Page 40 - BrewDog Case Study

The EFP Tomorrow investment Prospectus shows on page

19 what happens if the investment is fully subscribed

“If the Offer is fully subscribed, and is extended to its

maximum amount of £50 million, approximately

1,988,071 New B Shares will be issued pursuant to the
Offer. In aggregate, these B Shares will represent

approximately 2.7% of the total issued Shares in the

Company following the Offer (and approximately 15%
of the total B Shares in issue as at the date of this

document). As at the date of this Securities Note, the B

Shares represent approximately 18% of the total issued
Shares in the Company, so an existing holder of B

Shares who does not subscribe for New B Shares

pursuant to the Offer will experience dilution.”

Diagram 15: BrewDog Investor Prospectus 2020

This allows, after taking additional information from the

investment prospectus, ultimately to arrive at a company

valuation of £1.85bn.