The instrument.
In full.
Figures, collateral valuation, acquisition sequence, and corporate tax position.
Acquiring The Syndicate sets three things in motion. The 50 000 EUR artwork purchase transfers ownership of the physical diptych. It simultaneously opens the right to subscribe 1% of TB RAK INVEST SAS at nominal par value, 100 EUR. That subscription in turn activates the right to enter the Obligation Convertible en Actions, a convertible bond under French law, through which the Collector lends 200 000 EUR to the company at 10% annual interest over six years. Three transactions, one instrument, one sequence.
Per founding instrumentThe instrument.
In full.
47 393 HT + 5.5% VAT
at nominal par value
10% interest · 6 years
on 250 100 EUR total
The asset behind the instrument.
The OCA is backed by a real asset with a measurable value. Not a promise. Not a projection. A hotel, two pools, a hammam, a gallery, a restaurant, and 7 000 m² of land at the foot of the Atlas, acquired and transformed for 3 200 000 EUR.
| Valuation method | Basis | Implied value |
|---|---|---|
| Replacement cost | 3 200 000 EUR × 1.35 premium | 4 320 000 EUR minimum |
| Per key · Al Haouz market | 150 000 – 300 000 EUR × 30 keys | 4 500 000 – 9 000 000 EUR |
| OCA coverage ratio | 2 000 000 EUR in obligations on conservative asset values | 2.2× – 4.5× |
Kasbah Dif sits 300 metres from the site. Recent market references place it at 4 to 5 million EUR. We acquire and transform Tigmi for 3 200 000 EUR.
The obligation is not carried by narrative. It is carried by keys, pools, and land you can walk through. At conservative marks, the asset covers the debt two times over, and then some. Collateral · TB RAK INVEST SAS
The diptych on your boardroom wall is a depreciating asset. The yield is 10%.
LB Art Studio SAS is the primary producer of the diptych. As of January 2025, all primary sales of original contemporary artworks by artist studios in France carry a flat reduced VAT rate of 5.5% on the total price. Corporate acquirers registered for VAT in Belgium, Germany, or the Netherlands recover 2 606 EUR on acquisition.
In Belgium and Germany, acquiring original art through a corporate entity and displaying it in a professional space allows the company to amortise the purchase price against corporate tax over a set period. The diptych is a depreciating asset on your balance sheet, paying 10% annual yield while it depreciates. Confirm the applicable schedule with your tax counsel.
VAT recoverability and amortisation eligibility depend on jurisdiction and corporate structure. Confirm with your tax counsel before acquisition. This is not tax advice.