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| Shareholder | Share class | Shares | Holding |
|---|---|---|---|
| EDMUND THEODORE SALVESEN | A ORDINARY, B SHARES, C SHARES, FOUNDER | 1,000 | 25.0% |
| 8888888888888888888888 | 8888888888 | 8888888 | 88888 |
| 88888888888888888888888888 | 8888888888 | 8888888 | 88888 |
| 888888888888888888 | 8888888888 | 888888 | 8888 |
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Capital raised per employee divides the equity ETS CAPITAL LIMITED raised in the last six months by the headcount in its most recent filed accounts. It is a rough read on how capital-intensive the business is: a high figure means the company is raising a lot relative to the number of people it employs, which is typical of hardware, biotech and other research-heavy businesses. Headcount comes from annual accounts and so lags the funding date, often by a year or more.
A share class is a category of shares carrying its own rights over voting, dividends and what happens to the money if the company is sold or wound up. UK companies typically issue Ordinary shares to founders and employees, then create a new Preferred class at each funding round, giving investors priority on proceeds ahead of the Ordinary holders. ETS CAPITAL LIMITED has 4 distinct classes on file at Companies House; the rights attached to each are reproduced below as filed.
DIVIDENDS: WHILE THE VALUE OF THE COMPANY IS BELOW THE HURDLE, THE DIRECTORS MAY DECLARE A DIVIDEND IN RESPECT OF THE FOUNDER SHARES ONLY AND THE A SHARES, B SHARES AND C SHARES SHALL HAVE NO RIGHT TO PARTICIPATE IN SUCH DIVIDEND. IF AT ANY TIME THE VALUE OF THE COMPANY IS EQUAL TO OR GREATER THAN THE HURDLE, THE DIRECTORS MAY PAY DIVIDENDS IN RESPECT OF ALL OR ANY CLASSES OF SHARES EXCEPT THAT THE FOUNDER SHARES SHALL NOT BE ENTITLED TO PARTICIPATE IN ANY DISTRIBUTION THAT IS ATTRIBUTABLE TO ANY VALUE OF THE COMPANY WHICH IS GREATER THAN OR EQUAL TO THE HURDLE. SUBJECT TO THE FOREGOING THE DIRECTORS SHALL BE ENTITLED TO DECLARE DIFFERENT DIVIDENDS ACROSS THE DIFFERENT CLASSES OF SHARES. CAPITAL DISTRIBUTION ON AN EXIT EVENT: THE SHARES WILL BE ENTITLED TO BE PAID THE SUMS DEPENDING ON THE VALUE GENERATED BY THE RELEVANT EXIT EVENT(S) AS SET OUT IN THE ARTICLES. IF AT ANY TIME, THE AMOUNT OF AGGREGATE DIVIDENDS PAID TO THE SHAREHOLDERS FOLLOWING THE DATE OF THE ARTICLES EXCEEDS THE HURDLE THEN ON AN EXIT EVENT THE HURDLE WILL BE DEEMED TO HAVE BEEN MET REGARDLESS OF THE EQUITY VALUE ARISING FROM THE RELEVANT EXIT EVENT AND THE HOLDERS OF A, B AND C SHARES SHALL BE ENTITLED TO PARTICIPATE IN THE TRANSACTION EQUITY VALUE OF THAT EXIT EVENT AS SET OUT IN THE ARTICLES. VOTING: THE A SHARES SHALL CARRY NO ENTITLEMENT TO RECIEVE NOTICE OF, SPEAK, VOTE AND BE COUNTED TOWARDS A QUORUM IN ANY CIRCUMSTANCES. THE A SHARES ARE NOT REDEEMABLE.
DIVIDENDS: WHILE THE VALUE OF THE COMPANY IS BELOW THE HURDLE, THE DIRECTORS MAY DECLARE A DIVIDEND IN RESPECT OF THE FOUNDER SHARES ONLY AND THE A SHARES, B SHARES AND C SHARES SHALL HAVE NO RIGHT TO PARTICIPATE IN SUCH DIVIDEND. IF AT ANY TIME THE VALUE OF THE COMPANY IS EQUAL TO OR GREATER THAN THE HURDLE, THE DIRECTORS MAY PAY DIVIDENDS IN RESPECT OF ALL OR ANY CLASSES OF SHARES EXCEPT THAT THE FOUNDER SHARES SHALL NOT BE ENTITLED TO PARTICIPATE IN ANY DISTRIBUTION THAT IS ATTRIBUTABLE TO ANY VALUE OF THE COMPANY WHICH IS GREATER THAN OR EQUAL TO THE HURDLE. SUBJECT TO THE FOREGOING THE DIRECTORS SHALL BE ENTITLED TO DECLARE DIFFERENT DIVIDENDS ACROSS THE DIFFERENT CLASSES OF SHARES. CAPITAL DISTRIBUTION ON AN EXIT EVENT: THE SHARES WILL BE ENTITLED TO BE PAID THE SUMS DEPENDING ON THE VALUE GENERATED BY THE RELEVANT EXIT EVENT(S) AS SET OUT IN THE ARTICLES. IF AT ANY TIME, THE AMOUNT OF AGGREGATE DIVIDENDS PAID TO THE SHAREHOLDERS FOLLOWING THE DATE OF THE ARTICLES EXCEEDS THE HURDLE THEN ON AN EXIT EVENT THE HURDLE WILL BE DEEMED TO HAVE BEEN MET REGARDLESS OF THE EQUITY VALUE ARISING FROM THE RELEVANT EXIT EVENT AND THE HOLDERS OF A, B AND C SHARES SHALL BE ENTITLED TO PARTICIPATE IN THE TRANSACTION EQUITY VALUE OF THAT EXIT EVENT AS SET OUT IN THE ARTICLES. VOTING: THE B SHARES SHALL CARRY NO ENTITLEMENT TO RECIEVE NOTICE OF, SPEAK, VOTE AND BE COUNTED TOWARDS A QUORUM IN ANY CIRCUMSTANCES. THE B SHARES ARE NOT REDEEMABLE.
DIVIDENDS: WHILE THE VALUE OF THE COMPANY IS BELOW THE HURDLE, THE DIRECTORS MAY DECLARE A DIVIDEND IN RESPECT OF THE FOUNDER SHARES ONLY AND THE A SHARES, B SHARES AND C SHARES SHALL HAVE NO RIGHT TO PARTICIPATE IN SUCH DIVIDEND. IF AT ANY TIME THE VALUE OF THE COMPANY IS EQUAL TO OR GREATER THAN THE HURDLE, THE DIRECTORS MAY PAY DIVIDENDS IN RESPECT OF ALL OR ANY CLASSES OF SHARES EXCEPT THAT THE FOUNDER SHARES SHALL NOT BE ENTITLED TO PARTICIPATE IN ANY DISTRIBUTION THAT IS ATTRIBUTABLE TO ANY VALUE OF THE COMPANY WHICH IS GREATER THAN OR EQUAL TO THE HURDLE. SUBJECT TO THE FOREGOING THE DIRECTORS SHALL BE ENTITLED TO DECLARE DIFFERENT DIVIDENDS ACROSS THE DIFFERENT CLASSES OF SHARES. CAPITAL DISTRIBUTION ON AN EXIT EVENT: THE SHARES WILL BE ENTITLED TO BE PAID THE SUMS DEPENDING ON THE VALUE GENERATED BY THE RELEVANT EXIT EVENT(S) AS SET OUT IN THE ARTICLES. IF AT ANY TIME, THE AMOUNT OF AGGREGATE DIVIDENDS PAID TO THE SHAREHOLDERS FOLLOWING THE DATE OF THE ARTICLES EXCEEDS THE HURDLE THEN ON AN EXIT EVENT THE HURDLE WILL BE DEEMED TO HAVE BEEN MET REGARDLESS OF THE EQUITY VALUE ARISING FROM THE RELEVANT EXIT EVENT AND THE HOLDERS OF A, B AND C SHARES SHALL BE ENTITLED TO PARTICIPATE IN THE TRANSACTION EQUITY VALUE OF THAT EXIT EVENT AS SET OUT IN THE ARTICLES. VOTING: THE C SHARES SHALL CARRY NO ENTITLEMENT TO RECIEVE NOTICE OF, SPEAK, VOTE AND BE COUNTED TOWARDS A QUORUM IN ANY CIRCUMSTANCES. THE C SHARES ARE NOT REDEEMABLE.
DIVIDENDS: WHILE THE VALUE IF THE COMPANY IS BELOW THE HURDLE, THE DIRECTORS MAY DECLARE A DIVIDEND IN RESPECT OF THE A SHARES AND THE FOUNDER SHARES ONLY AND THE B SHARES, C SHARES AND D SHARES SHALL HAVE NO RIGHT TO PARTICIPATE IN SUCH DIVIDEND. IF AT ANY TIME THE VALUE OF THE COMPANY IS