Yes or no, and why?
Dear Monzo Investors,
We’d like to move you onto new Investor Nominee Terms
We’d like to move all Monzo investors who, like you, hold their shares via Crowdcube Nominees Limited on to our updated Investor Nominee Terms (the " New Terms "). You can see the new terms here.
Your shares in Monzo will still be held by Crowdcube Nominees Limited. But your shares are held in accordance with a Declaration of Trust. The New Terms will be between you and Crowdcube Capital Limited to manage your shares and give instructions to Crowdcube Nominees on your behalf.
The New Terms are similar to the terms in the current Declaration of Trust, but there are some key benefits:
(i) greater clarity - the New Terms are more detailed and clearer on when and how Crowdcube can make decisions about your shares on your behalf.
(ii) uniformity - investors in the latest Monzo crowdfunding campaign are on these terms and having all investors on the same terms will make it easier for everyone to manage, and save investors and the company time and money.
(iii) increased investor protection - under these New Terms you’d be appointing Crowdcube Capital Limited to act as Investor Representative. As a regulated entity, Crowdcube Capital has to comply with the Financial Conduct Authority’s rules for holding assets on behalf of third parties. Having a contract with a regulated entity offers you greater protection.
(iv) greater flexibility - the New Terms let Crowdcube take action on your behalf when we think it’s in your best interests. If we aren’t sure, and we think investors should make a collective decision, we may still poll you in the same way as we have for this decision.
If you’re happy to move to the new terms, reply ‘yes’ to this poll
Please take some time to read the New Terms and, if you’re happy to move, please respond ‘yes’ to this poll. Please take independent legal advice if you’re not sure about the implications of the change.
If a majority of investors who purchased shares as part of the Monzo crowdfunding campaign(s) in April 2016, April 2017 and December 2017 (majority determined by the number of shares purchased in these campaigns and held by these investors) that respond to this poll vote in favour by 14:00 on 18 March 2019, the New Terms will apply to all Monzo investors who purchased shares as part of these rounds from that date.
If you have any questions or concerns please get in touch by emailing us at email@example.com.
Update: Crowdcube have posted an update -