Information on offers
In relation to each Offer, the Portal walliance.eu publishes within the Offer document for each SME:
- the information, indicated in Annex 3 of Regulation 18592/2013 and the related updates, provided by the offeror, also in the event of significant changes or material errors detected during the Offer, simultaneously bringing each update to the knowledge of the parties who adhered to the Offer;
- the identifying elements of the banks or investment firms that oversee the order processing and the identification details of the account envisaged by Article 17, paragraph 6;
- the information and procedures for exercising the right of withdrawal provided for in Article 25, paragraph 2;
- the periodicity and the modalities with which the information on the state of the registrations, the amount subscribed, and the number of members, will be provided.
The information indicated can also be provided through the use of multimedia techniques; where it is envisaged, the indication of the possible alternative regime for the transfer of the shares representing the capital of innovative start-ups and innovative SMEs set up in the form of a limited liability company pursuant to Article 100-ter, paragraph 2-bis, of the Consolidated Law and the related procedures for exercising the option to choose the regime to be applied.
The Manager allows the acquisition of the information listed in paragraph 1, letter a), on durable medium.
General Warning on Offers
The information on the Offer is not subject to approval by CONSOB. The Offeror is solely responsible for the completeness and truthfulness of the data and information provided by the latter. The investor's attention is also drawn to the fact that the investment in financial instruments issued by these companies is illiquid and characterized by a very high risk.
Notice on the “Investor Information Document”
In the special section dedicated to the Offers underway on the Portal, it is possible to consult and download the "Information Document" relating to the offers of financial instruments of the Start-ups that have initiated an online capital raising campaign through the institution of equity crowdfunding on the walliance.eu portal.
The "Investor Information Document" is prepared in accordance with the requirements of Annex 3 of CONSOB Regulation 18592/2013, and includes the following information:
- general conditions of the Offer, including the indication of the recipients, of any clauses of effectiveness and withdrawal of the acceptances; information on the portion already subscribed to by professional investors or other categories of investors provided for in Article 24, with an indication of their relative identity; indication of any costs or fees charged to the investor, including therein any costs for the subsequent transmission of orders to banks and investment firms;
- indication of any consideration, expense or charge borne by the subscriber in relation to any alternative transfer regime for the units envisaged by Art. 100-ter, paragraph 2-bis, of the TUF;
- description of the methods for calculating the quota reserved for professional investors or the other categories of investors provided for in Article 24, as well as the methods and timing of publication of the information on the status of acceptances to the Offer;
- indication of the banks and investment firms to which the subscription orders of the financial instruments subject to the Offer will be transmitted and the description of the methods and timing for the execution of the same, as well as the existence of any conflicts of interest for such banks and investment companies;
- information on the non-transferable account started pursuant to Article 17, paragraph 6, on the date on which the funds are actually debited from the accounts of the subscribers;
- information on the methods for returning funds in cases of legitimate exercise of the right of withdrawal or revocation, as well as in the case of failure to complete the Offer;
- terms and conditions for the payment and assignment/delivery of the financial instruments subscribed;
- information on the conflicts of interest related to the Offer, including those arising therein from the relationship between the Offeror and the Manager of the Portal, those who control it, the persons performing management, administration and control functions, as well as professional investors or the other categories of investors provided for in Article 24, which may have already subscribed to the portion of the financial instruments reserved for them;
- information on the performance by the Offeror of offers having the same object on other portals; the applicable law and the competent court of jurisdiction;
- the language or languages in which the information relating to the Offer is communicated.
At the end of Addendum 3 to Regulation 18592, CONSOB suggests the “qualitative” requirements that must be followed in drafting the Document: "The information on the offer is easily understood by a reasonable investor, and is provided through the use of non-technical or jargon terms, but rather using language that is clear, concise, resorting, where possible, to the use of common language terms. The information is also represented in such a way as to allow comparability of the offers made via the portal. The presentation and the structure of the document must make it easier for investors to read it, also by writing it in legible size fonts. Such document is no more than five pages in A4 format. If colors or logos characteristic of the company are used, they do not compromise the comprehension of the information in cases where the document containing the information relating to the offer is printed or photocopied in black and white".