Jill Treanor 

Punk brewers BrewDog admit mistakes in documents addressed to investors

Scottish beer maker that launched crowdfunding project to great fanfare says clarifications were needed to make sure it remains open and legally compliant
  
  

BrewDog first got attention in 2013 while undertaking Britain's biggest crowdfunding project, bypassing the City to seek investors.
BrewDog first got attention in 2013 while undertaking Britain’s biggest crowdfunding project, bypassing the City to seek investors. Photograph: Alamy

Scottish beer maker BrewDog has told potential investors in its £25m crowdfunding project, launched with great fanfare last week, that some of the documentation contained errors.

Addressing interested investors as “hey guys”, the brewer said its lawyers have requested a “few legal updates” to materials it sent out last week about the offer to buy its shares on its own “Equity for Punks” investing platform.

“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,” investors are told in the email signed by “James and the team”.

James is James Watt, BrewDog’s co-founder, who launched the business in 2007. The Aberdeenshire-based brewer is asking customers to make a minimum outlay of £95 for two shares.

The UKLA is the UK Listing Authority, part of the Financial Conduct Authority. The email said: “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.”

Investors are also told to “ignore the point we made in our email about the past increase in value” from previous investment projects. This is because it “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”.

Asked about the clarification, Watt said the company wanted to be as open with investors as possible and wanted to be completely compliant with regulations.

 

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