03/01/2024
Following on from my last post.
Some would suggest I am really pushing it up hill now, but I truly believe that there is a need in the market space for a permanent indoors marketplace as Markets Twelve 21 was, and hopefully can be once again.
However, the means for making this happen is currently out of my reach and so I am reaching out to those of you that live and breath markets to join me in creating a new indoors marketplace.
As I've mentioned, once or twice before, there is a possibility of a building in Rotorua that is currently under performing (code for making a loss) which has been offered to me as a going concern for JUST $500,000.
I estimate that another $250,000 would be needed to make alterations to get the best out of the immediate space, although it would be possible to delay the majority of those alterations to get a basic market operating in a very short time-frame.
It is also possible to simply lease the space that is immediately available, but this would restrict the level of modifications possible and, I believe, make for a lesser quality product. It would also over time be a far more expensive option. Annual lease costs would probably be between $50,000 and $75,000 plus GST, although the GST would be reclaimable it is does have cashflow implications.
What I'd like to propose is that a limited liability company be form and that shares in this company be offered to people interested in being involved in creating an exciting selling environment to purchase.
My suggested structure would be having a company with up to 10,000,000 shares available to purchase at $0.20 each in initial bundles of 100 shares ($20) and a minimum investment of 500 shares ($100).
I will put together a simple prospectus over the next few days and post it, or at least a link to it, for people to consider and hopefully purchase shares from.
In the meantime, I would love to get people's reactions to this, telling me if you think it's a good, bad or downright stupid idea, or better still if you would be tempted to invest in it, and whether you think the minimum investment of $100 is too high, or not high enough.
Should this go ahead, then remember we would need to raise a minimum of $500,000, that's 2,500,000 shares or 25,000 bundles of 100 shares, so it's a huge ask but with enough excitement around the vision it is achievable.