What is TITAN CELL I (TITAN 1)
TITAN1 represents equity in a Guernsey protected cell company (a form of special purpose vehicle) invested into Subordinate Debt issued by Castle Community Bank.
The underlying investment is funding the development of a leading UK community bank, Castle Community Bank (‘CCB’), by fully subscribing to its Tier-2 tranche of Subordinated Debt. The maturity of the investment is 10 years with a non-call provision during the initial 5. The coupon rate until maturity will be 20% p.a. net of fees.
Important: This token is only available on the Bitfinex Securities platform and not the Bitfinex exchange.
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TITAN CELL I (TITAN 1) — Frequently Asked Questions (FAQ)
1. Who is the issuer?
Ctrl Alt PCC Ltd. Under the Bitfinex Securities Business Rules, the Issuer is responsible for the offering documents relating to the Underlying Asset and undertakes ongoing obligations relating to Titan 1 tokens.
2. What is the role of the Trust and the Trustee?
BFXS (PTC) Limited (the Trust) is established in the British Virgin Islands for the purposes of entering into trust documents and related agreements, to hold the trust fund on trust to perform the obligations under these agreements, and use the trust fund to satisfy any fees and expenses not otherwise paid.
The Issuer engaged the Trust to provide certain services related to the TITAN1 tokens. These services include holding the Underlying Asset on trust, maintaining a register of TITAN1 token holders, issuing the TITAN1 tokens to members of Bitfinex Securities, cancellation of TITAN1 tokens and distribution of dividends on receipt of the dividends from the Issuer.
The TITAN1 tokens represent an economic interest in the Underlying Asset pursuant to the terms of the Trust, the Bitfinex Securities Business Rules and agreement with Ctrl Alt PCC Ltd. The Trustee will also hold in its capacity as trustee (or appoint a nominee to hold) the Underlying Assets in accordance with trust documents and agreement with Ctrl Alt PCC Ltd.
3. Who can invest in TITAN1?
Investor participation in secondary market trading will be limited to (1) corporate investors, (2) individual investors able to make a minimum $100K USD equivalent purchase, or (3) investors that have been assessed as professional.
Learn how to become assessed as an Individual Accredited Investor on the Bitfinex Securities platform.
The offering is not open to Prohibited Persons and/or Prohibited Jurisdictions, including US investors.
4. What is the Underlying Asset?
TITAN1 represents equity in a Guernsey protected cell company (a form of special purpose vehicle) invested into Subordinate Debt issued by Castle Community Bank.
5. What is the collateral term and optionality?
10 years with non-callable provisions during the initial 5 years.
At the completion of the 5th year, either:
i. Castle Community Bank will repay the entire outstanding amount
on its respective Tier 2 Tranche of Subordinated Debt; or
ii. Castle Community Bank will increase the coupon rate to 26% p.a. with Token Coupon increasing to 25%; or
iii. Upon mutual agreement between the Castle Community Bank and the investors, the coupon will remain at 21% p.a.
6. Will dividends be paid?
20% p.a. net of fees. Subject to director approval and sufficient funds being available.
7. What blockchain will TITAN1 be issued on?
The Token will be issued on the Liquid Network using Blockstream AMP, which enables sending, receiving, and storing digital tokens that require authorization from the token issuer to move funds. The issuer maintains a whitelist of accounts that have passed KYC/AML compliance and jurisdiction requirements. Accounts that are not included in the whitelist are not able to send, receive, or store tokens.
8. Are there any other restrictions?
In accordance with Guernsey regulatory requirements, investors cannot acquire a >= 25% position without first completing additional KYC checks.
9. Can I withdraw TITAN1 to my wallet?
Withdrawals may be enabled at a later date.
10. What are the risks associated with TITAN1?
Please see the risk factors outlined in the offering documents.
11. Who is the regulator overseeing this listing?