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Investment Terms and Conditions

Further information is available only to and will be engaged in only with the Recipient and other persons who satisfy the criteria set out below:

1. those described in Article 48 of the Order, being certified high net worth individuals where at least one of the following applies:
   1. they have had, during the immediately preceding financial year an annual income to the value of £100,000 or more; or
   2. they have held, throughout the immediately preceding financial year net assets to the value of £250,000 or more. Net assets for these purposes do not include:
      1. the property which is their primary residence or any loan secured on that residence;
      2. any rights under a qualifying contract of insurance within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
      3. any benefits (in the form of pensions or otherwise) which are payable on termination of service or on death or retirement and to which they are (or their dependants are), or may be, entitled;
2. those described in Article 50A of the Order, being self-certified sophisticated investors where at least one of the following applies:
   1. they are a member of a network or syndicate of business angels and have been so for at least the previous six months; or
   2. they have made more than one investment in an unlisted company in the previous two years; or
   3. they are working, or have worked in the previous two years, in a professional capacity in the private equity sector, or in the provision of finance for small and medium enterprises; or
   4. they are currently, or have been in the previous two years a director of a company with an annual turnover of at least £1 million;
3. those described in Article 49 of the Order, being high net worth companies, unincorporated associations, partnerships or trustee of high value trusts where at least one of the following applies:
   1. they are a body corporate, which has, or which is a member of the same group as an undertaking which has a called-up share capital or net assets of not less than:
      1. if the body corporate has more than 20 members or is a subsidiary undertaking of an undertaking which has more than 20 members, £500,000;
      2. otherwise, £5 million; or
   2. they are an unincorporated association or partnership which has net assets of not less than £5 million; or
   3.  they are the trustee of a trust where the aggregate value of the cash and investments which form part of the trust’s assets (before deducting the amount of its liabilities):
      1. is £10 million or more; or
      2. has been £10 million or more at anytime in the previous year; or
   4. they are any person (“A”) whilst acting in the capacity of director, officer, or employer of a person (“B”) falling within any of subparagraphs (i) to (iii) above where A’s responsibilities when acting in that capacity involve him in B’s engaging in investment activity.