Am I ready? / Hybrid instruments

Hybrid instruments

Instruments that start as one thing and may become another, such as loans that convert into shares.

What providers of these 2 routes usually ask for. Items asked for by more routes come first, and count for more in the score. Your ticks stay in this browser and nothing is stored.

Ready

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Next to prepare

Agreement meets HMRC's conditions
SEIS or EIS advance assurance
Plan for the next round

Agreement meets HMRC's conditionsLegal review confirming no refunds, no interest, no variation and a longstop date
Asked for by Advance subscription agreement (ASA)
SEIS or EIS advance assuranceAdvance assurance from HMRC that the shares are likely to qualify
Asked for by Advance subscription agreement (ASA)
Plan for the next roundTiming and terms of the round in which the shares will be issued
Asked for by Advance subscription agreement (ASA)
Business plan and cash flow forecastA plan showing what the money is for and when you expect the next funding round
Asked for by Convertible loan notes (CLNs)
Articles of association checkedConfirmation that your articles allow convertible notes, or a plan to change them
Asked for by Convertible loan notes (CLNs)
Clear termsAgreed trigger events, discount, valuation cap, interest rate and maturity date
Asked for by Convertible loan notes (CLNs)
Share ownership table with conversion scenariosWho would own what after conversion at different valuations
Asked for by Convertible loan notes (CLNs)

Hybrid instruments

Routes in this family