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$10 refund

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Some members will have noticed a $10 credit made to their account on or after 1 October. This refund of the share subscription price has occurred as a result of the recent merger.

For the past few years, both Endeavour and SCU had moved to a $0 share subscription price. This change removed the necessity for a person to pay to join either organisation.

Because our merged organisation is a mutual, the different value attached to each subscription price has no effect on the rights of the shareholders. $0 shareholders and $10 shareholders have equal rights to vote and participate in the organisation.

Members were formally advised of this change as part of the merger information document which noted that each member of Endeavour will become a member of the merged entity and will be issued with a member share in the merged entity with a $nil subscription price, and the merged entity will refund to each Endeavour member the amount paid up on their Endeavour member share.