Today Spotify (SPOT) delivers a direct listing on the NYSE by closing trading at $150 per share, above its reference price of $132. A direct listing is highly unusual process that does not involve the normal process of using one or more brokers to run and underwrite the IPO. The shares offered of sale [...]
This post provides direction on managing company boards and should be see in the content of other posts on governance and company law. Firstly a quick summary of the key points: The board of directors is the group of individuals charged with governing the company in the interests of the shareholders, Board members have [...]
This and related posts cover key board management issues often experienced by early stage and rapidly growing companies. The views expressed are based on the hands-on experience of over 500 board meeting across more than 25 individual companies at all stages from creation to exit. In law, the group of individuals elected to the [...]
The pitch deck is a core platform for fund raising. Its aim is to simply and clearly communicate the investment proposition to potential and existing investors. Clarity of the message is key since this will both inform the recipient and assure them that the team is able to communicate effectively to potential customers and [...]
EIS is a tax efficient scheme operated by HMRC to encourage support for early stage companies. The details of the scheme are given here: Enterprise Investment Scheme EIS/SEIS advance assurance application form The scheme has both initial an ongoing requirements and the company is limited to a total of £5 million from venture capital [...]
The following info graphic provided by Kuber Ventures gives additional information on the benefits of each scheme. Investors tend to focus on the immediate tax reliefs but the lifetime value is in the elimination of capital gains tax on profits and loss relief which can be taken against income. Taken together, these are a compelling [...]
This post is the third in a series on the legal aspects of running a startup in the UK. This section covers the Subscription and Shareholders Agreement or the “Shareholders Agreement” a key company document. These posts are only to be used as a guide to give you background information to enhance your understanding [...]
This post is the second in a series on the legal aspects of running a startup in the UK. This section covers the Articles of Association or the "Articles" a key company document. These posts are only to be used as a guide to give you background information to enhance your understanding of the [...]
