Planned Capital Increase
At present, the capital of CURSO SPRL/BVBA amounts to 18,600 EUR. It is represented by 1,000 shares.
The capital increase in which Spreds Finance will participate with other investors fits into a broader financing of CRUSO SPRL/BVBA planned to be between 150,000 EUR and 400,000 EUR.
This financing can be broken down as follows:
- Between minimum 50,000 EUR and 150,000 EUR (depending on the result of the issue of the Notes) shall be contributed by Spreds Finance
- Between 50,000 EUR and 350,000 EUR shall be contributed by others investors. An international investor has already invested 106,250 EUR in this financing round (capital increase) for a consideration of 10% equity participation.
CRUSO SPRL/BVBA has been valued at maximum 912,500 EUR. The value of CRUSO SPRL/BVBA following the Capital Increase can be estimated at maximum 1,062,500 EUR.
Put and call options
- Put option
The two founders grant investors a put option and grant them the right, as of 30 April 2024, to sell all the shares (in their entirety) to the founders (or to the company) at a price of 27.5% of the initial amount invested by investors. A possible subsequent split of the shares (decrease or increase in the number of investors' shares) will not affect the expected value of the option.
- Call option
A call option is offered to the founders in 2023 and 2024 at a price corresponding to their pro rata of the equity value calculated as follows: 12 times the EBITDA (operating result) with a minimum value of 1.1 times the turnover. It is however agreed that the maximum price for the entirety of shares held by Spreds Finance will be 163% of the initial amount invested by investors. A possible split of the shares (decrease or increase in the number of investors' shares) can not affect the expected value of the price of the option. The founders can transfer this option to the company.