Glossary
Capitalisation table (cap table)
The record of who owns a company’s shares, options and convertible instruments, and on what terms.
A cap table lists each shareholder and share class, the option pool, and instruments that may convert into equity, such as convertible loan notes. A fully diluted view assumes all of them convert.
Investors use it to price a round, model dilution and see how proceeds would be shared on an exit. That depends on liquidation preferences as well as on ownership.
In Hebrides
Hebrides reads the cap table with the rest of the data room, so ownership and share classes can be checked against the other documents.
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