate. If, after checking, you are in any doubt, please email email@example.com
The Plough Lane Bond is administered by The Dons Trust. Capital at risk. Full terms and conditions on the website.