Automated Secondary Market Terms and Conditions Ethex operates a Secondary Market which operates as a Bulletin Board to enable members to buy and sell securities previously offered through the Ethex website from and to other members.
The Ethex Bulletin Board service is only available to investors that become members of our website and who accept both our platform
Terms and Conditions as well as our
Investor T&Cs. Ensuring appropriate expressions of interest If you’re looking to buy securities on the Ethex Bulletin Board, we will first make sure that you have fully understood the terms and conditions of the investment and have also considered if the investment is appropriate for you. In addition you should make sure you have read any updates relating to the investment which is made available via the website. We will do this before you can make any offers for securities via the Bulletin Board
Publication of posts on the Bulletin Board Ethex reserves the right to refuse to publish posts on the Bulletin Board. Ethex also reserves the right to remove posts from the Bulletin Board at any time at our absolute discretion.
Ethex performs checks before making posts live on the Bulletin Board or before sending responses on to the offeror. For example, Ethex will ensure that an offer meets the minimum holding required by a business (or that a seller is not left with a holding below the minimum required by a business), that your bid is not inferior to any that has previously been declined, and that your bid/offer is realistic given the recent trading price of any security (we will not permit ‘time wasting’ bids).
We will notify you by email if we remove or do not accept your post.
The name and contact details of the buyer and seller will remain anonymous. We will at all times keep your name and contact details confidential, according to our Privacy Policy.
Posts to sell securities will remain active for 90 days. Any posts that do not receive acceptable offers during this period will expire. You will be notified by email once the post has expired.
A seller may receive multiple offers for any securities listed for sale, and the decision about which offer to accept, if any, is the sole responsibility of the seller.
Your commitment to proceed A prospective purchaser must have sufficient funds on their platform account to cover the consideration of the transaction and any admin fee payable to Ethex prior to making an offer for securities via the Bulletin Board.
A buyer may make an offer for all or part of any parcel of securities listed for sale on the Bulletin Board.
Any offer for securities can be withdrawn by the offering party at any time until accepted by the selling party.
A seller has 3 days to accept any offer they receive after which time the offer will expire. The offeror will be notified by email should their offer expire, and will have the chance to submit a new offer through the bulletin board.
Buyers and sellers must confirm the details of their trade between themselves before Ethex can facilitate any transaction.
Once a transaction has been agreed between you and your counterparty, i.e. the party who posted a bid accepts an offer, we will be notified in order that we can complete the transaction. At this point, we require you to go through with the sale or purchase and respond in a timely manner. If you do not go through with the transaction, we reserve the right to cancel your account and to cease to provide you with any Ethex services.
Ethex charges an administration fee of £20 to both the buyer and seller for any transaction facilitated via the Bulletin Board. The £20 fee charged to the seller will be deducted from the purchase price with the net proceeds credited to the seller’s platform account.
Completing the trade
We will arrange for transactions to be completed in the order in which we receive them.
Once we have received the details of your agreed trade, we will re-confirm to you the full details of that trade, and its cost including any stamp duty and fees. You should contact us immediately if any of the details are incorrect.
We shall arrange for the payment monies to be transferred from the purchasing member to the selling member’s Ethex account and for the fees and taxes set out to be paid. Upon settlement, we shall arrange for the transaction to be completed and update the Issuer’s investment register (acting as the issuer’s registrar) and update the records on the Website.
A certificate for the purchase will be made available within the buyers account, and in cases of a partial sale the old certificate of the seller will be cancelled and a new balance certificate produced.
We have no obligation to provide the Bulletin Board service to you and may withdraw it at any time, so we shall not be required to provide you with notice of amendments we make to these Terms and Conditions. We will always post the current version on our Website so you can view them when you next log in. By using the Bulletin Board service, you agree to be bound by the terms currently in force at the time of the transaction. You should never rely on being able to sell your investments on the Bulletin Board and should always be prepared to hold your investments for the full term.
If you have any questions about these Automated Secondary Market Terms and Conditions, or wish to contact us for any other reason, you can contact us by email to: help@ethex.org.uk