A Letter of Intent to Purchase Shares is a crucial preliminary document used in corporate transactions in Saudi Arabia when a potential buyer wishes to formally express their interest in acquiring shares of a company. This document serves as a roadmap for the transaction, typically used after initial discussions but before detailed due diligence and final binding agreements. It outlines the fundamental terms of the proposed share purchase, including pricing structure, timeline, and key conditions. While generally non-binding, it often includes binding provisions regarding confidentiality and exclusivity. The document must comply with Saudi Arabian legal requirements, including the Companies Law of 2015, and may require consideration of Capital Market Authority regulations for listed companies or Foreign Investment Law requirements for international buyers. It's an essential tool for establishing serious intent and structuring subsequent negotiations.
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1. Date and Parties: Opening of letter identifying the sender and recipient, including full legal names and addresses
2. Subject Line: Clear statement that this is a Letter of Intent regarding share purchase
3. Introduction: Brief context about the parties and the purpose of the letter
4. Transaction Overview: High-level description of the proposed share purchase, including target company and approximate percentage
5. Purchase Price and Payment Terms: Proposed consideration and basic payment structure
6. Due Diligence: Statement regarding the requirement and timeline for due diligence
7. Timeline: Proposed schedule for completing the transaction
8. Confidentiality: Basic confidentiality obligations regarding the proposed transaction
9. Non-Binding Nature: Clear statement that this is non-binding except for specific terms
10. Governing Law: Specification of Saudi Arabian law as governing law
11. Closing: Signature blocks and formal closing of the letter
1. Exclusivity: Used when parties want to negotiate exclusively for a specified period
2. Break Fee: Include when there's agreement on fees if either party terminates discussions
3. Regulatory Approvals: Required for transactions needing specific regulatory clearances
4. Financing Contingency: Include if the purchase is subject to securing financing
5. Management Retention: Used when there are specific requirements about retaining key management
6. Asset Preservation: Include when specific requirements about maintaining company condition during negotiations are needed
1. Schedule A - Target Shares: Details of the shares proposed to be purchased, including class, number, and percentage of company
2. Schedule B - Price Calculation: If applicable, the methodology for calculating the final purchase price
3. Schedule C - Key Terms Summary: Brief summary of key commercial terms for quick reference
4. Appendix 1 - Corporate Information: Basic corporate information about the target company and current shareholding structure
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