Bond Issue reaches first target:
The Directors of CKP Railways plc have announced another successful step in their project to re-open the Railway between Keswick and Penrith.
The minimum level of applications for Bonds was reached by the May 6th target date.
This means that the Offer will remain open for further applications, well into the Summer.
Requests for prospectuses are still being received every day in response to advertising in various Railway, Transport, Engineering and general interest magazines. Requests have come from all over the UK and around the world.
The previous issue of Bonds raised £155,700 which paid for all the engineering design work for reinstatement of the line.
The current offer aims to fund the remaining technical and legal stages to gain a Transport and Works Order (TWO).
Once the Company has a TWO, it can finalise commercial arrangements to build and operate the line.
CKP has already had discussions with a Train Operating Company that wants to run a regular service on the line, and organisations who can provide expertise for its operation and future management.
Local authorities and other interested parties are kept in touch with developments.
The whole project has been strongly supported by residents and businesses in the Lake District.
The eventual aim is to provide a transport link into and out of the area which reduces dependence on cars, relieving traffic pressure on roads, towns and the countryside.
Various studies have predicted passenger numbers between 250,000 and 410,000 per annum once the train service is established. This equates to 200,000 car journeys which can be avoided.
Passengers would include tourists, local residents and business people on work, leisure and essential journeys.
The design work has identified a number of ways that the line could be developed into something much better and busier than the line which closed in 1972. The timetable then was only 6 or 7 trains per day; CKP envisages an hourly service from early morning to late evening, every day of the week, all year round.
Faster and more frequent trains, with modern accommodation for passengers and their luggage, running to a regular timetable would provide an attractive service.
Journey times of 25 minutes between Keswick and Penrith, or 45 minutes between Keswick and Carlisle, would open up whole new markets.
Through trains to and from towns and cities in other parts of the country would make travel to and from the Lake District much simpler and far more convenient.
Capacity on the line and at Keswick station can be increased to handle charter and special trains as well as a regular service.
Keswick hosts many special events throughout the year which attract large numbers of visitors on specific days.
Festivals, outdoor sporting events and the Keswick Convention often attract audiences bigger than the population of the town.
The final closing date for the Offer will be governed by the first of the following events to occur:
- Applications dry up
- Information in the Prospectus requires updating in line with financial regulations
- A total of £2.3 million of Bonds are sold (the maximum authorised for the Company).
Certificates for the first applicants will be issued towards the end of May.
As well as confirming the investment, these full colour certificates have also proved popular with collectors.
Bonds are offered for sale in multiples of £100.
Interest is paid to Bondholders at the rate of 4% gross per annum.
In June 2010 the Bonds can be redeemed, or converted into shares in CKP Railways plc.
The Prospectus is available from:
CKP Railways plc
1 Solway Park
or by e-mailing: firstname.lastname@example.org
CKP Railways plc
Notes for Editors:
CKP Railways plc was formed in 1998 specifically to undertake the project to reopen the railway between Keswick and Penrith, and provide regular, everyday train services between Keswick and destinations right across the north of England.
All work to date has been paid for by independent funding. There have been no grants from public bodies.
The project has a mailing list of over 2,000 addresses. Updates on the project are published at least four times every year.
The website with background information and history of the project is: