Forty-seven years ago, on March 1, 1975, we held our first stock offering. Share prices ranged from $3,500-4,500 and because the sale of the shares was not registered with the Securities and Exchange Commission (SEC), the offering was strictly limited to California residents. According to the offering:
Pismo Coast Village, Inc. was organized to acquire and operate for the use and enjoyment of its stockholders a recreational vehicle park which is located at Pismo Beach, California, and known as Pismo Coast Village.
Sites not used by shareholders were offered to the general public to cover operating expenses.
Much like today, the Resort in 1975 had 400 campsites, “comfort stations” (restrooms and showers), a recreation hall (the present-day Clubhouse), two swimming pools, a general store, a laundromat, mini parks, and a fish cleaning table.
Although Pismo Coast Village shares are not sold on the open market, we are a publicly owned company. There are a fixed number of shares available (1800), and all are currently owned. The PCV bylaws state in article 7.5.1 “no shareholder may own more than three (3) shares of the Company’s common stock.” Shares can be sold by Shareholders to interested buyers or bought and sold through PCV’s onsite broker, Jeanne Sousa, Pismo Coast Investments. PCV files quarterly and annual reports with the SEC and holds annual shareholder meetings, and our directors and officers have significant responsibilities.
Being a Shareholder is more than 45 free days per share every year. Shareholders are owners, and have a voice in the direction of the Resort.
Shareholders can attend bi-monthly Board meetings and ask questions and/or give comments to the Board;
Shareholders receive proxy materials by mail every year before the Annual Shareholders’ Meeting, and can attend the Annual Shareholders’ Meeting in January to vote on proposals and elect the Board;
Shareholders can submit proposals to the Board for review and inclusion at the Annual Meeting;
Shareholders who have owned a share for at least two years can apply to sit on the Board of Directors. The role of Director provides a leadership opportunity for interested Shareholders who bring specific skills and experience to the running of the corporation. If you would like to receive a Board application, please contact Carol Lyon in the Corporate Office at caroll@pismocoastvillage.com.
We look forward to seeing you at the Resort.
