Dear GNS levyholders,
Firstly, on behalf of the GNS Board of Directors, let me thank you for providing the working capital that has enabled GNS to provide its services for so many years.
The levy, collection of which was ended on 30 June 2016, enabled GNS to provide low prices and serve you – our newsagent customers.
The levy amount now held by GNS is of the order of $6.5m.
Your own levy balance will appear on your statements from next month.
Many of you have asked for access to your levy sooner than when you leave the industry – currently the only way your levy balance can be reclaimed.
In response to this we are now preparing to offer levy holders the opportunity to convert their levy balance to a mix of credit against purchases over a two-year period and shares.
Of course, you need not do anything and your levy balance will be paid out in accordance with the agreement when it was charged i.e. paid when you exit the industry.
The offer however will be designed to reward levy holders by allowing you to use your balance to buy GNS products and become shareholders. Shareholders of course enjoy any capital growth in the share value, any dividends that are paid and access to share buyback when exiting the industry.
Full details will be available after July this year once GNS’ audited financials are completed.
Chairman GNS Ltd