$40 share offers have closed as of 12th Dec 2009.

Future share offers will be announced in the comments below.

Join this group to be alerted of any share offers.

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This agreement is a draft and is now due to be finalised by the 14th Dec 2009.

Parties involved in this agreement are invited to comment below if further considerations need to be added.

If you're just an interested onlooker and have questions, please feel free to ask them below too.

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Ooooby NZ Ltd (ONZ) to be formed upon execution of this agreement.

ONZ valuation at execution of this agreement is $NZD400,000.

10,000 shares issued.

Pete Russell - 4,739
Andrew Clay - 2,500
James Samuel - 1,354
Katherine Russell - 474
Gabrielle Young - 300
Karen Russell - 203
Will Lau - 200
Christy & Giulio - 125
Isabell Strange - 50
Rich Earth Alliance - 25
Megan - 20
Jenny Freewalker - 10

Share value as at 11th Dec 2009 is $40.

Contributions.
$270,800 - James, Katherine, Karen and Pete (existing commercial value of Ooooby.com within NZ)
$100,000NZ - Andrew
$12,000NZ (sweat equity) - Gabrielle
$8,000 (50% sweat equity) - Will Lau (past investment)
$5,000 - Christy & Giulio
$2,000 - Isabell Strange
$1,000 - Rich Earth Alliance
$800 - Megan
$400 - Jenny Freewalker

Funds from share purchases go into the ONZ bank account.

After incorporation, new shares may be issued on agreement of majority shareholders. Share valuation determined by majority shareholders. All shareholders dilute equally.

Existing shareholders have first and equal option to purchase shares that may be issued.

20% of net profit (ebit) is paid to Ooooby.com (currently administered under Ohmpo Ltd).

Ooooby.com agrees to pay 50% of it's net profit (ebit) to Ooooby.org (also currently being administered under Ohmpo Ltd).

All agreements and transactions are made available for viewing by all Ooooby members.

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Purpose of ONZ is to facilitate and support resilient local food systems.

KPI's (Key Performance Indicators) include crew numbers, crew morale, member numbers, local groups numbers, online activity levels and volume of food distributed.

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First investment is under $10,000 towards developing Grey Lynn Ooooby Market Stall and phase 1 online store.

Investment to be focused on sourcing, systems, training, collateral and promotions.

Further investments to be determined on results of initial investment.

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Pete intends to focus most of his attention on continuing to develop and promote the Ooooby concept.

For the next 5 months Pete intends to focus his attention within the NZ market.

Gabrielle to be appointed as GM upon incorporation of ONZ under a 12 week contract.

GM is paid a retainer of $2,000 per week at a minimum of 20hrs per week.

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Views: 372

Replies to This Discussion

Nice work Pete and team. Pleased to see agreements are in writing and the Ooooby ball continuing to gather momentum. As discussed with Pete, I am keen to be involved at some level - quite possibly as a shareholder through 'sweat equity' and practically as someone who can help introduce the concept to communities in Aotearoa. Keep me posted!
Hello Pete, is there a minimum share issue? How do we purchase shares?
Hi Megan. There is no minimum for now. I have to find out how many shareholders we can have under a standard Ltd. company. This may effect the minimum figure. How many would you be interested in to start with?


If you are interested comment on here as to how many shares you would like and I will reserve them for you.

Megan said:
Hello Pete, is there a minimum share issue? How do we purchase shares?
Thanks Pete, if possible, twenty shares would be great.
Great to see the development within Ooooby. l would be interested in purchasing 10 shares if that is possible.
How does people like us who want to contribute get on but cant due to circumstances, we are litterally living out of our own back yard and are bankrupt which would also mean we could not invest.
Good question Tony. There will be other ways for you to get involved at the local level with potential sweat equity. That is working on an Ooooby project and then using what you would have been paid to invest in the local entity. Stay tuned, more to come on that in a few months.

Tony Lucas ( Papa to friends) said:
How does people like us who want to contribute get on but cant due to circumstances, we are litterally living out of our own back yard and are bankrupt which would also mean we could not invest.
Thanks to all who have requested shares. I will reserve these for you on first come first serve basis.
Will to be allocated 200 shares for previous investment almost 12 months ago.
25 Shares reserved for Rich Earth Alliance.
Hi Pete, Giulio and I would like to purchase 125 shares.
hi Pete if not too late would be interested in 50 shares.

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