[DRAFT] [CONFIRM: Q15]

Between signing and completion a buyer usually carries an exposure it has not decided to take: a purchase price in another currency, a facility priced off a rate that moves, an earn-out set in a third. The board pack rarely says so.

Three questions worth asking before the documents are signed.

What moves between signing and completion? Name the currency, the rate and the period. A number that cannot be named cannot be hedged.

Who prices the hedge, and against what? A quote compared against independent data is a different conversation from a quote taken on trust.

What happens if the deal does not complete? Deal-contingent structures exist for that case and are priced accordingly. [CONFIRM: Q1, compliance]

Audere Capital advises on the transaction. Audere Advisory advises on the exposure it creates. Audere Analytics verifies the numbers on both sides.