How to buy more shares

The following provides information about owning Withdrawable Share Capital and about the objects and activities of the Society, criteria for Membership of HF Holidays as presented in the Rules of the Society

SHAREHOLDER INFORMATION

Before you commit to purchasing shares please note that HF Holidays Limited (‘the Society’) complies with the Code of Best Practice developed by Co-operatives UK with the agreement of HM Treasury. The Code sets out the minimum standards of good practice that a consumer retail co-operative society should observe in its use of Withdrawable Share Capital. In this context, it is concerned with shares given these are withdrawable but not transferable. The Code can be found here.

Shares in the Society are classed as withdrawable share capital (‘WSC’). This is fundamentally different to shares in a company. An explanation of the differences is provided in WSC - Key Information, which can be found here. 

The Code sets out the minimum standards of good practice that a consumer retail co-operative society should observe in its use of withdrawable share capital (‘WSC’). In this context, it is concerned with shares given these are withdrawable but not transferable.

In accordance with the Code, the Society is obliged to provide the following statement to members of the nature of their financial interest in the Society and any change affecting it. You should consider these points carefully before deciding to invest in the Society’s shares.

• As a member of the Society, you are the owner of one or more shares in the Society. If the Society is unable to meet its debts and other liabilities, you risk losing the amount you hold in shares in the Society. Hence the Society's shares are known as risk capital. This may make it inappropriate for you as a place to keep your savings.
• Owning ‘WSC’ is not the same as investing in the shares of a company. It is primarily for the purpose of supporting the Society in furthering its purpose and objects. There are various important differences between WSC and company shares and these are set out in ESC - Key Information referred to above. For example, WSC held in shares receives interest but will not increase in value.
• The Financial Services Compensation Scheme, which covers bank, building society and credit union accounts, does not apply to your shareholding with the Society, so you cannot claim compensation under the Scheme in the event of the Society not being able to meet requests for withdrawal of shares. This is because the Society does not require authorisation under the Financial Services and Markets Act 2000 to operate WSC. Societies are therefore not subject to supervision either by the Prudential Regulation Authority or by the Financial Conduct Authority in relation to WSC.
• You may withdraw money from your share account at any time unless the Society’s board of directors has removed this facility under the Society’s rules.
• The Financial Ombudsman Service does not apply to your share account or your relationship with the Society but under the Society’s rules any dispute may be referred for determination by the board of directors or, where relevant, the County Court. The decision of the Board of Directors or, where relevant, the County Court will be binding and conclusive on all parties.

Rule 6 OBJECTS

The objects of the Society shall be –

6.1 To carry on the business of providing holidays, services and facilities in furtherance of the objects set out below:
6.2 To encourage and promote:
6.2.1 the healthy enjoyment of leisure, physical recreation, and the open air, with particular emphasis on walking.