Skip to main content

Future Fund: Stocks and Shares

Question for Department for Business, Energy and Industrial Strategy

UIN 81957, tabled on 25 November 2021

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 8 November 2021 to Question 68262 on Future Fund, what the criteria were for converting Future Fund loans into equity shares; and what conditions were associated with those equity shares.

Answered on

3 December 2021

The Future Fund issued loans under a Convertible Loan Agreement (CLA) on standard terms. This is a public document, available on the British Business Bank’s website. Section 5(a) of the CLA sets out the criteria for conversion, which occurs automatically three years after the date of the CLA or earlier in the event of a sale of the company or a funding round. The CLA also defines the conditions associated with the equity shares, which depend on the event that triggered the conversion.