About the trust
The Route66 Members Benefit Trust (The PMBT) has been established by the founding directors and shareholders of Route66 Limited (who is a stratigic partner of Carlton Cars) to provide a legal framework to allow Drivers who are members of the Route66 network to financially benefit from the future profits of the Route66 business.
The Trustees of the PMBT will distribute benefits to the members of Route66 and their families over the coming years with eligible members benefitting from direct participation in the ongoing profits of the Route66 business.
Allocation of Shares by the Board of Route66 to the PMBT
To facilitate this process the Board of Route66 has established an irrevocable discretionary trust for the benefit of members of the Route66 network and 24% of the Route66 Ltd’s share capital has been placed into the trust solely for the benefit of future members.
The shares deposited into the PMBT whilst not having any direct voting rights on the board will have full distribution rights of dividend income and any income resulting from the sale of any shares in the future.
The income from the Route66 share ownership will be utilised by the trustees for the benefit of eligible members both past and present of the Trust.
Additional Regular Payments by Route66 Ltd for the benefit of Members
In addition to the Dividend payments to the Trust as a result of owning the shares an additional non contractual payment will be made by the board of directors to the Route66 trust equating to 3% of the revenue received by the company to provide a range of protection and savings benefits for the membership. Whilst these payments are non-contractual in nature it is the intention of the directors of Route66 to maintain these payments on an ongoing basis.
The PMBT Trustees
The trust will be run upon strict legal lines by a set of nominated trustees for the benefit of all members of the PMBT with a member of the Route66 board, Initially Mr. Chin of Carlton Cars and a member nominated trustee who will represent the interests of the Member Cabbies. In addition an independent professional trustee has been appointed to administer the trust and ensure that it is run in a fair and prudent manner for the sole benefit of all eligible Route66 members.