What is a Participative Note/Equity-Link-Note?
When an investor puts his money in a project, he subscribes to a debt security issued by the company Spreds Finance. This financial security is called a Participative Note (Equity-Link-Notes). The paper is the economic mirror of a loan or of a participation in the capital of the underlying company (the enterprise being financed) and gives the owner the right to the same return (interest in case of loans or capital gains in the case of shares). However, it does not give voting rights like classic shareholders receive, since only Spreds Finance S.A becomes a shareholder.