An Update on the Brewdog Campaign

By Ryan Weeks on 29th April 2015

Equity Crowdfunding

A short update on the Brewdog equity crowdfunding campaign, which has had an up-and-down week in the headlines.

An Update on the Brewdog Campaign

A couple of errors in wording within the promotional and financial documentation were admitted to by the craft-beer maker. The terminology blunder relates to what may have been mistakenly perceived as a UK Listing Authority (UKLA) endorsement of the £25m fundraise. The UKLA is a specialist branch of the FCA. An update was requested by the beer-maker’s legal team. Co-Founder James Watt addressed interested investors by email to clarify:

“Our press releases described the Equity for Punks share offer as a ‘UKLA accredited investment scheme’ or a ‘UKLA approved investment’. This is not correct.”

“You should note that the UKLA can’t comment on the merits of investing with us and don’t endorse any share offers, they have only approved our investment prospectus.”

A second amendment was also made in relation to the wording of a promotional email sent by the Brewdog team. Prospective investors have now been asked to ignore a point about increases in the company's value in the wake of previous investment rounds. According to Brewdog, the reason for this retraction is that the point “isn’t something we specifically talked about in our prospectus and have not sought to verify for those purposes which means that we can’t mention it in communications regarding this offer”.

Both noteworthy updates, but of less interest, we’d suggest, than the unchanged information on Share Class buried within the Prospectus. Not to mention the difficult-to-discern valuation of the company.

A final tidbit of information about the investment round is that Asset Match – the online trading facility for private company shares – is providing the secondary market for Brewdog’s £25m round.        

We’ll continue to trace the progress of the landmark campaign.

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