The Investment Memorandum (“IM”) which details the investment opportunity in Innovative Renewable Energy Limited (including any documentation referred to therein or relating to the investment opportunity) is exempt from the general restriction (in section 21 of the Financial Services and Markets Act 2000 (“FSMA”)) on the communication of invitations or inducements to engage in investment activity on the grounds that it is made only to certified high net worth individuals and/or self-certified sophisticated investors (“business angels”), to high value trusts, to associations of business angels (“business angels networks”), to high net worth companies, to investment professionals and/or to other persons specified in the Financial Promotion Order 2005, or otherwise exempt from section 21 of the FSMA. Should you have any doubts about the investment to which the IM relates you should consult an authorised person specialising in investments of this nature.
QUALIFYING AS A BUSINESS ANGEL
A business angel for these purposes means:
- a certified high net worth individual, or
- a self-certified sophisticated investor.
To qualify as a high net worth individual, you need to satisfy one or more of the following criteria:
- You must have had an annual income to the value of £100,000 or more during the financial year immediately preceding the date of signing a statement (“the certificate date”) certifying that you are a high net worth individual; or,
- You must have held, throughout the financial year immediately preceding the certificate date, net assets to the value of £250,000 or more. Net assets for these purposes do not include:
- the property which is your primary residence or any loan secured on that residence;
- any rights of yours under a qualifying contract of insurance within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; or
- any benefits (in the form of pensions or otherwise) which are payable on the termination of your service or on your death or retirement and to which you are (or your dependants are), or may be, entitled.
To qualify as a self-certified sophisticated investor, you need to satisfy one or more of the following criteria:
- You must be a member of a network or syndicate of business angels and have been so for at least the last six months prior to the date of signing a statement (“the relevant date”) certifying that you are a sophisticated investor;
- You must have made more than one investment in an unlisted company in the two years prior to the relevant date;
- You must be working, or have worked in the two years prior to the relevant date, in a professional capacity in the private equity sector, or in the provision of finance for small and medium enterprises;
- You must currently, or have been in the two years prior to the relevant date, a director of a company with an annual turnover of at least £1million.
Disclaimer
The Directors of the Company have taken all reasonable care in the preparation of the IM. In particular, they have taken care to ensure that all matters expressed as fact are true, and that all information which is expressed as expectation, opinion or forecast is made on reasonable assumptions, derived from information reasonably believed to be true and available to the Directors. However the Directors are not to be regarded as underwriting the Company’s projected performance as set out in the IM and recipients are advised to take appropriate advice and to conduct their own due diligence in relation to the investment offered and set out therein.
Confidentiality Statement
The information contained in the IM is confidential and the proprietary property of Innovative Renewable Energy Limited. The IM is for the sole information and use by the persons or entities to which it is addressed. By accepting the IM the recipient agrees to keep confidential at all times the information contained therein. Any unauthorised use or disclosure of such information without the prior written authorisation of Innovative Renewable Energy Limited is strictly prohibited.
All communications, enquiries or requests for further information relating to the IM should be directed to employees of Tiger Advisers, as detailed below. Tiger Advisers is authorised and regulated by the Financial Services Authority.
Contact Details
Financial adviser
Tiger Advisers Limited
91A George St
Edinburgh EH2 3ES
Graham Langley
Chief Executive
Tel: +44 (0)131 243 9951
Fax: +44 (0)131 243 9969
graham.langley@tigeradvisers.co.uk
Neil McGill
Director
Tel: +44 (0)131 243 9953
Fax: +44 (0)131 243 9969
neil.mcgill@tigeradvisers.co.uk
Jonathan Nicoll
Assistant Director
Tel: +44 (0)131 243 9954
Fax: +44 (0)131 243 9969
jonathan.nicoll@tigeradvisers.co.uk
By continuing you confirm that you have read and understand the important notice and that you are classified as one of the following types of individual:
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