Important Notice

Women Angels of Wales Limited (“WAW”) is unregulated by the UK Financial Conduct Authority. Consequently, membership is restricted only to those Applicants who are able to truthfully self-certify as exempted recipients who are eligible to receive any financial promotions which are communicated to Members by WAOW in compliance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (the “Financial Promotion Order”).

All investments in early-stage companies are inherently risky: risks include illiquidity, lack of dividends, future dilution and potential loss of capital. WAoW does not provide Members with any financial, legal or tax advice in respect of in respect of their participation in investment opportunities made accessible to them via WAoW and Members are expected to use their own insight and experience to come to their own investment decisions and seek independent professional advice to the extent that they deem necessary to do so.

Any investment opportunities made accessible to Members via WAoW will be on a syndicated ‘deal-by-deal’ basis and there will be no pooling of Members’ assets by WAoW and no discretion or management exercised by WAoW in respect of any investments made by Members (save for in respect of WAoW’s own individual share of any investment(s) made).

Any financial promotion which is communicated by WAoW will be accompanied by a prescribed risk warning which is compliant with the Financial Promotion Order.

WAoW wishes to draw attention to the following key risks to be aware of when investing in early-stage companies:

You could lose all the money you invest.

If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail.

You are unlikely to be protected if something goes wrong.

Protection from the Financial Services Compensation Scheme and/or the Financial Ombudsman Service is unlikely to be applicable to most investment opportunities and in any event does not cover poor investment performance.

You won’t get your money back quickly.

Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.

Don’t put all your eggs in one basket.

Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.

The value of your investment can be reduced.

The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.