Investment

Business Plan

Our business plan is now complete and available to anyone considering investing in our company. Please email info@myfi.wales if you would like a copy.

Initial Investment

Thank you to all who have expressed an interest in loaning monies for the initial outgoing costs

Main Investment

Wonderful response from the community of Michaelston-y-Fedw, with pledges from people committing to invest under the SEIS scheme, and money pledged from people on a loan basis which will attract interest, to be paid back in around 15 months’ time if all goes according to plan. This means that we have almost reached our target amount and are very grateful to everyone who has pledged money.

Prospective Supplier Status

We have achieved Supplier Status with the Welsh Government and as such are now registered with the Grants Scheme. This enables Michaelston-y-Fedw Internet CIC to receive the grant funding payments from the Welsh Government on completion and connection of our Fibre Optic Broadband.

This means our Community Interest Company's name will be placed on the ‘Superfast Cymru’ web pages here (it may take a few days to appear).

It also means we are obliged to publish the Terms and Conditions of our service to you, as customers, which we have done and they are available by Clicking Here.

Penygroes Extension

We have been asked about including Penygroes residents to our scheme which will add a further 3 or 4 properties to our total. Questions may arise as to adding further extensions and each will have to considered based on the additional distance, permissions required by additional landowners and the viability of increasing the network.

Update on Grant Forms signed so far

A total of 150 grant forms have been received, 109 of these are residential applications and 41 Ultrafast business applications. This means that if 100% of the grants are approved there is sufficient money to ensure the project is viable and we can then proceed to the next stage of procuring materials and equipment.

All ABC forms that were received prior to Friday 10th November have been submitted to the Welsh Government by Phillip Middleton in person at 10.00am Friday 10^th November as planned, along with the attached quotation for £800. (the amount of grant funding which will be received on successful approval). Ultrafast Grant Forms will be submitted once we know the outcome from the ABC forms.

We are under no illusion that we may not get 100% approvals and offers, due to BT activity. We will address that once we have our results.

The anticipated timescale for approval from the Welsh Government is anticipated around 2 – 3 weeks.

Sub Group Reports

Website and Newsletters

The website and newsletter continue to inform everyone of progress made to date and what is required for the next stage.

Company Set up and Finance

The company bank account is now set up and we can begin to function as a business in the fullest sense of the term.

Admin and Wayleaves

Excellent news we have ALL wayleaves agreed in principle by all the relevant landowners and are now getting down to the serious business of plotting precise routes for the wayleave agreements to be drawn up and signed by Land Agents /Farmers. Legal advice will be sought to ensure all documentation is accurate and legal.

A meeting with all Land Owners was held last week to discuss the routes, which was very positively received. Detailed routing must allow for existing gas, water, mains pipes already underground.

Ground Works & Civils, Technical Design & Installation

We are considering using an armoured fibre which has an armoured covering giving higher protection against deterioration, rodent attack etc. Although the cost to purchase is higher, the cost of installing under ground is considerably less.

Once the fibre has been laid an accurate map will be produced and remain on our website available for any contractors working in the area ~ ie Welsh Water etc. This will ensure that any damage done by outside contractors will be covered by our Public Liability Insurance

Cefn Mably Liaison

The wayleave has been granted, which means cabling access to Cefn Mably Park is enabled. We have now incorporated those grant applications in with the Michaelston-Y-Fedw numbers.

How do we sign up remaining properties?

There are still some properties within the Community that have not yet signed grant applications. Time is running out for the opportunity to join at nil cost for installation and first 12 months of service. Once the Welsh Government grant window closes we will be unable to make that offer to new applicants. If you haven’t yet signed up, do it now - there will never be a greater opportunity to have the best broadband available to your home.

Activity of BT / Openreach in the area

Activity by BT appears to be less than recently seen.

Equipment Cabinet

The cabinet will be sited in the Community Village Hall car park, and receive power from the Michaelston Village Hall. This is anticipated to cost around £200 per month. It will have both heating and air conditioning to maintain everything at a constant temperature. Michaelston-y-Fedw Internet CIC will take over all electricity billing for the village hall, thus providing a Community benefit.

Volunteers

Once we have a plan of activities with dates and times we will need our community volunteers to help get the cable laying and Installation under way. We are compiling a list of volunteers and their availability from January onwards. If you are able to help at any time on any or specific tasks please forward your details to david.schofield@myfi.wales .  We will contact you nearer the time to confirm your assistance and set up any required training, health &safety training etc.

Date for next Meeting

The next meeting will be Thursday 23^rd November at 7.30pm in the Michaelston Village Hall