Award-Winning retailer of bespoke engagement and fine diamond jewellery.
Business Highlights
Fundraising history | This round | |
---|---|---|
Type
|
- | Equity - Pre-emption |
Last price changed
|
30 Sep 2019 | 02 Feb 2021 |
Valuation
|
£13,117,438.75 | £17,000,200.62 |
Share price
|
£16.25 | £21.06 |
Share price change (%)
|
225.00% | 29.60% |
Tax relief
|
- | None |
Idea
Preemption details
The company has recently raised £1m at a £21.06 share price and would like to offer investors the ability to participate in the round on the same terms. The company has an option to raise a further £500k on the same terms but this has not yet been confirmed. Investors can take up more than their pre-emption rights in this campaign as we won't open another round if the company takes on the additional investment.
Share classes
All investors in this round will receive non-eis eligible C Preference Shares, including Seedrs investors. Please note that holding non-eis eligible shares could impact your ability to claim S/EIS relief on future investments in this business.
C Preference Shares rank above other share classes in the event of a sale, refinancing or liquidation of the business. There are two waterfalls depending on whether the exit is a liquidation or otherwise and they are as follows:
1. On any return of capital (other than liquidation):
First step – C Preference Shareholders will receive a return equal to their investment.
Second step - A Ordinary and B Ordinary Shareholders will then receive a return equal to their investment.
Third step – a return of up to £8 million (reduced by the amount distributed to C Preference, A Ordinary and B Ordinary Shareholders in steps one and two above) will then be distributed to holders of Ordinary Shares.
Fourth step - all preference and ordinary shares (excluding shares issued to management under the company’s long-term incentive programme) receive their pro rata share of the remaining proceeds for distribution up to a 4x return and 30% IRR for the company's lead institutional shareholder.
Fifth step - a catch up for management equity equivalent to 5% of the fully diluted equity. The proceeds distributed are such that the management shares receive proceeds the pro-rata equivalent to the existing ordinary shares.
Final step - all preference and ordinary shares, including all management equity, receive their pro rata share of the remaining proceeds for distribution.
2. On Liquidation
The above waterfall is modified such that B Ordinary Shareholders are not included in the second step and will not receive a preference return equal to their investment. Instead, they will rank pari passu with holders of Ordinary Shares.
Loans
The company has the following outstanding loans:
- A £250k CBIL loan accruing interest at 10% and maturing in 3 years
- A £150k unsecured term loan with investor director accruing 10% interest and maturing in 3 years.
- The company expects to raise an additional £500k loan through CBILs after this round as well as a £100k 3yr unsecured loan from another investor. Details of these loans are not confirmed.
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If you successfully purchase a share lot of this business, you will be granted access.
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