PART II AND III 2 vvml_1apos.htm PART II AND III

Explanatory note: This post-qualification amendment corrects the identification of series to be qualified pursuant to this amendment as indicated on this cover page. No other changes from the post-qualification amendment filed on February 22, 2023 have been made.

 

Post Qualification Amendment No. 9 Dated February 27, 2023 to

Preliminary Offering Circular, Dated April 16, 2021

 

VV Markets LLC

2800 Patterson Ave Ste. 300

Richmond, VA, 23221

(804) 833-9774

www.vint.co

 

Offering of Series Membership Interests

 

This Post Qualification Amendment No. 9 amends the information contained in the offering statement on Form 1-A/A of VV Markets, LLC, a Delaware series limited liability company (the “Company”), dated April 16, 2021 (the “Offering Circular”) as amended by that certain Post Qualification Amendment No. 1 dated May 6, 2021, that certain Post Qualification Amendment No. 2 dated July 23, 2021, that certain Post Qualification Amendment No. 3 dated October 12, 2021, that certain Post Qualification Amendment No. 4 dated February 11, 2022, that certain Post Qualification Amendment No. 5 Dated May 26, 2022, that certain Post Qualification Amendment No. 6 dated June 23, 2022, that certain Post Qualification Amendment No. 7 dated July 22, 2022, and that certain Post Qualification Amendment No. 8 dated February 2, 2023 (together, the “Offering Circular”) relating to the Company’s public offering under Regulation A under Section 3(b) of the Securities Act of 1933, as amended, for Tier 2 offerings.  This Post Qualification Amendment No. 9 should be read in conjunction with the Offering Circular, and is qualified by reference to the Offering Circular, including its prior amendments and supplements, except to the extent that the information contained herein amends, supplements, supersedes and replaces the information contained in the Offering Circular and its amendments and the supplements.

 

The purpose of this Post Qualification Amendment No. 9 is to amend, update and/or replace certain information contained in the Offering Circular, and to seek qualification of additional Series of the Company.

 

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Offering Circular or this Post Qualification Amendment No. 9 is truthful or complete. Any representation to the contrary is a criminal offense.



VV Markets LLC, a Delaware series limited liability company (which we refer to as “we,” “us,” “our” or “the Company”), is offering, on a best-efforts basis, the membership interests of each of the series of the Company in the “Series Offering Table” beginning on page iii.

 

All of the series of the Company offered hereunder may collectively be referred to in this offering circular as the “series” and each, individually, as a “series.”  The interests of all series described above may collectively be referred to in this offering circular as the “interests” and each, individually, as an “interest” and the offerings of the interests may collectively be referred to in this offering circular as the “offerings” and each, individually, as an “offering.” See “Securities Being Offered” for additional information regarding the interests.

 

The interests are non-voting limited liability company membership interests in a series of the Company. Each series is treated as a unique legal entity. Purchasing an interest in a series does not confer to the investor any ownership in the Company or any other series. Each series is managed by VinVesto, Inc., a Delaware corporation (which we refer to as “VinVesto” or “the Manager”), which also serves as the series manager for the asset owned by each series. The Manager has full authority to determine how to best utilize the asset owned by the series. Investors will not have any say in the management of the asset or the series.

 

There will be a separate closing with respect to the offering of each series. The closing of a series offering will occur on the date subscriptions for the minimum number of interests offered for a series have been accepted.  If closing has not occurred, an offering shall be terminated upon (i) the date which is one year from the date such offering circular or amendment thereof, as applicable, is qualified by the U.S. Securities and Exchange Commission, or the Commission, which period may be extended with respect to a particular series by an additional six months by the Manager in its sole discretion, or (ii) any date on which the Manager elects to terminate the offering for a particular series in its sole discretion.  No securities are being offered by existing securityholders.


i



Each offering is being conducted pursuant to Regulation A of Section 3(6) of the Securities Act of 1933, as amended, or the Securities Act, for Tier 2 offerings.  The subscription funds advanced by prospective investors as part of the subscription process will be held in a non-interest bearing escrow account with North Capital Private Securities Corporation as escrow provider and will not be commingled with the operating account of any series until, if and when there is a closing with respect to that investor.  See “Series Offering Table,” “Plan of Distribution and Selling Securityholders” and “Securities Being Offered” for additional information.

 

 

 

Price to public

 

Underwriting
discount and
commissions(1)(2)

 

Proceeds to Issuer(3)(4)(5)

 

 

 

 

 

 

 

Series VV-BDX2K

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$0.50 

 

$49.50 

Total Minimum (1,760 interests)

 

$176,000 

 

$820 

 

$81,180 

Total Maximum (1,936 interests)

 

$193,600 

 

$902 

 

$89,298 

 

 

 

 

 

 

 

Series VV-BXEP21

 

 

 

 

 

 

Per Interest

 

$50.00 

 

$0.50 

 

$49.50 

Total Minimum (4,600 interests)

 

$230,000 

 

$2,300 

 

$227,700 

Total Maximum (5,060 interests)

 

$253,000 

 

$2,530 

 

$250,470 

 

 

 

 

 

 

 

Series VV-BOW50

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (600 interests)

 

$60,000 

 

$600 

 

$60,000 

Total Maximum (660 interests)

 

$66,000 

 

$660 

 

$65,340 

 

 

 

 

 

 

 

Series VV-CCC1

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (870 interests)

 

$87,000 

 

$870 

 

$86,130 

Total Maximum (957 interests)

 

$95,700 

 

$957 

 

$94,743 

 

 

 

 

 

 

 

Series VV-DL19

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (630 interests)

 

$63,000 

 

$630 

 

$62,370 

Total Maximum (693 interests)

 

$69,300 

 

$693 

 

$68,607 

 

 

 

 

 

 

 

Series VV-DRCH17

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (880 interests)

 

$88,000 

 

$880 

 

$87,120 

Total Maximum (968 interests)

 

$96,800 

 

$968 

 

$95,832 

 

 

 

 

 

 

 

Series VV-HAWV

 

 

 

 

 

 

Per Interest

 

$50.00 

 

$0.50 

 

$49.50 

Total Minimum (1060 interests)

 

$53,000 

 

$530 

 

$52,470 

Total Maximum (1166 interests)

 

$58,300 

 

$583 

 

$57,717 

 

 

 

 

 

 

 

Series VV-LAF19

 

 

 

 

 

 

Per Interest

 

$50.00 

 

$0.50 

 

$49.50 

Total Minimum (920 interests)

 

$46,000 

 

$460 

 

$45,540 

Total Maximum (1012 interests)

 

$50,600 

 

$506 

 

$50,094 

 

 

 

 

 

 

 

Series VV-MACFC

 

 

 

 

 

 

Per Interest

 

$50.00 

 

$0.50 

 

$49.50 

Total Minimum (1320 interests)

 

$66,000 

 

$660 

 

$65,340 

Total Maximum (1452 interests)

 

$72,600 

 

$726 

 

$71,874 


ii



Series VV-MARG1

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (980 interests)

 

$98,000 

 

$980 

 

$97,020 

Total Maximum (1078 interests)

 

$107,800 

 

$1,078 

 

$106,722 

 

Series VV-RTBC

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (1020 interests)

 

$102,000 

 

$1,020 

 

$100,980 

Total Maximum (1122 interests)

 

$112,200 

 

$1,122 

 

$111,078 

 

 

 

 

 

 

 

Series VV-SAIC

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (680 interests)

 

$68,000 

 

$680 

 

$67,320 

Total Maximum (748 interests)

 

$74,800 

 

$748 

 

$74,052 

 

 

 

 

 

 

 

Series VV-TLC1

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (790 interests)

 

$79,000 

 

$790 

 

$78,210 

Total Maximum (869 interests)

  

$86,900 

 

$869 

 

$86,031 

 

 

 

 

 

 

 

Series VV-BOW2*

 

 

 

 

 

 

Per Interest

 

$50.00 

 

$0.50 

 

$49.50 

Total Minimum (1120 interests)

 

$56,000 

 

$560 

 

$55,440 

Total Maximum (1232 interests)

 

$61,600 

 

$616 

 

$60,984 

 

 

 

 

 

 

 

Series VV-DP08*

 

 

 

 

 

 

Per Interest

 

$50.00 

 

$0.50 

 

$49.50 

Total Minimum (1700 interests)

 

$85,000 

 

$850 

 

$84,150 

Total Maximum (1870 interests)

 

$93,500 

 

$935 

 

$92,565 

 

 

 

 

 

 

 

Series VV-DRC09*

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (1050 interests)

 

$105,000 

 

$1,050 

 

$103,950 

Total Maximum (1155 interests)

 

$115,500 

 

$1,155 

 

$114,345 

 

 

 

 

 

 

 

Series VV-DRCH14*

 

 

 

 

 

 

Per Interest

 

$50.00 

 

$0.50 

 

$49.50 

Total Minimum (1440 interests)

 

$72,000 

 

$720 

 

$71,280 

Total Maximum (1584 interests)

 

$79,200 

 

$792 

 

$78,408 

 

 

 

 

 

 

 

Series VV-DRCH19*

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (1940 interests)

 

$194,000 

 

$1,940 

 

$192,060 

Total Maximum (2134 interests)

 

$213,400 

 

$2,134 

 

$211,266 

 

 

 

 

 

 

 

Series VV-ITRC*

 

 

 

 

 

 

Per Interest

 

$50.00 

 

$0.50 

 

$49.50 

Total Minimum (1460 interests)

 

$73,000 

 

$730 

 

$72,270 

Total Maximum (1606 interests)

 

$80,300 

 

$803 

 

$79,497 

 

 

 

 

 

 

 

Series VV-KCSK*

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (3150 interests)

 

$315,000 

 

$3,150 

 

$311,850 

Total Maximum (3465 interests)

 

$346,500 

 

$3,465 

 

$343,035 


iii



Series VV-KGC3*

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (860 interests)

 

$86,000 

 

$860 

 

$85,140 

Total Maximum (946 interests)

 

$94,600 

 

$946 

 

$93,654 

 

 

 

 

 

 

 

Series VV-KGC4*

 

 

 

 

 

 

Per Interest

 

$50.00 

 

$0.50 

 

$49.50 

Total Minimum (1280 interests)

 

$64,000 

 

$640 

 

$63,360 

Total Maximum (1408 interests)

 

$70,400 

 

$704 

 

$69,696 

 

 

 

 

 

 

 

Series VV-MACAL4*

 

 

 

 

 

 

Per Interest

 

$100.00 

 

$1.00 

 

$99.00 

Total Minimum (800 interests)

 

$80,000 

 

$800 

 

$79,200 

Total Maximum (880 interests)

 

$88,000 

 

$880 

 

$87,120 

 

 

 

 

 

 

 

Series VV-YAM1*

 

 

 

 

 

 

Per Interest

 

$50.00 

 

$0.50 

 

$49.50 

Total Minimum (780 interests)

 

$39,000 

 

$390 

 

$38,610 

Total Maximum (858 interests)

 

$42,900 

 

$429 

 

$42,471 

 

*  Denotes series submitted for qualification by the Commission in this Post-Qualification Amendment No. 9.

 

(1)Dalmore Group, LLC (the “Dalmore” or the “Broker”) will be acting as our broker/dealer of record in connection with each series offering. The Broker will be entitled to a brokerage fee equal to 1.0% of the amount raised through each series offering. Notwithstanding the foregoing, the Broker will not receive any fee on funds raised from the sale of any interests to the Manager, its affiliates or related to any issuance of interests to the sellers of any of the assets purchased by any series. The Broker will receive compensation in addition to the brokerage fee. See “Plan of Distribution and Subscription Procedure.” The maximum amount of underwriting compensation paid to the participating member(s) from any source, including all of Dalmore Group LLC’s fees and expenses, will not exceed 10% of the offering proceeds. 

 

(2)We intend to distribute all offerings of membership interests in any series of the Company principally through the Vint Platform, which is owned and operated by VinVesto, Inc, and any successor platform used by us for the offer and sale of interests, the “Platform”, as described in greater detail under “Plan of Distribution and Subscription Procedure”. 

 

(3)Because these are minimum/maximum offerings, the actual public offering amounts and proceeds to us are not presently determinable. 

 

(4)The offering will not close unless the minimum number of interests have been sold. 

 

(5)The Manager has assumed and will not be reimbursed for offering expenses. Note, certain proceeds will be used to pay interest on the promissory note entered between the respective series and the Manager. See “Use of Proceeds to Issuer” for additional information. 

 

We are an “emerging growth company” as defined in the Jumpstart Our Business Startups Act, or the JOBS Act, and, as such, may elect to comply with certain reduced reporting requirements for this offering circular and future filings after the offerings.

 

An investment in our interests involves a high degree of risk. See “Risk Factors” on page 8 for a description of some of the risks that should be considered before investing in our interests.

 

Generally, no sale may be made to you in any offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or your net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.


iv



THE U.S. SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF ANY OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.

 

WE ARE OFFERING TO SELL, AND SEEKING OFFERS TO BUY, OUR INTERESTS ONLY IN JURISDICTIONS WHERE SUCH OFFERS AND SALES ARE PERMITTED. YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED IN THIS OFFERING CIRCULAR. WE HAVE NOT AUTHORIZED ANYONE TO PROVIDE YOU WITH ANY INFORMATION OTHER THAN THE INFORMATION CONTAINED IN THIS OFFERING CIRCULAR. THE INFORMATION CONTAINED IN THIS OFFERING CIRCULAR IS ACCURATE ONLY AS OF ITS DATE, REGARDLESS OF THE TIME OF ITS DELIVERY OR OF ANY SALE OR DELIVERY OF OUR INTERESTS. NEITHER THE DELIVERY OF THIS OFFERING CIRCULAR NOR ANY SALE OR DELIVERY OF OUR INTERESTS SHALL, UNDER ANY CIRCUMSTANCES, IMPLY THAT THERE HAS BEEN NO CHANGE IN OUR AFFAIRS SINCE THE DATE OF THIS OFFERING CIRCULAR. THIS OFFERING CIRCULAR WILL BE UPDATED AND MADE AVAILABLE FOR DELIVERY TO THE EXTENT REQUIRED BY THE FEDERAL SECURITIES LAWS.

 

This offering circular is following the offering circular format described in Part II (a)(1)(i) of Form 1-A.

 

The date of this Post Qualification Amendment No. 9 to the offering circular is February 27, 2023


v



TABLE OF CONTENTS

 

SERIES OFFERING TABLE

vii

SUMMARY

1

RISK FACTORS

9

DILUTION

23

PLAN OF DISTRIBUTION AND SELLING SECURITYHOLDERS

24

USE OF PROCEEDS TO ISSUER

34

THE UNDERLYING ASSETS

34

DESCRIPTION OF BUSINESS

97

DESCRIPTION OF PROPERTY

141

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

142

DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES

156

COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS

161

SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS

162

INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS

164

SECURITIES BEING OFFERED

164

MATERIAL UNITED STATES TAX CONSIDERATIONS

171

LEGAL MATTERS

173

EXPERTS

173

WHERE YOU CAN FIND ADDITIONAL INFORMATION

173

FINANCIAL STATEMENTS

F-1


vi



INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

 

The information contained in this offering circular includes some statements that are not historical and that are considered “forward-looking statements.”  Such forward-looking statements include, but are not limited to, statements regarding our development plans for our business; our strategies and business outlook; anticipated development of the Company, the Manager, each series of the Company and the Vint Platform; and various other matters (including contingent liabilities and obligations and changes in accounting policies, standards and interpretations).  These forward-looking statements express the Manager’s expectations, hopes, beliefs, and intentions regarding the future.  In addition, without limiting the foregoing, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.  The words “anticipates”, “believes”, “continue”, “could”, “estimates”, “expects”, “intends”, “may”, “might”, “plans”, “possible”, “potential”, “predicts”, “projects”, “seeks”, “should”, “will”, “would” and similar expressions and variations, or comparable terminology, or the negatives of any of the foregoing, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

 

The forward-looking statements contained in this offering circular are based on current expectations and beliefs concerning future developments that are difficult to predict.  Neither we nor the Manager can guarantee future performance, or that future developments affecting the Company, the Manager or the Vint Platform will be as currently anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

 

All forward-looking statements attributable to us are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties, along with others, are also described below under the heading “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of the parties’ assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not place undue reliance on any forward-looking statements and should not make an investment decision based solely on these forward-looking statements.  We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.


vii



SERIES OFFERING TABLE

 

The table below shows key information related to the offering of each series. Please also refer to “The Underlying Assets” and “Use of Proceeds” sections of this offering circular for further details.

 

Master Series Table

 

 

Series
Name

Qualification Date

Underlying
Assets

Agreement
Type

Status

Opening Date

Offering
Price per Interest

Minimum Membership Interests

Maximum Membership Interests

Minimum Offering
Size

Maximum Offering
Size

Sourcing Fee

Exit

(Partial or Full) (1)

Amount Distributed to Series

Interest holders (2)

VV-0001

4/26/21

California
Collection

Upfront
Purchase

Closed

4/26/21

$46.00

1,000

1,000

$46,000

$46,000

$2,891

Full

$53,471.50

VV-PNST

6/29/21

Laurent Ponsot
Collection

Purchase
Option

Closed

7/28/21

$23.00

2,000

2,200

$46,000

$50,600

$4,082

-

-

VV-SUPR

6/29/21

Super Tuscan
Collection

Purchase
Option

Closed

  6/30/2021

$36.00

1,986

2,185

$71,500

$78,650

$5,267

-

-

VV-CHAM

6/29/21

Champagne
Collection

Purchase
Option

Closed

7/6/2021

$50.00

1,460

1,692

$73,000

$84,600

$5,445

Partial

$65,355.90

VV-STEML

6/29/21

St. Emillion
Collection

Purchase
Option

Closed

7/8/2021

$10.00

6,450

7,095

$64,500

$70,950

$5,443

-

-

VV-MACAL

8/5/21

Macallan Fine & Rare Collection

Purchase Option

Closed

8/18/21

$50.00

1,700

2,040

$85,000

$102,000

$6,880

-

-

VV-BOWCK

8/5/21

Bowmore Cask Collection

Purchase Option

Closed

9/29/21

$47.00

2,000

2,200

$94,000

$103,400

$6,992

Partial

$120,165.92

VV-FUTUR

8/5/21

Bordeaux 2020 Futures Collection

Purchase Option

Closed

10/13/21

$70.00

1,600

1,920

112,400

134,400

$8,162

-

-

VV-BDX

8/5/21

Bordeaux Classics Collection

Purchase Option

Closed

9/1/21

$40.00

2,125

2,550

$85,000

$102,000

$6,480

-

-

VV-SPAN

8/5/21

Spanish Collection

Purchase Option

Closed

9/15/21

$60.00

1,400

1,680

$84,000

$100,800

$6,512

-

-

VV-DRC

10/27/21

DRC Collection

Purchase Agreement

Closed

10/28/21

$25.00

5,480

6,302

$137,000

$157,500

$11,051

-

-

VV-NAPA

10/27/21

Napa 2018 Collection

Purchase Option

Closed

10/28/21

$50.00

2,840

3,266

$142,000

$163,300

$11,557

Partial

$17,686.13

VV-RHONE

10/27/21

Domaines of Rhone Collection

Purchase Option

Closed

10/28/21

$40.00

3,825

4,400

$153,000

$176,000

$12,404

-

-

VV-PDMT

10/27/21

Piemonte Collection

Purchase Option

Closed

10/28/21

$50.00

3,090

3,553

$154,500

$177,650

$12,456

-

-

VV-JPWY

10/27/21

Karuizawa “36 Views of Mt. Fuji”

Purchase Option

Closed

10/28/21

$34.00

5,500

6,325

$187,000

$215,050

$15,516

-

-

VV-PTRS

10/27/21

Petrus Collection

Purchase Agreement

Closed

10/28/21

$58.00

500

575

$29,000

$33,350

$2,179

-

-

VV-ROSE

3/8/22

Rosé Champagne Collection

Purchase Agreement

Closed

3/9/22

$41.00

1,000

1,100

$41,000

$45,100

$3,366

-

-

VV-BOD10

3/8/22

2010 Decade Collection

Purchase Agreement

Closed

3/9/22

$50.00

1,990

2,189

$99,500

$109,450

$8,452

-

-

VV-WBURG

3/8/22

White Burgundy Collection

Purchase Agreement

Closed

3/9/22

$30.00

4,600

5,060

$138,000

$151,800

$11,333

-

-

VV-GERM

3/8/22

German Collection

Purchase Option

Closed

3/9/22

$53.00

1,000

1,100

$53,000

$58,300

$4,594

Partial

$9,701.68

VV-LAF10

3/8/22

Lafite 10-Year Vertical Collection

Purchase Option

Closed

3/9/22

$100.00

1,210

1,331

$121,000

$133,100

$10,700

-

-


viii



VV-MACAL50

3/8/22

Macallan 50 Year Old Collection

Purchase Option

Closed

3/9/22

$20.00

5,750

6,325

$115,000

$126,500

$9,320

-

-

VV-JYFT

3/8/22

Joy Fantastic Vint Primeur Collection

Purchase Option

Closed

3/9/22

$30.00

800

880

$24,000

$26,400

$3,280

-

-

VV-GPS

3/8/22

Glenfarclas Pagoda Series

Purchase Option

Closed

3/9/22

$43.00

3,000

3,300

$129,000

$141,900

$18,322

-

-

VV-BDMA

6/6/22

Brunello di Montalcino All-Stars Collection

Purchase Agreement

Closed

6/7/22

$50.00

860

946

$43,000

$47,300

$4,228

-

-

VV-CDCV

6/6/22

Comtes de Champagne Vertical Collection

Purchase Agreement

Closed

6/7/222

$50.00

760

836

$38,000

$41,800

$3,942

-

-

VV-DRCH

6/6/22

Domaine de la Romanée-Conti Horizontal Collection

Purchase Agreement

Closed

6/7/22

$100.00

530

583

$53,000

$58,300

$4,908

-

-

VV-MR19

6/6/22

Mouton Rothschild 2019 Collection

Purchase Agreement

Closed

6/7/22

$100.00

280

308

$28,000

$30,800

$4,069

-

-

VV-SCRV

6/6/22

Screaming Eagle ‘17, ‘18, ‘19 Collection

Purchase Agreement

Closed

6/7/22

$100.00

1,310

1,441

$131,000

$144,100

$10,742

-

-

VV-BDXM1

7/1/22

Bordeaux Superstars in Magnum Collection

Purchase Agreement

Closed

7/1/22

$50.00

4,000

4,400

$200,000

$220,000

$26,662

-

-

VV-CB100

7/1/22

Cheval Blanc 100-Point Collection

Purchase Agreement

Closed

7/1/22

$100.00

570

627

$57,000

$62,700

$6,244

-

-

VV-JSCV

7/1/22

Jacques Selosse Champagne Mini Vertical Collection

Purchase Agreement

Closed

7/1/22

$100.00

610

671

$61,000

$67,100

$6,374

-

-

VV-KGC1

7/1/22

Karuizawa Geisha Collection

Purchase Agreement

Closed

7/1/22

$50.00

1,500

1,650

$75,000

$82,500

$6,577

-

-

VV-LR15

7/1/22

Domaine Leroy 2015 Collection

Purchase Agreement

Closed

7/1/22

$100.00

700

770

$70,000

$77,000

$12,335

-

-

VV-PFGV

7/1/22

Penfolds Grange Vertical Collection

Purchase Agreement

Closed

7/1/22

$50.00

1,640

1,804

$82,000

$90,200

$11,027

-

-

VV-BDX2K

07/29/22

Bordeaux Millennium Collection

Purchase Agreement

Open

07/29/22

$100.00

1,760

1,936

$176,000

$193,600

$23,978

-

-

VV-BXEP21

07/29/22

Bordeaux En Primeur 2021 Collection

Purchase Agreement

Open

07/29/22

$50.00

4,600

5,060

$230,000

$253,000

$29,442

-

-

VV-CDVM

07/29/22

Vogue Musigny Vertical Collection

Purchase Agreement

Closed

07/29/22

$100.00

1,000

1,100

$100,000

$110,000

$15,716

-

-

VV-CHBL1

07/29/22

Domaine Raveneau Collection

Purchase Agreement

Closed

07/29/22

$50.00

600

660

$30,000

$33,000

$3,504

-

-

VV-DRC15

07/29/22

DRC 2015 Assortment Collection

Purchase Agreement

Closed

07/29/22

$100.00

760

836

$76,000

$83,600

$6,368

-

-

VV-DRCRC1

07/29/22

DRC Romanée-Conti 2018 Collection

Purchase Agreement

Closed

07/29/22

$100.00

1,000

1,100

$100,000

$110,000

$8,521

-

-

VV-KGC2

07/29/22

Karuizawa Sapphire Geisha Collection

Purchase Agreement

Closed

07/29/22

$100.00

1,580

1,738

$158,000

$173,800

$20,198

-

-

VV-MACAL2

07/29/22

The Macallan Red 71 Collection

Purchase Agreement

Closed

07/29/22

$100.00

1,050

1,155

$105,000

$115,500

$12,444

-

-

VV-MACAL3

07/29/22

The Macallan Red 78 Collection

Purchase Agreement

Closed

07/29/22

$100.00

1,300

1,430

$130,000

$143,000

$18,962

-

-

VV-MVRW

07/29/22

Midleton Silent Distillery Collection

Purchase Agreement

Closed

07/29/22

$50.00

3,100

3,410

$155,000

$170,500

$23,862

-

-

VV-POM1

07/29/22

Pomerol Rarities Collection

Purchase Agreement

Closed

07/29/22

$100.00

1,100

1,210

$110,000

$121,000

$14,355

-

-

VV-BOW50

02/17/23

Bowmore 50 Year Old Collection

Purchase Agreement

Open

02/17/23

$100.00

600

660

$60,000

$66,000

$20,580

-

-

VV-CCC1

02/17/23

Cristal Champagne Collection

Purchase Agreement

Open

02/17/23

$100.00

870

957

$87,000

$95,700

$11,933

-

-


ix



VV-DL19

02/17/23

Domaine Leflaive 2019 Grand Cru Collection

Purchase Agreement

Open

02/17/23

$100.00

630

693

$63,000

$69,300

$8,352

-

-

VV-DRCH17

02/17/23

Domaine de la Romanée-Conti 2017 Horizontal Collection

Purchase Agreement

Open

02/17/23

$100.00

880

968

$88,000

$96,800

$11,534

-

-

VV-HAWV

02/17/23

Hundred Acre Vertical Collection

Purchase Agreement

Open

02/17/23

$50.00

1,060

1,166

$53,000

$58,300

$4,654

-

-

VV-LAF19

02/17/23

Lafite Rothschild 2019 Collection

Purchase Agreement

Open

02/17/23

$50.00

920

1,012

$46,000

$50,600

$7,328

-

-

VV-MACFC

02/17/23

Macallan Archival Folio Collection

Purchase Agreement

Open

02/17/23

$50.00

1,320

1,452

$66,000

$72,600

$9,838

-

-

VV-MARG1

02/17/23

Château Margaux Vertical Collection

Purchase Agreement

Open

02/17/23

$100.00

980

1,078

$98,000

$107,800

$13,142

-

-

VV-RTBC

02/17/23

2019 Rousseau “Trinity” Burgundy Collection

Purchase Agreement

Open

02/17/23

$100.00

1,020

1,122

$102,000

$112,200

$14,558

-

-

VV-SAIC

02/17/23

South American Icons Collection

Purchase Agreement

Open

02/17/23

$100.00

680

748

$68,000

$74,800

$13,908

-

-

VV-TLC1

02/17/23

Tuscan Legends Collection

Purchase Agreement

Open

02/17/23

$100.00

790

869

$79,000

$86,900

$10,602

-

-

VV-BOW2

Upcoming

Bowmore Black and Gold Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$50.00

1,120

1,232

$56,000

$61,600

$15,036

-

-

VV-DP08

Upcoming

2008 Dom Perignon Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$50.00

1,700

1,870

$85,000

$93,500

$10,284

-

-

VV-DRC09

Upcoming

2009 DRC Romanée-Conti Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$100.00

1,050

1,155

$105,000

$115,500

$11,160

-

-

VV-DRCH14

Upcoming

2014 DRC Assortment Case Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$50.00

1,440

1,584

$72,000

$79,200

$5,996

-

-

VV-DRCH19

Upcoming

2019 DRC Assortment Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$100.00

1,940

2,134

$194,000

$213,400

$21,986

-

-

VV-ITRC

Upcoming

Italian Rarities Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$50.00

1,460

1,606

$73,000

$80,300

$11,889

-

-

VV-KCSK

Upcoming

Karuizawa Cask Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$100.00

3,150

3,465

$315,000

$346,500

$46,920

-

-

VV-KGC3

Upcoming

Karuizawa Pearl Geisha Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$100.00

860

946

$86,000

$94,600

$5,248

-

-

VV-KGC4

Upcoming

Karuizawa Golden Geisha Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$50.00

1,280

1,408

$64,000

$70,400

$19,702

-

-

VV-MACAL4

Upcoming

The Macallan Exceptional Cask Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$100.00

800

880

$80,000

$88,000

$21,224

-

-

VV-YAM1

Upcoming

The Yamazaki 25 YO Collection

Purchase Agreement

Pending Qualification

Upcoming (within 2 days of qualification)

$50.00

780

858

$39,000

$42,900

$8,298

-

-

 

(1)An  “exit” refers to the sale of the underlying assets of a series. A partial exit is a sale of a portion of the underlying assets of the series. A full exit is the sale of all underlying assets of the series. 

(2)Reflects amounts of cash distributed to holders of interests of the series as of February 22, 2023. 


x



SUMMARY

 

The following summary is qualified in its entirety by the more detailed information appearing elsewhere in this offering circular.  You should read the entire offering circular and carefully consider, among other things, the matters set forth in the section captioned Risk Factors.” You are encouraged to seek the advice of your attorney, tax consultant, and business advisor with respect to the legal, tax, and business aspects of an investment in our interests. All references in this offering circular to “$” or “dollars” are to United States dollars.

 

THE COMPANY

 

Overview

 

Investing in fine wine, champagne and spirits has serious barriers to entry such as the need for a large initial investment for proper diversification, storage challenges, logistical challenges, lack of industry expertise, and tremendous market inefficiencies. Today, those who are passionate about wine and spirits are limited to investing through a wine and spirits broker, hiring a wine & spirits manager, or self-directed investing. The current investment options do not address all of these challenges and barriers.

 

We seek to remove these challenges, allowing investors to access the benefits of fine wine and spirits. We have been formed for the purpose of allowing investors to invest in fine wine and spirits.

 

The Vint Platform is our proposed solution to this problem. We plan to initially create a marketplace for investment in fine wine and spirits collections comprised of wines and spirits produced all over the world. The primary fine wine regions include Bordeaux, Burgundy, Italy, Australia, USA, and some emerging market countries. The primary spirits we plan to source are Scotch whiskey, bourbon, Japanese whiskey, cognac, and rum.  We will work with industry leaders for each offering, to provide diversification in its wine and spirits collections.

 

We plan to target the acquisition of underlying assets pools for each series with assets ranging in the total price of approximately $25,000 to $50,000,000. Some asset collections may also be below this range. Our mission is to democratize wealth accumulation by providing access, liquidity and transparency.

 

History and Structure

 

The Company is a series limited liability company formed on June 16, 2020 pursuant to Section 18-215 of the Delaware Limited Liability Company Act, or the LLC Act.

 

As a series limited liability company, title to our underlying assets will be held by, or for the benefit of, the applicable series of interests. We intend that each series of interests will own its own underlying assets, which will be collections of fine wines and spirits. A new series of interests will be issued for future collections of wines and spirits acquired by us.

 

Section 18-215(b) of the LLC Act provides that, if certain conditions are met (including that certain provisions are in the formation and governing documents of the series limited liability company, and if the records maintained for any such series account for the assets associated with such series separately from the assets of the limited liability company, or any other series), then the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series shall be enforceable only against the assets of such series and not against the assets of the limited liability company generally or any other series. As such, the assets of a series include only the collection of fine wines and spirits associated with that series and other related assets (e.g., cash reserves).

 

Manager

 

VinVesto, Inc., a Delaware corporation incorporated in June 2020 (which we refer to as “VinVesto” or our “Manager”), is the Manager of the Company and each series of the Company. The Manager also owns and operates the website located at www.vint.co (“Vint Platform”) through which each series of interests will be sold.


1



At the closing of each offering, the Manager or its affiliates will purchase a minimum of 0.5% and up to a maximum of 19.99% of the interests sold in such offering for the same price as all other investors. The Manager may sell its interests from time to time after closing of any offering. The Manager has no present intention to sell its interests, and any future sales would be based upon our potential need for capital, market prices of the interests at the time of a proposed sale and other factors that a reasonable investor might consider in connection with the sale of securities similar to our interests.

 

Advisory Board

 

The Manager is assembling an expert network of advisors with experience in relevant industries (which we refer to as the Advisory Board) to assist it in identifying and acquiring the fine wine and other alternative assets, to assist the series manager described below in managing the underlying assets and to advise the Manager and certain other matters associated with our business and various series.  We currently have four members of our Advisory Board and are seeking to add additional members.

 

The members of the Advisory Board will not be managers or officers of the Company or any series and will not have any fiduciary or other duties to the interest holders of any series.

 

Operating Expenses

 

Each series of the Company will be responsible for the following costs and expenses attributable to the activities of the Company related to such series (we refer to these as Operating Expenses):

 

any and all fees, costs and expenses incurred in connection with the management of our underlying assets, including import taxes, income taxes, storage (including property rental fees should the Manager decide to rent a property to store a number of underlying assets), security, valuation, custodial, marketing and utilization of the underlying assets; 

 

any fees, costs and expenses incurred in connection with preparing any reports and accounts of each series, including any blue-sky filings required in order for a series to be made available to investors in certain states and any annual audit of the accounts of such series (if applicable) and any reports to be filed with the Commission; 

 

any and all insurance premiums or expenses, including directors and officer’s insurance of the directors and officers of the Manager or series manager, in connection with the underlying assets; 

 

any withholding or transfer taxes imposed on the Company or a series or any interest holders as a result of its or their earnings, investments or withdrawals; 

 

any governmental fees imposed on the capital of the Company or a series or incurred in connection with compliance with applicable regulatory requirements; 

 

any legal fees and costs (including settlement costs) arising in connection with any litigation or regulatory investigation instituted against the Company, a series or our series manager in connection with the affairs of the Company or a series; 

 

the fees and expenses of any administrator, if any, engaged to provide administrative services to the Company or a series; 

 

all custodial fees, costs and expenses in connection with the holding of an underlying asset; 

 

any fees, costs and expenses of a third-party registrar and transfer agent appointed by our managing member in connection with a series; 

 

the cost of the audit of the annual financial statements of the Company or a series and the preparation of tax returns and circulation of reports to interest holders; 

 


2



any indemnification payments; 

 

the fees and expenses of counsel to the Company or a series in connection with advice directly relating to its legal affairs; 

 

the costs of any other outside appraisers, valuation firms, accountants, attorneys or other experts or consultants engaged by our managing member in connection with the operations of the Company or a series; and 

 

any similar expenses that may be determined to be Operating Expenses, as determined by our managing member in its reasonable discretion. 

 

The Manager has agreed to pay and not be reimbursed for Operating Expenses incurred prior to the initial closing of each offering. The Manager will bear its own expenses of an ordinary nature, including, all costs and expenses on account of rent (other than for storage of the underlying assets), supplies, secretarial expenses, stationery, charges for furniture, fixtures and equipment, payroll taxes, remuneration and expenses paid to employees and utilities expenditures (excluding utilities expenditures in connection with the storage of the underlying assets).

 

If the Operating Expenses exceed the amount of revenues generated from an underlying asset and cannot be covered by any Operating Expense reserves on the balance sheet of such underlying asset, the Manager may (a) pay such Operating Expenses and not seek reimbursement, (b) loan the amount of the Operating Expenses to the applicable series, on which the Manager may impose a reasonable rate of interest, and be entitled to reimbursement of such amount from future revenues generated by such underlying asset (which we refer to as Operating Expenses Reimbursement Obligation(s)), and/or (c) cause additional interests to be issued in such series in order to cover such additional amounts.

 

Series manager

 

Each series will appoint the Manager to serve as series manager to manage the underlying asset related to such series pursuant to an asset management agreement. Except as set forth below and any guidance as may be established from time to time by the Manager or the Advisory Board, our series manager will have sole authority and complete discretion over the care, custody, maintenance and management of each underlying asset and to take any action that it deems necessary or desirable in connection therewith. Our series manager will be authorized on behalf of each series to, among other things:

 

create the asset maintenance policies for each underlying asset in consultation with the Advisory Board and oversee compliance with such maintenance policies; 

 

purchase and maintain insurance coverage for each underlying asset for the benefit of the series related to such asset; 

 

engage third party independent contractors for the care, custody, maintenance and management of each underlying asset; 

 

develop standards for the care of each underlying asset while in storage; 

 

develop standards for the transportation and care of each underlying asset when outside of storage; 

 

reasonably make all determinations regarding the calculation of fees, expenses and other amounts relating to each underlying asset paid by the series manager; 

 

deliver invoices to the Manager for the payment of all fees and expenses incurred by the series in connection with the maintenance of its underlying asset and ensure delivery of payments to third parties for any such services; and 

 

generally perform any other act necessary to carry out its obligations under the asset management agreement. 


3



Our series manager will be paid fees associated with the sourcing of each underlying asset; provided that such Sourcing Fee may be waived by our series manager. It may also receive fees as reimbursement for offering expenses and acquisition expenses paid by the Manager on behalf of each series.

 

See “Description of Business—Description of the Asset Management Agreement.”

 

Distribution Rights

 

The Manager may, in its sole discretion, sell one or more assets which are part of the underlying assets and distribute Free Cash Flow, if any, to holders of each series of interests. The Manager has the discretion to determine the timing of distributions, and currently intends to make such distributions at the end of each fiscal quarter after the sale of underlying asset(s).

 

Free Cash Flow consists of the net income (as determined under U.S. generally accepted accounting principles, or GAAP) generated by such series plus any change in net working capital and depreciation and amortization (and any other non-cash Operating Expenses) and less any capital expenditures related to the underlying asset related to such series. The Manager may maintain Free Cash Flow funds in a deposit account or an investment account for the benefit of the series.

 

Any Free Cash Flow generated by a series from the utilization of the underlying asset related to such series shall be applied within the series in the following order of priority:

 

repay any amounts owing to third-party creditors; 

 

thereafter to repay any amounts outstanding under Operating Expenses Reimbursement Obligations plus accrued interest; 

 

thereafter to create such reserves as the Manager deems necessary, in its sole discretion, to meet future Operating Expenses; and 

 

thereafter by way of distribution to holders of the interests of such series (net of corporate income taxes applicable to the series), which may include asset sellers of the underlying asset related to such series or the Manager or any of its affiliates. 

 

Asset seller(s) are any individual(s), dealer or collectors, which owns an underlying asset prior to (i) a purchase of an underlying asset by us in advance of a potential offering or (ii) the closing of an offering from which proceeds are used to acquire the underlying asset.

 

See “Securities Being Offered—Distribution Rights.”

 

Timing of Distributions

 

The Manager may make distributions of Free Cash Flow remaining to holders of interests subject to it having the right, in its sole discretion, to withhold distributions in order to meet anticipated costs and liabilities of the series. The Manager may change the timing of potential distributions in its sole discretion.

 

Distributions upon Liquidation

 

Upon the occurrence of a liquidation event relating to the Company as a whole or any series, the Manager (or a liquidator selected by the Manager) is charged with winding up the affairs of the series or the Company as a whole, as applicable, and liquidating its assets. Upon the liquidation of a series or the Company as a whole, as applicable, the underlying assets will be liquidated and any after-tax proceeds distributed: (i) first, to any third party creditors, (ii) second, to any creditors that are the Manager or its affiliates (e.g., payment of any outstanding Operating Expenses Reimbursement Obligation), and thereafter, (iii) first, 100% to the interest holders of the relevant series of interests, allocated pro rata based on the number of interests held by each interest holder (which may include the Manager, any of its affiliates and asset sellers and which distribution within a series will be made consistent with any preferences which exist within such series) until the interest holders receive back 100% of their capital contribution, allocated pro


4



rata based on the number of interests held by each interest holder (which may include the Manager, any of its affiliates and asset sellers and which distribution within a series will be made consistent with any preferences which exist within such series). See “Securities Being Offered—Liquidation Rights.”

 

Transfer Restrictions

 

The Manager may refuse a transfer by a holder of its interest(s) in any series if such transfer would result in (a) there being more than 2,000 beneficial owners in such series or more than 500 beneficial owners in such series that are not “accredited investors” (provided that the Manager may waive such limitations), (b) the assets of such series being deemed “plan assets” for purposes of the Employee Retirement Income Security Act of 1974 and regulations thereunder, as amended, or ERISA, (c) a change of U.S. federal income tax treatment of the Company and/or such series, or (d) the Company, such series or the Manager being subject to additional regulatory requirements. Furthermore, as our interests are not registered under the Securities Act, transfers of our interests may only be effected pursuant to exemptions under the Securities Act and permitted by applicable state securities laws. See “Securities Being Offered—Transfer Restrictions” for more information.


5



THE OFFERINGS

 

Securities being offered:

 

We are offering the minimum number of interests of each series at a price per interest set forth in the “Series Offering Table” section above. The Manager will own a minimum of 0.50% and may own a maximum of 19.99% of the interests of each series at closing. The Manager may sell these interests at any time after the applicable closing.  The offering will not close unless the minimum number of interests have been sold.

 

Each series of interests is intended to be a separate series of the Company for purposes of assets and liabilities. See “Securities Being Offered” for further details. The interests will be non-voting except with respect to certain matters set forth in our limited liability company agreement, dated October 28, 2020, as amended from time to time, or the “operating agreement”. The purchase of a particular series of interests is an investment only in that series of the Company and not an investment in the Company as a whole.

 

 

 

Minimum and maximum subscription:

 

The minimum subscription by an investor is one (1) interest and the maximum subscription by any investor is for interests representing 19.99% of the total interests of a particular series, although such maximum thresholds may be waived by the Manager in its sole discretion.  Additional limitations apply for non-accredited investors.  

 

 

 

Restrictions on investment:

 

Each investor must be a “qualified purchaser.” See “Plan of Distribution and Subscription Procedures” for further details. The Manager may, in its sole discretion, decline to admit any prospective investor, or accept only a portion of such investor’s subscription, regardless of whether such person is a “qualified purchaser.”  Furthermore, the Manager anticipates only accepting subscriptions from prospective investors located in states where the Broker is registered.

 

Generally, no sale may be made to you in any offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(c) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.

 

 

 

Escrow account:

 

The subscription funds advanced by prospective investors as part of the subscription process will be held in a non-interest bearing escrow account with North Capital Private Securities Corporation, or the Escrow Agent, and will not be commingled with the operating account of any series until, if and when there is a closing with respect to that investor.

 

When the Escrow Agent has received instructions from the Manager and the Broker that an offering will close and the investor’s subscription is to be accepted (either in whole or part), then the Escrow Agent shall disburse such investor’s subscription proceeds in its possession to the account of the series. Amounts paid to the Escrow Agent are categorized as Offering Expenses.

 

If any offering is terminated without a closing, or if a prospective investor’s subscription is not accepted or is cut back due to oversubscription or otherwise, such amounts placed into escrow by prospective investors will be returned promptly to them without interest. Any costs and expenses associated with a terminated offering will be borne by the Manager.

 

Broker:

 

The Company has engaged the services of Dalmore Group, LLC to act as the broker-dealer of record. See “Plan of Distribution and Subscription Procedure.”

 


6



Offering period:

 

There will be a separate closing with respect to each offering. The closing of an offering will occur on the date subscriptions for the minimum number of interests offered for a series have been accepted. If closing has not occurred, an offering shall be terminated upon (i) the date which is one year from the date such offering circular or amendment thereof, as applicable, is qualified by the Commission, which period may be extended with respect to a particular series by an additional six months by the Manager in its sole discretion, or (ii) any date on which the Manager elects to terminate the offering for a particular series in its sole discretion. No securities are being offered by existing securityholders.

 

Use of proceeds:

 

The proceeds received in an offering will be applied in the following order of priority of payment:

 

 

 

 

 

 

 

Acquisition Cost of the Underlying Asset: The Company acquires underlying assets through the following methods:

 

 

 

1.

Upfront purchase - The Company acquires an underlying asset from an asset seller prior to the launch of the offering related to the series using funds advanced by the Manager.  Upon completion of the offering, the advanced amounts are repaid to the Manager;

 

 

 

2.

 Purchase agreement - The Company enters into an agreement with an asset seller to acquire an underlying asset, which acquisition may become effective prior to the closing of the offering of the related Series offering, in which case the Company is obligated to acquire the underlying asset prior to the closing using funds advanced by the Manager and reimbursed out of offering proceeds; or

 

 

 

3.

 Purchase option agreement - The Company enters into a purchase option agreement with an asset seller, which gives the Company the right, but not the obligation, to acquire the underlying asset upon completion of the Series offering.

 

 

 

 

 

 

 

 

 

The Company’s acquisition method for each underlying asset is noted in the “Use of Proceeds/Description of Underlying Assets – All series” for each series underlying asset.

 

 

 

 

 

 

 

Acquisition Expenses: Each series will be responsible for any and all fees, costs and expenses incurred in connection with the evaluation, discovery, investigation, development and acquisition of the Underlying Asset related to such series incurred prior to the Closing, including brokerage and sales fees and commissions, appraisal fees, research fees, transfer taxes, third party industry and due diligence experts, bank fees and interest (if the Underlying Asset was acquired using debt prior to completion of an offering), auction house fees, travel and lodging for inspection purposes, photography and videography expenses in order to prepare the profile for the Underlying Asset on the Vint Platform (the “Acquisition Expenses”).

 

 

 

 

 

 

 

Asset Expenses: In general, these include costs associated with the storage and maintenance of the asset, which include storage, shipping and transportation, and insurance costs; and

 

 

 

 

 


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Sourcing Fee: Our series manager may be paid a Sourcing Fee from the gross proceeds of each series offering. The Sourcing Fee may be between 0% and 35% of the gross offering proceeds of each series offering, and is set at the discretion of the series manager. Factors the series manager may consider in determining the Sourcing Fee for a particular series offering may include, but are not limited to, current market offers for the series assets, comparable asset pricing data, and/or or the level of difficulty and costs related to sourcing the particular assets of the series. See “Use of Proceeds to Issuer” and “Plan of Distribution and Subscription Procedures” sections for further details.

 

 

 

 

Risk factors:

 

Investing in our interests involves risks. See the section entitled “Risk Factors” in this offering circular and other information included in this offering circular for a discussion of factors you should carefully consider before deciding to invest in our interests.


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RISK FACTORS

 

The interests offered hereby are highly speculative in nature, involve a high degree of risk and should be purchased only by persons who can afford to lose their entire investment. There can be no assurance that our investment objectives will be achieved or that a secondary market would ever develop for our interests, whether via the Vint Platform, via third party registered broker-dealers or otherwise. The risks described in this section should not be considered an exhaustive list of the risks that prospective investors should consider before investing in our interests. Prospective investors should obtain their own legal and tax advice prior to making an investment in our interests and should be aware that an investment in our interests may be exposed to other risks of an exceptional nature from time to time. The following considerations are among those that should be carefully evaluated before making an investment in our interests.

 

Risks Related to the Structure, Operation and Performance of our Company

 

An investment in an offering constitutes only an investment in a particular series and not in the Company or the underlying assets.

 

A purchase of our interests does not constitute an investment in either the Company or the underlying assets directly. This results in limited voting rights of the investor, which are solely related to the series. Investors will have voting rights only with respect to certain matters, primarily relating to amendments to the operating agreement that would adversely change the rights of the interest holders and removal of the Manager for “cause.” The Manager and series manager thus retain significant control over the management of the Company and the underlying assets. Furthermore, because the interests do not constitute an investment in the Company as a whole, holders of a particular series of interests will not receive any economic benefit from, or be subject to the liabilities of, the assets of any other series of interest. In addition, the economic interest of a holder in a series will not be identical to owning a direct undivided interest in the underlying assets because, among other things, the series will be required to pay corporate taxes before distributions are made to the holders, and the series manager will receive a fee in respect of its management of the underlying assets.

 

The Company was recently formed, has no track record and no operating history from which you can evaluate the Company or this investment and relatively limited experience in investing in fine wine or spirits.

 

The Company was recently formed and has not generated any revenues and has no operating history upon which prospective investors may evaluate their performance. Furthermore, neither our Manager nor its executive officers have any experience in investing in fine wines or similar assets or managing pools of investment assets.  The Manager is reliant upon the experience of its Advisory Board members for sourcing and analyzing investment opportunities.  Failure to attract additional advisors with experience in investing in fine wine or spirits will significantly affect the Company’s ability to make quality investments.  No guarantee can be given that the Company or a series will achieve their investment objectives, the value of the underlying assets will increase or the underlying assets will be successfully monetized.

 

Given our start-up nature, investors may not be interested in making an investment and we may not be able to raise all of the capital we seek and this could have a material adverse effect upon the Company and the value of your interests.

 

Due to the start-up nature of the Company, there can be no guarantee that we will reach our funding target from potential investors. In the event we do not reach a funding target, we may not be able to achieve our investment objectives by acquiring additional underlying assets through the issuance of additional series of interests and monetizing them together with existing assets to generate distributions for investors. In addition, if we are unable to raise funding for additional series of interests, this may impact any investors already holding interests as they will not see the benefits which arise from economies of scale following the acquisition by other series of interests of additional underlying assets and other monetization opportunities (e.g., hosting events with the collection of underlying assets).


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There are few, if any, businesses that have pursued a strategy or investment objective similar to ours, which may make it difficult for the Company and interests to gain market acceptance.

 

There are a limited number of other companies which crowd fund fine wines and spirits or propose to run a platform for crowd funding of interests in fine wines and spirits. The Company and its interests may not gain market acceptance from potential investors, potential asset sellers or service providers within the fine wine and spirit industry, including insurance companies, appraisers, and strategic partners. This could result in an inability of the Manager to operate the underlying assets profitably. This could impact the issuance of further series of interests and additional underlying assets being acquired by us. This would further inhibit market acceptance of the Company and if we do not acquire any additional underlying assets, investors would not receive any benefits which arise from economies of scale (such as reduction in storage costs as a large number of underlying assets are stored at the same facility, group discounts on insurance and the ability to monetize underlying assets through museums or other programs that would require us to own a substantial number of underlying assets).

 

The offering amount will exceed the value of the underlying assets and if the underlying assets are sold before they appreciate or generate income, then investors will not receive the amount of their initial investment back.

 

The size of an offering will exceed the purchase price of the related underlying assets as at the date of such offering (as the proceeds of the offering in excess of the purchase price of the underlying assets will be used to pay fees, costs and expenses incurred in making the offering and acquiring the underlying assets, as well as interest payments to the Manager). If the underlying assets had to be sold and there had not been substantial appreciation of the underlying assets prior to such sale, there may not be sufficient proceeds from the sale of the underlying assets to repay investors the amount of their initial investment (after first paying off any liabilities on the underlying assets at the time of the sale including, but not limited to, any outstanding Operating Expenses Reimbursement Obligation) or any additional profits in excess of this amount.

 

Management has the ultimate discretion to determine the Sourcing Fee.

 

Our series manager will be paid a fee as compensation for sourcing each underlying asset (which we refer to as the Sourcing Fee); provided that the Sourcing Fee may be waived by our series manager. The Sourcing Fee may be between 0% and 35% of the gross offering proceeds of each series offering. The series manager has the ultimate discretion to determine the Sourcing Fee – and while the series manager may consider a number of factors, many of which are discussed elsewhere in this offering circular, the series manager is not required to consider these factors (or any factors) in determining the Sourcing Fee for a particular offering – and as such, Sourcing Fees may vary significantly from offering to offering.

 

The Sourcing Fee impacts the size of an offering, which will exceed the purchase price of the related underlying assets. If the underlying assets did not have substantial appreciation prior to being sold, there may not be sufficient proceeds from the sale of the underlying assets to repay investors the amount of their initial investment.

 

Operating Expenses that are incurred after each closing will reduce potential distributions, if any, and the potential return on investment resulting from the appreciation of the underlying assets, if any.

 

Operating Expenses incurred post-closing will be the responsibility of the applicable series. However, if the Operating Expenses exceed the amount of revenues generated from the underlying assets related to such series, the Manager may (a) pay such Operating Expenses and not seek reimbursement, (b) loan the amount of the Operating Expenses to the series, on which the Manager may impose a reasonable rate of interest, and be entitled to Operating Expenses Reimbursement Obligations, and/or (c) cause additional interests of such series to be issued in order to cover such additional amounts.

 

If there is an Operating Expenses Reimbursement Obligation, this reimbursable amount between related parties would be taken out of the Free Cash Flow generated by the series and could reduce the amount of any future distributions payable to investors. If additional series interests are issued, this would dilute the current value of the interests held by existing investors and the amount of any future distributions payable to such existing investors.


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Our success depends in large part upon the Manager and its ability to execute our business plan.

 

The successful operation of the Company (and therefore, the success of each series) is in part dependent on the ability of the Manager and series manager to source, acquire and manage the underlying assets. As the Manager has only been in existence since June 2020 and is an early-stage startup company, it has no significant operating history within the fine wine and spirits sector that would evidence its ability to source, acquire, manage and utilize the underlying assets.

 

The success of the Company (and therefore, each series) will be highly dependent on the expertise and performance of the Manager and its team, its expert network and other investment professionals (which include third party experts) to source, acquire and manage the underlying assets. There can be no assurance that these individuals will continue to be associated with the Manager or series manager. The loss of the services of one or more of these individuals could have a material adverse effect on the underlying assets, in particular, their ongoing management and use to support the investment of the holders of the series interests.

 

Furthermore, the success of the Company and the value of each series is dependent on there being critical mass from the market for the series interests and also our ability to acquire a number of underlying assets in multiple series of interests so that the investors can benefit from economies of scale which arise from holding more than one underlying asset. In the event that we are unable to source additional underlying assets due to, for example, competition for such underlying assets or lack of underlying assets available in the marketplace, then this could materially impact our success and our objectives of acquiring additional underlying assets through the issuance of further series of interests and monetizing them together with existing assets through revenue generating events and leasing opportunities.

 

If our series limited liability structure is not respected, then investors may have to share in any liabilities of the Company with all investors and not just those who hold the same series of interests as them.

 

The Company is structured as a Delaware series limited liability company that issues different series of interests for each underlying asset or group of underlying assets. Each series of interest will merely be a separate series and not a separate legal entity. Under the LLC Act, if certain conditions (as set forth in Section 18-215(b) of the LLC Act) are met, the liability of investors holding one series of interests is segregated from the liability of investors holding another series of interests and the assets of one series of interests are not available to satisfy the liabilities of other series of interests. Although this limitation of liability is recognized by the courts of Delaware, there is no guarantee that if challenged in the courts of another U.S. state or a foreign jurisdiction, such courts will uphold a similar interpretation of Delaware corporation law, and in the past certain jurisdictions have not honored such interpretation. If our series limited liability company structure is not respected, then investors may have to share any liabilities of the Company with all investors and not just those who hold the same series of interests as them. Furthermore, while we intend to maintain separate and distinct records for each series of interests and account for them separately and otherwise meet the requirements of the LLC Act, it is possible a court could conclude that the methods used did not satisfy Section 18-215(b) of the LLC Act and thus potentially expose the assets of a series to the liabilities of another series of interests. The consequence of this is that investors may have to bear higher than anticipated expenses which would adversely affect the value of their interests or the likelihood of any distributions being made by the series to the investors. In addition, we are not aware of any court case that has tested the limitations on inter-series liability provided by Section 18-215(b) in federal bankruptcy courts and it is possible that a bankruptcy court could determine that the assets of one series of interests should be applied to meet the liabilities of the other series of interests or the liabilities of the Company generally where the assets of such other series of interests or of the Company generally are insufficient to meet our liabilities.

 

If any fees, costs and expenses of the Company are not allocable to a specific series of interests, they will be borne proportionately across all of the series of interests. Although the Manager will allocate fees, costs and expenses acting reasonably and in accordance with its allocation policy (see “Description of Business—Allocations of Expenses”), there may be situations where it is difficult to allocate fees, costs and expenses to a specific series of interests and therefore, there is a risk that a series of interests may bear a proportion of the fees, costs and expenses for a service or product for which another series of interests received a disproportionately high benefit.


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Potential breach of the security measures of the Vint Platform could have a material adverse effect on the Company, each series and the value of your investment.

 

The highly automated nature of the Vint Platform through which potential investors acquire or transfer interests may make it an attractive target and potentially vulnerable to cyber-attacks, computer viruses, physical or electronic break-ins or similar disruptions. The Vint Platform processes certain confidential information about investors, asset sellers and the underlying assets. While we intend to take commercially reasonable measures to protect our confidential information and maintain appropriate cybersecurity, the security measures of the Vint Platform, the Company, the Manager or our service providers (including the Broker) could be breached. Any accidental or willful security breaches or other unauthorized access to the Vint Platform could cause confidential information to be stolen and used for criminal purposes or have other harmful effects. Security breaches or unauthorized access to confidential information could also expose us to liability related to the loss of the information, time-consuming and expensive litigation and negative publicity, or loss of the proprietary nature of the Manager’s and the Company’s trade secrets. If security measures are breached because of third-party action, employee error, malfeasance or otherwise, or if design flaws in the Vint Platform software are exposed and exploited, the relationships between the Company, investors, users and the asset sellers could be severely damaged, and the Company or the Manager could incur significant liability or have their attention significantly diverted from utilization of the underlying assets, which could have a material negative impact on the value of interests or the potential for distributions to be made on the interests.

 

Because techniques used to sabotage or obtain unauthorized access to systems change frequently and generally are not recognized until they are launched against a target, we, the third-party hosting used by the Vint Platform and other third-party service providers may be unable to anticipate these techniques or to implement adequate preventative measures. In addition, federal regulators and many federal and state laws and regulations require companies to notify individuals of data security breaches involving their personal data. These mandatory disclosures regarding a security breach are costly to implement and often lead to widespread negative publicity, which may cause investors, the asset sellers or service providers within the industry, including insurance companies, to lose confidence in the effectiveness of the secure nature of the Vint Platform. Any security breach, whether actual or perceived, would harm our reputation and the Vint Platform and we could lose investors and the asset sellers. This would impair our ability to achieve our objectives of acquiring additional underlying assets through the issuance of further series of interests and monetizing them together with existing assets through revenue generating events and leasing opportunities.

 

The Manager may sell its interests post-closing which may result in a reduction in value of your interests if there are too many series interests available and not enough demand for those interests.

 

The Manager may arrange for some of the interests it holds in a specific series of interests to be sold by a broker pursuant to a “10b5-1 trading plan”. The Manager has no present intention to sell its interests, and any future sales would be based upon our potential need for capital, market prices of the interests at the time of a proposed sale and other factors that a reasonable investor might consider in connection with the sale of securities similar to our interests. There is a risk that a sale by the Manager may result in too many interests being available for resale and the price of the relevant series of interests decreasing as supply outweighs demand.

 

Non-compliance with regulations may result in the abrupt cessation of business operations, rescission of any contracts entered into, an early termination of any series of interests sold or, if we were deemed to be subject to the Investment Advisers Act, the liquidation and winding up of any series of interests sold.

 

Furthermore, we are not registered and will not be registered as an investment company under the Investment Company Act of 1940, as amended, or the Investment Company Act, and neither the Manager nor our series manager is or will be registered as an investment adviser under the Investment Advisers Act of 1940, as amended, or the Investment Advisers Act, and thus the interests do not have the benefit of the protections of the Investment Company Act or the Investment Advisers Act. We and the Manager have taken the position that the underlying assets are not “securities” within the meaning of the of the Investment Company Act or the Investment Advisers Act, and thus our assets will be comprised of less than 40% investment securities under the Investment Company Act and the Manager and our series manager will not be advising with respect to securities under the Investment Advisers Act. This position, however, is based upon applicable case law that is inherently subject to judgments and interpretation.  If we were to be required to register under the Investment Company Act or the Manager were to be required to register under the Investment Advisers Act, it could have a material and adverse impact on the results of operations and expenses of a


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series and the Manager may be forced to liquidate and wind up the series or rescind the offering for any series of interests.

 

There may be deficiencies with our internal controls that require improvements, and if we are unable to adequately evaluate internal controls, we may be subject to sanctions.

 

As a Tier 2 issuer under Regulation A, we will not need to provide a report on the effectiveness of our internal controls over financial reporting, and we will be exempt from the auditor attestation requirements concerning any such report so long as we are a Tier 2 issuer. We are in the process of evaluating whether our internal control procedures are effective and therefore there is a greater likelihood of undiscovered errors in our internal controls or reported financial statements as compared to issuers that have conducted such evaluations.

 

Our business is subject to outside events.

 

Unpredictable and/or uncontrollable events, such as the COVID-19 outbreak, could adversely affect our business. Our business could be subject to unpredictable and uncontrollable events, such as earthquakes, power shortages, telecommunications failures, water shortages, floods, hurricanes, typhoons, fires, extreme weather conditions, medical epidemics or pandemics, such as the COVID-19 outbreak, and other natural or manmade disasters or business interruptions. The occurrence of any of these business disruptions could seriously harm our operations and financial condition and increase our costs and expenses. The risk, or public perception of the risk, of a pandemic, or media coverage of infectious diseases, could adversely affect the value of the underlying assets and the financial condition of our investors or prospective investors, resulting in reduced demand for our offerings and alternative asset classes generally. Moreover, an epidemic, pandemic, outbreak or other public health crisis, such as COVID-19, could adversely affect employees of our Manager, which serves as the series manager and in which we rely to manage the logistics of our business. “Shelter-in-place” or other such orders by governmental entities could also disrupt our operations if employees of our Manager who cannot perform their responsibilities from home are not able to report to work or carry out necessary actions related to the logistics of our business. Risks related to an epidemic, pandemic or other health crisis, such as COVID-19, could also lead to the complete or partial closure of one or more of our facilities or the storage facility in which we lease space, which could prevent us from accessing the underlaying assets. Further, risks related to an epidemic, pandemic or other health crisis, such as COVID-19, could lead to complete or partial cessation of operations of our sourcing partners for the underlying assets.

 

Risks Related to the Fine Wine & Spirits Industry

 

Each series of the Company is expected to invest only in the related underlying assets; therefore, your investment will not be diversified and will appreciate or depreciate based on the value of the underlying assets regardless of market conditions.

 

It is not anticipated that any series would own any assets other than its related underlying assets, plus potential cash reserves for maintenance, storage, insurance and other expenses pertaining to the underlying assets and amounts earned by the related series from the monetization of the underlying assets, if any. Investors looking for diversification will have to create their own diversified portfolio by investing in other opportunities in addition to the interests offered hereby.

 

The failure of the Manager and Company to retain necessary licenses would impact the ability to conduct business.

 

The Manager and the Company have both received their Federal Basic Permit from the Alcohol and Tobacco Tax and Trade Bureau (TTB). This license allows the acquisition of wine at a commercial level. The Basic Permit allows the Manager and the Company to buy and sell wine at the wholesaler level. This license is perpetual and does not require annual renewal provided that the holder does not violate the terms of the license. The Basic Permit is a federal license and does not relate to state licensure. We may acquire state licensure, or sell our wine through registered brokers, merchants, or auction houses. The Manager is the facilitator of the wine acquisitions and liquidations. The Manager for now, and the series later, will use a third-party bonded warehouse Domaine Wine Storage & Bordeaux Index Octavian Storage, as discussed in the offering materials, and therefore will not need a bonded warehouse license. Because the underlying assets are held as long-term investments, neither the Manager nor the Company require or have obtained an Online Wine Retail License.  We must renew each license and may need to obtain other licenses and failing to do so would have a material adverse affect on our business.


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Each series of the Company is expected to invest in a collection of fine wines or spirits. If there is a downturn in this industry or the economy in general, then the value of the underlying assets is likely to decrease.

 

Given the concentrated nature of the underlying assets (i.e., fine wines or spirits) any downturn in the fine wine or spirits industry is likely to impact the value of the underlying assets, and consequently the value of the interests. Furthermore, as fine wines and spirits are discretionary items, the value of such items may be impacted if an economic downturn occurs and there is less disposable income for individuals to invest in products such as fine wines or spirits. In the event of a downturn in the industry, the value of the underlying assets is likely to decrease.

 

The volatility in prices for fine wines or spirits may result in downward price pressure and adversely affect our objectives.

 

The market for fine wine and spirits is subject to volatility in demand in recent periods. Demand for high value fine wine and spirits depends to a large extent on general, economic, political and social conditions in a given market as well as the tastes of the collector or fine wine and spirits enthusiast community resulting in changes in the vineyards and types of fine wine and spirits that are most sought after. Volatility in demand may lead to volatility in the value of an acquired fine wine and spirits, which may result in further downward price pressure and adversely affect our ability to achieve our objective of acquiring additional underlying assets through the issuance of further series of interests and monetizing them together with existing assets. In addition, the lack of demand may reduce any further issuance of series of interests and acquisition of more underlying assets, thus limiting the benefits the investors already holding series of interests could receive from there being economies of scale (e.g., cheaper insurance due to a number of underlying assets requiring insurance). These effects may have a more pronounced impact given the limited number of underlying assets held by the Company in the short-term.

 

The fine wine and spirits industry is subject to global market conditions.

 

The global economy and financial markets and political conditions of various countries can adversely affect the supply of and demand for fine wine and spirits, and unpredictable and/or uncontrollable events. . The fine wine and spirits industry may be influenced by the overall strength and stability of the global economy and financial markets of various countries, although any correlation may not be immediately evident. In addition, global political conditions and world events may affect our business through their effect on the economies of various countries, as well as on the willingness of potential buyers to purchase fine wine and spirits in the wake of economic uncertainty. Accordingly, weakness in the global economy and financial markets of various countries may cause a downturn in the fine wine and spirits industry, which is likely to impact the value of the underlying assets, and consequently the value of the interests.

 

Selling pressure in the fine wine and spirits market may result in downward price revisions and affect our overall objectives.

 

Demand for fine wine or spirits can be volatile. Broader economic conditions, personal financial stress, and change in investing preferences are all reasons that a wine or spirits collector may sell their collection. Other reasons people may sell their wine or spirits collection include, but are not limited to, a lack of space in their wine storage location, change in preferences, realizing their capital gains, and receiving an above market offer for their collection. The Company finds it hard to predict these factors and may not be able to liquidate the wines or spirits prior to downward price revisions. Global factors including, but not limited to, tariffs, En Primuer production, weather factors, and macroeconomic changes can all influence wine demand. The Company finds it difficult to predict macroeconomic changes. Factors that impact demand in the wine and spirits market include, critic scores, brand quality, outstanding supply, production quality, En Primuer pricing, vintage quality, and customer trends. The Company is working to predict these factors to achieve the best returns for our series Holders. The Company’s predictions of these factors may not be accurate and may impact the value of the underlying assets.


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Fine wine and spirits are difficult to value, and any valuations obtained are not guarantees of realizable price.

 

As explained in the “Description of Business,” fine wine and spirits are difficult to value. The average market value of the underlying assets is determined by aggregating available pricing data. The Manager has based the market value on data sourced from online retailers, price aggregators, and fine wine & spirits exchanges. Our manager sources data from reputable valuation providers in the industry; however, it may rely on the accuracy of the underlying data without any means of detailed verification. Consequently, valuations may be uncertain. The value of the underlying assets can go down as well as up. Valuations are not guarantees of realizable price and do not necessarily represent the price at which our interests may be sold on the Vint Platform, and the value of the underlying assets may be materially affected by a number of factors outside of our control, including any volatility in the economic markets and the condition of the underlying assets.

 

The United Kingdom is a key market for global wine and spirits trade. The Manager has key relationships in the United Kingdom. If these relationships end, the Manager may experience a materially negative impact on business operations.

 

The United Kingdom is a key market for global fine wine and spirits trade. The Manager has relationships with multiple suppliers in the United Kingdom. These relationships allow the Manager to access a significant supply of fine wines and spirits. The Manager has partnered with Bordeaux Index and the London International Vintner’s Association to aid in the sourcing of the underlying assets. Both parties assist the Manager in the sourcing, storage, and management of the underlying assets. The Manager has entered into a trading and data utilization agreement with the London International Vintner’s Association. This relationship may be terminated by either party with reasonable notice. The Manager has entered into a sourcing and storage relationship with Bordeaux Index. This relationship is subject to termination by either party. The termination of any of these relationships may result in a negative impact on business operations.

 

The Manager and each series rely on third-party assessments of the market for the types of assets to be acquired, or the value of the specific assets. None of these assessments have been prepared in connection with the offering circular.

 

Included in our offering circular are references to reports or assessments created by third parties which the Manager and each series have relied upon for determining the potential market and current value of particular assets. We have not independently verified the information contained in those reports and assessments, and none were prepared in connection with the offering circular. The references should not be taken as an endorsement of our offering by those third-parties.

 

Risks Related to the Underlying Assets

 

Potential loss of or damage to an underlying asset could adversely impact the value of the underlying asset, the series related to the underlying asset, or the likelihood of any distributions made by us to investors.

 

An underlying asset may be lost or damaged by causes beyond our reasonable control when in storage or on display. Any damage to an underlying asset could adversely impact the value of the underlying asset or adversely increase the liabilities or Operating Expenses of its related series.  Although we intend for the underlying assets to be insured at replacement cost (subject to policy terms and conditions), in the event of any claims against such insurance policies, there can be no guarantee that any losses or costs will be reimbursed, that the underlying assets can be replaced on a like-for-like basis or that any insurance proceeds would be sufficient to pay the full market value (after paying for any outstanding liabilities including, but not limited to, any outstanding balances under Operating Expenses Reimbursement Obligations), if any, of the related series. In the event that damage is caused to an underlying asset, this will impact the value of the underlying asset, and consequently, the series related to the underlying asset, as well as the likelihood of any distributions being made by us to the investors.


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Competition in the fine wine and spirits industry from other business models may make it difficult to obtain underlying assets.

 

There is potentially significant competition for the underlying assets from many different market participants. While the majority of transactions continue to be peer-to-peer with very limited public information, other market players such as collectors, dealers, and auction houses continue to play an increasing role. This competition may impact the liquidity of a series, as it is dependent on our acquiring attractive and desirable underlying assets to ensure that there is an appetite of potential investors for the interests. In addition, there are companies that are developing crowd funding models for other alternative asset classes such as art or collectibles, who may decide to enter the fine wine and spirits market as well.

 

Potentially high storage, maintenance and insurance costs for the underlying assets may adversely impact the value of the related series and the amount of distributions made holders of interests.

 

In order to protect and care for the underlying assets, the Manager must ensure adequate storage facilities, maintenance work and insurance coverage. The cost of care may vary from year to year depending on the amount of maintenance performed on a particular underlying asset, changes in the insurance rates for covering the underlying assets and changes in the cost of storage for the underlying assets. It is anticipated that as we acquire more underlying assets, the Manager may be able to negotiate a discount on the costs of storage, maintenance and insurance due to economies of scale. These reductions are dependent on our acquiring a number of underlying assets and service providers being willing to negotiate volume discounts and, therefore, are not guaranteed.

 

If costs turn out to be higher than expected, this would impact the value of the series, the amount of distributions made to investors holding the series, on potential proceeds from a sale of the related underlying asset (if ever), and any capital proceeds returned to investors after paying for any outstanding liabilities, including, but not limited to any outstanding balances under Operating Expenses Reimbursement Obligation.

 

Insurance may not cover all losses which may result in an operating loss and likelihood that distributions will not be made by us.

 

Insurance of the underlying assets may not cover all losses. There are certain types of losses, generally of a catastrophic nature, such as earthquakes, floods, hurricanes, terrorism or acts of war that may be uninsurable or not economically insurable. Inflation, environmental considerations and other factors, including terrorism or acts of war, also might make insurance proceeds insufficient to repair or replace an asset if it is damaged or destroyed. Under such circumstances, the insurance proceeds received might not be adequate to restore our economic position with respect to any affected underlying assets. Furthermore, the series of interests related to such affected underlying assets would bear the expense of the payment of any deductible. Any uninsured loss could result in both loss of cash flow from and the value of the affected underlying assets and, consequently, the series that relate to such underlying assets.

 

We may be associated with third party liability and exposed to reputational harm as a result of wrongful actions by certain third parties.

 

Each series will assume all of the ownership risks attached to its underlying assets, including third party liability risks. Therefore, the series may be liable to a third party for any loss or damages incurred by it in connection with its underlying assets. This would be a loss to the Company and therefore deductible from any income or capital proceeds payable in respect of the series from the related underlying assets, in turn adversely affecting the value of the series to which the underlying assets relate and the likelihood of any distributions being made by us.

 

We could be exposed to losses and/or reputational harm as a result of various claims and lawsuits incidental to the ordinary course of our business.

 

We may become involved in various legal proceedings, lawsuits, and other claims incidental to the ordinary course of our business. We are required to assess the likelihood of any adverse judgments or outcomes in these matters, as well as potential ranges of probable or reasonably possible losses. A determination of the amount of losses, if any, to be recorded or disclosed as a result of these contingencies, will be based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel. The amount of losses recorded or disclosed for such contingencies may change in the future due to new developments in each matter or a change in settlement strategy.


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Any harm to the brand of the vineyard or producer may adversely impact the value of the underlying assets.

 

The underlying assets will be comprised of fine wines or spirits. The demand for the underlying assets and, therefore, interests in each series may be influenced by the general perception of the wine that vineyards are producing today. Spirits demand may be influenced by the general perception of the producer. In addition, the makers’ business practices may result in damage to the image of their products. This in turn may have a negative impact on the value of the underlying assets and, consequently, the value of the interests of the series that relate to such underlying assets.

 

Title or authenticity claims on an underlying asset may diminish value in the underlying asset as well as the series that relate to the underlying asset.

 

There is no guarantee that an underlying asset will be free of any claims regarding authenticity (e.g., counterfeit or previously stolen fine wine or spirits), or that such claims may arise after acquisition of an underlying asset by a series. We may not have complete ownership history restoration/repair records for an underlying asset. In the event of a title or authenticity claim against us, we may not have recourse against the asset seller or the benefit of insurance and the value of the underlying asset and the series related to such underlying asset, may be diminished.

 

Forced sale of an underlying asset at a lower value than when the underlying asset was first acquired may diminish the value of the series that relate to the underlying asset.

 

We may be forced to sell an underlying asset (e.g., upon the bankruptcy of the Manager) and such a sale may occur at an inopportune time or at a lower value than when the underlying asset was first acquired or at a lower price than the aggregate of costs, fees and expenses used to purchase the underlying asset. In addition, there may be liabilities related to the underlying asset, including, but not limited to Operating Expenses Reimbursement Obligations on the balance sheet of the underlying asset at the time of a forced sale, which would be paid off prior to investors receiving any distributions from a sale. In such circumstances, the capital proceeds obtained for the underlying asset, and therefore, the return available to investors, may be lower than could have been obtained if the underlying asset continued to be held by us and sold at a later date.

 

If we are unable to liquidate an underlying asset at a time when we desire to do so or at all, investors may not receive any return on their investment and may lose their entire investment.

 

Our strategy is to acquire assets, hold such assets for a period of time (on average between one and ten years) and then sell such assets at a premium over our acquisition price so that investors in the Company can make a return on their investment. In addition, our plan and mission is to seek to provide liquidity to investors by providing a platform for investors to transfer their interests for cash or for interests in another series. However, Operating Expenses, including fees and costs incurred in connection with the management of an underlying asset, the preparation of reports and accounts for each series, insurance premiums, taxes, governmental fees, legal and accounting fees and other costs and expenses are the responsibility of each series of the Company. If we are unable to liquidate our asset at a time when we desire to do so or at all, these Operating Expenses will accumulate and reduce any return that an investor in the Company may hope to make or cause an investor to lose his entire investment. Furthermore, if we are unable to provide investors with liquidity through the ability to make secondary sales on our Platform and we are unable to liquidate an underlying asset, then Operating Expenses will over time reduce the value of the interests such investors may hold resulting in a loss to such investor.

 

Risks Related to Potential Conflicts of Interest

 

Our operating agreement contains provisions that reduce or eliminate duties (including fiduciary duties) of the Manager.

 

Our operating agreement provides that the Manager, in exercising its rights in its capacity as manager, will be entitled to consider only such interests and factors as it desires, including its own interests, and will have no duty or obligation (fiduciary or otherwise) to the Interest Holders or to give any consideration to any interest of or factors affecting us or any of our investors and will not be subject to any different standards imposed by our operating agreement, the LLC Act or under any other law, rule or regulation or in equity. These modifications of fiduciary duties are expressly permitted by Delaware law.


17



We do not have a conflicts of interest policy.

 

The Company, the Manager and their affiliates will try to balance our interests with their own. However, to the extent that such parties take actions that are more favorable to other entities than the Company, these actions could have a negative impact on our financial performance and, consequently, on distributions to investors and the value of each series of interests. We have not adopted, and do not intend to adopt in the future, either a conflicts of interest policy or a conflicts resolution policy.

 

Ownership of multiple series of interests may cause conflicts of interest.

 

The Manager or its affiliates will acquire interests in each series of interests for their own accounts and may transfer these interests, either directly or through brokers, via the Vint Platform. Depending on the timing of the transfers, this could impact the interests held by the investors (e.g., driving price down because of supply and demand and over availability of interests). This ownership in each of the series of interests may result in a divergence of interests between the Manager and the investors who only hold one or certain series of interests (e.g., the Manager or its affiliates, once registered as a broker-dealer with the Commission, may disproportionately market or promote a certain series of interests, in particular, where they are a significant owner, so that there will be more demand and an increase in the price of such series of interests).

 

Conflicts may arise from allocations of income and expenses as between series.

 

There may be situations when it is challenging or impossible to accurately allocate income, costs and expenses to a specific series and certain series may get a disproportionate percentage of the cost or income, as applicable. In such circumstances, the Manager would be conflicted from acting in the best interests of the Company as a whole or the individual. While we presently intend to allocate expenses as described in “Description of Business—Allocations of Expenses,” the Manager has the right to change this allocation policy at any time without further notice to investors.

 

There may be conflicting interests among the Manager, our series manager and the investors.

 

The Manager will determine whether or not to liquidate underlying assets, should an offer to acquire an underlying asset be received. As the Manager or its affiliates, when and if registered as a broker-dealer with the Commission, may receive fees on the trading volume in the interests connected with an underlying asset, they may be incentivized not to realize such underlying asset even though investors may prefer to receive the gains from any appreciation in value of such underlying asset. Furthermore, when determining to liquidate an underlying asset, the Manager will do so considering all of the circumstances at the time, this may include obtaining a price for an underlying asset that is in the best interests of a substantial majority but not all of the investors.

 

The Manager has the ability to unilaterally amend the operating agreement and allocation policy. As the Manager is party, or subject, to these documents, it may be incentivized to amend them in a manner that is beneficial to it as manager of the Company or a series or may amend it in a way that is not beneficial for all investors. In addition, the operating agreement seeks to limit the fiduciary duties that the Manager owes to its investors. Therefore, the Manager is permitted to act in its own best interests rather than the best interests of the investors. See “Securities Being Offered” for more information.

 

Potential future brokerage activity.

 

The Manager or one of its affiliates may in the future register with the Commission as a broker-dealer in order to be able to facilitate liquidity in the interests via the Vint Platform. The Manager, or its affiliates, may be entitled to receive fees based on volume of trading and volatility of the interests on the Vint Platform, and such fees may be in excess of what the series manager receives via the Management Fee or the appreciation in the interests it holds in each series of interests. Although an increased volume of trading and volatility will benefit investors as it will assist in creating a market for those wishing to transfer their interests, there is the potential that there is a divergence of interests between the Manager and those investors; for instance, if the underlying asset does not appreciate in value, this will impact the price of the interests but may not adversely affect the profitability related to the brokerage activities of the Manager (i.e. the Manager would collect brokerage fees whether the price of the underlying asset increases or decreases).


18



Conflicts may arise between the Advisory Board and the Company.

 

The operating agreement provides that the resolution of any conflict of interest approved by the Advisory Board shall be deemed fair and reasonable to the Company and its interest holders and not a breach of any duty at law, in equity or otherwise. As part of the remuneration package for Advisory Board members, they may receive an ownership stake in the Manager. This may incentivize the Advisory Board members to make decisions in relation to the underlying assets that benefit the Manager rather than the Company.

 

As a number of the Advisory Board members may be in the fine wine industry, they may seek to sell fine wine to, acquire fine wine from, or provide services relating to fine wine owned by, the Company.

 

Conflicts may exist between legal counsel, the Company, the Manager and its affiliates.

 

Our legal counsel is also counsel to the Manager and its affiliates and may serve as counsel with respect to a series. Because such legal counsel represents both the Company and such other parties, certain conflicts of interest exist and may arise. To the extent that an irreconcilable conflict develops between us and any of the other parties, legal counsel may represent such other parties and not the Company or a series. Legal counsel may, in the future, render services to us or other related parties with respect to activities relating to the Company as well as other unrelated activities. Legal counsel is not representing any prospective investors in connection with any offering and will not be representing interest holders of the Company other than the Manager, although the prospective investors may rely on the opinion of legal counsel with respect to the validity of the securities filed as Exhibit 12.1 to the offering statement.  Prospective investors are advised to consult their own independent counsel with respect to the other legal and tax implications of an investment in our interests.

 

Risks Related to the Offerings and Ownership of our Interests

 

There is currently no public trading market for our interests; there can be no assurance that any trading market will develop.

 

There is currently no public trading market for any series of our interests, and an active market may not develop or be sustained.  If an active public trading market for our interests does not develop or is not sustained, it may be difficult or impossible for you to resell your interests at any price.  Even if a public market does develop, the market price could decline below the amount you paid for your interests.

 

If a market ever develops for our interests, the market price and trading volume may be volatile.

 

If a market develops for our interests, the market price of our interests could fluctuate significantly for many reasons, including reasons unrelated to our performance, the underlying assets or the series, such as reports by industry analysts, investor perceptions, or announcements by our competitors regarding their own performance, as well as general economic and industry conditions. For example, to the extent that other companies, whether large or small, within our industry experience declines in their share price, the value of our interests may decline as well.

 

In addition, fluctuations in operating results of a particular series or the failure of operating results to meet the expectations of investors may negatively impact the price of our securities. Operating results may fluctuate in the future due to a variety of factors that could negatively affect revenues or expenses in any particular reporting period, including vulnerability of our business to a general economic downturn; changes in the laws that affect our operations; competition; compensation related expenses; application of accounting standards; seasonality; and our ability to obtain and maintain all necessary government certifications or licenses to conduct our business.

 

There may be state law restrictions on an investor’s ability to sell its interests making it difficult to transfer, sell or otherwise dispose of our interests.

 

Each state has its own securities laws, often called “blue sky” laws, which (1) limit sales of securities to a state’s residents unless the securities are registered in that state or qualify for an exemption from registration and (2) govern the reporting requirements for broker-dealers and stock brokers doing business directly or indirectly in the state. Before a security is sold in a state, there must be a registration in place to cover the transaction, or it must be exempt from registration. Also, the broker must be registered in that state. We do not know whether the interests being offered


19



under this offering circular will be registered, or exempt, under the laws of any states. A determination regarding registration will be made by the broker-dealers, if any, who agree to serve as the market-makers for our interests. There may be significant state blue sky law restrictions on the ability of investors to sell, and on purchasers to buy, our interests. Investors should consider the resale market for our interests to be limited. Investors may be unable to resell their interests, or they may be unable to resell them without the significant expense of state registration or qualification.

 

There is currently no trading platform for our interests.

 

There is currently no trading platform for our interests.  We may design an interface on the Vint Platform to enable investors to indicate interest in buying/selling their holdings to help facilitate additional liquidity for investors.  However, no such interface has been developed and would require the assistance of a third-party broker-dealer or the association with an ATS.  Any trading platform would be subject to approval and all trades would be subject to restrictions under state and federal securities law and the transfer restrictions included in our operating agreement, which may limit access to the trading platform for some investors. Additionally, the operations of the trading platform will be subject to state and federal securities law and regulation, which will increase the costs to the Manager for the operation of the trading platform. As such, the Manager may decide that the costs of operating the trading platform exceed its benefits, and the trading platform may never be available to investors.

 

There is no assurance that the trading platform will be developed, or if developed, that it will provide an active market for resales of interests. Further, without the trading platform, it may be difficult or impossible for you to dispose of your interests.

 

We intend for the Manager to be able to sell through the trading platform.

 

From time to time, the Manager may act as a buyer or seller of interests of a particular series through a future trading platform. Prior to the Manager participating in any secondary purchases or sales through a trading platform, the Manager would put in place internal procedures that limit the times when any such trading activity could occur, and to not occur when in possession of material, non-public information. Nevertheless, should the Manager decide to sell its interests, that may result in a reduction in the resale price for the interests, and may result in the Manager and investors having divergent interests in regards to the operation and liquidation of the asset underlying a particular series.

 

Investors lack voting rights and the Manager may take actions that are not in the best interests of investors.

 

The Manager has a unilateral ability to amend the operating agreement and the allocation policy in certain circumstances without the consent of the investors, and the investors only have limited voting rights in respect of a series. Investors will therefore be subject to any amendments the Manager makes (if any) to the operating agreement and allocation policy and also any decision it takes in respect of the Company and a series, which the investors do not get a right to vote upon. Investors may not necessarily agree with such amendments or decisions and such amendments or decisions may not be in the best interests of all of the investors as a whole but only a limited number.

 

Furthermore, the Manager can only be removed as manager of the Company and each series in a very limited circumstance, following a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with the Company or a series. investors would therefore not be able to remove the Manager merely because they did not agree, for example, with how the Manager was operating an underlying asset.

 

Each offering is a fixed price offering and the fixed offering price may not accurately represent the current value of the Company or our assets at any particular time. Therefore, the purchase price you pay for the interests may not be supported by the value of our assets at the time of your purchase.

 

Each offering is a fixed price offering, which means that the offering price for each series of interests is fixed and will not vary based on the underlying value of our assets at any time.  The Manager has determined each offering price in its sole discretion without the input of an investment bank or other third party.  The fixed offering price for each series of interests has not been based on appraisals of any assets we own or may own, or of the Company as a whole, nor do we intend to obtain such appraisals.  Therefore, the fixed offering price established for each series of interests may not be supported by the current value of the Company or our assets at any particular time.


20



We will be required to publicly report on an ongoing basis under the reporting rules set forth in Regulation A for Tier 2 issuers. In either case, we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not “emerging growth companies,” and investors could receive less information than they might expect to receive from more mature public companies.

 

Upon the completion of our initial offering, we may elect to become a public reporting company under the Exchange Act. If we elect to do so, we will be required to publicly report on an ongoing basis as an “emerging growth company” (as defined in the JOBS Act) under the reporting rules set forth under the Exchange Act. For so long as we remain an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to other Exchange Act reporting companies that are not emerging growth companies, including but not limited to:

 

not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act; 

 

being permitted to comply with reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and 

 

being exempt from the requirement to hold a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. 

 

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

 

We expect to take advantage of these reporting exemptions until we are no longer an emerging growth company. We would remain an emerging growth company for up to five years, although if the market value of our interests that is held by non-affiliates exceeds $700 million as of any June 30 before that time, we would cease to be an emerging growth company as of the following December 31.

 

If we elect not to become a public reporting company under the Exchange Act, we will be required to publicly report on an ongoing basis under the reporting rules set forth in Regulation A for Tier 2 issuers. The ongoing reporting requirements under Regulation A are more relaxed than for emerging growth companies under the Exchange Act. The differences include, but are not limited to, being required to file only annual and semiannual reports, rather than annual and quarterly reports. Annual reports are due within 120 calendar days after the end of the issuer’s fiscal year, and semiannual reports are due within 90 calendar days after the end of the first six months of the issuer’s fiscal year.

 

In either case, we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, and investors could receive less information than they might expect to receive from more mature public companies.

 

Investors in this offering may not be entitled to a jury trial with respect to claims arising under our operating agreement, which could result in less favorable outcomes to the plaintiff(s) in any action under the agreement.

 

Investors in this offering will be bound by our operating agreement, which establishes the rights of members and rules for governance of the Company. Under Section 14 of our operating agreement, investors waive the right to a jury trial of any claim they may have against the Company arising out of or relating to the operating agreement, or the action of becoming an interest holder in a series. This does not include legal actions and claims based on federal securities law. By subscribing to an offering of a series, the investor agrees to adhere to the operating agreement, and knowingly and voluntarily waives the investor’s jury trial rights.


21



If we opposed a jury trial demand based on the waiver, a court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. To our knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by a federal court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of Delaware, which govern the operating agreement. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently prominent such that a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the operating agreement. You should consult legal counsel regarding the jury waiver provision before investing in this offering.

 

If you bring a claim against the Company in connection with matters arising under the operating agreement, including claims under federal securities laws, you may not be entitled to a jury trial with respect to those claims, which may have the effect of limiting and discouraging lawsuits against the Company. If a lawsuit is brought against the Company under the operating agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in such an action.

 

Nevertheless, if this jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the operating agreement with a jury trial. No condition, stipulation or provision of the operating agreement serves as a waiver by any member of a series or by the Company of compliance with any substantive provision of the federal securities laws and the rules and regulations promulgated under those laws.

 

Our operating agreement has a forum selection provision that requires that certain disputes be resolved in the federal or state courts of the Commonwealth of Virginia, regardless of convenience or cost to interest holders.

 

Under Section 14.5 of our operating agreement, interest holders are required to resolve disputes related to the governance of the Company in the state or federal courts located in Richmond, Virginia. The forum selection provision applies to any suit, action, or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with our operating agreement, or the transactions authorized by the agreement, including that of the admission of interest holders to a series of the Company.

 

Our operating agreement further provides that, should the courts in Richmond, Virginia not have jurisdiction over the matter, the suit, action, or proceeding may be brought in the appropriate federal or state court located in the Commonwealth of Virginia. We intend for his forum selection provision to also apply to claims brought under federal securities law. The Company acknowledges that, for claims arising under the Exchange Act, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder, requiring such matters to be heard in federal court. In contrast, Section 22 of the Securities Act provides for concurrent jurisdiction between federal and state courts for matters arising under the Securities Act.

 

The forum selection provision in our operating agreement may limit interest holders’ ability to obtain a favorable judicial forum for disputes with us or the Manager, employees or agents, which may discourage lawsuits against us and such persons. The requirement that any action be heard in a competent court in the Commonwealth of Virginia may also create additional expense for any person contemplating an action against the Company, or limit the access to information to undertake such an action, further discouraging lawsuits.

 

It is also possible that, notwithstanding the forum selection clause included in our operating agreement, a court could rule that such a provision is inapplicable or unenforceable. Alternatively, if a court were to find the provision inapplicable to, or unenforceable in, an action, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition or results of operations.


22



Possible changes in federal/local tax laws or the application of existing federal/local tax laws may result in significant variability in our results of operations and tax liability for the investor.

 

The Internal Revenue Code of 1986, as amended, is subject to change by Congress, and interpretations may be modified or affected by judicial decisions, by the Treasury Department through changes in regulations and by the Internal Revenue Service through its audit policy, announcements, and published and private rulings. Although significant changes to the tax laws historically have been given prospective application, no assurance can be given that any changes made in the tax law affecting an investment in any series of interest of the Company would be limited to prospective effect. Accordingly, the ultimate effect on an investor’s tax situation may be governed by laws, regulations or interpretations of laws or regulations which have not yet been proposed, passed or made, as the case may be.

 

Furthermore, investors may reside in various tax jurisdictions throughout the world. To the extent that there are changes to tax laws or tax reporting obligations in any of these jurisdictions, such changes could adversely impact the ability and/or willingness of our clients to purchase interests in fine wine and spirits. Failure to assess or pay the correct amount of tax on a transaction may expose us to claims from tax authorities.

 

DILUTION

 

Dilution means a reduction in value, control or earnings of the interests the investor owns. There will be no dilution to any investors associated with any offering. However, from time to time, additional interests in each series offered hereby may be issued in order to raise capital to cover such series’ ongoing operating expenses. See “Description of Business—Operating Expenses” for further details.

 

The Manager must acquire a minimum of 0.5% and may acquire a maximum of 19.99% of the interests sold in connection with each offering (of which the Manager may sell all or any portion from time to time following the closing of such offering). The Manager will pay the price per share offered to all other potential investors hereunder.


23



PLAN OF DISTRIBUTION AND SUBSCRIPTION PROCEDURES

 

Plan of Distribution

 

The Manager owns and operates the Vint Platform located at www.vint.co, through which investors may indirectly invest, through a series of our interests, in fine wine and spirits investment opportunities that have been historically difficult to access for many market participants. Through the use of the Vint Platform, investors can browse and screen the potential investments and sign legal documents electronically. We intend to distribute each series of interests exclusively through the Vint Platform. We intend to distribute the interests exclusively through the Vint Platform. Neither the Manager nor any other affiliated entity involved in the offer and sale of the interests is registered as a broker-dealer or a member firm of the Financial Industry Regulatory Authority, Inc., or FINRA, and no person associated with us will be deemed to be a broker solely by reason of his or her participation in the sale of the interests.

 

Dalmore Group, LLC (“Dalmore”) has agreed to act as the broker of record to assist in connection with this offering. Dalmore is not purchasing or selling any securities offered by this offering circular, nor is it required to arrange the purchase or sale of any specific number or dollar amount of securities.

 

Discounts, Commissions and Expenses

 

Dalmore will receive compensation for sales of the shares offered and sold through the Vint Platform at a rate of 1.0% of the gross proceeds from the sale of Interests.  In addition, our Manager agreed to pay Dalmore a one-time $20,000 consulting fee, which was paid when FINRA issued a No Objection Letter to Dalmore’s engagement. The Manager also made a one-time advance payment of $5,000 to Dalmore for out-of-pocket expenses. Dalmore will also receive a $1,000 fee for each post-qualification amendment to the offering statement that we file to qualify additional series offerings.  This fee will be paid by our Manager but may be reimbursement by the relevant series.

 

The following table sets forth the amounts payable to Dalmore by investors who purchase the Interests offered by each series.

 

To public in this offering:

Number of Interests

 

Price to Public

 

Underwriting discount and commissions(2)(3)

 

Proceeds to issuer

VV-0001

1 

 

$46 

 

$- 

 

$46.00 

Total maximum

1,000 

 

$46,000 

 

$- 

 

$46,000.00 

VV-PNST

1 

 

$23 

 

$0.23 

 

$22.77 

Total minimum

2,000 

 

$46,000 

 

$460.00 

 

$45,540.00 

Total maximum

2,200 

 

$50,600 

 

$506.00 

 

$50,094.00 

VV-SUPR

1 

 

$36 

 

$0.36 

 

$35.64 

Total minimum

1,986 

 

$71,500 

 

$715.00 

 

$70,785.00 

Total maximum

2,185 

 

$78,650 

 

$786.50 

 

$77,863.50 

VV-CHAM

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,460 

 

$73,000 

 

$730.00 

 

$72,270.00 

Total maximum

1,692 

 

$84,600 

 

$846.00 

 

$83,754.00 

VV-STEML

1 

 

$10 

 

$0.10 

 

$9.90 

Total minimum

6,450 

 

$64,500 

 

$645.00 

 

$63,855.00 

Total maximum

7,095 

 

$70,950 

 

$709.50 

 

$70,240.50 

VV-MACAL

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,700 

 

$85,000 

 

$850.00 

 

$84,150.00 

Total maximum

2,040 

 

$102,000 

 

$1,020.00 

 

$100,980.00 

VV-BOWCK

1 

 

$47 

 

$0.47 

 

$46.53 

Total minimum

2,000 

 

$94,000 

 

$940.00 

 

$93,060.00 

Total maximum

2,200 

 

$103,400 

 

$1,034.00 

 

$102,366.00 

VV-FUTUR

1 

 

$70 

 

$0.70 

 

$69.30 

Total minimum

1,600 

 

$112,000 

 

$1,120.00 

 

$110,880.00 

Total maximum

1,920 

 

$134,400 

 

$1,344.00 

 

$133,056.00 

VV-BDX

1 

 

$40 

 

$0.40 

 

$39.60 

Total minimum

2,125 

 

$85,000 

 

$850.00 

 

$84,150.00 

Total maximum

2,550 

 

$102,000 

 

$1,020.00 

 

$100,980.00 

VV-SPAN

1 

 

$60 

 

$0.60 

 

$59.40 

Total minimum

1,400 

 

$84,000 

 

$840.00 

 

$83,160.00 

Total maximum

1,680 

 

$100,800 

 

$1,008.00 

 

$99,792.00 

VV-DRC

1 

 

$25 

 

$0.25 

 

$24.75 

Total minimum

5,480 

 

$137,000 

 

$1,370.00 

 

$135,630.00 

Total maximum

6,302 

 

$157,500 

 

$1,575.00 

 

$155,925.00 

VV-NAPA

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

2,840 

 

$142,000 

 

$1,420.00 

 

$140,580.00 


24



Total maximum

3,266 

 

$163,300 

 

$1,633.00 

 

$161,667.00 

VV-RHONE

1 

 

$40 

 

$0.40 

 

$39.60 

Total minimum

3,825 

 

$153,000 

 

$1,530.00 

 

$151,470.00 

Total maximum

4,400 

 

$176,000 

 

$1,760.00 

 

$174,240.00 

VV-PDMT

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

3,090 

 

$154,500 

 

$1,545.00 

 

$152,955.00 

Total maximum

3,553 

 

$177,650 

 

$1,776.50 

 

$175,873.50 

VV-JPWY

1 

 

$34 

 

$0.34 

 

$33.66 

Total minimum

5,500 

 

$187,000 

 

$1,870.00 

 

$185,130.00 

Total maximum

6,325 

 

$215,050 

 

$2,150.50 

 

$212,899.50 

VV-PTRS

1 

 

$58 

 

$0.58 

 

$57.42 

Total minimum

500 

 

$29,000 

 

$290.00 

 

$28,710.00 

Total maximum

575 

 

$33,350 

 

$333.50 

 

$33,016.50 

VV-ROSE

1 

 

$41 

 

$0.41 

 

$40.59 

Total minimum

1,000 

 

$41,000 

 

$410.00 

 

$40,590.00 

Total maximum

1,100 

 

$45,100 

 

$451.00 

 

$44,649.00 

VV-BOD10

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,990 

 

$99,500 

 

$995.00 

 

$98,505.00 

Total maximum

2,189 

 

$109,450 

 

$1,094.50 

 

$108,355.50 

VV-WBURG

1 

 

$30 

 

$0.30 

 

$29.70 

Total minimum

4,600 

 

$138,000 

 

$1,380.00 

 

$136,620.00 

Total maximum

5,060 

 

$151,800 

 

$1,518.00 

 

$150,282.00 

VV-GERM

1 

 

$53 

 

$0.53 

 

$52.47 

Total minimum

1,000 

 

$53,000 

 

$530.00 

 

$52,470.00 

Total maximum

1,100 

 

$58,300 

 

$583.00 

 

$57,717.00 

VV-LAF10

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,210 

 

$121,000 

 

$1,210.00 

 

$119,790.00 

Total maximum

1,331 

 

$133,100 

 

$1,331.00 

 

$131,769.00 

VV-MACAL50

1 

 

$20 

 

$0.20 

 

$19.80 

Total minimum

5,750 

 

$115,000 

 

$1,150.00 

 

$113,850.00 

Total maximum

6,325 

 

$126,500 

 

$1,265.00 

 

$125,235.00 

VV-JYFT

1 

 

$30 

 

$0.30 

 

$29.70 

Total minimum

800 

 

$24,000 

 

$240.00 

 

$23,760.00 

Total maximum

880 

 

$26,400 

 

$264.00 

 

$26,136.00 

VV-GPS

1 

 

$43 

 

$0.43 

 

$42.57 

Total minimum

3,000 

 

$129,000 

 

$1,290.00 

 

$127,710.00 

Total maximum

3,300 

 

$141,900 

 

$1,419.00 

 

$140,481.00 

VV-BDMA

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

860 

 

$43,000 

 

$430.00 

 

$42,570.00 

Total maximum

946 

 

$47,300 

 

$473.00 

 

$46,827.00 

VV-CDCV

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

760 

 

$38,000 

 

$380.00 

 

$37,620.00 

Total maximum

836 

 

$41,800 

 

$418.00 

 

$41,382.00 

VV-DRCH

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

530 

 

$53,000 

 

$530.00 

 

$52,470.00 

Total maximum

583 

 

$58,300 

 

$583.00 

 

$57,717.00 

VV-MR19

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

280 

 

$28,000 

 

$280.00 

 

$27,720.00 

Total maximum

308 

 

$30,800 

 

$308.00 

 

$30,492.00 

VV-SCRV

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,310 

 

$131,000 

 

$1,310.00 

 

$129,690.00 

Total maximum

1441 

 

$144,100 

 

$1,441.00 

 

$142,659.00 

VV-BDXM1

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

4,000 

 

$200,000 

 

$2,000.00 

 

$198,000.00 

Total maximum

4400 

 

$220,000 

 

$2,200.00 

 

$217,800.00 

VV-CB100

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

570 

 

$57,000 

 

$570.00 

 

$56,430.00 

Total maximum

627 

 

$62,700 

 

$627.00 

 

$62,073.00 

VV-JSCV

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

610 

 

$61,000 

 

$610.00 

 

$60,390.00 

Total maximum

671 

 

$67,100 

 

$671.00 

 

$66,429.00 

VV-KGC1

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,500 

 

$75,000 

 

$750.00 

 

$74,250.00 

Total maximum

1650 

 

$82,500 

 

$825.00 

 

$81,675.00 

VV-LR15

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

700 

 

$70,000 

 

$700.00 

 

$69,300.00 

Total maximum

770 

 

$77,000 

 

$770.00 

 

$76,230.00 

VV-PFGV

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,640 

 

$82,000 

 

$820.00 

 

$81,180.00 

Total maximum

1804 

 

$90,200 

 

$902.00 

 

$89,298.00 

VV-BDX2K

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,760 

 

$176,000 

 

$1,760.00 

 

$174,240.00 


25



Total maximum

1936 

 

$193,600 

 

$1,936.00 

 

$191,664.00 

VV-BXEP21

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

4,600 

 

$230,000 

 

$2,300.00 

 

$227,700.00 

Total maximum

5060 

 

$253,000 

 

$2,530.00 

 

$250,470.00 

VV-CDVM

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,000 

 

$100,000 

 

$1,000.00 

 

$99,000.00 

Total maximum

1100 

 

$110,000 

 

$1,100.00 

 

$108,900.00 

VV-CHBL1

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

600 

 

$30,000 

 

$300.00 

 

$29,700.00 

Total maximum

660 

 

$33,000 

 

$330.00 

 

$32,670.00 

VV-DRC15

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

760 

 

$76,000 

 

$760.00 

 

$75,240.00 

Total maximum

836 

 

$83,600 

 

$836.00 

 

$82,764.00 

VV-DRCRC1

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,000 

 

$100,000 

 

$1,000.00 

 

$99,000.00 

Total maximum

1100 

 

$110,000 

 

$1,100.00 

 

$108,900.00 

VV-KGC2

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,580 

 

$158,000 

 

$1,580.00 

 

$156,420.00 

Total maximum

1738 

 

$173,800 

 

$1,738.00 

 

$172,062.00 

VV-MACAL2

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,050 

 

$105,000 

 

$1,050.00 

 

$103,950.00 

Total maximum

1155 

 

$115,500 

 

$1,155.00 

 

$114,345.00 

VV-MACAL3

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,300 

 

$130,000 

 

$1,300.00 

 

$128,700.00 

Total maximum

1430 

 

$143,000 

 

$1,430.00 

 

$141,570.00 

VV-MVRM

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

3,100 

 

$155,000 

 

$1,550.00 

 

$153,450.00 

Total maximum

3410 

 

$170,500 

 

$1,705.00 

 

$168,795.00 

VV-POM1

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,100 

 

$110,000 

 

$1,100.00 

 

$108,900.00 

Total maximum

1210 

 

$121,000 

 

$1,210.00 

 

$119,790.00 

VV-BOW50

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

650 

 

$65,000 

 

$650.00 

 

$64,350.00 

Total maximum

715 

 

$71,500 

 

$715.00 

 

$70,785.00 

VV-CCC1

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

870 

 

$87,000 

 

$870.00 

 

$86,130.00 

Total maximum

957 

 

$95,700 

 

$957.00 

 

$94,743.00 

VV-DL19

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

630 

 

$63,000 

 

$630.00 

 

$62,370.00 

Total maximum

693 

 

$69,300 

 

$693.00 

 

$68,607.00 

VV-DRCH17

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

880 

 

$88,000 

 

$880.00 

 

$87,120.00 

Total maximum

968 

 

$96,800 

 

$968.00 

 

$95,832.00 

VV-HAWV

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,060 

 

$53,000 

 

$530.00 

 

$52,470.00 

Total maximum

1166 

 

$58,300 

 

$583.00 

 

$57,717.00 

VV-LAF19

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

920 

 

$46,000 

 

$460.00 

 

$45,540.00 

Total maximum

1012 

 

$50,600 

 

$506.00 

 

$50,094.00 

VV-MACFC

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,320 

 

$66,000 

 

$660.00 

 

$65,340.00 

Total maximum

1452 

 

$72,600 

 

$726.00 

 

$71,874.00 

VV-MARG1

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

980 

 

$98,000 

 

$980.00 

 

$97,020.00 

Total maximum

1078 

 

$107,800 

 

$1,078.00 

 

$106,722.00 

VV-RTBC

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,020 

 

$102,000 

 

$1,020.00 

 

$100,980.00 

Total maximum

1122 

 

$112,200 

 

$1,122.00 

 

$111,078.00 

VV-SAIC

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

680 

 

$68,000 

 

$680.00 

 

$67,320.00 

Total maximum

748 

 

$74,800 

 

$748.00 

 

$74,052.00 

VV-TLC1

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

790 

 

$79,000 

 

$790.00 

 

$78,210.00 

Total maximum

869 

 

$86,900 

 

$869.00 

 

$86,031.00 

VV-BOW2

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,120 

 

$56,000 

 

$560.00 

 

$55,440.00 

Total maximum

1232 

 

$61,600 

 

$616.00 

 

$60,984.00 

VV-DP08

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,700 

 

$85,000 

 

$850.00 

 

$84,150.00 

Total maximum

1870 

 

$93,500 

 

$935.00 

 

$92,565.00 

VV-DRC09

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,050 

 

$105,000 

 

$1,050.00 

 

$103,950.00 


26



Total maximum

1155 

 

$115,500 

 

$1,155.00 

 

$114,345.00 

VV-DRCH14

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,440 

 

$72,000 

 

$720.00 

 

$71,280.00 

Total maximum

1584 

 

$79,200 

 

$792.00 

 

$78,408.00 

VV-DRCH19

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

1,940 

 

$194,000 

 

$1,940.00 

 

$192,060.00 

Total maximum

2134 

 

$213,400 

 

$2,134.00 

 

$211,266.00 

VV-ITRC

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,460 

 

$73,000 

 

$730.00 

 

$72,270.00 

Total maximum

1606 

 

$80,300 

 

$803.00 

 

$79,497.00 

VV-KCSK

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

3,150 

 

$315,000 

 

$3,150.00 

 

$311,850.00 

Total maximum

3465 

 

$346,500 

 

$3,465.00 

 

$343,035.00 

VV-KGC3

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

860 

 

$86,000 

 

$860.00 

 

$85,140.00 

Total maximum

946 

 

$94,600 

 

$946.00 

 

$93,654.00 

VV-KGC4

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

1,280 

 

$64,000 

 

$640.00 

 

$63,360.00 

Total maximum

1408 

 

$70,400 

 

$704.00 

 

$69,696.00 

VV-MACAL4

1 

 

$100 

 

$1.00 

 

$99.00 

Total minimum

800 

 

$80,000 

 

$800.00 

 

$79,200.00 

Total maximum

880 

 

$88,000 

 

$880.00 

 

$87,120.00 

VV-YAM1

1 

 

$50 

 

$0.50 

 

$49.50 

Total minimum

780 

 

$39,000 

 

$390.00 

 

$38,610.00 

Total maximum

858 

 

$42,900 

 

$429.00 

 

$42,471.00 

Total Minimum (all series)

118,296 

 

$6,476,000 

 

$64,300.00 

 

$6,411,700 

Total Maximum (all series)

131,857 

 

$7,194,500 

 

$71,540.00 

 

$7,128,460 

 

(1)The aggregate offering from all series is a minimum of 118,296 Interests and up to a maximum of 131,857 Interests. 

 

(2)Dalmore will receive a fee of 1% of the Interests sold. The maximum amount of underwriting compensation paid to the participating member(s) from any source, including all of Dalmore Group LLC’s fees and expenses, will not exceed 10% of the offering proceeds. 

 

(3)Does not include other expenses of the offering. We estimate the total expenses of this offering, excluding the placement agent commissions, will be approximately $50,000. Because this is a best-efforts offering, the actual public offering amount, placement agent commissions and proceeds to us are not presently determinable and may be substantially less than the total maximum offering set forth above. 

 

In addition to the foregoing, we are responsible for all offering fees and expenses, including the following: (i) all filing fees and communication expenses relating to the offering with the SEC and the filing of the offering materials with the Financial Industry Regulatory Authority, or FINRA; (ii) all fees and expenses relating to the listing on such stock exchange as we and the placement agents together determine; (iii) all fees, expenses and disbursements relating to the registration or qualification of our securities under the “blue sky” securities laws of such states and other jurisdictions as the placement agents may reasonably designate; (iv) the costs of all mailing and printing of the offering documents; (v) fees and expenses of the transfer agent for the securities; and (vi) the fees and expenses of our accountants, legal counsel and other agents and representatives.

 

As per FINRA Rule 2310(a)(18) and FINRA Rule 2310(b)(3)(D), the Manager has not offered prior investment programs in which disclosed in the offering materials was a date and time period at which the investment program might be liquidated and was liquidated.

 

We are not under any contractual obligation to engage the placement agents to provide any services to us after this offering, and have no present intent to do so. However, the placement agents may, among other things, introduce us to potential target businesses or assist us in raising additional capital, as needs may arise in the future. If the placement agents provide services to us after this offering, we may pay the placement agents fair and reasonable fees that would be determined at that time in an arm’s length negotiation.

 

Each offering is being conducted under Regulation A under the Securities Act and therefore, only offered and sold to “qualified purchasers.” For further details on the suitability requirements an investor must meet in order to participate in each offering, see “—Investor Suitability Standards.” As a Tier 2 offering pursuant to Regulation A under the Securities Act, each offering will be exempt from state law “blue sky” review, subject to meeting certain state notice


27



filing requirements and complying with certain antifraud provisions, to the extent that our interests are offered and sold only to “qualified purchasers” or at a time when our interests are listed on a national securities exchange. It is anticipated that sales of securities will only be made in states where the Broker is registered.

 

We are offering the membership interests of each of the series of the Company in the “series Offering Table” beginning on page iii. The offering price for each series was determined by the Manager.

 

At the closing of each offering, the Manager or its affiliates will purchase a minimum of 0.50% and up to a maximum of 19.99% of the interests sold in such offering for the same price as all other investors. However, no commissions will be paid with respect to the Interests purchased by the Manager.  In addition, the asset seller for a particular series may purchase a portion of the interests for that series. The Manager may sell its interests from time to time after the closing of each offering. The Manager has no present intention to sell its interests, and any future sales would be based upon our potential need for capital, market prices of the interests at the time of a proposed sale and other factors that a reasonable investor might consider in connection with the sale of securities similar to our interests.

 

There will be a separate closing with respect to each series offering. The closing of a series offering will occur on the date subscriptions for the minimum number of interests offered for a series have been accepted. If closing has not occurred, an offering shall be terminated upon (i) the date which is one year from the date such offering circular or amendment thereof, as applicable, is qualified by the Commission, which period may be extended with respect to a particular series by an additional six months by the Manager in its sole discretion, or (ii) any date on which the Manager elects to terminate the offering for a particular series in its sole discretion.

 

The interests are being offered by subscription only in the United States and to residents of those states in which the offer and sale is not prohibited. This offering circular does not constitute an offer or sale of interests outside of the United States

 

Those persons who want to invest in our interests must sign a subscription agreement for the particular series of interests, which will contain representations, warranties, covenants, and conditions customary for offerings of this type for limited liability companies. See “—How to Subscribe” below for further details. Copies of the form of subscription agreement for each series are filed as Exhibit 4.1 and onwards in the offering statement.

 

The interests will be issued in book-entry form without certificates.

 

The Manager, and not the Company, will pay all of the expenses incurred in each offering that are not covered by the Brokerage Fees, Offering Expenses or Acquisition Expenses described below, including fees to legal counsel, but excluding fees for counsel or other advisors to the investors and fees associated with the filing of periodic reports with the Commission and future blue sky filings with state securities departments, as applicable. Any investor desiring to engage separate legal counsel or other professional advisors in connection with an offering will be responsible for the fees and costs of such separate representation.

 

Investor Suitability Standards

 

Our interests are being offered and sold only to “qualified purchasers” (as defined in Regulation A under the Securities Act). “Qualified purchasers” include: (i) “accredited investors” under Rule 501(a) of Regulation D and (ii) all other investors so long as their investment in any series of interests of the Company (in connection with any series offered under Regulation A) does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). We reserve the right to reject any investor’s subscription in whole or in part for any reason, including if we determine in our sole and absolute discretion that such investor is not a “qualified purchaser” for purposes of Regulation A.

 

For an individual potential investor to be an “accredited investor” for purposes of satisfying one of the tests in the “qualified purchaser” definition, the investor must be a natural person who has or is:

 

1.an individual net worth, or joint net worth with the person’s spouse (or spousal equivalent), that exceeds $1,000,000 at the time of the purchase, excluding the value of the primary residence of such person and the mortgage on that primary residence (to the extent not underwater), but including the amount of debt that  


28



exceeds the value of that residence and including any increase in debt on that residence within the prior 60 days, other than as a result of the acquisition of that primary residence;

 

2.earned income exceeding $200,000 in each of the two most recent years or joint income with a spouse (or spousal equivalent) exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year; 

 

4a professional certification, designation or credential from an accredited educational institution that the Commission designates as qualifying for accredited investor status; or 

 

5a “knowledgeable employee” of a “private fund,” which is defined to include an issuer that would be an investment company, but for the exclusions provided by Section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940; 


29



If the investor is not a natural person, different standards apply. See Rule 501 of Regulation D for more details. For purposes of determining whether a potential investor is a “qualified purchaser,” annual income and net worth should be calculated as provided in the “accredited investor” definition under Rule 501 of Regulation D. In particular, net worth in all cases should be calculated excluding the value of an investor’s home, home furnishings and automobiles.

 

If you live outside the United States, it is your responsibility to fully observe the laws of any relevant territory or jurisdiction outside the United States in connection with any purchase, including obtaining required governmental or other consent and observing any other required legal or other formalities.

 

The Manager and the Broker, in its capacity as broker of record for each offering, will be permitted to make a determination that the subscribers of our interests in any offering are qualified purchasers in reliance on the information and representations provided by the subscriber regarding the subscriber’s financial situation. Before making any representation that your investment does not exceed applicable federal thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to http://www.investor.gov.

 

An investment in our interests may involve significant risks. Only investors who can bear the economic risk of the investment for an indefinite period of time and the loss of their entire investment should invest in our interests. See “Risk Factors.”

 

Minimum and Maximum Investment

 

The minimum subscription by an investor is one (1) interest and the maximum subscription by any investor is for interests representing 19.99% of the total interests of a particular series, although such maximum thresholds may be waived by the Manager in its sole discretion.

 

Escrow Agent

 

The Escrow Agent is North Capital Private Securities Corporation, who has been appointed as escrow agent for each offering pursuant to escrow agreements between the Escrow Agent, and the Company, on behalf of each series. Copies of the escrow agreements for each series are filed starting with Exhibit 8.1 and onwards in the offering statement.

 

Each series will generally be responsible for fees due to the Escrow Agent, which are categorized as part of the Offering Expenses described in “—Fees and Expenses” below; however, the Manager has agreed to pay and not be reimbursed for fees due to the Escrow Agent.

 

We agreed to indemnify the Escrow Agent and each director, officer, employee, attorney, agent and affiliate of the Escrow Agent against any and all actions, claims (whether or not valid), losses, damages, liabilities, costs and expenses of any kind or nature whatsoever (including without limitation reasonable attorneys’ fees, costs and expenses) in any third party claim arising from or in connection with the negotiation, preparation, execution, performance or failure of performance of the escrow agreements or any transactions contemplated therein; provided, however, that no person shall have the right to be indemnified for any liability finally determined by a court of competent jurisdiction, subject to no further appeal, to have resulted from the gross negligence or willful misconduct of such person.

 

Broker

 

We have engaged Dalmore Group, LLC, (“Dalmore”, or the “Broker”), a broker-dealer registered with the Commission and a member of FINRA and SIPC, to perform the following administrative and compliance related functions in connection with our series offerings, but not for underwriting or placement agent services:

 

·Review investor information, including KYC, or Know Your Customer data, AML, or Anti Money Laundering, and other compliance background checks, and provide a recommendation to the Company whether or not to accept investor as a customer.  

·Review each investors subscription agreement to confirm such investors participation in the offering and provide a determination to the Company whether or not to accept the use of the subscription agreement for the investor’s participation. 

·Contact and/or notify the company, if needed, to gather additional information or clarification on an investor; 


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·Serve as a registered agent for each series on which it acts as broker-of-record when required for state blue-sky law requirements. 

·Not provide any investment advice nor any investment recommendations to any investor. 

·Keep investor details and data confidential and not disclose to any third-party except as required by regulators or pursuant to the terms of the agreement (e.g. as needed for AML and background checks). 

·Coordinate with third party providers to ensure adequate review and compliance. 

 

The Broker will be registered in each state where each offering and sale of interests will occur, prior to the launch of each offering. The Broker will receive a brokerage fee but will not purchase any series interests and, therefore, will not be eligible to receive any discounts, commissions or any underwriting or finder’s fees in connection with any series offering.

 

The broker-dealer agreement with the Broker will remain in effect for a period of twelve (12) months and will renew automatically for successive renewal terms of twelve (12) months each unless either party provides notice to the other party of non-renewal at least sixty (60) days prior to the expiration of the current term.

 

Vint Platform /Technology Partner

 

The Vint Platform is managed by the Manager and will use the TransactAPI of North Capital Investment Technology, Inc. (“NCIT”) to process transaction, coordinate with the Escrow Agent and process subscriptions, record the issuance of shares in a book-entry/distributed ledger.  NCIT charged $2,500 for the Transact API, installation and set-up fee.  In addition, NCIT charges a basic licensing and service fee of $750 per month, payable in advance, upon receipt of production credentials.  The Vint Platform is managed by AWS Web Services which is PCI DSS, SOC, ISO/IEC 27001, ISO/IEC 27017, ISO/IEC 27018, and ISO 9001 compliant.

 

Upon the sourcing of the underlying assets and SEC qualification, the Company will list each offering on the Vint Platform.  The Manager is responsible for listing the collection and providing all necessary information for a qualified investor to make a purchase. When a qualified investor enters the transaction process, they use the NCIT TransactAPI. To make a purchase of interests, users will undergo multiple validations. Know Your Customer and Anti-Money Laundering checks which are facilitated by the NCIT TransactAPI. The Vint Platform requires investors to self report their eligibility to ensure the investor is not investing more than 10% of his or her net worth in an offering. This information will be stored by the Vint Platform and NCIT. Users purchase interests via the NCIT TransactAPI payment processing software, the transaction will be recorded by NCIT and the Manager and payment will be sent to an escrow account and will be released upon the closing of the offering.

 

The Vint Platform is operational in our internal development environment. We have integrated the Platform with NCIT technology. In this environment, investors are able to view potential offerings, link ACH bank accounts, review offering documents, and sign the subscription agreement. This environment is private and will be made live upon qualification.

 

Fees and Expenses

 

See “Use of Proceeds to Issuer” for a description of the specific expenses for each offering.

 

Offering Expenses

 

Each series of interests will generally be responsible for certain fees, costs and expenses incurred in connection with the offering of the interests associated with that series (which we collectively refer to as the “Offering Expenses”). Offering Expenses consist of legal, accounting, escrow, underwriting, filing and compliance costs, as applicable, related to a specific offering. The Manager has agreed to pay the Offering Expenses incurred with respect to our series offerings and not be reimbursed from the offering proceeds. This arrangement is noted under the Offering Expenses category under “Use of Proceeds to Issuer” below.


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Acquisition Expenses

 

Each series will be responsible for any and all fees, costs and expenses incurred in connection with the evaluation, discovery, investigation, development and acquisition of the underlying asset related to such series incurred prior to the closing, including brokerage and sales fees and commissions, appraisal fees, research fees, transfer taxes, third party industry and due diligence experts, storage fees, insurance fees, bank fees and interest (if the underlying asset was acquired using debt prior to completion of an offering), auction house fees, transportation costs, photography and videography expenses in order to prepare the profile for the underlying asset on the Vint Platform (which we collectively refer to as Acquisition Expenses). The Acquisition Expenses will be payable from the proceeds of each offering. See “Use of Proceeds to Issuer” for a description of the Acquisition Expenses for each offering.

 

Brokerage Fee to Dalmore

 

As compensation for providing certain broker-dealer services to each series in connection with each offering, Dalmore will receive a brokerage fee equal to 1.0% of the gross proceeds of each such offering. Notwithstanding the foregoing, Dalmore will not receive any fee on funds raised from the sale of interests to our Manager, its affiliates or any other property sellers.

 

Each series will be responsible for paying its own brokerage fee to Dalmore in connection with the sale of interests in such series, except if otherwise stated for a particular series. The brokerage fee will be payable from the proceeds of such offering.

 

In addition, our Manager has agreed to pay Dalmore a one-time $20,000 consulting fee, due and payable immediately after FINRA issues a No Objection Letter to Dalmore’s engagement. The Manager will also make a one-time advance payment of $5,000 to Dalmore for out-of-pocket expenses. Dalmore will also receive a $1,000 fee for each post-qualification amendment to the offering statement that we file to qualify additional series offerings.  This fee will be paid by our Manager but may be reimbursement by the relevant series.

 

Sourcing Fee

 

Our series manager will be paid a fee as compensation for sourcing each underlying asset (which we refer to as the Sourcing Fee); provided that the Sourcing Fee may be waived by our series manager. The Sourcing Fee may be between 0% and 35% of the gross offering proceeds of each series offering, and is set entirely at the discretion of the series manager. Factors that the series manager may consider in determining the Sourcing Fee for a particular series offering may include, but are not limited to, current market offers for the series assets, comparable asset pricing data, and/or or the level of difficulty and costs related to sourcing the particular assets of the series. The Sourcing Fee is not based on the aggregate offering size.

 

For example, the series manager may acquire assets that are priced at a discount to current market offers for the underlying assets. In such a case, the series manager may take a higher Sourcing Fee for assets acquired at a discount than for assets acquired at market price. It should be noted that, depending on the size of the sourcing fee, investors may not receive a discount to comparable asset pricing. As a further example, the series manager may take a higher sourcing fee as compensation for assets that are more difficult to source.

 

However, the series manager is not required to consider the factors described above, or any other factors, in determining the Sourcing Fee for an offering. The Sourcing Fee is entirely set at the discretion of the series manager.

See “Compensation of Manager” for further details.

 

Additional Information Regarding this Offering Circular

 

We have not authorized anyone to provide you with information other than as set forth in this offering circular. Except as otherwise indicated, all information contained in this offering circular is given as of the date of this offering circular. Neither the delivery of this offering circular nor any sale made hereunder shall under any circumstances create any implication that there has been no change in our affairs since the date hereof.

 

From time to time, we may provide an “offering circular supplement” that may add, update or change information contained in this offering circular. Any statement that we make in this offering circular will be modified or superseded by any inconsistent statement made by us in a subsequent offering circular supplement. The offering statement we filed with the Commission includes exhibits that provide more detailed descriptions of the matters discussed in this


32



offering circular. You should read this offering circular and the related exhibits filed with the Commission and any offering circular supplement together with additional information contained in our annual reports, semiannual reports and other reports and information statements that we will file periodically with the Commission.

 

The offering statement and all supplements and reports that we have filed or will file in the future can be read on the Commission website at www.sec.gov or in the legal section on the Vint Platform. The contents of the Vint Platform (other than the offering statement, this offering circular and the appendices and exhibits thereto) are not incorporated by reference in or otherwise a part of this offering circular.

 

How to Subscribe

 

Potential investors who are “qualified purchasers” may subscribe to purchase our interests. Interested investors may visit our website at www.vint.co, or contact the Company directly by emailing support@vint.co, to invest in our offerings. All qualified offerings will be available for investment within the first 48 hours following qualification. Vint may market offerings on this website and on various social platforms in a sequential manner without identifying all qualified offerings available for investment on our website. However, this does not preclude investors from investing in any of our qualified offerings. If you would like to invest in a qualified offering that is not identified on our website, please reach out to support@vint.co. A list of qualified offerings can be found in our offering circular on the SEC's website.

 

Any potential investor wishing to acquire our interests must:

 

1.Carefully read this Offering Circular, and any current supplement, as well as any documents described in the Offering Circular and attached hereto or which you have requested. Consult with your tax, legal and financial advisors to determine whether an investment in the series Interests is suitable for you. 

 

2.Review the Subscription Agreement (including the Investor Qualification and Attestation attached thereto), which was pre-populated following your completion of certain questions on the Vint Platform application, if investing through our website, and if the responses remain accurate and correct, sign the completed Subscription Agreement using electronic signature. Except as otherwise required by law, subscriptions may not be withdrawn or cancelled by subscribers.  

 

3.Once the completed Subscription Agreement is signed, an integrated online payment provider will transfer funds in an amount equal to the purchase price for the series Interests you have applied to subscribe for (as set out on the front page of your Subscription Agreement) into the escrow account for the series. The Escrow Agent will hold such subscription monies in escrow until such time as your Subscription Agreement is either accepted or rejected by the Manager and, if accepted, such further time until you are issued series Interests. 

 

4.The Manager will review the subscription documentation completed and signed by you. You may be asked to provide additional information. The Manager will contact you directly if required. We reserve the right to reject any subscriptions, in whole or in part, for any or no reason, and to withdraw the Offering at any time prior to Closing. 

 

5.Once the review is complete, the Manager will inform you whether or not your application to subscribe for series Interests is approved or denied and if approved, the number of series Interests you are entitled to subscribe for. If your subscription is rejected in whole or in part, then your subscription payments (being the entire amount if your application is rejected in whole or the payments associated with those subscriptions rejected in part) will be refunded promptly, without interest or deduction. The Manager accepts subscriptions on a first-come, first served basis subject to the right to reject or reduce subscriptions. 

 

6.If all or a part of your subscription is approved, then the number of series Interests you are entitled to subscribe for will be issued to you upon the Closing. Simultaneously with the issuance of the series Interests, the subscription monies held by the Escrow Agent in escrow on your behalf will be transferred to the account of the series as consideration for such series Interests. 


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By executing the subscription agreement, you agree to be bound by the terms of the subscription agreement and operating agreement. The Company, the Manager and the Broker will rely on the information you provide in the subscription agreement, including the “Investor Qualification and Attestation” attached thereto and the supplemental information you provide in order for the Manager and the Broker to verify your status as a “qualified purchaser.” If any information about your “qualified purchaser” status changes prior to you being issued the interests, please notify the Manager immediately using the contact details set out in the subscription agreement.

 

For further information on the subscription process, please contact the Manager using the contact details set out in the “Where You Can Find Additional Information” section.

 

The subscription funds advanced by prospective investors as part of the subscription process will be held in a non-interest-bearing account with the Escrow Agent and will not be commingled with any series’ operating account, until if and when there is a closing with respect to that investor. When the Escrow Agent has received instructions from the Manager that an offering will close and the investor’s subscription is to be accepted (either in whole or part), then the Escrow Agent shall disburse such investor’s subscription proceeds in its possession to the account of the applicable series. If an offering is terminated without a closing, or if a prospective investor’s subscription is not accepted or is cut back due to oversubscription or otherwise, such amounts placed into escrow by prospective investors will be returned promptly to them without interest or deductions.  Any costs and expenses associated with a terminated offering will be borne by the Manager.

 

USE OF PROCEEDS TO ISSUER

 

The allocation of the net proceeds of each series offering set forth below represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues, if any, and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and related rate of growth. The Manager reserves the right to modify the use of proceeds based on the factors set forth below. Neither the Company nor any series are expected to keep any of the proceeds from any offering. In the event that less than the minimum number of interests are sold in connection with any offering, the Manager may pay, and not seek reimbursement for, any Brokerage Fees and Acquisition Expenses.

 

THE UNDERLYING ASSETS

 

The discussions contained in this section relate only to assets of series of our Company for which offerings have not yet closed as of the date of this offering circular. As such, descriptions of the assets of series with offerings that have closed as of the date of this offering circular are omitted from this section.


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The Series VV-BDX2K Asset

 

The discussions contained in this offering circular relating to the Series VV-BDX2K Assets is based upon information provided third parties that we believe to be reliable and we believe that the information from such sources contained herein regarding the Series VV-BDX2K Assets are reasonable, and that the factual information therein is fair and accurate.

 

Summary Overview:

 

The underlying assets for our collection are as follows:

 

Bordeaux Millennium Collection

Wine

Vintage

Bottles

% Weighting of Collection (as per acquisition price)

Château Cheval Blanc

2000

48

25.08%

Château Lafite Rothschild

2000

12

11.54%

Château Haut-Brion

2000

48

25.08%

Château Ausone

2000

12

7.53%

Château Margaux

2000

48

30.77%

 

The Company, per its purchase agreement with the Manager (herein this subsection, the “asset seller”), will purchase the Series VV-BDX2K Assets (the “Bordeaux Millennium Collection”) for $146,390.40 upon the qualification of the offering of the series Interests and closing of the sale of the minimum offering amounts.

 

Background and Overview (Region/Wines)

Bordeaux, in the southwest of France, needs little introduction as one of the world's most famous, prestigious and prolific wine regions. 

The majority of Bordeaux wines (nearly 90 percent of production volume) are the dry, medium- and full-bodied red Bordeaux Blends that established its reputation. 

The official Bordeaux viticultural region contains 111,000 hectares (274,000 acres) of vineyards were recorded in 2018. 

 

Notable Points for Underlying Assets (Supporting data provided by Wine Searcher)

 

Château Cheval Blanc

Bottles: 48 

Producer: Château Cheval Blanc 

Country: France 

Region: Bordeaux 

Vintage: 2000 

Wine Style: Red, savory, and classic 

Drinking Window: 2010 - 2040 

Critic Score: 97 

Vintage Quality: Legendary 

Other Producer Facts/Notes: 

Château Cheval Blanc is a highly lauded wine estate in the Saint-Émilion region of northeast Bordeaux. 

The vineyard is located in the northwest of the region, bordering Pomerol and consists of 39 hectares with 49 percent Cabernet Franc, 47 percent Merlot, and 4 percent Cabernet Sauvignon. 


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Château Lafite Rothschild

Bottles: 12 

Producer: Château Lafite Rothschild 

Country: France 

Region: Bordeaux 

Vintage: 2000 

Wine Style: Red, savory, and classic 

Drinking Window: 2009 - 2050 

Critic Score: 96 

Vintage Quality: Legendary 

Other Producer Facts/Notes: 

Château Lafite Rothschild is a wine estate in the Pauillac region of the Médoc, producing one of the most sought-after and expensive red wines in the world. 

The Lafite Rothschild vineyard covers around 112 hectares (277 acres) on sunny, well-drained sites made up of fine gravel and sand over limestone subsoil. 

Château Haut-Brion

Bottles: 48 

Producer: Château Haut-Brion 

Country: France 

Region: Bordeaux 

Vintage: 2000 

Wine Style: Red, savory, and classic 

Drinking Window: 2008 - 2060 

Critic Score: 99 

Vintage Quality: Legendary 

Other Producer Facts/Notes: 

Château Haut-Brion is the oldest of Bordeaux's five first growths, and one of the most famous wines in the world. 

The majority of the estate's 51 hectares (126 acres) of vineyard is planted to red varieties with Merlot, Cabernet Sauvignon, Cabernet Franc and Petit Verdot covering 48 hectares (118 acres) while three hectares (7.5 acres) are given over to Sauvignon Blanc and Sémillon. 

Château Ausone

Bottles: 12 

Producer: Château Ausone 

Country: France 

Region: Bordeaux 

Vintage: 2000 

Wine Style: Red, savory, and classic 

Drinking Window: 2008 - 2060 

Critic Score: 98 

Vintage Quality: Legendary 

Other Producer Facts/Notes: 

Château Ausone is a highly regarded wine estate in the Saint-Émilion region of northeastern Bordeaux. 

The wider estate is relatively small compared to other top rated Bordeaux châteaux, and its seven-hectare (17-acre) vineyard is planted almost entirely to Cabernet Franc and Merlot. 

Château Margaux

Bottles: 48 

Producer: Château Margaux 

Country: France 

Region: Bordeaux 

Vintage: 2000 

Wine Style: Red, savory, and classic 

Drinking Window: 2007 - 2060 

Critic Score: 99 

Vintage Quality: Legendary 

Other Producer Facts/Notes: 


36



Château Margaux is one of Bordeaux's most famous wine estates, located just east of Margaux itself in the Médoc. 

The red grapes planted consist of Cabernet Sauvignon, which accounts for around 75 percent of plantings, merlot makes up a further 20 percent, with the rest planted to Cabernet Franc and Petit Verdot. 

 

Asset Acquisition by Manager and by Series

 

As of July 15, 2022, the Company entered into a purchase agreement with the Manager for the right to acquire the underlying assets. The Manager has acquired the assets from Joanne US SAS. Upon the successful completion of the offering through the Vint Platform, the Manager will receive payment of $146,390.40 for the underlying Assets. The Company will store the underlying Assets, and upon the successful completion of the offering, the Bordeaux Millennium Collection will remain in the Joanne US SAS Bordeaux storage facility.

 

Market Assessment

 

To value the series assets, the Company uses a variety of data sources. Winesearcher provides a range of high & low prices within the retail and secondary wine & spirits market. Spirits Market Journal provides fine spirits auction pricing data. The London International Vintner’s Association (Liv-Ex) provides secondary market pricing data for wine & spirits. In addition to our data sources, we work with our advisory board and suppliers to value the collections. We use a valuation methodology encompassing our various data sources, comparable data, and expert opinions to value the underlying assets.

 

Insurance

 

We work with Joanne US SAS to provide insurance for the underlying assets. We insure all assets during storage.

 

Storage

 

The underlying assets are stored in the Joanne US SAS Bordeaux warehouse, a state of the art wine storage facility operated by Joanne US SAS.

 

Depreciation

 

We treat our wine collections as collectible and therefore we will not depreciate or amortize the Series VV-BDX2K Asset going forward. We may depreciate or amortize any hardware or other equipment used in connection with the display or maintenance of the Asset.


37



Sourcing Fee Determination

 

The Sourcing Fee for this offering (as set forth in the table below) was set by the series manager at its own discretion. As described under the “Compensation of Directors and Executive Officers – Sourcing Fee” subsection of this offering circular, the series manager may consider a number of factors in setting the Sourcing Fee for an offering – however, no particular factor (or set of factors) were determinative for the Sourcing Fee set for this offering.

 

VV-BDX2K Use of Proceeds

 

Minimum Raise Dollar Amount

Percentage of Gross Cash Proceeds

Cash Portion of Asset Cost(1)

$146,390

83.18%

Broker Dealer Expense(2)

$1,760

1.00%

Acquisition Expenses(3)

 

 

Interests Issued to Manager(4)

$880

0.50%

Storage & Maintenance(5)

$2,112

1.20%

Shipping & Transportation

$0

0.00%

Insurance

$880

0.50%

Sourcing Fee(6)

$23,978

13.62%

Offering Expenses(7)

$0

0.00%

Total Fees & Expenses

$29,610

16.82%

Total Proceeds

$176,000

100.00%

 

(1)As per the purchase agreement, the Company will acquire the assets for the Series VV-BDX2K collection for a total cost of $146,390.40.  Upon completion of the offering of the Series VV-BDX2K, the Series VV-BDX2K will purchase the Series VV-BDX2K Assets from the asset seller for $146,390.40. 

(2)We have engaged Dalmore to perform administrative and compliance related functions in connection with this offering, but not for underwriting or placement agent services. This includes the 1% commission payable to Dalmore for its services in this offering 

(3)The Acquisition Expenses are estimates based upon provided quotes. To the extent that Acquisition Expenses are lower than anticipated, any overage would be added to the Working Capital Reserve held in an operating account for future Operating Expenses related to Series VV-BDX2K.  Any shortfalls would be taken from the Working Capital Reserves, if any or paid as non-reimbursable payments by the Manager.  The Acquisition Expenses will be paid out of the offering proceeds and have not been paid as of the date of this Offering Statement. 

(4)In connection with the purchase of certain Series VV-BDX2K assets, the Manager shall receive 9 Series VV-BDX2K Interests. 

(5)The Manager anticipates using this storage facility to hold additional assets.  In which case these costs will be allocated to the various series accordingly. 

(6)Our series manager will be paid a Sourcing Fee as compensation for sourcing the Series VV-BDX2K Asset in an amount equal to between 0% and 25% of the gross offering proceeds. 

(7)The Manager has assumed and will not be reimbursed for Offering Expenses in connection with the offering of Series VV-BDX2K Interests


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The Series VV-BXEP21 Asset

 

The discussions contained in this offering circular relating to the Series VV-BXEP21 Assets is based upon information provided third parties that we believe to be reliable and we believe that the information from such sources contained herein regarding the Series VV-BXEP21 Assets are reasonable, and that the factual information therein is fair and accurate.

 

Summary Overview:

 

The underlying assets for our collection are as follows:

 

Bordeaux En Primeur 2021 Collection

Wine

Vintage

Bottles

% Weighting of Collection (as per acquisition price)

Pavie

2021

30

3.67%

Carruades de Lafite

2021

24

2.01%

Cheval Blanc

2021

18

3.67%

Leoville Barton

2021

24

0.70%

Angelus

2021

18

2.49%

Leoville Las Cases

2021

18

1.59%

Pontet Canet

2021

36

1.40%

Palmer

2021

12

1.51%

Lynch Bages

2021

60

2.82%

Lafite Rothschild

2021

36

8.85%

L'Evangile

2021

12

1.13%

Troplong Mondot

2021

36

1.36%

Montrose

2021

18

1.07%

Canon

2021

36

1.69%

Pichon Lalande

2021

18

1.24%

Leoville Poyferre

2021

36

1.36%

Grand Puy Lacoste

2021

6

0.16%

Pichon Baron

2021

24

1.39%

Le Bon Pasteur

2021

12

0.26%

Cos d'Estournel

2021

30

2.26%

Le Petit Mouton

2021

24

2.11%

Mouton Rothschild

2021

36

7.90%

La Violette

2021

12

1.51%

Smith Haut Lafitte Rouge

2021

24

1.14%

Smith Haut Lafitte Blanc

2021

24

1.32%

Margaux

2021

24

5.27%

L'Eglise Clinet

2021

24

2.63%

L'If

2021

24

1.44%

Valandraud

2021

36

1.88%

Ducru Beaucaillou

2021

24

1.96%

Les Carmes Haut Brion

2021

18

0.76%

Calon Segur

2021

72

3.07%

Quintus

2021

12

0.45%

Haut Brion Rouge

2021

48

10.54%


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La Mission Haut Brion Rouge

2021

48

5.65%

Clarence de Haut Brion

2021

24

1.38%

La Conseillante

2021

18

1.47%

Pavillon Rouge de Chateau Margaux

2021

18

1.30%

Domaine de Chevalier Rouge

2021

12

0.29%

Figeac

2021

24

2.03%

Pavie Macquin

2021

12

0.36%

Vieux Chateau Certan

2021

18

2.15%

Beau-Sejour Becot

2021

12

0.27%

Durfort Vivens

2021

24

0.54%

Haut Bailly

2021

24

1.20%

Rauzan Segla

2021

24

0.75%

 

The Company, per its purchase agreement with the Manager (herein this subsection, the “asset seller”), will purchase the Series VV-BXEP21 Assets (the “Bordeaux En Primeur 2021 Collection”) for $193,197.64 upon the qualification of the offering of the series Interests and closing of the sale of the minimum offering amounts.

 

Background and Overview (Region/Wines)

Bordeaux, in the southwest of France, needs little introduction as one of the world's most famous, prestigious and prolific wine regions. 

The majority of Bordeaux wines (nearly 90 percent of production volume) are the dry, medium- and full-bodied red Bordeaux Blends that established its reputation. 

The official Bordeaux viticultural region contains 111,000 hectares (274,000 acres) of vineyards were recorded in 2018. 

 

Notable Points for Underlying Assets (Supporting data provided by Wine Searcher)

 

Pavie

Bottles: 30 

Producer: Château Pavie 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2050 

Critic Score: 92 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Pavie is a Saint-Émilion Premier Grand Cru Classé (A) producer. 

The 37-hectare (91-acre) Pavie estate lies just east of Saint-Émilion town, sitting on the southern edge of the Saint-Émilion plateau. 

 

Carruades de Lafite

Bottles: 24 

Producer: Château Lafite Rothschild 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2027 - 2044 

Critic Score: 91 

Vintage Quality: N/A 

Other Producer Facts/Notes: 


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Château Lafite Rothschild’s second wine, Carruades de Lafite presents similar characteristics to the Grand Vin, but with its own personality linked to a higher proportion of Merlot and to specific plots that are used to produce Carruades. 

The name comes from the Carruades plateau, a group of plots acquired in 1845 just next to the vines on the Château hilltop. 

 

Cheval Blanc

Bottles: 18 

Producer: Château Cheval Blanc 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2046 

Critic Score: 95 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Other Producer Facts/Notes: 

Château Cheval Blanc is a highly lauded wine estate in the Saint-Émilion region of northeast Bordeaux. 

The vineyard is located in the northwest of the region, bordering Pomerol and consists of 39 hectares with 49 percent Cabernet Franc, 47 percent Merlot, and 4 percent Cabernet Sauvignon. 

 

Leoville Barton

Bottles: 24 

Producer: Château Leoville Barton 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2029 - 2048 

Critic Score: 92 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Léoville Barton is a well-regarded estate in the Saint-Julien region of Bordeaux, ranked a second growth in the 1855 Classification. 

The vineyard, which has gravel soils over clay, is planted 74 percent to Cabernet Sauvignon, 23 percent to Merlot and 3 percent to Cabernet Franc. 

 

Angelus

Bottles: 18 

Producer: Château Angelus 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2042 

Critic Score: 93 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Angélus is a well regarded wine estate based in the Saint-Emilion region of northeastern Bordeaux. 

The estate currently boasts a total of 39 hectares (96 acres) of vineyard. 

Leoville Las Cases

Bottles: 18 

Producer: Château Leoville Las Cases 

Country: France 

Region: Bordeaux 


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Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2056 

Critic Score: 94 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Léoville-Las Cases is an estate in the Saint-Julien appellation of Bordeaux, ranked as a second growth in the 1855 Classification of the Médoc and Graves. 

Typical of the appellation, Château Léoville-Las Cases is Cabernet Sauvignon-dominant, with smaller amounts of Merlot and Cabernet Franc. 

 

Pontet Canet

Bottles: 36 

Producer: Château Pontet Canet 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2027 - 2038 

Critic Score: 91 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

·Château Pontet-Canet is a critically lauded wine estate located in the Pauillac appellation of Bordeaux's northern Médoc region. 

·The 81-hectare (200-acre) vineyard is located at the heart of the Pauillac appellation, just south of châteaux Mouton Rothschild and d'Armailhac. 

 

Palmer

Bottles: 12 

Producer: Château Palmer 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2028 - 2058 

Critic Score: 93 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

·Château Palmer is a wine estate located in the Margaux appellation of the Médoc. It was ranked as a third growth in the 1855 Bordeaux Classification, 

·The Palmer vineyards cover 55 hectares (136 acres) in the former Cantenac commune (now part of Margaux-Cantenac), mostly on a plateau of thin gravel on the edge of the estuary. 

 

Lynch Bages

Bottles: 60 

Producer: Château Lynch Bages 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2055 

Critic Score: 94 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Lynch-Bages is situated in the Pauillac commune of the Médoc region in Bordeaux. 


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The vineyards are situated on a plateau west of Pauillac town on gravel, chalk and sand soils. There are 90 hectares (220 acres) of vineyards, 75 percent of which are planted with Cabernet Sauvignon. The rest is planted to Merlot, Cabernet Franc and a small amount of Petit Verdot. 

 

Lafite Rothschild

Bottles: 36 

Producer: Château Lafite Rothschild 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2060 

Critic Score: 95 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Lafite Rothschild is a wine estate in the Pauillac region of the Médoc, producing one of the most sought-after and expensive red wines in the world. 

The Lafite Rothschild vineyard covers around 112 hectares (277 acres) on sunny, well-drained sites made up of fine gravel and sand over limestone subsoil. 

 

L'Evangile

Bottles: 12 

Producer: Château L'Evangile 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2028 - 2045 

Critic Score: 92 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château l'Évangile is a wine estate based in the Pomerol appellation of Bordeaux's so-called "right bank" – the area north of the Dordogne river encompassing Pomerol, Saint-Emilion and their satellite appellations. 

The 22-hectare (55 acre) vineyard is made up of iron-rich clay and gravel soils. 

 

Troplong Mondot

Bottles: 36 

Producer: Château Troplong Mondot 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2027 - 2042 

Critic Score: 92 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Troplong Mondot is a producer located on the hills of Saint-Émilion, on the right bank of the Gironde in Bordeaux. 

Typically for the region, Merlot is the dominant grape variety. Cabernet Sauvignon and Cabernet Franc are also used in smaller proportions. 

 

Montrose

Bottles: 18 

Producer: Château Montrose 

Country: France 

Region: Bordeaux 


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Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2055 

Critic Score: 94 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Montrose is a well-regarded and critically much-lauded wine estate based in the Saint-Estèphe appellation of Bordeaux's northern Médoc region. 

The 95-hectare (235-acre) vineyard exists, unusually for modern Bordeaux, as one single entity. 

 

Canon

Bottles: 36 

Producer: Château Canon 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2028 - 2040 

Critic Score: 94 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

oChâteau Canon is a Premier Grand Cru Classé château in Saint-Émilion, Bordeaux. 

oMore than 60 percent of Canon's vineyards are planted to Merlot. 

 

Pichon Lalande

Bottles: 18 

Producer: Château Pichon Lalande 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2028 - 2048 

Critic Score: 92 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Pichon Longueville Comtesse de Lalande is a highly regarded wine estate in the Pauillac Appellation of the Haut-Médoc region of northern Bordeaux. 

The Pichon-Lalande estate covers 85 hectares (210 acres) in both Pauillac and Saint-Julien. 

Leoville Poyferre

Bottles: 36 

Producer: Château Leoville Poyferre 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2048 

Critic Score: 92 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Léoville Poyferré is a wine estate in the Saint-Julien appellation of Haut-Médoc wine region, just north of Bordeaux town. 

The 80-hectare (200-acre) estate vineyard is planted 63 percent to Cabernet Sauvignon with 25 percent Merlot, seven percent Petit Verdot and five percent Cabernet Franc. 

 

Grand Puy Lacoste

Bottles: 6 

Producer: Château Grand Puy Lacoste 


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Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2032 - 2052 

Critic Score: 94 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Grand-Puy-Lacoste is a wine estate situated on a low hillock (or "puy") above the village of Bages in the Pauillac region of the Médoc. 

The Grand-Puy-Lacoste vineyard is sited around the eponymous château and covers 55 hectares (136 acres) of the wider estate. 

 

Pichon Baron

Bottles: 24 

Producer: Château Pichon Baron 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2028 - 2050 

Critic Score: 93 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

hâteau Pichon-Longueville Baron, often referred to simply as "Pichon Baron", is a well-regarded wine estate in the Pauillac appellation of Bordeaux's Haut-Médoc wine region, on the so-called "left bank" of the Gironde estuary. 

Château Pichon-Longueville Baron's estate vineyards cover some 73 hectares (180 acres) and are planted to roughly 60 percent Cabernet Sauvignon and 35 percent Merlot, with smaller amounts of Cabernet Franc and Petit Verdot. 

 

Le Bon Pasteur

Bottles: 12 

Producer: Château Le Bon Pasteur 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2050 

Critic Score: 90 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Le Bon Pasteur is a Pomerol estate, known for both the lush, supple quality of its wine and its history as the family property of the renowned wine consultant Michel Rolland. 

The seven-hectare (16-acre) vineyard is located on the boundary with Saint-Émilion and has a wide range of soil types. 

 

Cos d'Estournel

Bottles: 30 

Producer: Château Cos d'Estournel 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2055 

Critic Score: 94 

Vintage Quality: N/A 


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Other Producer Facts/Notes: 

Cos d'Estournel is a vineyard and winery in the Saint-Estèphe appellation of the Médoc. In the 1855 Classification, it was classified as a second growth and remains one of the most prominent and sought-after of all Bordeaux wines. 

The vineyard covers 91 hectares (225 acres) and is planted 60 percent to Cabernet Sauvignon and the rest Merlot. 

 

Le Petit Mouton

Bottles: 24 

Producer: Château Mouton Rothschild 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2027 - 2039 

Critic Score: 91 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Mouton Rothschild is located in the commune of Pauillac, in the Medoc, 30 miles (50km) northwest of the city of Bordeaux. 

Le Petit Mouton is produced with grapes from selected younger vines, vinified in the same Mouton vats and aged in oak barrels. 

 

Mouton Rothschild

Bottles: 36 

Producer: Château Mouton Rothschild 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2055 

Critic Score: 95 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Mouton Rothschild is located in the commune of Pauillac, in the Medoc, 30 miles (50km) northwest of the city of Bordeaux. 

The estate comprises 90 hectares (220 acres) of vineyards, mainly on gravel-based soils, and is situated in the northern part of the commune just south of Château Lafite Rothschild. 

 

La Violette

Bottles: 12 

Producer: Château La Violette 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2045 

Critic Score: 95 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château La Violette is a highly regarded wine produced from two small vineyard sites in the coveted Pomerol appellation in northeast Bordeaux, on the so-called Right Bank of the Dordogne river, just north of Liborne. 

Château La Violette's wine is made from two vineyard sites spanning a total of 1.8 hectares (4.4 acres), bought by Péré-Vergé in 2006. 


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Smith Haut Lafitte Rouge

Bottles: 24 

Producer: Château Smith Haut Lafitte 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2028 - 2042 

Critic Score: 93 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Smith Haut Lafitte is located in Pessac-Léognan on the Left Bank of the Garonne River. 

The 78 hectares (193 acres) of vineyards and the château sit on a low hill of stones and pebbles deposited by the Garonne River. 

 

Smith Haut Lafitte Blanc

Bottles: 24 

Producer: Château Smith Haut Lafitte 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2050 

Critic Score: 94 

Vintage Quality: N/A 

 

Margaux

Bottles: 24 

Producer: Château Margaux 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2058 

Critic Score: 95 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Margaux is one of Bordeaux's most famous wine estates, located just east of Margaux itself in the Médoc. 

The red grapes planted consist of Cabernet Sauvignon, which accounts for around 75 percent of plantings, merlot makes up a further 20 percent, with the rest planted to Cabernet Franc and Petit Verdot. 

 

L'Eglise Clinet

Bottles: 24 

Producer: Château L'Eglise Clinet 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2048 

Critic Score: 94 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château L'Église-Clinet is a small, critically acclaimed producer in the Pomerol appellation of Bordeaux. 

Its 4.2 hectares (10 acres) of vines produce around 1500 cases of wine per year. 


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L'If

Bottles: 24 

Producer: L'If 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2028 - 2038 

Critic Score: 92 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

L'If is a Bordeaux Right Bank wine estate in the Saint-Émilion appellation, known for its red wine blend of Merlot and Cabernet Franc, and for its association with Le Pin. 

The vineyard holdings are 8 ha (19.8 acres). 

 

Valandraud

Bottles: 36 

Producer: Château Valandraud 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2027 - 2040 

Critic Score: 92 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château de Valandraud is a producer in Saint-Émilion classified as Premier Grand Cru Classé B. The Merlot-dominant grand vin is part of a relatively large portfolio which includes a number of red wines made from the classic Bordeaux blend, as well as a couple of white wines made from Sauvignon Blanc and Sémillon. 

There are now 10 hectares (25 acres) of vines. Merlot is the predominant variety, followed by Cabernet Franc and small amounts of Cabernet Sauvignon, Malbec and Carmenère. 

 

Ducru Beaucaillou

Bottles: 24 

Producer: Château Ducru Beaucaillou 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2050 

Critic Score: 94 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Ducru-Beaucaillou is a well-regarded wine estate in the Saint-Julien appellation of Bordeaux's Haut-Médoc wine region, on the so-called "left bank" of the Gironde estuary. 

The 75-hectare (185-acre) vineyard is situated in the southeast of the appellation, north of the village of Beychevelle and bordering Branaire-Ducru and Beychevelle to the south, with Léoville and Langoa Barton to the north. 

 

Les Carmes Haut Brion

Bottles: 18 

Producer: Château Les Carmes Haut Brion 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 


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Drinking Window: 2028 - 2045 

Critic Score: 94 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Les Carmes Haut-Brion is a Bordeaux estate that was once part of the famed First GrowthChâteau Haut-Brion. 

Under new ownership the property has been expanded significantly, from 4.7 to 33 hectares (12 to 81 acres), most of which is under vine. 

 

Calon Segur

Bottles: 72 

Producer: Château Calon Segur 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2029 - 2055 

Critic Score: 94 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Calon-Ségur is a well-regarded wine estate located in the commune of Saint-Estèphe, on the left bank of the Gironde estuary in northern Bordeaux. 

Calon-Ségur's vineyards are planted on clay and gravel soil, giving the finished wines power and finesse. 

 

Quintus

Bottles: 12 

Producer: Château Quintus 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2025 - 2035 

Critic Score: 92 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Quintus is a well-regarded Saint-Emilion estate established by Domaine Clarence Dillon (which runs the Premier Grand Cru Classé Château Haut-Brion and neighbor La Mission Haut-Brion) in 2011. 

The 28-hectare (69 acre) Quintus property produces three wines. 

 

Haut-Brion Rouge

Bottles: 48 

Producer: Château Haut-Brion 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2032 - 2055 

Critic Score: 95 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château Haut-Brion is the oldest of Bordeaux's five first growths, and one of the most famous wines in the world. 

The majority of the estate's 51 hectares (126 acres) of vineyard is planted to red varieties with Merlot, Cabernet Sauvignon, Cabernet Franc and Petit Verdot covering 48 hectares (118 acres) while three hectares (7.5 acres) are given over to Sauvignon Blanc and Sémillon. 


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La Mission Haut Brion Rouge

Bottles: 48 

Producer: Château La Mission Haut-Brion 

Country: France 

Region: Bordeaux 

Vintage: 2021 

Wine Style: Red, savory, and classic 

Drinking Window: 2030 - 2050 

Critic Score: 92 

Vintage Quality: N/A 

Other Producer Facts/Notes: 

Château La Mission Haut-Brion is an estate in the Pessac-Léognan appellation in the northern