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GLOSSARY

Development capital definition

Published by a LexisNexis Corporate expert

What does Development capital mean?

This is also known as growth capital investment and refers generally to an investment in a mature company looking to expand or restructure operations, or to finance a major acquisition. Such companies are not able to generate sufficient cashflows. Finance for such investments is usually provided by private equity funds or late-stage venture capital funds.

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Completion checklist/list of documents—buyout

Completion checklist/list of documents—buyout Project [insert name of project] 1 Preliminary 1.1 Heads of Agreement/Equity Term Sheet 1.2 Manager’s Questionnaires for: [insert names] 1.3 Management Business Plan 1.4 [Managers’ Tax Clearances] 2 Investment Documentation 2.1 Investment Agreement 2.2 Articles of Association 2.3 [Manager Charging Shares: 2.3.1 Letter from Manager 2.3.2 Letter from Bank] 2.4 [Management Rights Letter (ERISA funds)] 2.5 [Employee Incentive Scheme Documents] 2.6 [Manager’s new Service Agreements for: [insert names]] 2.7 Managers’ Disclosures: 2.7.1 Letter from Manager 2.7.2 Disclosed Documents 3 Board/Shareholder Documentation 3.1 Newco Board Minutes: 3.1.1 Incorporation 3.1.2 Hand Over 3.1.3 Completion Matters 3.1.4 Post-Completion Matters 3.2 Shareholder Resolutions: 3.2.1 Waiver of Rights 3.2.2 New/Revised Articles of Association 3.2.3 Share Issues 3.2.4 Completion Matters 3.2.5 Post-Completion Matters 4 Miscellaneous 4.1 [Foreign Legal Opinion] 4.2 Statutory Books for Newco (written up to

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FTT finds licence fees not taxable as annual payments or income not otherwise charged (Vaccine Research Ltd Partnership v HMRC)

Tax analysis: In Vaccine Research Ltd Partnership, the First-tier Tax Tribunal (FTT) allowed the taxpayers’ appeals, finding that licence fees received as part of a complex scheme intended to generate income tax losses were not income and so not subject to income tax.

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