Spring Chicken is a UK based digital business providing content and products to older people.
Business overview
Location | Oxford, United Kingdom |
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Social media | |
Website | springchicken.co.uk |
Sectors | Home & Personal Mixed Digital/Non-Digital B2C |
Company number | 08415454 |
Incorporation date | 22 Feb 2013 |
Idea
Preemption details
The company has raised 2 rounds of funding in 2020 on which Seedrs investors have pre-emption rights. Details of these round are below. We will run a waterfall process to allow investors to take up their pre-emption on each of these funding rounds.
- July 2020: £1,000,011.06 raised at a £29.58 share price
- November 2020: £100k of new investment and £206,630 of debt converted to equity at a £10 share price
You will have received an email confirming your aggregate pre-emption right across both equity rounds.
You can take up all or part of your aggregate pre-emption right in this round, which is priced at the lowest share price of £10 set by their round in November 2020. If the total amount invested is greater than Seedrs’ pre-emption allocation (which is the target) we will scale investors back proportionally and open a new round at the next share price (£29.58) so that you can take the remaining amount at the higher share price.
The company's valuation will be updated to reflect the latest round, being the November 2020 round at £10 per share.
In January 2021 the company also raised £1.14m through the government's Future Fund scheme. The company will not be offering pre-emption rights on this convertible investment. The key terms of the convertible loan are as follows:
Discount: 20%
Interest rate: 8%
Maturity date: 11/01/2024
Valuation cap £5m
Details of the government future fund can be found here: https://www.british-business-bank.co.uk/ourpart....
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If you successfully purchase a share lot of this business, you will be granted access.
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