A working group will continue to update the documents on a regular basis to encompass market developments. The documents can be downloaded for free from the BVCA website here: www.bvca.co.uk/policy/indus...

The updated documents include revised versions of the Subscription Agreement, Shareholders’ Agreement and Articles of Association, as well as a new Summary of Terms to be used at the term sheet stage. The accounting briefing on the treatment of preferred shares is also still available for reference.