Information Memorandum - Foresight Group
Information Memorandum - Foresight Group
Information Memorandum - Foresight Group
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
APPENDIX 2: INVESTOR’S AGREEMENT<br />
6. TERMS APPLICABLE TO DEALING<br />
6.1 In effecting transactions for the Investor, the Fund Manager<br />
will act in accordance with the FCA Rules.<br />
6.2 Where relevant, it is agreed that all transactions will be<br />
effected in accordance with the rules and regulations of<br />
any relevant market, exchange or clearing house (and the<br />
Fund Manager shall take all such steps as may be required<br />
or permitted by such rules and regulations and/or by good<br />
market practice) through which transactions are executed<br />
and to all applicable laws so that:<br />
(a) If there is any conflict between the provisions of this<br />
Investor’s Agreement and any such rules, customs or<br />
applicable laws, the latter shall prevail; and<br />
(b) action may be taken as thought fit in order to ensure<br />
compliance with any such rules, customs or applicable laws.<br />
An Investor should, however, be aware that the Portfolio(s)<br />
of an Investor will be invested in a range of unlisted<br />
securities and there is generally no relevant market or<br />
exchange and consequent rules and customs and there will<br />
be varying practices for different securities. Transactions<br />
in shares of such securities will be effected on the best<br />
commercial terms which can be secured.<br />
6.3 Subject to the FCA Rules, transactions for an Investor will<br />
be aggregated with those for other Investors pursuant to<br />
clause 6.4. They may also be aggregated with transactions<br />
for other customers of the Fund Manager, and of its<br />
members, partners, employees and Associates and their<br />
employees and, if so, any Investments made pursuant to<br />
such transactions will be allocated on a fair and reasonable<br />
basis in accordance with the FCA Rules and endeavours will<br />
be made to ensure that the aggregation will work to the<br />
advantage of each of the Investors, but an Investor should<br />
be aware that the effect of aggregation may work on some<br />
occasions to an Investor’s disadvantage.<br />
6.4 Generally Investments will be allocated between Investors by<br />
reference to the proportion which the Investor’s uninvested<br />
cash bears to the total uninvested cash of all Investors<br />
in the Fund at the time that Investment is made, subject<br />
always to the overriding discretion of the Fund Manager<br />
and any limitations that an Investor may prescribe for<br />
his Investments (including limitations deriving from the<br />
professional rules applicable to accountants, lawyers and<br />
others) and which are accepted by the Fund Manager.<br />
6.5 Subject to both the FCA Rules and the Fund Manager’s<br />
policy on the management of conflicts of interest, the Fund<br />
Manager may make use of soft commission arrangements in<br />
respect of transactions undertaken for the Fund as may be<br />
disclosed to the Investor from time to time.<br />
6.6 The Fund Manager will act in good faith and with due<br />
diligence in its choice and use of counterparties but, subject<br />
to this obligation and to the FCA Rules, shall have no<br />
responsibility for the performance by any counterparty of<br />
its obligations in respect of transactions effected under this<br />
Investor’s Agreement.<br />
28 FORESIGHT SOLAR EIS FUND 3<br />
6.7 Save as detailed in clause 2.14 of this Investor’s Agreement,<br />
the Fund Manager shall take reasonable steps to obtain the<br />
best possible result when executing orders on an Investor’s<br />
behalf. This duty of best execution is owed by the Fund<br />
Manager to the Investor only when the Fund Manager<br />
has contractual or agency obligations to the Investor. The<br />
Investor should familiarise himself with the Order Execution<br />
Policy, provided at Schedule 3 of this Investor’s Agreement.<br />
The Fund Manager is required to obtain the Investor’s<br />
consent to this policy, which will be demonstrated by the<br />
Investor submitting a completed Application Form to the<br />
Receiving Agent.<br />
7. CUSTODY<br />
7.1 The Fund Manager will (if and for so long as it is duly<br />
authorised) either be responsible for safeguarding the<br />
assets within an Investor’s Portfolio or will arrange for a<br />
suitably authorised custodian to perform that role at the<br />
Fund Manager’s own cost. Cash will be dealt with as provided<br />
in clause 7.7 below.<br />
7.2 Investments will be registered in the name of the Nominee.<br />
Investments within the Investor’s Portfolio in the Fund will<br />
be beneficially owned by the Investor at all times but the<br />
Nominee will be the legal owner of the Investments of the<br />
Investor in the Fund. The Nominee will not, save as set out in<br />
clause 7.6, carry on any activity except as instructed by the<br />
Fund Manager.<br />
7.3 The Nominee will hold any title documents or documents<br />
evidencing title to the Investments. Individual customer<br />
entitlements are not identifiable by separate certificates<br />
or other physical documents of title or external electronic<br />
records. In the event of a default of the Nominee, those<br />
for whom it holds securities may share in any shortfall<br />
pro rata. The Administrator may deliver or accept delivery<br />
of certificates and/or CREST balances on behalf of the<br />
Nominee. The Nominee holds the Investments pursuant to<br />
a trust under which the interests of customers are created<br />
or extinguished when a customer makes acquisitions or<br />
disposals in accordance with this Investor’s Agreement.<br />
Pursuant to section 250(1) of the Income Tax Act, shares<br />
subscribed for, issued to, held by or disposed of for an<br />
individual by a nominee are treated for the purposes of the<br />
EIS as subscribed for, issued to, held by or disposed of by the<br />
individual Investor. The Nominee shall maintain at all times<br />
a record sufficient to show the beneficial interest of the<br />
Investor in the whole number of Shares allocated to, and the<br />
cash within, his Portfolio.<br />
7.4 Investments or title documents may not be lent to a third<br />
party and nor may there be any borrowing against the<br />
security of the Investments or such title documents.<br />
7.5 An Investment may be realised in whole or in part order<br />
to discharge an obligation of the Investor under the<br />
Agreement, for example in relation to payment of fees, costs<br />
and expenses.<br />
7.6 The Administrator will arrange for the Investor to receive<br />
details of any meetings of investors in Investments and any<br />
other information issued to investors in Investments if the<br />
Investor at any time in writing requests such details and<br />
information (either specifically in relation to a particular<br />
Investment or generally in respect of all Investments). The