$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

No probs. I'll reserve 125 shares for you. Stay tuned.

Christy Martin said:
Hi Pete, Giulio and I would like to purchase 125 shares.
Not too late Isabell. I'll reserve those for you. Stay tuned for next steps.

Isabell Strange said:
hi Pete if not too late would be interested in 50 shares.
$40 share offer has closed. $121,200 raised for start-up capital. Thank you for all the wonderful support and vote of confidence.
Ooooby Shareholders Agreement Update.

It is now the 3rd of March 2010 and we have not yet activated the agreement proposed on the 6th of December 2009. The delay has been due primarily to the consideration of 'unnecessary complexity'. Having developed the enterprise model further we have come to realise that having a New Zealand company for the New Zealand territory only, and having a separate company to overlook all national entities would create unnecessary management complexities.

So we have come to the conclusion that it would be best to keep things simple and to create a single New Zealand company that would be the global headquarters.

This significantly changes the valuation of the company as it opens up a much greater potential for growth.

In order to come to a definable evaluation for the global entity, we have been developing the business plans and financial projections. It may be a few more months before this process is completed.

What this means to you is that there will no longer be an Ooooby NZ to invest in, there will only be an Ooooby Global company. The reserved share allocation will still be honoured, however the share valuation will be different. Once the new share valuation is identified, we will propose the new share offer to the people listed in the above agreement and will allow the same dollar value investments to be made in advance of a more public share offering.

For example, if you have offered to invest $2000, you will still have the opportunity to invest $2000 at the first share allocation, however we cannot yet say how many shares you would be allocated.

Thank you for your patience over the last few months and I look forward to getting in touch again soon to let you know how we're progressing. If you have any questions, please feel free to ask me.

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