‘None of this is in line with what we believe should happen in Sark,’ the company said. But it did demonstrate the level of interest in the project, it added.
‘In our conversations with investors we have seen that our proposal is extremely attractive for its substantial combination of commercial opportunity and community improvement,’ said director and Seigneur Christopher Beaumont.
‘Our company is uniquely positioned to facilitate the investment needed to create a resilient Sark.’
The ideas it received are among answers to several frequently asked questions have been published on its website. It said that it now had 120 investors prepared to pay a minimum of £25,000 but with some contributing much more, including one offer of £4m., though the typical investment is between £100,000 and £200,000.
None of the investors are corporations or state-fund groups. There is one investment fund and the rest are either individuals or family offices.
One investor has a seat on the company’s board, which now has four members and will be expanded to six in time.
The company also said that there had been interest from some groups looking to fund the entire bid, coupled with a request for control to be handed over, but the company said it did not believe that corporations or single investors were suitable to take on the portfolio.
It had also received ‘an endless number’ of enquiries from people asking if their investment would give them the right to live in Sark, which it would not.
The company has made it clear that it is not a visa agency and follows the immigration policies set by the island’s government. It admitted that it was concerned that the island could quickly be over-run by rich residents.
The company has now registered its investment prospectus with the Guernsey Financial Services Commission and said that it would follow up with a bid for the Barclays’ property soon.
It believed that it would pull together an initial £20-30m. If more was needed, it would use a specialist lender or carry out a further round of funding.
Company CEO Swen Lorenz said the publication of a prospectus showed its continued commitment to transparency.
‘This demonstrates clearly that we have a robust and exciting solution for the future of Sark. The island needs proactivity and creativity and I’m pleased we’ve led the way on delivering that. The next step is to formally submit our offer, which we aim to do soon.’
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