What is SALvest?
SALvest is an investment vehicle through which Sierra Leoneans or friends of Sierra Leone can pool their funds and their technical and managerial expertise to start for-profit companies in various sectors of the Sierra Leone economy.
How do I join SALvest?
To join SALvest during the current investment round (ending August 31, 2011) you must:
- Complete a Capital Contribution Agreement; and
- Invest a minimum of $5,000 in SALvest – $1,000 due when you submit the Capital Contribution Agreement and the remainder due by August 31, 2011.
Who is eligible to join?
Membership in SALvest is open to any individual or group that completes the Capital Contribution Agreement and makes the minimum initial investment.
Are there limits on contributions to SALvest?
You must contribute a minimum of $5,000 (during the current investment round ending August 31, 2011). There is no maximum contribution limit.
Can I join if I have only part of the minimum investment?
The minimum investment of $5,000 is a requirement to join. You, however, have the option to pool your funds with friends or family and join as a group.
Does my Capital Contribution give me ownership rights in SALvest?
Your capital contribution to SALvest gives you ownership units in SALvest. Your percentage ownership will be calculated according to the amount of capital you contributed and the amount of units outstanding.
What rate of return should I expect on my contribution?
As with any other investment, SALvest cannot guarantee any specific rate of return on your contribution. However, SALvest ‘s strategy is one of diversified investments in the Sierra Leone economy geared towards above average returns. Note that your contribution is a long-term investment that could yield impressive rates of return, but it also carries a risk of loss.
What operational controls are in place at SALvest?
SALvest is organized as a limited liability company under the laws of the State of Delaware. SALvest’s Operating Agreement and By-laws regulate the operation of the company and provide many checks and balances to allow effective operations. For example, the By-laws require the Executive Committee, which runs the company, to be voted in by the members on an annual basis. Any Member is eligible to be elected to the Executive Committee. Members also have the right to inspect the books of the company at any time upon giving notice to the Executive Committee.
How and when will profits be distributed?
SALvest is in its infancy and members should expect that any profits from the business will be reinvested to help grow the business. The Executive Committee will determine when it may be appropriate to distribute profits, and distributions will be made to each member in proportion to the membership units owned.
Can I withdraw money from SALvest?
Your contribution to SALvest is a long-term investment, and you will be unable to withdraw money from SALvest. The SALvest By-laws allow you to liquidate your investment by selling it back to SALvest or to another party with SALvest’s approval.
How do I withdraw from SALvest?
You can withdraw from SALvest by selling your investment back to SALvest or to another party with SALvest’s approval.