A Prospectus is required for offers to the public of more than 5 million EUR without admission to trading on a designated MTF and for offers to the public of more than 8 million EUR with admission to trading on a designated MTF. This document, which may be a hundred pages or more, describes the risks, provides information relative to the issuer of the securities (Spreds Finance), information relative to the Underlying Party (the SME being financed) and, finally, information linked to the securities on offer (Participative Notes).
The Prospectus is always structured the same way:
Title I : Summary
Title II : Risk factors
Title III : Management
Title IV : Information relating to the issuer (Spreds Finance)
Title V : Information relating to the underlying party
Title VI : Information relating to the securities on offer