In the latest update from Godfrey, the ex-Investment Association chief executive confirmed that starting Friday, investors can apply for shares in his solo venture, The People’s Trust.
Prospective investors will be able to download a prospectus in respect of the issue on the firm’s website or from the National Storage Mechanism on Morningstar’s site.
Assuming that Godfrey reaches his minimum target of £125m, the trust’s shares will be trading on 17 October when it will be listed on the London Stock Exchange and the Social Stock Exchange simultaneously.
The launch and ultimate listing of the trust has been a long time coming and is a make or break moment for the new manager.
The People’s Trust founder has already raised £100,000 for his vehicle by way of a crowdfunding initiative earlier this year and attracted managers from Artemis, First State and J O Hambro Capital to advise on the mandate.
On Friday, he added that the board, including Godfrey would invest £1.5m of their own money toward the trust’s launch.
Godfrey also announced that he would personally waive half his salary and the non-executive directors would waive their fees entirely during the first two years the trust is in operation or until it reaches net assets of £250m. He estimates that will amount to between 15 to 20 basis points.
Not having a commercial backer is essential to the ethos of Godfrey’s investment vehicle. At the same time, without this financial support, there is no one to cross-subsidise the costs while you are small.
But Godfrey says he is more than happy to make a financial commitment to get the business up and running.
“I think this is a company that if it gets off the ground over the next few years will grow very, very strongly,” he said.
“I’m confident that one day I’ll get paid in full.”
Besides these new titbits, Godfrey reiterated that his trust would target a total return of 7% per annum over a period of seven years, after costs and assuming CPI inflation averages 2%.
Although some might think this is a tall order, Godfrey believes it is a “realistic target” over the time frame.
“It’s a lot easier to achieve that kind of target if you’re not trying to control tracking error against an index, and if you are, as we believe we will be, good at identifying companies that can create wealth sustainably over the long-period of time,” he said.
The offer for subscription and intermediaries offer will close on 10 October.
