Currently looking for EXPERIENCED FUNDRAISERS We hugely appreciate the support that we receive from the local public. If you would like to help out, please get in touch. We are currently looking for experienced fundraisers who are willing to help with some high profile fundraising events.

If you have any experience in this area and are willing to lend your time, please email us at contactus@odysseypictures.co.uk.

Other ways to be involved…

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The Odeon Journey- share your cinema memories!

Thanks to the Heritage Lottery Fund, St Albans Civic Society are collecting, recording, re-creating and permanently storing the magic of cinematic memories from the old Odeon on London Road, St Albans (to re-open as the Odyssey in 2012.)

The project, Odeon Journey, includes two local schools, and is supported by the Museum of St Albans, St Albans Arts Sport and Health and the Odyssey Cinema. Memories will be collected, filmed, recorded or recreated by anyone who wants to share them; in spring 2012, there will be an exhibition to celebrate the memories at the Museum of St Albans.

Project manager Anna Reynolds says;  ‘This is open to everybody- if you’d like to volunteer and receive free training in oral history taking, come along and sign up. Bring an old photo or a story from the past glory of the Odeon cinema- or maybe you knew it, or your parents or grandparents did, as the Alpha..the Poly..the Regent…or the Capitol? Whatever your stories are, the Odeon Journey team would love to hear them, including our filmmaker, sound recordist and craftsperson.’

Find out more about future events at; www.odeonjourney.org.uk

Email the project at info@odeonjourney.org.uk to tell us your story, or sign up to get involved.

Volunteer

If you would like to volunteer time or skills, please email us at contactus@odysseypictures.co.uk clearly listing any areas that you would like to get involved in.
From time to time we will also be launching appeals for specific help, on this website, on the Facebook page, and in the local press, so please keep your eyes open!

Invest and/or contribute

*PLEASE NOTE*
The following has been drawn up by qualified members of our ‘think-tank’. Though the language is in as plain English as possible, when it comes to ‘Preference shares, Ordinary shares and loan-stock, EIS’ etc, you will have to read very carefully.

*ANY CHEQUES NOW NEED TO BE MADE PAYABLE TO ‘THE ODYSSEY, ST.ALBANS”*

*CURRENT POSITION AND NEXT STEPS*
Based on the Rex model, our business plan says The Odyssey will be profitable. How profitable and in particular, how soon it becomes profitable, will depend on how the money is raised. If it is largely through shares in the business it will become profitable sooner.
If most of the finance is raised in other ways, including local borrowing or through the commercial routes, the road to profitability will be longer.

*HOW TO INVEST OR CONTRIBUTE*
We propose to continue to raise money within the original five categories, which are Advance Booking List (ABL), Chair (and other) sponsorships, Donations (from benefactors and patrons), Loans and Investments.
In particular this is written to acknowledge the risks involved and answer some likely questions from potential investors, ABL, sponsors, benefactors, patrons, lenders and local investors.

A Brief Summary of Investment Options

Advance Booking List (Membership). Essential for the film buff to ensure you are the first to know “What’s On” at The Odyssey. Not many left & being snapped up fast.

Sponsorships. See your name (or someone else you choose) recorded in the cinema e.g. sponsor a seat, the screen, the projector – whatever takes your fancy!

5 Year Loan Stock and Zero Dividend Preference Shares. Sorry – SOLD OUT

10 Year Loan Stock and Zero Dividend Preference Shares. These issues are still available. An opportunity for your un-needed capital to benefit the community and to grow at an excellent fixed rate that is currently higher than the rates being offered by local financial institutions.

Ordinary Shares. Give you a non-voting stake in the business, with the possibility of dividend payments in years to come.
Obviously any dividends will be restricted whilst loan and preference share repayments remain outstanding.
Investors are reminded that cheques should be made payable to The Odyssey St Albans, and that they should be sent to:-
The Rex Cinema, High St. (Three Close Lane) Berkhamsted, Herts. HP4 2FG

Alternatively, money can be transferred direct to our account at Bank Santander. Sort Code 09:01:27, A/C number 45477009 (The Alpha Cinema St Albans Ltd.). Always include your name and address and instructions for the investment because unattributed receipts are treated as donations (which are also welcome!)

Investment Options In Detail

ROUTE 1: The Advanced Booking List (ABL) Membership

The ABL is being offered under the following terms:
One year ABL will begin on opening day. Cost £285.00 (850 places in total)
Five Year ABL will also begin on opening day but will be valid for five years without needing renewal. Cost £2,000 and will now include your sponsorship of a Chair. (150 places). An individual note explaining these changes is being sent to those who have already subscribed to the five year ABL.

The ABL entitles you to the following benefits:

• A confirmed listing for the following month will be posted first class.
• At least one week’s advanced booking, ahead of general release.
• £1.50 off your ticket.
• Up to six seats per show, including your own. (Five at usual prices).
• Up to half the House. No titles will be sold beyond half capacity (250 seats). This is to ensure that nothing sells out before general release.

ROUTE 2: Sponsorship. (Chairs and any part of the restoration)

You can sponsor a Chair at the new Odyssey for £1,000. Our plan is for 500 seats.
370 chairs are still available. To remind you what you get for this: it is sponsorship at its purist. Your chosen name will displayed in the foyer/bar and on the seat itself.
It is simply a token of your trust and generosity.
Perhaps the best value is to combine this with a 5 year ABL. (see ‘five year ABL’ above).

We are also now offering options to sponsor other parts of the cinema!
Sponsor the Screen (masking and curtains): £40 per unit
Sponsor the 35mm Projection: £80 per unit
Sponsor the Digital Projection: £80 per unit
Sponsor the sound system: £70 per unit
Sponsor the Proscenium Arch: £30 per unit (1000 units needed)

ROUTE 3: Donations

(This category is included by request)
All donations are welcome, however small, we have raised over £30,000 so far from donations, but please do not give us money you cannot afford. We are not a charity. It is a business, albeit not driven by profit. If it works it will make one. It is a limited company and a business all the same.

ROUTE 4: Ordinary Loan Stock

All Loan stock is dated from the date the site was secured. Future loan stock investors will receive a proportionate interest payment for the final year, calculated on completed calendar months. Please note that the 5 year loan stock options offered previously are fully subscribed.

10 year fixed term unsecured loan stock accumulating at an equivalent rate of 5% gross per annum compounded annually and payable at redemption.
Should the project generate more cash than our initial forecast, the Loan Stock may be repaid early at the management’s discretion.

The loan investment is in multiples of £1,000. You will receive a loan stock certificate and interest payments added will be subject to income tax.

ROUTE 5(a): Preference Shares

Similar to Loan Stock, fixed term Zero dividend Preference Shares offer a fixed rate of Capital Gain at Maturity and preference over Ordinary Shareholders in the event of the Company being wound up at any time. Future Preference Share investors will receive a proportionate interest payment for the final year, calculated on completed calendar months. Please note that the 5 year Preference Share Option is fully subscribed.

10 year fixed term shares at an equivalent rate of 5% gross per annum compounded annually and payable at redemption.
Should the project generate more cash than our initial forecast, the Preference Shares may be repaid early at the management’s discretion.

The loan investment is in multiples of £1,000. You will receive a Share certificate. Please be aware: Capital Gains Tax rules apply and “gains” in excess of your personal CGT allowance will be taxable at the rate applicable at maturity (at the time of writing this rate is 18%, but expect it to rise).

ROUTE 5(b): Ordinary Shares

The cinema will be run as a Private Limited Company. It will oversee the initial development and the eventual running of the cinema. As it is necessary to safeguard the management structure and the essence of the philosophy behind The Rex, ordinary shareholders’ opinions will be welcome and considered but these shares will carry no voting rights. Ordinary Shares are being sold in £500 increments.

Having raised over £300,000 through the sale of £500 non voting shares, we hope to be able to raise a further £1.2 million through this route, which means that up to a further 2,400 shares are available. The good news for investors in ordinary shares is that we are applying for EIS status for the ordinary share issue, which means that investors in ordinary shares may attract some income tax relief, and exemption from Capital Gains Tax, assuming current rules survive the change of Government. Whilst nobody should be making an investment in The Odyssey purely for tax reasons, the necessary details about how to claim this relief will be issued to all ordinary shareholders.

Which investment route is right for you will depend upon a number of factors, and we recommend that any decisions you take are made with the assistance of your financial adviser. Needless to say we do not provide any advice but the summary on the final page might be helpful.
RISKS

Before investing through any of these routes it is important to understand the risks involved:

You are investing in an unregulated investment. The Alpha Cinema St Albans Ltd is a private limited company formed purely to purchase, restore and then run a cinema.

Your capital will be at risk, particularly in the early stages because it cannot be certain we will be able to raise all of the capital required to complete the project. Whether we do so or not depends on obtaining the further investment needed to complete the restoration.

Whilst this is a commercial venture, our prime objective is to restore and operate a cinema on the same lines and under the same management as The Rex, Berkhamsted. As such we anticipate a reasonable profit. Our business plan reflects this but you should not buy shares purely for the dividends they might generate. Our business plan anticipates small dividends becoming pay

able once loan stock & preference shares have been repaid. This is not guaranteed.

As economic conditions change the assumptions we have made in our business plan may also change.

You will not have access to your capital.

WHAT IF THINGS GO WRONG?

Having purchased the site, a future failure to raise the money may result in the site being sold and money from the sale allocated in accordance with the following priorities:

• The administrative costs in selling the property and then winding the company up.
• Any secured borrowing. If the company has entered into secured borrowing arrangements then these arrangements must take precedence over other creditors.
• Payment of Creditors (including HMRC) which will include those with unfilled Advance Memberships, unfulfilled Seat Sponsorships and Unsecured Loan Stock.
• Zero Dividend Preference Shares.
• Ordinary Shares

If the project completes but then fails for any reason, the priorities will be similar except that the ABL and chair/other sponsorships will simply lapse and there will be no return.

BRIEF QUESTIONS AND ANSWERS

Q. How is interest paid on Preference Shares and Loan Stock.
A. It is accumulated with the capital and paid out at the same time as your capital is returned at the end of the term you select.

Q. What happens if the project fails for any reason before it opens?
A. The Law governs how Companies are wound up and the priority in which investors are dealt with once the assets have been sold. Priority goes to any loans “secured” against the property, hence our wish to “avoid” secured commercial lending unless it becomes essential in order to complete the project. After this come the ordinary creditors, such as those who have bought advance memberships or seat sponsorships, and those holding unsecured loan stock and HMRC. Only if money remains once these have been settled in full will Preference Shareholders get reimbursed, and then right at the bottom of the list, the Ordinary Shareholders share out the balance.

Q. Can we provide tax advice relating to the investment options?
A. NO! You should contact your own tax advisers (if you have one) or engage one if you don’t. We do not provide any advice regarding the options for investing.

Q. Can shareholders attend shareholder meetings and vote?
A. No. Both the Ordinary and Preference shares are non-voting and entitle you only to express your views at a proposed yearly meeting for ordinary and preference shareholders, the first of which is scheduled to be held one year after the acquisition of the site.

Q. Can I expect Dividends on my Ordinary Shareholding?
A. The principal objective of The Odyssey is to provide a community facility that St Albans can be proud of. That said, the objective, after repaying the loans, is to operate at a profit and to reward shareholders with dividends, however investment should not be made solely for financial gain and the risks of investing in small private limited companies should be clearly understood. Whichever investment route you choose, you may lose all or part of your capital.

Q. How do I cash my shares (or my loan stock prior to maturity)?
A. Once the cinema is up and running, it is our intention to offer the facility to match anyone who wishes to sell an investment with prospective purchasers, but no detail is yet in place. In the meantime do not invest capital that you may need, or that you cannot afford to lose. Preference Shares will only be repayable early at the discretion of management.

How to Contact us

Call James Hannaway at The Rex, on 01442 877999 (please be patient, the Rex box office is not briefed on every detail)
Email James and the team at: contactus@odysseypictures.co.uk