This is it! On Wednesday, March 13, 2024, Supernova Coop reached the amount that will enable to acquire the hall at n°3 rue d’Arenberg for the next 68 years and maintain an independent, non-commercial cultural activity : that of Cinema Nova! Until June 8, it’s still possible to join the cooperative to reinforce the Nova ship, which is preparing to cruise until 2092…

So today, after 140 days of campaigning, more than 3000 cooperative members have already subscribed to 527,550 € worth of shares in Supernova Coop (see details here)! Added to the €300,000 worth of D shares subscribed in a previous private placement, and the €6,150 worth of equity (A shares)… we’ve now reached the 833,700 € needed.

THANK YOU! This is the result of a huge and successful participation! It was not a foregone conclusion. And this successful outcome is all the more outstanding in that it was achieved before the campaign end date of March 31, without the need for a bank loan, and despite the fact that the amount required (estimated at €794,000 in 2023) had to be revised upwards in recent weeks due to an increase in some charges.

No need to deny our satisfaction. This collective achievement not only shows a strong and widespread attachment to a cinema that presents original programming. But it also highlights the need for stand-alone places of cultural discovery and exchange, where the audience is treated as a whole – venues that the unregulated real estate market is in the process of eliminating. Finally, it underlines the enormous power of a collective action, in this case citizen-based participative financing. Maybe it will give ideas to other initiatives…

So what now?

The coming weeks will enable Supernova Coop to take the final steps required to sign the deed of emphyteusis, which must be completed before the end of Nova’s current rental lease on May 11, and if possible before April 30 in order to avoid the payment of a substantial increase in registration duties in force since January 1.

The coming weeks will enable Supernova Coop to take the final steps required to sign the deed of emphyteusis, which must be completed before the end of Nova’s current rental lease on May 11, and if possible before April 30 in order to avoid the payment of a substantial increase in registration duties in force since January 1.

Fundraising keeps going until June 8

Why? When planning the fund raising campaing, we deliberately focused on financing the purchase of the cinema, the associated costs and the installation of a new heating boiler. But to get the Nova ready for its long journey, Supernova Coop will have to meet other expenditure, in particular for the thermal and acoustic insulation of the cinema’s rooftop and for the payment of the building withholding tax.

How ? The current public offering remains valid until June 8, 2024, when the prospectus is to expire. The authorized limit is €794,000 for B and C shares. It is therefore still possible to subscribe up to €158.800 of B and C shares between now and June 8, since the amount raised through the private call (300,000 €) and equity capital (6,150 €) are not part of the public offering.

You’ve doubted, hesitated, postponed, procrastinated or waited to see what the outcome of this adventure would be… If you’d like to join our beautiful collective and strengthen it to better support Cinema Nova… you still can !