Investment Process

The investment process usually involves the following steps:

• The company seeking finance submits a business plan to Midven, either directly or through its financial advisers.
• One of Midven's investment executives will review the business plan and have an initial discussion with the management and/or its advisers by phone.
• A meeting will be held with the management team and its advisers to discuss the business plan, their backgrounds and aspirations. At this meeting, Midven will explain the role and requirements of the Fund.
• The company usually has to provide additional information and Midven will wish to review this information before deciding on whether the business meets the Fund's investment criteria.
• Midven issues an indicative offer letter that sets out the outline terms on which the Fund would make an investment.
• Midven provides clarification of the terms of the outline offer.
• Midven summarises the business plan in an investment proposal which is circulated to Midven's investment committee. The management team makes a presentation to the investment committee and the committee decides on whether to approve the investment.
• Post approval, Midven issues an offer letter and questionnaires to the company, and the company accepts the offer, completes the questionnaires and returns them to Midven.
• Midven carries out further due diligence on the company's financial records and controls, and obtains references on the management and from customers etc.
• Midven prepares the subscription agreement, directors' and managers' service agreements, new Articles of Association which are then agreed with the company's lawyers.
• Confirmation of any other financial facilities etc. is then obtained.
• Any other Conditions Precedent are satisfied.
• Legal Completion.