In relation to each Offer, the Portal www.mamacrowd.com publishes within the document of the Offer relating to each project
- the information indicated in Annex 3 of Regulation 18592/2013 and the relevant updates provided by the Offeror, also in case of significant changes occurred or material errors detected during the Offer, bringing at the same time each update to the attention of the persons who have joined the Offer;
- the identification details of the persons who receive and take care of the completion of the orders as well as the identification details of the account provided for by article 17, paragraph 6
- the information and procedures for exercising the right of withdrawal provided for by Article 25, paragraph 2;
- the frequency and manner in which information will be provided on the status of subscriptions, the amount subscribed and the number of subscribers.
- where envisaged, indication of any alternative regime for the transfer of shares representing the capital of small and medium-sized enterprises established as limited liability companies provided for by Article 100-ter, paragraph 2-bis, of the Consolidated Finance Act and the relative procedures for exercising the option to choose the regime to be applied
- the information regarding the possible listing on regulated markets, multilateral trading systems or organized trading systems of the financial instruments issued by the offeror.
The information indicated may also be provided through the use of multimedia techniques. The Manager shall allow the information listed in paragraph 1 to be obtained on a durable medium.
General note on the 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 it. Investors' attention is also drawn to the fact that investment in financial instruments issued by the Offerors, including through UCITS or companies which invest primarily in financial instruments issued by small and medium-sized enterprises, is illiquid and carries a very high risk.
Notice on the "Investor Information Document"
In the special section dedicated to the Offers in progress of the Portal it is possible to consult and download the "Informative Document" relating to the Offers of financial instruments of the Offerors who have launched an online capital raising campaign through the portal www.mamacrowd.com.
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 terms and conditions of the Offer, including the indication of the addressees, of any effectiveness and revocability clauses of the acceptances;
- information on the portion, if any, already subscribed by professional investors or by the other categories of investors provided for in Article 24, with indication of the identity of the latter
- indication of any costs or commissions charged to the investor, including any expenses for the subsequent transmission of orders to banks and investment firms;
- indication of any fees, expenses or charges borne by the subscriber in relation to any alternative regime for the transfer of the units provided for in Article 100-ter, paragraph 2-bis, of the TUF
- description of the methods for calculating the portion reserved for professional investors or the other categories of investors provided for by Article 24, as well as the methods and timing for publishing information on the status of acceptances of the Offer;
- indication of the banks and investment companies to which the orders for the subscription of the financial instruments subject of the Offer will be transmitted and description of the methods and timing for their execution, as well as the existence of any conflicts of interest on the part of such banks and investment companies;
- information regarding the unavailable account opened pursuant to Article 17, paragraph 6, on the date the funds are actually debited from the subscribers' accounts;
- information on the procedures for the return of funds in the event of legitimate exercise of withdrawal or revocation rights, as well as in the event of failure to complete the Offer;
- terms and conditions for the payment and assignment/delivery of the financial instruments subscribed to;
- information on conflicts of interest connected with the Offer, including those deriving from the relationships between the Offeror and the Manager of the Portal, those who hold control, the persons who perform functions of management, administration and control as well as the professional investors or the other categories of investors provided for in Article 24, who may have already subscribed to the portion of the financial instruments reserved for them
- information on the Offeror carrying out offers with the same object on other portals;
- the applicable law and the competent court;
- the language or languages in which the information relating to the Offer is communicated
It is Consob itself that, in closing Annex 3 to Regulation 18592 suggests the 'qualitative' requirements that must be followed in drafting the Document:
"The information on the Offer shall be easily understandable by a reasonable investor and shall be provided through the use of non-technical or slang language, clear, concise, resorting, where possible, to the use of terms of common language. The information shall also be presented in a way which allows comparability of offers made through the portal.
The presentation and structure of the document shall be such as to facilitate its reading by investors, including through the use of legible font size. The length of the document shall not exceed five pages in A4 format. Where colours or logos characteristic of the company are used, they shall not affect the comprehensibility of the information in cases where the document containing the offer information is printed or photocopied in black and white."