20 February 2019
News
Oct
12
Meeting with HNS . . . Grant Form Signing Evenings . . . Investment Opportunities . . . etc.
Meeting with HNS
HNS is one of the internet connection suppliers who can also support our network. They would supply all connection equipment and will fully support the system when it goes live. Comprehensive comparisons need to be made between the prospective suppliers before a final decision will be made
Update on Numbers to date
126 to date ~ there is still the potential for some additional properties to add to the total, i.e. properties recently sold etc.
Grant Form Signing Evenings ~ 18th and 19th October ~ 7.00pm until 9.00pm
2 evenings have been set up for residents and businesses within the community area, including those who run a business from home to come along and complete the Grant Applications Forms. For the project to be viable we need everyone to submit a grant application now. There will be a supply of forms if you have not already downloaded and printed a form off from the last newsletter or website. We will also show you how we have progressed so far, maps of ducting routes and to answer any questions that you may have.
It is worth noting that if you are a resident running a business from home and currently have two phone lines then you may be permitted to complete both the resident’s grant application form and the business grant application form.
There will be Directors and others who will support you all and have an already completed form to ensure the forms are completed as requested by the Welsh Government. Phil Middleton will specifically support those completing the Business Grant Application Forms for Ultrafast Broadband
ANYONE REQUIRING CLARIFICATION ON ELEGIBILITY ETC PLEASE CONTACT PHIL MIDDLETON on Tel No. 02920 777901
Investment Opportunities
Initial Investment
Initially there is a requirement for start-up capital of £3000 on a loan basis. This initial money is required for company set up costs, and initial surveys, etc.. MyFi is appealing to anyone who wishes to loan the company an amount which can be as little as £100 or more. This will be paid back with interest. Please email Phil Middleton phillip@foundationinsurance.co.uk Lawrence Russell lawrence.russell@talk21.com or Dave Schofield dave@dascoservices.co.uk for further information on how to make a contribution to the Initial Investment Fund. This start-up loan is completely separate from the main SEIS investment.
Main Investment
For main investors MyFi is looking for a total of £150,000. The minimum investment ideally is £500 and the maximum any individual can invest is £20,000 to be eligible for 50% tax relief under SEIS. Whilst SEIS status is not guaranteed (we have to apply for approval once the company has been formed and we have a Certificate of Registration) we have looked closely at it and we can see no reason why it should not be approved.
A prospectus is currently being drawn up, the Business Plan is ready for issue. It is anticipated that Shares will be available for issue 1st December 2017. Anyone interested in becoming a main investor, please email Phil Middleton, Lawrence Russell or Dave Schofield.
Sub Group Reports
Website and Newsletters
The website and newsletter continues to inform everyone of progress made to date and what is required for the next stage.
If you know of anyone who would like to receive the newsletter please let us have your email address to be included.
Company Set up and Finance
We are still waiting on the Formation Agents and Companies House to approve everything. It is imminent and as soon as a Registration Certificate is received the Bank Account can also be set up. At that point we will apply for Approved Supplier Status from the Welsh Government and will produce an End User Service Level Agreement.
Grants and Subscriptions
Please see paragraph earlier on the completion of the forms on 18th and 19th October at the Community Hall.
Admin and Wayleaves
Just one more Farmer to approach and gain a wayleave. The appropriate paperwork is being drawn up to complete this task once a route has been confirmed with the preferred supplier.
Ground Works & Civils, Technical Design & Installation
No updates this week.
Cefn Mably Liaison
Presently 20 of the 47 residents have registered an interest. A presentation is due to be made to the Residents of Cefn Mably Park to offer a choice of 3 networks. Although they were informed that BT and Fibre were to be completed imminently, an email received by a resident informs them that this will not happen until next year. (if it happens then?)
How do we sign up remaining properties?
There are still some properties within the Community which we would like to encourage to be a part of this project.
In the future after the project is completed and all registered users are connected, anyone wishing to receive a connection will not receive grant funding as the Welsh Government Grant ends shortly. They will therefore will incur a cost for connection, router and hub. For those who apply now the cost is nothing for the installation and first year service. This is too good an opportunity to miss!
Activity of BT / Openreach in the area
It is not unusual that when a scheme such as ours is set up, BT / Openreach increase their activity to try and beat the competition by putting in their own network first. It has to be remembered that BT / Openreach will only install fibre to the cabinet and it will remain as copper cabling to your properties. Which means that, although you may get a faster broadband than you currently have, it will still not be hyperfast or ultrafast. You may get up to 19Mb if you are near the cabinet, however the further away from the cabinet you are the lower the speed will be, and yet you will still be paying the same as everyone else!
MyFi is installing Fibre to the Property - this means there will be no difference in the download speed whatever the distance from the cabinet. You will all receive around 1000Mb both upload and download. The MyFi price is also substantially lower than the BT or Sky offerings – for the first year it’s free!
It is now imperative that we get the Grant Application Forms completed and forwarded to the Welsh Government for approval, to ensure that MyFi get the funding to provide hyperfast broadband.
Change of logo
We need to make a slight change to our company logo as another one exists in the USA and we don’t want to fall foul of legal issues or lawsuits! The name will be extended and read as MyF Internet.
Date for next Meeting
The next meeting will be Thursday 26th October at 7.30pm.