VHM Capital
Investment advisory

Terms of Use

Please read this important information before accessing the website. These Terms and Conditions were last revised in December 2014. Please Scroll Down to Accept These Terms.

About Us
The information contained on these website pages (this “Site”) is communicated and issued by VHM Capital EOOD and VHM Capital Consulting EOOD (details below), collectively called VHM, in accordance with the following terms and conditions. By accessing any part of this Site, you will be deemed to have accepted these Terms and Conditions in full. If you do not accept these Terms and Conditions please do not continue to access this Site.

VHM Capital EOOD is not regulated by any Financial Regulatory Authority such as Financial Supervision Commission (“FSC”). The website of the FSC can be accessed at http://www.fsc.bg.
VHM Capital EOOD is a limited liability company incorporated in Bulgaria (registered number 103 083 276). Its registered office is at 34 Dimitar Ikonomov str., apt. 7, Varna 9010, Bulgaria.

VHM Capital Consulting EOOD is a private company registered in Bulgaria (registered number 148 122 196). Its registered office is at 34 Dimitar Ikonomov str., apt. 7, Varna 9010, Bulgaria.

Same as mentioned below, references to “VHM”, “VHM Capital”, “The Manager”, “we” and “our” are to VHM Capital EOOD and/or VHM Capital Consulting EOOD as the context dictates.

Intended Audience and Purpose of Information
The information contained within this Site does not constitute an offer to invest or an invitation to apply for securities:
• In any jurisdiction where such offer or invitation is unlawful; or
• In which the person making such offer or invitation is not qualified to do so; or
• To whom it is unlawful to make such offer or invitation.

The information has been issued and approved by VHM Capital EOOD and VHM Capital Consulting EOOD and does not in any way constitute investment, tax, legal or other advice. Investors should not rely on any information or opinions contained in this Site in making an investment or other decision but should obtain appropriate and specific professional advice.
Nothing contained on this Site constitutes or should be construed to constitute investment, legal, tax or other advice. The information contained on this Site shall in no way be construed to constitute a recommendation with respect to the purchase or sale of any investment.
The website is provided for the main purpose of providing generic information on VHM Capital EOOD and VHM Capital Consulting EOOD and on the products, projects and investment vehicles we currently manage. Persons accessing specific information about the investment vehicles and investment products referred to on this website are strongly advised to refer to the relevant terms and conditions of access, including any relevant risk warnings and disclaimers, and in the event that they do not accept them, should not proceed to access the material to which they are applicable.
Certain products or investment services managed by VHM are not generally considered suitable for private investors. Therefore, certain areas of the website may be password protected or require additional confirmation that you are an appropriately experienced or qualified investor. This website may also contain links that lead to other websites. These links are provided solely for your convenience and do not constitute any endorsement, sponsorship or approval of the materials appearing in such sites.
You should note that investment in any of the VHM Investment Vehicles or VHM Products should ONLY be made on the basis of reading any applicable Documentation (including any Brochure, Investment Vehicle Prospectus, Information Memorandum, Private Placement Memorandum, Offer Documents and Disclosure Documentation) or Terms and Conditions of Investment as appropriate.

Risk Factors
The following list of risk factors is provided as an indication of the variety of risks which exist with investment in the investment vehicles, projects and products featured on this website (“VHM Investment Vehicles”, “VHM Products”, “VHM Projects”). Not all risks as stated will necessarily apply to each of the VHM Investment Vehicles or VHM Products or VHM Projects. Investors’ attention is nevertheless drawn to these risks as investments in the VHM Investment Vehicles or VHM Products or VHM Projects may not be suitable for all investors.
Risks Applicable to All VHM Investment Vehicles, Projects and Products:
• The value of shares/investments and the income from them can go down as well as up. An investor may not get back the amount originally invested.
• Past performance is not a guide to future performance.
• Changes in exchange rates may cause the value of investments to go up or down.
• Investments in derivative Instruments, including futures, options or contracts for differences, carries a high risk of loss, the markets in these investments being highly volatile
• Investing in smaller companies, including AIM companies, can carry greater risks than those usually associated with large capitalization companies.
• Investing in private companies, can carry greater risks than those usually associated with public companies.
• If you exercise any cancellation rights you may have, you may not get back the full amount of your investment.
• Where income is insufficient to pay charges the residual is taken from capital which will reduce the rate of capital growth.
• Tax assumptions are subject to statutory change and the value of tax reliefs will depend upon individual circumstances.

Risks Applicable to Venture Capital Investment Vehicles (VCIVs)
Existing and prospective investors should consider carefully the following VCIV-specific risk factors. If any of the risks described below were to occur, it could have a material effect on a VCIV's business, financial condition or results of operations. The risks and uncertainties described below are not the only ones that VCIV and investors may face. Additional risks not currently known to the VHM, or that the VHM currently believes are not material, may also adversely affect its business, financial condition and results of operations and those of the VCIVs it manages or operates. The value of shares in VHM Investment Vehicles could decline due to any of these risk factors, and investors could lose part or all of their investment.
Prospective investors should be aware that the value of shares and the income from them can fluctuate and that they may not get back the amount they invested. In addition, there is no certainty that the market price of a VCIV’s shares will fully reflect the underlying net asset value of the VCIV in question, that shareholders will be able to realize their shareholding, or that dividends will be paid. Investment in a VCIV should be seen as a long term investment. Investors who are in doubt should consult their independent financial adviser. The attention of prospective investors is drawn to the following risks:
• The past performance of Investment Vehicles managed by VHM is not necessarily an indication of the future performance of such funds.
• Although VCIV shares could be admitted and listed to the Official List and traded on any Stock Exchange's market for listed securities, it is possible that there will not be a liquid market as there is a limited secondary market for VCIV shares and investors may find it difficult to realise their investment. In addition, the market value of a share may not fully reflect the underlying net asset value of such share.
• The information, including tax rules, contained in this publication is based on existing legislation. The tax rules or their interpretation in relation to an investment in a VCIV and/or the rates of tax, or other statutory provisions to which a VCIV is subject, may change during the life of a VCIV and such changes could be retrospective.
• Although a VCIV may receive conventional venture capital rights in connection with some of their investments, as minority investors it may not be in a position fully to protect its interests.
• Realisation of investments in unquoted companies can be difficult and may take considerable time. There may also be constraints imposed on the realisation of investments in order to maintain the venture capital investment vehicle status of which may restrict a VCIV's ability to obtain maximum value from its investments.
• Investment in unquoted companies, AIM-traded and PLUS Markets companies, by its nature involves a higher degree of risk than investment in companies traded on the main market of the Stock Exchange. In particular, markets for such companies and smaller companies generally may not be regulated and are often less liquid and there may be difficulties in valuing and disposing of investments in such companies. Disposing of such companies and smaller companies generally through trade sales may be difficult and may not produce hoped for returns and investors could get back less than they invested.
• In addition, such companies and smaller companies generally may have limited product lines, markets or financial resources and may be more dependent on their management or key individuals than larger companies.
• There can be no guarantee that sufficient suitable investment opportunities will be identified in order to meet the investment objectives of a VCIV requirements.
• In general, investment in technology companies can carry a greater degree of risk than investing in non-technology companies. In particular: the technology may not be able to be developed within the timescale required by the market, at an acceptable cost, or at all and alternative or competing technologies may emerge before full commercial exploitation of the products or services of such companies has taken place.
• Investments in projects and companies operating on highly regulated markets such as energy, financial services, electronic media, etc. can carry a greater degree of risk including political risk that investing in projects or companies operating in non-regulated sectors.

Disclaimers and Exclusion of Liability
VHM Capital EOOD and VHM Capital Consulting EOOD act for the Investment Vehicles and clients they manage or advise and not for anyone else. They will not act for, advise or be responsible for providing the protections afforded to their customers to anyone other than such Investment Vehicles and clients. Entrepreneurs and others working for VHM should be aware of this and should not expect that they will be treated as customers of VHM.
Please do not send us any confidential or proprietary material using this website and without first contacting us as we do not agree to obligations of nondisclosure or non-use of material which is sent to us. We receive numerous business plans and other proposals, and reserve the right to review only those which appear to us to fit our investment criteria from time to time and to reject proposals without giving a reason or returning material sent to us. We are not restricted in any way from pursuing opportunities with others. VHM and Investment Vehicles and clients under its management or advice invest in many companies and or projects, some of which may compete with one another.
Whilst we aim to update the Site regularly, its content is provided in good faith “as is” for information purposes only with no representation or warranty, express or implied by VHM or by any of its members or employees as to its accuracy or completeness or that it is up to date, and it should not be relied on as such.
To the fullest extent allowed by law, VHM and its members and employees shall not be liable, whether in tort (including negligence) or otherwise howsoever, for any losses, damages, costs or expenses of whatever nature (including (without limitation) any consequential, indirect or unforeseeable loss or loss of bargain, opportunity or profit) incurred or suffered by you or any third party arising out of or in connection with the access to or use of, or linking to other Sites from, this Site or reliance on any information contained on this Site. Nothing in this legal notice shall limit our liability for death or personal injury resulting from any negligence of VHM.
Nothing in this legal notice excludes or restricts any duty or liability that VHM may have under the regulatory system (as defined in the Commercial Code) and which may not be excluded or restricted there under.

Intellectual Property Rights
All intellectual property rights in the Site are owned or licensed by VHM and are protected by law. We reserve all such rights save that you may print off and download extracts from any part of the Site for your personal reference or to bring to the attention of others within your organization. You may not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text and the status of VHM Capital EOOD, VHM Capital Consulting EOOD and our contributors as the authors of material on the Site must always be acknowledged. You may not modify or use any content from the Site for commercial purposes without obtaining a license to do so from us or our licensors.

Content and Access
We may withdraw or change Site content at any time without notice and, if the need arises, we may suspend access to the Site, close it indefinitely or restrict access to users who have registered with us.
You agree to treat any user identification code, password or other piece of information used as part of our security procedures as confidential and not disclose it to any third party. We may disable your access if in our opinion you have failed to comply with any of these Terms. 

Your information, Privacy and Cookies
Any personal data provided by you through this Site is accurate to the best of your knowledge and you consent to us processing such information for the purpose you have requested. We will process such information only for this purpose.
The Site does not automatically capture or store your personal data, other than to record your IP address and session information (such as the duration of your visit and the browser used) for administration and compilation of Site use statistics.

Links
Links to other websites and resources provided by third parties are provided for your information only; we have no control over the contents of those sites or resources, and accept no responsibility for them or for any loss or damage that may arise from your use of them.
You may link to the Site home page, provided you do so in a way that is fair and legal and does not damage or take advantage of our reputation, or suggest any form of association, approval or endorsement on our part where none exists. You may not create a link to any part of the Site other than the home page, establish a link from any website that is not owned by you or frame the Site in any other website. We reserve the right to withdraw linking permission without notice.
If you wish to make use of material on the Site other than that set out above, please address your request to us at office@vhmcapital.com or 34 Dimitar Ikonomov str., apt.7, Varna 9010, Bulgaria.

Viruses
We will not be liable for any loss or damage caused by a distributed denial-of-service attack, virus, worm, Trojan horse or other harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of the Site or to your downloading of any material from it.

Governing Law
This Site including these Terms and Conditions and all matters arising from or connected with them shall be governed by and construed in accordance with Bulgarian law and shall be subject to the exclusive jurisdiction of the Bulgarian courts.

Variations
Some of these Terms and Conditions may be superseded by specific provisions published elsewhere on the Site. We reserve the right to vary these terms from time to time by amending this page and you should check it from time to time to note any changes made.

Contact Details for Further Information and Queries
If you have any queries regarding this website, or would like further information about VHM, you may send an email to office@vhmcapital.com or telephone +359 878 312 728. Full contact details for VHM Capital are available on the "Contact Us" page of this website.