The appellant companies met the EIS ‘use of the money raised’ requirement but failed to meet the ‘purpose of the issue’ requirement, the ‘minimum period’ requirement, and the ‘trading’ requirement, and the doctrines of waiver and estoppel by convention did not preclude the withdrawal of relief.   

Summary 

The appellant companies met the enterprise investment scheme (EIS) ‘use of the money raised’ requirement but failed to meet the ‘purpose of the issue’ requirement, the ‘minimum period’ requirement, and the ‘trading’ requirement, and the doctrines of waiver and estoppel by convention did not preclude the withdrawal of relief. 

Background 

The six appellant companies intended to trade in solar electricity generation overseas since their incorporation in December 2015. The