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'''Severn Valley Railway (Holdings) PLC''' is a Public Company with a Share Capital, company number 01046274. The Company was incorporated under its original name of Severn Valley Railway (Holdings) Limited on 15 March 1972. It was re-registered as a Public Limited Company (PLC) on 15 March 1982.<ref>Companies House</ref> The Company is commonly referred to within the SVR as "the Holding Company" or "Holdings", and in writing is often abbreviated to '''SVR(H)'''. A Severn Valley Railway shareholder owns a share of this Company and is entitled to attend the Annual General Meeting. Issued share capital exceeds £10,700,000.
SVR(H) owns the SVR's infrastructure such as lines and stations. It also owns three [[Steam Locomotives | steam locomotives]], four operational [[Diesel Locomotives | diesel locomotives]] and a number of [[Carriages | carriages]], and enters into running agreements with operators of other locomotives and rolling stock to be based on the line. It employs the SVR's paid staff, operates the trains, is responsible for safety, and provides contract engineering services. It also operates the line's shops, pubs and refreshment rooms at [[Bridgnorth]], [[The Engine House]], [[Bewdley]] and [[Kidderminster]].
The Company is an unlisted company, and its shares are not currently quoted on any trading platform, nor are there any matched bargain facility arrangements. There is currently no secondary market in the shares and shareholders may only sell their shares by way of private bargain if they can themselves find a buyer.<ref>[http://www.svr.co.uk/pdf/SVR%20Share%20Offer%20Document%202016.pdf 2016 Share Offer Document]</ref> It is difficult to obtain reliable information about the secondary value of shares. The 2012 Share Offer document commented that the average price of transactions in the previous year was 45 pence per 100 pence share.<ref>2012 Share Offer prospectus</ref>
Shareholders can also donate their shares to the [[Severn Valley Railway Company Limited]], [[Severn Valley Railway Charitable Trust Ltd]], one of the [[List of preservation groups|SVR preservation groups]] or to other bodies associated with the railway. Donations to [[Charities associated with the SVR]] may attract tax relief.
==Share offers==
[[File:Shareholder letter 1972.jpg|thumb|300px|right|Letter to shareholders from Gerald Nabarro dated 20th October 1972]]
The SVR Board retains the authority to allot shares when approached from time to time by people interested in subscribing for shares.<ref>[http://www.svr.co.uk/ShareOffer1.aspx SVR Website]</ref> Since 2007 such ad hoc allotments have averaged approximately £145,000 per year.<ref>Share capital per Companies House at December 2007 and November 2017 net of two public share offers</ref> In addition, SVR(H) periodically makes public share offers for particular projects:
{| class="wikitable"
| 1994 || style="text-align:right;" | £750,000 || style="text-align:right;" | £515,000||Freehold of [[Kidderminster]] (£450k) plus working capital.<ref>Target, SVR News 110. £515k raised in 17 months, SVR News 116</ref>
|-
| 2012 || style="text-align:right;" | £4,000,000|| style="text-align:right;" | £2,001,391||Overhaul of [[GWR 4930 Hagley Hall]], [[Bridgnorth#Bridgnorth_Development_Project|Bridgnorth Development Project]] et al. Costs were £89,950.
|-
| 2016 || style="text-align:right;" | £2,500,000|| style="text-align:right;" | £2,548,595|| [[Bridgnorth#Bridgnorth_Development_Project|Bridgnorth Development Project]]. Costs were £121,247.
|-
|}
As the [[2020 coronavirus disease (COVID-19) pandemic]] unfolded the SVR launched its 'Fight Back Fund' appeal for both donations and shares. During 2020 around a further 400,000 shares were issued.
==Notable shareholdings==
Some bodies connected with the SVR maintain shareholdings, taken from the full list of shareholders at 24 June 2016 at Companies House as below, with updates as shown. For subsequent years these are not available online, only on CD-ROM by application.
{| class="wikitable sortable"
! Bodies currently associated with the SVR!! Shareholding {{As of|at June 2016|6|lc="y"}}<ref>[https://beta.companieshouse.gov.uk/company/01046274/filing-history Full list of shareholders at 24 June 2016]</ref> !! Notes
|-
|[[The 2857 Society]] ||714||
|-
|[[The 75069 Fund]] ||1,501||
|-
|[[Arley Station Fund]] ||100||
|-
| [[Class 50 Alliance Limited]]||9,560||
|-
|[[Coalyard Miniature Railway Model Engineering Society]] || || Thanks to their passengers, the miniature railway have been able to donate funds to the SVR Share Offer for Bridgnorth Station.<ref>[https://www.svr.co.uk/NewsItem.aspx?a=572 Coalyard Miniature Railway news item, SVR website] (Retrieved 8 November 2020)</ref>
|-
|[[ Diesel Traction Group |DTG Trading Limited]] ||15,000||
|-
| [[Great Western (SVR) Assoc.Association]] ||1,026||
|-
|[[Hampton Loade Station Fund]] ||85||
|-
|[[Highley#Highley_Station_Fund|Highley Station Fund]] ||600||
|-
|[[Severn Valley Railway Company Limited]] ||1,690,557||See Notes 1 and 2. [[Severn Valley Railway Company Limited]] has the largest shareholding, in excess of 20. At 3 January 2021 it was 17.25% of issued capital(1,838,272 shares).<ref>SVR(H) Financial Statements for the period ended 3 January 2021</ref>
|-
| [[Stanier 8F Locomotive Society]] ||23,810||
|SVRA Cheshire branch ||1,705 ||See Notes 1 and 3
|-
|[[SVR Apprentices|SVR Junior Club ]] ||100||
|-
| [[Severn Valley Railway Charitable Trust Ltd]] ||24,535|| See Note 1. In the 2012 Share Offer existing shareholders with small numbers of shares who did not want to increase their shareholding were invited to donate their shares to the Trust. Figure still correct at 30 June 2019.
|-
|[[SVR Wolverhampton Branch|SVRA Wolverhampton Branch]] ||4,640|| See Note 3
|-
|[[Western Locomotive Association]] ||1,000|| Added 2020.
|-
|}
*Note 1. Two shareholdings are listed. The figure shown is the aggregated figure.
*Note 2. The [[Severn Valley Railway Association]] merged with [[Severn Valley Railway Company Limited]] from 4 October 2015, although winding up of the SVRA was still outstanding in 2021 over an issue with its SVRH shareholding. <ref>Guarantee Company Annual Reports ending 31 December 2019 and 31 December 2020, p. 5</ref>
*Note 3. The former SVRA Branches are now branches of [[Severn Valley Railway Company Limited]].
*The largest private individual's single holding was 390,024 shares and there are no persons with significant control for this company.
==Shareholder benefits==
Benefits are renewed annually and amended from time to time. In August 2021 the Company announced that Shareholder benefits would be changing in 2022 and again in 2023.<ref>"Your Share", SVR Shareholders are entitled Newsletter for the year ending 3 January 2021</ref> The then chairman Nick Paul subsequently announced at the SVR(H) annual general meeting that there would be a moratorium on the decision to make changes to shareholder benefits until the board had the opportunity to reflect and review the decisions. Since then, the SVRH board has discussed further and agreed the proposed increases for 2022 should go ahead. However, in response to the following concerns raised, it also agreed that no further changes will be considered until after a shareholders’ focus group has reported back to them. The levels proposed for implementation in 2023 will not be brought in<ref>[https://www.svrlive.com/shareholders SVR Live]</ref>. ===Benefits from 2022=== {| Class="wikitable"! Shareholding at 31 December 2021 for benefits in 2022!! Shareholding at 31 December 2022 for benefits as set out in 2023 (suspended) !! Annual benefits|-|125-264 ||150-299 ||1 x third class “freedom of the line” ticket |-|265-475 ||300-549 ||2 x third class “freedom of the line” tickets |-|476-899 ||550-999 ||4 x third class “freedom of the November 2016 Bridgnorth Station line” tickets |-|900-1,599 ||1,000-1,999 ||8 x first class “freedom of the line” tickets |-|1,600-2,399 ||2,000-2,999 ||a non-transferable silver pass giving unlimited third class travel on the SVR for the holder and up to three guests. |-|2,400-3,999 ||3,000-4,999 ||a non-transferable silver pass giving unlimited first class travel (when available) on the SVR for the holder and up to three guests |-|4,000-6,999 ||5,000-7,999 ||a non-transferable gold pass giving unlimited first class travel (when available) on the SVR for the holder and up to three guests. |-|7,000-10,999 ||8,000-11,999 ||a non-transferable gold pass giving unlimited first class travel (when available) on the SVR for the holder and up to three guests, plus an online voucher for 2 free bottles of selected wine when purchasing a Sunday lunch for 4 guests. |-|11,000-16,499 ||12,000-17,999 ||a non-transferable gold pass giving unlimited first class travel (when available) on the SVR for the holder and up to three guests, an online voucher for 2 free bottles of selected wine when purchasing a Sunday lunch for 4 guests, plus 10% off charter train hire and footplate experience days. |-|16,500-32,499 ||18,000-34,999 ||a non-transferable platinum pass giving unlimited first class travel (when available) on the SVR for the holder and up to three guests, 10% off charter train hire and footplate experience days, plus an online voucher for 2 free bottles of selected champagne when purchasing a Sunday lunch for 4 guests. |-|32,500 plus ||35,000 plus ||a non-transferable platinum pass giving unlimited first class travel (when available) on the SVR for the holder and up to three guests, 10% off charter train hire and footplate experience days, plus an online voucher for 2 free bottles of selected champagne when purchasing a Sunday lunch for 4 guests. An invitation for two guests to attend the gala lunch with the chairman and other vip guests |-|}*'''Note'''Building : free travel, silver, gold and platinum passes "are valid for train services in the annual SVR timetable" and are not transferrable, the shareholder must travel. This description changed from the 2021 benefits. Shareholder passes and Shareholders' "freedom of the Futureline" tickets are valid for Galas but not other ' Share Issue document:pre-book only' events such as Ghost Trains or Santa services. ===Benefits to 2010-2021===
{| class="wikitable"
! Shareholding!! Annual Benefits currently in operationto 2020 !! Annual Benefits in operation 2021
|-
|100 – 224 ||A voucher for 1 Third Class “Freedom of the Line” ticket|| Table of two, one use
|-
|225 – 399|| Vouchers for 2 Third Class “Freedom of the Line” tickets|| Table of two, two uses
|-
|400 – 799 ||Vouchers for 4 Third Class “Freedom of the Line” tickets|| Table of two or compartment of four, four uses
|-
|800 – 1,199 ||Vouchers for 4 First Class “Freedom of the Line” tickets|| Table of two or compartment of four, eight uses
|-
|1,200 – 1,799 ||A non-transferable Silver Pass giving unlimited Third Class travel on the SVR for the holder and up to three guests|| Table of two or compartment of four, unlimited uses
|-
|1,800 – 2,999 ||A non-transferable Silver Pass giving unlimited First Class travel (when available) on the SVR for the holder and up to three guests|| As above
|-
|3,000 – 5,999 ||A non-transferable Gold type Medallion and Pass giving unlimited First Class travel (when available) on the SVR for the holder and up to three guests, throughout the period of the shareholding|| As above
|-
|6,000 – 9,999 ||A non-transferable Gold type Medallion and Pass giving unlimited First Class travel (when available) on the SVR for the holder and up to three guests, throughout the period of the shareholding, plus 4 Sunday Luncheon Vouchers per annum|| As above
|-
|10,000 – 14,999 ||A non-transferable Gold type Medallion and Pass giving unlimited First Class travel (when available) on the SVR for the holder and up to three guests, throughout the period of the shareholding, 4 Sunday Luncheon Vouchers per annum, plus 10% off Charter Train Hire and Footplate Experience Days|| As above
|-
|15,000 – 29,999 ||A non-transferable Platinum type Medallion and Pass giving unlimited First Class travel (when available) on the SVR for the holder and up to three guests throughout the period of the shareholding, 10% off Charter Train Hire and Footplate Experience Days, plus either a midweek exclusive observation saloon charter attached to a service train (for up to 23 people) or 4 Sunday Luncheon Vouchers per annum|| As above
|-
|30,000 plus ||A non-transferable Platinum type Medallion and Pass giving unlimited First Class travel (when available) on the SVR for the holder and up to three guests throughout the period of the shareholding, 10% off Charter Train Hire and Footplate Experience Days, plus either a midweek exclusive observation saloon charter attached to a service train (for up to 23 people) or 4 Sunday Luncheon Vouchers per annum. Name added to the Roll of Honour board at Bridgnorth Station.|| As above
|-
|}
*'''Note 1'''. Free travel vouchers, Silver, Gold and Platinum medallions & passes are valid for all timetabled trains and for special events denoted as eligible in the annual SVR timetable.*'''Note 2'''. The Directors will review the above entitlements periodically and may from time to time adjust them. However, the The Directors confirmed at the time of the issue of the document on 1 November 2016 that no changes would take place within the next three years. In April 2021, following the [[2020 coronavirus disease (COVID-19) pandemic| COVID-19 pandemic]], new benefits were introduced in conjunction with the online booking system, compartments and excursion trains and continuing restrictions.*'''Note 3'''. Shareholders of 3,000 or above shares will be are entitled to free car parking in SVR car parksand receive an annual windscreen parking pass.Where car parks have exit barriers, shareholders may obtain a free exit token on production of a parking-eligible travel pass at Kidderminster and Bridgnorth ticket offices, shops or at [[The Railwayman's Arms]]. ===Benefits at 1988 share issue=== 25-99 2x3rd class return tickets100-499 4x3rd class return tickets500-999 4x1st class return tickets1000+ "A first class non-transferable family gold pass for up to 4 family members for unlimited travel on the railway" *'''Note 4'''. For Shareholders who wish years after 1989 the directors will review annually the free travel entitlement<ref>[https://forum.svr-online.org.uk/viewtopic.php?t=1560&postdays=0&postorder=asc&start=255, Binnersley, P., SVR Forum] (Retrieved 12 November 2021)</ref>. ===Usage and booking===*In October 2019 a new Shareholder Travel Pass came into use for the 1,800 eligible passholders, a photo-bearing credit card-sized pass to replace during 2020 the previous version and medallion that were open to consider disposing of their sharesabuse.<ref>[https://www.svrlive.com/blnov19 SVR Live, these can Branch Lines November 2019] (Retrieved 9 November 2019)</ref><ref>SVR(H) letter to passholders November 2019</ref> It contains a bar code to monitor usage levels.*From 2021 all shareholder travel must now be donated booked online and to receive the Company must be in receipt of a shareholder's email address. ==Legal Charges==Since at least 1975 the Company has given Legal Charges over its land and fixed and floating assets. [https://beta.companieshouse.gov.uk/company/01046274/charges Companies House] lists 17 charges registered, 14 of which are outstanding, in favour of HSBC Bank plc, County Council of Hereford & Worcester (re. [[Bewdley]]) and The Trustees of the National Heritage Memorial Fund (HLF) (re. [[Severn Valley Railway Company LimitedThe Engine House]]).
As a condition of [[:Category:Lottery funding#National_Lottery_Heritage_Fund|Heritage Lottery Funding ]] funding the Company's Articles were amended in December 1997 so that no dividend shall be paid and, in the event of winding up, no surplus shall be distributed to shareholders.
==See also==
