Investor Categories

High Net Worth Investor

• an annual income to the value of £100,000 or more; or

• net assets to the value of £250,000 or more.

Net assets for these purposes do not include:

• a primary residence or any money raised through a loan secured on that property;

• any rights under a qualifying contract of insurance; or

• any benefits (in the form of pensions or otherwise) which are payable on the termination of your service or on death or retirement and to which you (or your dependants) are, or may be, entitled.

Sophisticated Investor

At least one of the following applies:

• You are 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 below;

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• You have made more than one investment in an unlisted company in the two years prior to the date below;

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• You are working, or have worked in the two years prior to the date below, in a professional capacity in the private equity sector, or in the provision of finance for small and medium enterprises; or

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• You are currently, or have been in the two years prior to the date below, a director of a company with an annual turnover of at least £1 million.

Restricted Investor

Both of the following apply:

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• in the twelve months preceding the date below, you have not invested more than 10% of yournet assets in unlisted shares or unlisted debt securities;

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• you undertake that in the twelve months following the date below, you will not invest more than 10% of my net assets in unlisted shares or unlisted debt securities.

Net assets for these purposes do not include:

• a primary residence or any money raised through a loan secured on that property;

• any rights under a qualifying contract of insurance; or

• any benefits (in the form of pensions or otherwise) which are payable on the termination of your service or on death or retirement and to which you (or your dependants) are, or may be, entitled.