PPM Template UK

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by a searcher from City University London - Cass Business School
in London, UK

5yrs ago

PPM Template UK

Hi All,

I have been looking for a PPM template for the U.K.. Any idea where would one find this?

In so far, I have only found templates for the US.

A point in the right direction would be greatly appreciated.

M

3 Likes

489 Views

reply by a searcher 5yrs ago
from City University London in London, UK

Hi Ildar, I was thinking that I should use the Stanford Primer, I was concerned about the legalities. Lots of take aways from the above! Thank you for sharing.

Hope you can join us next week for the U.K. Brainstorming session through searchfunder.com!

Thank you again.

reply by a searcher 5yrs ago
from IESE Business School in London, UK

Good question - from legal perspective PPM is a marketing material and will be one of Schedules to Shareholders and Subscription Agreement. You can ask your lawyer to flip through the document, but with common sense while writing the document you won't need it and the only legal page will be Disclaimer to put at the beginning. This page says that the PPM was not approved under FSMA 2000 regulation and units/shares are not authorised under FSMA and that investors should do their DD. Geraint Lloyd from Bird&Bird is the lawyer in the UK once it comes to traditional SF docs and can help you.

With regards to solicitation rules you should first receive request from an interested investor to provide the document, usually this is the first question you get once contacted prospective SF investor, so not really an issue.

Make sure you are not setting up Ltd while still employed by say financial services organisation with its conflict rules restricting you doing so.

For any investor (and mainly outside of traditional SF community) you should make sure that investments they make are not the last resort financing they have and in case of loss they won't be on a verge of bankruptcy.
When you tap traditional search fund investors above guidance is not really important as everyone knows rules, that's why I was saying that slides may work as good as detailed PPM with them.

Also despite memo is Private, try to put there information that you are comfortable sharing with a relative stranger, although you will be controlling its initial dissemination. This will help you to avoid an NDA which from my perspective is harmful if asked from investors - and doesn't really make sense at this stage.

These should be all legal aspects around writing and disseminating PPM in the UK, but I am not qualified lawyer here so please do check before you start your process. Any additions / corrections from community are welcome here!