Newsletter No.4 - June 2011

Firstly we would like to thank all of those of you who were able to take the time last week to join us at the public meeting. We think that it was a great success, in no small part down to the positive attitude of everyone who attended and the re- affirmation of your support to buy and re-open the Foresters Arms.

Secondly a massive thank you to all of you who have turned your pledge into real support by applying for shares. We have had a fantastic response and after the first week we have £105,000 in the bank.

We now have just over a week to reach our £235,000 initial target to buy the pub. We will then still have some way to go to meet our £350,000 overall target to pay for the renovation works. We cannot impress upon you enough the urgency there is to turn the pledges of support that you have previously given us into share applications.

We are so close to achieving the first step of our goal, buying the pub. As we said at the meeting lots of work continues in the back ground. Our lawyer is currently working on the contract and we are certain that we will be in a position by 7th July to exchange contracts. By that time we need to be clear that we have the cash to complete the transaction. We have it in pledges – now we need the money!

As well as the work to purchase the pub we are also starting work to engage a tenant. Local and national media articles that have been written about our project are informing people that we are seeking a tenant for the pub and you will see information on our website of how people can apply.

When we started this campaign back in March the position that we are in today was merely a hope and a dream. Now, with your help, we are very close to making our dream a reality. Please, if you have previously pledged us support and following receipt of our ‘Offer Document’ and the information we provided you at the public meeting you now feel able to turn your pledge into cash, now is the time to act!

We need to reach our £235,000 target by the 7th July and we can only do that with your help. Please act sooner rather than later. All of the members of the management committee are available if you wish to talk through any of the details of our proposals. If everyone acts soon to return their share application form we will all be sitting in the Foresters Arms by Christmas toasting our success.

Many Thanks

Coverdale Community Pub Ltd

Management Committee