Rod sales

The legal process for selling or buying the right to fish (usually called a "rod") is in fact the transfer of one or more shares in the Company. The legal constitution of Timsbury contains no restrictions on the rights of members to deal with their shares in whatever way they wish. Members are free to adopt their own procedure for buying or selling shares, and to seek their own valuation and legal advice on any transaction involving the transfer of shares. The Advisory Committee has, however, approved a "Rod Sale Procedure" for the guidance and convenience of members, as well as for minimising costs. It will also help to maintain an "orderly market" in rods and help to preserve the spirit and character of the fishery, whilst ensuring that selling members can benefit from the highest available price.

The Rod Sale Procedure allows members to use the fishery manager to introduce potential buyers and sellers of shares in the Company (whether existing members or not), to provide information about the price at which shares have changed hands recently, and to liaise with the Company's solicitors to arrange the necessary formalities and documentation for sales. He does not, however, agree or advise on the terms of sales, which must be undertaken by the members themselves. Indeed, under the Financial Services & Markets Act he may be prohibited from doing so. He charges a commission or a fee for his services in connection with rod sales. The Advisory Committee has also retained Strutt & Parker for a fee to produce a brochure about the fishery, to advertise rods for sale and to use their distribution channels to identify or attract potential purchasers from outside the Syndicate. Further details of the services which can be provided by the fishery manager or by Strutt & Parker are given in the detailed Rod Sale Procedure. Copies of the Rod Sale Procedure can be obtained on request from the fishery manager. It is emphasised that no member is under any obligation to use the services of the fishery manager or of Strutt & Parker. When new members join the Company by buying a share for the first time they are required to pay a fee of £1,000 per rod to the fishery, adjusted occasionally by the Advisory Committee and discounted for the purchase of three or more rods. A reduced fee of £500 per rod is payable by existing members who acquire additional rods. These fees are used to defray the cost of capital improvements.