Written question asked by Chi Onwurah (Labour) on Thursday, 25 November 2021, in the House of Commons. It was due for an answer on Monday, 29 November 2021. It was answered by Paul Scully (Conservative) on Friday, 3 December 2021 on behalf of the Department for Business, Energy and Industrial Strategy.
Future Fund: Stocks and Shares
- Question
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To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 8 November 2021 to Question 68262 on Future Fund, what the criteria were for converting Future Fund loans into equity shares; and what conditions were associated with those equity shares.
- Answer
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The Future Fund issued loans under a Convertible Loan Agreement (CLA) on standard terms. This is a public document, available on the British Business Bank’s website. Section 5(a) of the CLA sets out the criteria for conversion, which occurs automatically three years after the date of the CLA or earlier in the event of a sale of the company or a funding round. The CLA also defines the conditions associated with the equity shares, which depend on the event that triggered the conversion.
Secondary information
- Type
- Written question
- Reference
- 81957
- Session
- 2021-22
- Related items
- Subjects
- Stocks and shares Future Fund
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2021-12-03 15:54:47 +0000
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/commons/2021-22/81957
- In Indexing
- http://indexing.parliament.uk/Content/Edit/1?uri=http://data.parliament.uk/writtenparliamentaryquestion/commons/2021-22/81957
- In Solr
- https://search.parliament.uk/claw/solr/?id=http://data.parliament.uk/writtenparliamentaryquestion/commons/2021-22/81957