Following my previous post, I dropped an email to both BrewDog and The Griffin Group, to ask for some clarity on the situation re: equityforpunks shareholders and the plan to subsidiarise BrewDog USA LLC (the joint venture vehicle set up ahead of the IPO to manage the brewer's US business) into the new Anchor Brewers & Distillers LLC that has been set up to manage the new operation.
I asked the following questions:
I was curious to note that your US joint venture with Griffin, BrewDog USA LLC has been subsidiarised (they say 'affiliated', but I believe it's the same thing) to this new venture. What implications does this have for the operation of the joint venture?
What about the equityforpunks investors? You said in October 2009 that EFP investors would 'own' the new venture - I assume you meant become members of it as investors. Does this news change the landscape in terms of dividend on earnings?
Are you able to tell me in which state BrewDog USA LLC was incorporated?
Does BrewDog USA LLC pay taxes on earnings?
Is BrewDog USA LLC a so-called "flow-through entity" (FTE)?
I received a reply from "Emperor Penguin" James Watt, saying that he couldn't confirm details yet, and that an article would be published to the Equity For Punks website in due course. Since this particular stock isn't in the Boggle portfolio, I'd appreciate anybody with access keeping me posted.
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