Here are the details of what our Community Share Issue will look like:
In the first instance we will be launching Pioneer Share Issue. Our initial ask will be £25,000, which will fund us until we launch our main Community Share Issue which will run for 12 weeks.
Pioneer Community Share Issue Document
A community investment offer to help build a sustainable, community-owned public-interest media platform for Wales.
| Pioneer share target: £25,000 |
| Full community share issue target: £250,000 |
| Pioneer offer opens on date to be confirmed and remains open for 8 weeks |
| Full share issue opens date to be confirmed and remains open for 12 weeks |
| £1 shares | minimum 10 shares | maximum 70,000 withdrawable shares per individual investor |
Prepared using the structural approach of the Sheffield Community Media pioneer share offer and updated with current Talking Wales project information and offer terms.
Contents
1. Invitation
2. Talking Wales
3. Our vision and public purpose
4. The offer at a glance
5. What Talking Wales will do
6. Business model and use of funds
7. Share terms and how community shares work
8. Offer timetable and how to invest
9. Questions and answers
10. Risk factors
11. Summary terms of offer
1. Invitation
Talking Wales has been created in response to a clear problem: Wales needs stronger public-interest journalism that is rooted in communities, shaped for modern audiences and owned in a way that protects its mission.
The decline of traditional local news has left many people with less access to reliable reporting, less coverage of civic life and fewer media organisations that feel genuinely accountable to the communities they serve. Talking Wales has been built as a practical response – a Wales-wide multimedia service combining digital publishing, newsletters, audio, video, social media distribution and, over time, community newsrooms and radio stations and national audio services.
This pioneer offer is the first stage in that journey. It is designed to raise £25,000 of early community capital to strengthen the organisation’s foundations ahead of a full community share issue targeting £250,000. Supporters who invest will be helping to build an independent media organisation for Wales that is community-owned, mission-led and structured to reinvest in the service rather than extract profit for outside shareholders.
2. Talking Wales
Talking Wales is “a new kind of news service for Wales”. It has been developed as an independent, community-led and owned public-interest news service created to inform, educate and engage people across Wales with journalism that matters.
The service is being built as a genuinely multi-platform operation. Its core proposition is that audiences now access news in many different ways – through websites, newsletters, podcasts, radio, social feeds, video and smart devices – and that a sustainable Welsh public-interest news service must meet people where they are rather than rely on a single channel.
Talking Wales launched its pilot service on 5 January 2026 at www.talking.wales, and as part of our development plan, we are now publishing a draft of our community share prospectus which would raise the working capital required for the next phase of development. The organisation is registered with the Financial Conduct Authority as a Community Benefit Society, Society Number 9087.
Founder
Talking Wales was founded by Huw Marshall, former Head of Digital at S4C. He helped launch The National Wales in 2021 and is currently undertaking postgraduate research into the links between public-interest news and democratic activity with the University of Lancashire as part of their Leadership and Innovation in Journalism Program.
3. Our vision and public purpose
Talking Wales exists to strengthen civic understanding and connect communities to the issues shaping their lives. Its mission and values position the organisation as a public-interest media service designed to inform, educate, engage and give communities a stronger voice.
Community ownership matters because it aligns finance with mission. A community share issue allows supporters to become members of the society and participate in its long-term development on a one-member-one-vote basis, rather than concentrating control in the hands of the wealthy.
Any surplus generated by the society will, as required by our articles of incorporation, be reinvested in improving the service: employing more journalists and contributors, expanding community engagement, improving production capabilities, and widening access to trusted news and information across Wales.
4. The offer at a glance
| Pioneer offer target | £25,000 |
| Full share issue target | £250,000 |
| Pioneer launch date | date to be confirmed |
| Pioneer offer period | 8 weeks |
| Main share issue launch date | date to be confirmed |
| Main share issue period | 12 weeks |
| Share value | £1 per share |
| Minimum individual holding | 10 shares (£10) |
| Maximum individual holding | 70,000 shares (£70,000) |
5. What Talking Wales will do
Talking Wales is being built as a multimedia public-interest service for Wales. The planned output includes the following activity areas.
| Area | Planned activity |
| Editorial publishing | Original reporting, features, interviews, explainers and commentary focused on Wales, democracy, communities, culture and public life. |
| Newsletters | Regular direct-to-audience updates designed to build loyalty, reach fragmented audiences and reduce reliance on platform algorithms. |
| Podcasts and audio | Discussion, interviews, storytelling and audio-led journalism suitable for on-demand listening and future broadcast or live-stream use. |
| Video and social | Short-form and longer-form visual content tailored to contemporary digital consumption and audience growth. |
| Community newsrooms | Local rootedness through community presence, listening, contributor development and place-sensitive storytelling. |
| Digital radio and app-based listening | A longer-term ambition to establish a national news-led radio service for Wales available online, through smart speakers and via a dedicated smartphone app. |
6. Business model and use of funds
Talking Wales is being developed as a mixed-income, mission-led media business. Community share capital is intended to provide patient capital that supports launch, working capital, and the development of long-term trading revenues, while protecting editorial purpose and community accountability.
The £25,000 raise is intended to help the organisation transition from the pilot phase to full launch preparation. The subsequent full community share issue will seek £250,000 to capitalise a broader phase of development and growth.
Funds raised will support editorial staffing and commissioning, publishing and newsletter infrastructure, audio and video production capability, launch marketing, community engagement, contributor development and general working capital.
The service will be funded in the long term through a diverse mix of revenue streams. Monthly memberships, unlike traditional subscription models, will allow members to access exclusive content through their membership fee, which will be converted into shares at the end of each financial year. Sponsorships and partnerships: we will collaborate with businesses and organisations that align with our values to promote their services and products. Events: we will arrange events that align with our content and output. Media Services: as an innovative media business with a range of specific skills, we will make our services available to external companies and organisations.
| Use of funds | Illustrative purpose |
| Editorial and production | Journalism, editing, presenting, production support and commissioning. |
| Platform and publishing systems | Website, newsletter, hosting, app, workflow and audience systems. |
| Audio and video capacity | Equipment, software, recording, editing and distribution capability. |
| Audience growth | Launch activity, marketing, partnerships and supporter recruitment. |
| Community engagement | Contributor development, local listening, events and newsroom activity. |
| Working capital | Cashflow resilience during early growth and service development. |
7. Share terms and how community shares work
Individuals will be able to purchase withdrawable, non-transferable shares valued at £1 each, with a minimum holding of 10 shares and a maximum holding of 70,000 shares.
A community share is a withdrawable, non-transferable equity investment in a co-operative or community benefit society. It is a form of equity because investors hold a share in the organisation. It is withdrawable because, subject to the society’s rules and its financial position, members may apply to withdraw their money rather than sell their shares on the market.
Unlike ordinary company shares, community shares are generally not designed for capital gain and cannot normally be transferred to another person. Each member has one vote regardless of the size of their holding. This protects democratic ownership and prevents control from following money alone.
The society can issue transferable shares to organisations, companies or institutional investors, with no maximum value, where permitted by the rules and the offer terms. However, all shareholders – whether holding withdrawable or transferable shares – will have one vote each regardless of their total shareholding.
8. Offer timetable and how to invest
The current proposed timetable is set out below.
| Milestone | Date / period |
| Pioneer offer opens | date to be confirmed |
| Pioneer offer closes | 8 weeks after launch |
| Main community share issue opens | date to be confirmed |
| Main community share issue closes | 12 weeks after launch |
Applications will be made using the official application route by emailing shares@talking.wales. Applicants receive an application form that contains details of the application process, payment method, eligibility, any withdrawal rights, the minimum subscription threshold, arrangements in the event of oversubscription, and all contact details for investor enquiries.
9. Questions and answers
What is this investment for? To help build Talking Wales as an independent, community-owned public-interest media service for Wales and to provide the working capital needed for the next stage of development.
Is this a donation? No. Community shares are a form of social investment and membership, not charitable giving.
How many votes do members get? One member, one vote, regardless of the amount invested.
Will the value of my shares increase? No. Community shares do not increase in value but they can attract a modest level of annual interest.
Can I sell my shares? Withdrawable community shares are non-transferable. Members cannot normally sell them to another person.
Can I get my money back? Potentially, through withdrawal, but only in accordance with the society rules and only when the board judges that withdrawals can be met without harming the financial security of the society.
Will I receive interest? Yes, the society will pay a modest annual interest rate. However, interest is never guaranteed and would depend on the society’s rules and financial performance.
What is the main risk? As with any equity investment, investors could lose some or all of their money. Community shares should only be purchased by people who can afford the risk and support the organisation’s social purpose.
10. Risk factors
An investment in community shares is a risk capital investment. The value of shares does not increase and investors may not be able to withdraw their capital when they wish. If Talking Wales does not trade as expected, some or all invested capital may be lost.
The offer is dependent on successful operational delivery, audience growth, revenue generation and sound financial management. There is also execution risk in building a new media organisation in a highly competitive and changing media environment.
11. Summary terms of offer
| Term | Position |
| Issuer | Talking Wales Limited, registered with the Financial Conduct Authority as a Community Benefit Society, Society Number 9087. |
| Pioneer offer target | £25,000. |
| Main share issue target | £250,000. |
| Share price | £1 per share. |
| Individual minimum holding | 10 shares. |
| Individual maximum holding | 70,000 shares. |
| Nature of shares | Withdrawable, non-transferable community shares for individuals; transferable shares may be offered to organisations, companies and institutional investors where permitted. |
| Voting rights | One member, one vote, regardless of total shareholding. |
| Pioneer offer opening date | date to be confirmed |
| Pioneer offer duration | 8 weeks. |
| Main offer opening date | date to be confirmed |
| Main offer duration | 12 weeks. |
| Regulatory note | This draft will be reviewed against the society rules and any legal, financial and regulatory requirements before any offer goes live. |