Brief Introduction to Memorandum and Articles of Association (MAA)

Functions of MAA

MAA’s keyword is “preference”.    In VC/PE investment, investors typically receive a certain series of preferred shares issued by the company.  As the term “preferred shares” suggests, preferred shares enjoy preference over the ordinary shares.  In the company’s capital structure, preferred shares rank in between ordinary shares and debt. 

MAA created the preferred shares and give it priority in economic rights (mainly the liquidation preference and dividend preference).  MAA also provides for the conversion mechanism of preferred shares.  Conversion is an important concept and the anti-dilution adjustment as well as voting power of the preferred shares are based on it.  In many deals, preferred shares also have debt-like redemption feature, allowing their holders to request the company to redeem those preferred shares after certain number of years.

It is worthwhile to point out that preference is a relative concept.  Preference can change the order of asset distribution, but it cannot change the sum of distributable asset.  For example, if the company does not have sufficient asset to pay off its debt, then preferred shares’ preference over ordinary shares will no longer be meaningful.

Structure of MAA

The Open Source Form MAA sets forth the rights of preferred shares in a Schedule of Preferred Shares.   The main components of this Schedule of Preferred Shares include:

Conversion Right (OS Form MAA Section 3 Conversion Right)

MAA provides for the conversion mechanism of preferred shares into ordinary shares, including:

  • Conversion Ratio

The conversion ratio of preferred share to ordinary share is obtained by dividing preferred share’s per share issue price by its conversion price.  Conversion price is an important concept.  It can be understood as per share value measurement of the company at a certain point in time.  The initial conversion price is set to equal to the issue price (that is the cost of investment), and hence the initial conversion ratio of preferred share to ordinary share is 1:1.  This conversion ratio will not change unless there is an adjustment to the conversion price.

  •  Proportional Conversion Price Adjustment

The first type of conversion price adjustment occurs upon a share split, share combination, share dividend or similar event in respect of ordinary shares, and the conversion price of the preferred shares will be proportionately adjusted.  For example, if a 1:2 share split of ordinary shares occurs, the conversion price of preferred shares will be reduced by half to yield a 1:2 conversion ratio.  Obviously, proportional adjustment does not change a shareholder’s shareholding percentage in the company.

  •  Anti-dilution Adjustment

Another type of conversion price adjustment occurs when the company undergoes a “down round” financing, that is if the issue price of new shares is lower than the issue price in the prior round of financing.  In a down round, the value (not just the shareholding percentage) of the preferred shares are “diluted” (i.e. reduced).  Anti-dilution adjustment protects preferred shares’ interest by increasing the conversion ratio of preferred shares so that to give preferred shares a higher shareholding percentage to offset the “dilution”.

There are two common types of anti-dilution adjustment mechanisms – full ratchet and weighted average.  In a full rachet adjustment,  the conversion price is reset to the issue price in the down round, while in a weighted average adjustment, the conversion price is adjusted through a weighted average formula to a value that is lower than the original conversion price but higher than the down round issue price.   Anti-dilution adjustment effectively redistributes the equity interest of the company among the existing shareholders – increases the shareholding percentage of preferred shares with anti-dilution protection and decrease the shareholding percentage of other shares (primarily ordinary shares).  Full rachet adjustment is more aggressive and hence more favorable to the investors than the weighted average adjustment.

  • Conversion Procedure

There are two ways to convert preferred shares into common shares – optional conversion and automatic conversion.  Holder of preferred shares can convert its preferred shares into ordinary shares at any time.  When there is a qualified IPO (meeting certain requirement on valuation and size), all preferred shares will be automatically converted into ordinary shares (sometimes, a majority of the preferred shares can initiate an automatic conversion).  On the one hand, after conversion into ordinary shares, preferred shares will lose all of its special rights.  Under normal circumstances, no investor will want to convert its preferred shares.  On the other hand, the existence of preferred shares will be problematic for an IPO, and the company need the

Voting Rights (OS Form MAA Section 2.3 Voting Rights)

Each preferred share carries such number of votes equal to the number of ordinary shares that it is convertible into.  Unless otherwise required by applicable laws or MAA, preferred shares vote together with the ordinary shares as a single class.

Sections that Overlap with SHA

The other sections of the MAA (board of directors, protective provisions, liquidation preference, redemption rights and dividend rights etc.) are also reflected in the SHA.  Please see the introduction of SHA for more details.

The enforcement mechanisms of MAA is different from SHA.  SHA is a contract and is binding on its signatories.  It is typically governed by Hong Kong law and enforced through arbitration.  MAA is a constitutional document and is binding on the company and its shareholders.  MAA is governed by the laws of the Cayman Islands and enforced through Cayman courts.  Duplicating those terms in both MAA and SHA can avail protection under both enforcement mechanisms.

3295 comments

hermes online

I’m also commenting to make you be aware of what a helpful encounter our child developed reading through the blog. She realized a wide variety of pieces, most notably what it is like to possess an excellent teaching style to let certain people without hassle learn about a number of advanced issues. You truly exceeded visitors’ desires. Thanks for delivering the productive, safe, explanatory and even fun tips on this topic to Sandra.
hermes online [url=http://www.hermesonlineshop.com]hermes online[/url]

hermes belt

I wish to show my appreciation to this writer just for bailing me out of this situation. Because of checking throughout the internet and obtaining basics that were not helpful, I assumed my life was well over. Living minus the solutions to the issues you have solved all through this article content is a critical case, as well as the ones that could have adversely affected my entire career if I hadn’t discovered your web site. Your actual competence and kindness in maneuvering all the pieces was precious. I don’t know what I would’ve done if I had not encountered such a thing like this. I can also at this time relish my future. Thanks a lot very much for this reliable and amazing help. I won’t be reluctant to suggest your blog to anybody who wants and needs care on this topic.
hermes belt [url=http://www.hermesbelts.com]hermes belt[/url]

kd shoes

Needed to put you one little bit of word just to thank you so much the moment again just for the stunning methods you have featured on this page. It is certainly open-handed with people like you to offer unhampered what exactly a number of us might have supplied for an e book to generate some bucks for their own end, certainly now that you might well have tried it in case you decided. These basics in addition acted to be a easy way to be sure that other individuals have the identical passion just like my very own to understand good deal more related to this issue. I’m certain there are some more enjoyable periods in the future for folks who take a look at your blog.
kd shoes

kobe shoes

I intended to send you a very little note just to say thank you again over the lovely tricks you have documented on this page. This is incredibly generous with you to provide without restraint just what numerous people could possibly have offered as an electronic book to help make some cash for themselves, most notably given that you might have done it if you desired. Those good tips likewise acted to become a easy way to know that some people have a similar zeal just as mine to figure out somewhat more in regard to this matter. I’m certain there are numerous more pleasurable opportunities ahead for people who take a look at your website.
kobe shoes

kyrie 4

I would like to express thanks to this writer for bailing me out of this particular challenge. Just after browsing through the world wide web and getting methods which were not productive, I figured my entire life was gone. Existing devoid of the approaches to the problems you’ve sorted out through your article is a crucial case, and those which may have badly damaged my entire career if I had not noticed your web site. The capability and kindness in dealing with all the things was invaluable. I don’t know what I would have done if I hadn’t discovered such a stuff like this. I can also at this point look forward to my future. Thanks a lot so much for your specialized and amazing help. I will not be reluctant to endorse the blog to any person who needs to have care about this situation.
kyrie 4

I precisely desired to say thanks once more. I am not sure the things I would have handled without the entire creative ideas shown by you about this concern. It absolutely was a real horrifying dilemma in my view, however , seeing the specialized technique you treated it made me to jump with fulfillment. I’m happier for the support as well as believe you are aware of an amazing job you are accomplishing instructing people today by way of your webblog. Most probably you have never met any of us.
kd 10

yeezy shoes

Thanks a lot for providing individuals with such a wonderful opportunity to read in detail from this web site. It’s usually so brilliant and as well , full of a good time for me and my office friends to visit the blog at the very least 3 times in a week to read through the newest stuff you have. And lastly, we are always astounded considering the astounding solutions you serve. Selected 3 facts in this article are essentially the most suitable I’ve had.
yeezy shoes

supreme clothing

My husband and i got thrilled that Emmanuel could finish off his web research by way of the precious recommendations he grabbed from your web page. It is now and again perplexing to just always be giving freely thoughts that many others have been trying to sell. Therefore we understand we now have you to appreciate for that. Most of the illustrations you have made, the easy web site navigation, the relationships your site make it possible to engender – it’s mostly unbelievable, and it’s really letting our son and us feel that this topic is pleasurable, which is certainly especially mandatory. Many thanks for everything!
supreme clothing

lebron shoes

Thanks so much for providing individuals with such a nice possiblity to check tips from this website. It really is very nice and as well , full of a lot of fun for me personally and my office mates to visit your site nearly thrice every week to learn the fresh items you have. And lastly, we are at all times impressed with all the very good inspiring ideas you give. Selected 3 ideas in this post are surely the best I have had.
lebron shoes

golden goose sneakers

I precisely wished to thank you so much all over again. I do not know the things I could possibly have done without those tactics documented by you concerning such a area of interest. It was the daunting crisis in my position, but spending time with the skilled strategy you treated that forced me to jump over gladness. I’m happy for your support and in addition expect you comprehend what a great job you were providing teaching many people using your web site. More than likely you have never come across all of us.
golden goose sneakers

jordan 1 off white

My husband and i felt quite more than happy when Chris managed to do his reports using the precious recommendations he discovered out of the weblog. It’s not at all simplistic to simply be giving away procedures that many other folks could have been trying to sell. So we figure out we’ve got the blog owner to thank because of that. The specific illustrations you have made, the straightforward website menu, the friendships your site help promote – it’s got all fabulous, and it’s really letting our son in addition to the family do think that matter is pleasurable, and that’s wonderfully mandatory. Thank you for the whole thing!
jordan 1 off white

curry 8

Thanks for each of your hard work on this site. Kim really loves managing research and it’s really simple to grasp why. Most people learn all concerning the dynamic form you render vital suggestions by means of the web blog and as well as recommend response from website visitors on this article plus our favorite child is understanding a great deal. Enjoy the remaining portion of the year. Your carrying out a splendid job.
curry 8

kd shoes

I wish to voice my appreciation for your generosity in support of women who need help with this important concept. Your personal commitment to getting the solution all over appears to be wonderfully insightful and have specifically enabled folks like me to arrive at their pursuits. Your entire insightful report implies so much a person like me and extremely more to my colleagues. Thanks a ton; from everyone of us.
kd shoes

kyrie irving shoes

I want to show some thanks to this writer for bailing me out of this type of issue. After looking out throughout the online world and finding things which are not pleasant, I was thinking my entire life was gone. Being alive devoid of the approaches to the problems you have resolved as a result of your report is a crucial case, as well as ones that would have negatively damaged my entire career if I had not noticed your blog post. Your expertise and kindness in taking care of the whole lot was valuable. I’m not sure what I would have done if I hadn’t encountered such a stuff like this. I can also now look forward to my future. Thanks a lot so much for the specialized and results-oriented help. I won’t hesitate to propose your blog to any individual who will need guidelines about this problem.
kyrie irving shoes

lebron james shoes

I happen to be commenting to let you understand what a amazing discovery my wife’s child obtained visiting your site. She even learned a good number of details, which include how it is like to have a marvelous coaching mood to get other individuals very easily know just exactly various tricky matters. You actually surpassed people’s expected results. Thank you for coming up with these helpful, healthy, edifying as well as cool tips on your topic to Ethel.
lebron james shoes

jordan shoes

I am also commenting to make you be aware of of the helpful experience our daughter experienced going through your web page. She figured out numerous issues, including what it is like to possess a very effective coaching character to have the rest with no trouble master specific hard to do matters. You really did more than our own expected results. I appreciate you for showing such practical, trustworthy, educational and as well as easy tips on the topic to Sandra.
jordan shoes

jordan retro

I simply wanted to thank you very much once more. I’m not certain the things that I would have made to happen without those suggestions contributed by you on my field. It seemed to be a real daunting dilemma in my view, nevertheless taking note of your well-written tactic you processed that took me to jump with fulfillment. Now i am grateful for the information and even have high hopes you realize what a great job you are getting into instructing men and women using your websites. Most likely you haven’t met any of us.
jordan retro

moncler

I want to express my affection for your generosity for men and women who really need assistance with the matter. Your personal commitment to getting the solution around appears to be extraordinarily valuable and have really helped guys just like me to arrive at their endeavors. Your personal informative publication implies a lot a person like me and much more to my colleagues. Warm regards; from all of us.
moncler

stone island

I precisely had to thank you very much again. I am not sure what I would have accomplished in the absence of the type of smart ideas documented by you about such subject matter. It actually was an absolute frightful case in my opinion, but encountering a new well-written strategy you dealt with it took me to cry for joy. I’m just thankful for your help and as well , expect you recognize what a powerful job you happen to be carrying out instructing the rest with the aid of your web blog. I know that you have never come across all of us.
stone island

yeezy boost 380

Thanks so much for providing individuals with an exceptionally remarkable possiblity to read from this web site. It’s usually very fantastic and also stuffed with a great time for me personally and my office mates to search your web site at the least thrice every week to read the latest secrets you have. And lastly, I am just usually impressed considering the superb things you give. Some 2 points in this posting are unquestionably the most suitable I’ve had.
yeezy boost 380

golden goose shoes

I am commenting to let you know of the terrific encounter my child obtained reading through your web site. She came to find a good number of issues, including what it’s like to have an excellent teaching spirit to make many people quite simply know a number of impossible matters. You undoubtedly exceeded our own desires. Thanks for supplying these helpful, dependable, revealing as well as easy guidance on the topic to Janet.
golden goose shoes

a bathing ape

I want to convey my admiration for your generosity giving support to those people that actually need guidance on your topic. Your real dedication to getting the solution all through turned out to be extremely practical and have constantly encouraged most people like me to attain their pursuits. Your new useful guideline entails so much to me and even more to my peers. Thanks a lot; from all of us.
a bathing ape

russell westbrook shoes

I want to show my passion for your generosity supporting visitors who should have guidance on this question. Your special commitment to getting the solution throughout has been pretty practical and has regularly enabled folks just like me to arrive at their aims. The warm and helpful suggestions indicates a lot to me and further more to my peers. Regards; from everyone of us.
russell westbrook shoes

off white

Thanks so much for providing individuals with such a terrific possiblity to read from this blog. It can be so terrific and as well , full of fun for me personally and my office acquaintances to visit your site at a minimum three times in one week to read the fresh guidance you have. And of course, I am certainly satisfied with the special inspiring ideas you give. Certain 2 tips in this post are essentially the very best we have ever had.
off white

golden goose outlet

My spouse and i were really excited when Peter managed to deal with his basic research using the ideas he received through the blog. It is now and again perplexing just to happen to be giving freely key points that many many others may have been selling. And we grasp we have the writer to appreciate for that. These explanations you made, the easy blog navigation, the friendships you will make it easier to instill – it is most wonderful, and it’s really helping our son in addition to us recognize that the content is brilliant, which is certainly pretty essential. Many thanks for the whole thing!
golden goose outlet

Thanks so much for providing individuals with a very pleasant opportunity to read from here. It’s always so awesome and as well , stuffed with a good time for me and my office acquaintances to search your site at least thrice in 7 days to learn the fresh things you will have. And definitely, I am also usually contented with the astonishing thoughts you serve. Selected 4 tips in this article are unquestionably the very best I have ever had.
yeezy

yeezy boost 350 v2

I not to mention my pals have been taking note of the great advice from your web page and so suddenly came up with a terrible suspicion I had not expressed respect to the web site owner for those strategies. Most of the women had been absolutely excited to study them and now have simply been enjoying those things. Many thanks for being well helpful and then for deciding upon variety of really good useful guides millions of individuals are really desperate to learn about. My personal sincere apologies for not expressing gratitude to earlier.
yeezy boost 350 v2

cheap jordans

I not to mention my buddies ended up following the best secrets on the blog and so suddenly developed an awful suspicion I had not thanked the web site owner for those strategies. These ladies had been so happy to read through all of them and have in effect seriously been using them. Thank you for turning out to be well thoughtful and also for going for this kind of nice themes millions of individuals are really eager to understand about. My sincere regret for not expressing gratitude to sooner.
cheap jordans

curry 7 shoes

I simply wanted to say thanks once again. I do not know the things that I would’ve used in the absence of the entire solutions discussed by you concerning such a subject. It truly was a frightening problem in my opinion, but understanding your expert fashion you processed that took me to jump for happiness. Now i’m grateful for your information and as well , believe you really know what a powerful job you happen to be providing instructing the rest through your blog post. More than likely you have never got to know any of us.
curry 7 shoes

jordan 11

I needed to draft you that little bit of note so as to thank you very much over again considering the exceptional methods you have documented on this website. It’s quite seriously generous with you to supply unhampered all most people would have advertised as an ebook to generate some bucks for themselves, especially considering that you might well have tried it in case you considered necessary. The points additionally worked to be the good way to fully grasp that someone else have similar passion the same as my personal own to see whole lot more when considering this problem. I’m certain there are thousands of more pleasant situations in the future for folks who examine your site.
jordan 11

nike sb dunk low

A lot of thanks for your whole work on this website. My aunt take interest in carrying out investigation and it’s easy to understand why. Most people know all relating to the compelling medium you render precious guidance by means of your web blog and in addition improve participation from other ones on this content while our child is always becoming educated a lot. Enjoy the remaining portion of the year. You are doing a brilliant job.
nike sb dunk low

supreme clothing

I simply wanted to make a quick word in order to express gratitude to you for all of the wonderful suggestions you are placing on this site. My considerable internet investigation has finally been compensated with brilliant information to go over with my co-workers. I ‘d claim that many of us website visitors actually are very much blessed to dwell in a useful community with many wonderful individuals with good hints. I feel somewhat happy to have come across the web page and look forward to plenty of more brilliant minutes reading here. Thank you once again for everything.
supreme clothing

golden goose

I happen to be writing to make you be aware of of the notable experience our daughter gained checking your site. She even learned lots of things, not to mention how it is like to possess an ideal coaching style to make many others very easily completely grasp specified very confusing issues. You actually surpassed visitors’ expectations. Thanks for distributing the good, healthy, revealing and even easy tips about that topic to Gloria.
golden goose

curry 5

I am also writing to let you be aware of of the awesome discovery my cousin’s child developed studying your web page. She mastered a lot of pieces, not to mention how it is like to possess a marvelous coaching mindset to get other people with ease grasp certain complicated issues. You undoubtedly surpassed visitors’ expected results. Thank you for rendering these practical, trustworthy, revealing and also cool thoughts on this topic to Evelyn.
curry 5

supreme hoodie

I needed to draft you one little bit of observation to help give many thanks as before for these spectacular concepts you’ve shared at this time. It’s simply incredibly generous of you to grant openly just what most people could have offered for sale as an electronic book in order to make some money on their own, especially considering the fact that you might have done it in the event you decided. These tips in addition acted to become good way to understand that most people have a similar keenness similar to mine to learn lots more pertaining to this problem. I think there are numerous more pleasant instances up front for many who check out your blog.
supreme hoodie

golden goose

I precisely had to appreciate you all over again. I’m not certain what I would’ve followed without these tricks shown by you directly on this theme. It actually was the depressing problem for me personally, however , witnessing the very well-written strategy you resolved it took me to weep with joy. Now i’m grateful for your work and in addition expect you recognize what an amazing job you are always getting into instructing the rest all through your webblog. Most likely you haven’t encountered any of us.
golden goose

supreme hoodie

I actually wanted to develop a simple note in order to say thanks to you for the fantastic advice you are placing at this site. My incredibly long internet lookup has at the end of the day been rewarded with incredibly good ideas to share with my friends and classmates. I would assume that many of us readers are truly endowed to dwell in a great community with many awesome professionals with very helpful methods. I feel rather lucky to have used your website page and look forward to some more amazing minutes reading here. Thanks a lot once more for all the details.
supreme hoodie

golden goose outlet

Needed to create you that very little note to be able to say thank you again for those unique views you have featured here. It is simply wonderfully open-handed of you to offer without restraint what most people would have offered as an e-book to earn some dough on their own, notably considering that you might well have tried it if you wanted. These guidelines also served to provide a good way to know that other people online have a similar desire just as mine to understand a great deal more in respect of this problem. I am certain there are a lot more fun times in the future for folks who take a look at your blog.
golden goose outlet

golden goose outlet

I precisely wanted to appreciate you again. I’m not certain what I would have made to happen in the absence of the entire points discussed by you relating to such area. Certainly was a very alarming problem in my circumstances, nevertheless being able to view a new specialised style you managed it took me to leap for delight. Extremely happy for this work as well as hope you recognize what a powerful job you have been putting in educating the mediocre ones through the use of your blog post. More than likely you haven’t encountered all of us.
golden goose outlet

paul george shoes

My husband and i got thankful when Michael could carry out his homework with the ideas he got out of your weblog. It’s not at all simplistic to just continually be freely giving things others might have been trying to sell. And we do understand we need the writer to thank for that. The most important explanations you made, the easy web site menu, the friendships your site make it possible to foster – it’s got mostly superb, and it’s facilitating our son and us reason why the content is fun, and that is tremendously important. Thank you for the whole lot!
paul george shoes

supreme outlet

I simply wanted to compose a small note in order to appreciate you for some of the marvelous facts you are giving out at this site. My extended internet lookup has finally been paid with brilliant know-how to go over with my friends and classmates. I would suppose that we visitors are quite fortunate to dwell in a useful site with very many brilliant professionals with very helpful guidelines. I feel very much privileged to have used your entire webpage and look forward to some more exciting moments reading here. Thank you again for all the details.
supreme outlet

curry shoes

I am commenting to make you be aware of what a fantastic experience our girl had going through your web site. She discovered lots of pieces, not to mention what it is like to have an excellent coaching spirit to get the others smoothly master selected specialized things. You truly surpassed her desires. Thank you for presenting these insightful, trustworthy, explanatory not to mention cool tips on that topic to Ethel.
curry shoes

kevin durant shoes

A lot of thanks for your whole efforts on this web site. My mum really likes engaging in investigations and it’s really easy to understand why. Many of us notice all about the lively method you produce effective thoughts through the web blog and therefore foster participation from people on this topic then our girl is learning a whole lot. Enjoy the remaining portion of the new year. Your doing a really good job.
kevin durant shoes

air jordan

I and my buddies ended up analyzing the great tactics from the website and the sudden I had a horrible feeling I never thanked the web blog owner for those secrets. These ladies had been so warmed to see them and already have sincerely been taking advantage of those things. Appreciation for getting quite thoughtful and for settling on these kinds of excellent topics millions of individuals are really needing to learn about. My very own honest regret for not expressing appreciation to you sooner.
air jordan

irving shoes

A lot of thanks for all your valuable effort on this website. Kim take interest in working on investigations and it is easy to see why. My spouse and i learn all about the powerful mode you provide invaluable guides via this website and as well foster participation from other individuals on that content plus my child is now being taught a whole lot. Take pleasure in the rest of the new year. You are carrying out a fantastic job.
irving shoes

supreme

I simply needed to thank you so much all over again. I do not know what I might have undertaken in the absence of the entire tricks provided by you concerning this theme. Completely was a very depressing scenario in my opinion, however , discovering a expert tactic you processed that made me to jump with joy. Extremely happy for the information and then hope you are aware of an amazing job your are getting into instructing most people using your blog. I know that you have never met all of us.
supreme

supreme clothing

Thank you for your own labor on this site. My aunt takes pleasure in setting aside time for investigation and it’s easy to see why. Almost all notice all regarding the lively form you produce good solutions on the blog and as well welcome response from other ones on that subject then my girl is actually becoming educated a lot of things. Have fun with the rest of the new year. You are doing a dazzling job.
supreme clothing

off white shoes

I would like to express thanks to the writer just for bailing me out of this type of difficulty. Because of scouting through the world wide web and meeting principles which were not pleasant, I believed my life was over. Being alive devoid of the strategies to the difficulties you’ve sorted out by means of your good website is a crucial case, and the ones that would have negatively damaged my career if I hadn’t discovered your blog post. The competence and kindness in taking care of almost everything was excellent. I don’t know what I would have done if I had not discovered such a subject like this. It’s possible to at this moment look forward to my future. Thanks very much for this high quality and result oriented guide. I will not hesitate to propose your web page to any individual who should get counselling about this issue.
off white shoes

longchamp

I as well as my buddies were examining the excellent tricks found on the blog and then came up with an awful feeling I never expressed respect to the blog owner for those tips. The young men ended up absolutely thrilled to read through all of them and have in effect simply been taking advantage of these things. I appreciate you for simply being quite considerate and also for figuring out certain very good areas most people are really desirous to learn about. My personal sincere regret for not expressing appreciation to you sooner.
longchamp

yeezy 700

Thanks a lot for giving everyone such a splendid opportunity to read articles and blog posts from this blog. It’s usually so amazing plus stuffed with amusement for me and my office mates to visit your website not less than 3 times in a week to learn the fresh issues you will have. Of course, we’re actually fascinated with your sensational advice served by you. Certain 3 ideas in this post are undeniably the simplest we have had.
yeezy 700

jordan shoes

I wish to show my thanks to this writer for bailing me out of such a problem. Right after browsing through the the net and finding notions which are not beneficial, I was thinking my life was gone. Living minus the answers to the issues you’ve solved by means of this short post is a critical case, and ones which could have adversely damaged my entire career if I had not noticed your site. Your primary competence and kindness in taking care of everything was valuable. I’m not sure what I would have done if I had not encountered such a subject like this. I’m able to at this point relish my future. Thanks for your time very much for the reliable and effective help. I will not be reluctant to propose your blog post to anybody who ought to have tips about this issue.
jordan shoes

jordan 6

Thanks a lot for giving everyone an exceptionally marvellous possiblity to read in detail from this website. It is usually so enjoyable plus packed with a lot of fun for me personally and my office co-workers to visit your website minimum three times a week to see the newest tips you have got. And definitely, I’m just always pleased with your impressive inspiring ideas served by you. Selected 2 facts on this page are in reality the finest we have ever had.
jordan 6

A lot of thanks for all your valuable efforts on this site. My niece loves working on investigations and it is simple to grasp why. Most people know all regarding the powerful way you render efficient ideas through the web blog and in addition improve contribution from other individuals on this subject plus my girl is without a doubt understanding a whole lot. Enjoy the remaining portion of the year. You are doing a tremendous job.
pg 1

What’s up, I would like to subscribe for this website
to get hottest updates, therefore where can i do it please help out.

supreme clothing

I precisely had to thank you so much all over again. I’m not certain what I might have worked on in the absence of these methods contributed by you about that area of interest. It became a distressing dilemma in my circumstances, however , witnessing this specialized style you managed the issue took me to cry for gladness. Now i’m thankful for your help and in addition believe you know what a great job your are putting in teaching others using your web page. More than likely you haven’t come across all of us.
supreme clothing

kobe 11

I not to mention my guys appeared to be checking the nice suggestions found on your web blog and so before long I had a terrible feeling I never expressed respect to the site owner for those tips. These people are already so excited to read through them and already have actually been taking advantage of these things. Many thanks for genuinely quite helpful and for going for these kinds of outstanding information most people are really needing to learn about. My very own honest regret for not expressing gratitude to sooner.
kobe 11

Shirley

Hi there! Someone in my Myspace group shared this website
with us so I came to give it a look. I’m definitely loving the information. I’m bookmarking and will
be tweeting this to my followers! Wonderful blog and superb design and style.

cialis black

cialis black

cialis 5mg tablets

cialis 5mg tablets

canadian viagra 100mg

canadian viagra 100mg

Thomas Stockmaster

I was able to find good info from your articles.|

Brief Introduction to Memorandum and Articles of Association (MAA)

https://envirotechks.com/energy-tip-lighting-the-natural-way/

Brief Introduction to Memorandum and Articles of Association (MAA)

http://ubh66.ru/index.php/projects/item/20-nabor-instrumentov-8?start=50

Brief Introduction to Memorandum and Articles of Association (MAA)

https://www.nichesblog.com/site/casinosrealmoney.com

Brief Introduction to Memorandum and Articles of Association (MAA)

http://schuelerakademie-ee.de/projekte/mauris-posuere/

Brief Introduction to Memorandum and Articles of Association (MAA)

https://www.dbrental.nl/2016/01/10/video-post-interview/

Brief Introduction to Memorandum and Articles of Association (MAA)

https://motivateonpurpose.com/why-should-brands-have-a-blog/

Brief Introduction to Memorandum and Articles of Association (MAA)

https://gdmanufacturing.com/post-with-carousel/

Brief Introduction to Memorandum and Articles of Association (MAA)

http://www.learnandsmile.school/develop-and-learn-through-fun-and-creativity/

Brief Introduction to Memorandum and Articles of Association (MAA)

https://www.ideasmarketing.com.au/2020/02/content-marketing/

Brief Introduction to Memorandum and Articles of Association (MAA)

https://cedarswest.com/jan-27-28-st-armands-winter-art-festival/

Brief Introduction to Memorandum and Articles of Association (MAA)

https://blog.fairlessmotors.com/page/2/

Hr30owardGek
Sirsault

darkfox market darknet grey market darknet

Sirsault

darknet market darkweb market

Samuelhoida

grams darknet market search cartel marketplace url

WilliamnaL

гидра ссылка тор рабочие зеркала на гидру

Davidcop

как выиграть диспут на гидре гидра обменник отзывы

WilliamnaL

wallstreet market hansa market darknet

Davidcop

incognito market url hansa darknet market

Samuelhoida

olympus market darknet tor2door market darknet

NormanBiolf

ссылка гидра гидра онион сайт

Samuelhoida

гидра купить шишки как попасть на гидру

Davidcop

ссылка гидра гидра hydra

WilliamnaL

reddit darknet markets 2021 guide to darknet markets

NormanBiolf

darknet dream market darknet drugs

Sirsault

darknet wallstreet market drug market

NormanBiolf

гидра шоп снюс гидра

WilliamnaL

официальный сайт гидры онион гидра обменник отзывы

WilliamnaL

darknet dream market white house link

Davidcop

reddit darknet market list 2021 darknet market search

NormanBiolf

darknet links markets vice city link

Samuelhoida

guide to darknet markets black market illegal drugs

Davidcop

cartel marketplace link incognito market link

WilliamnaL

cannahome darknet market empire market

Sirsault

liberty market link hydra darknet market

is hydroxychloroquine over the counter

plaquenil para que sirve
hydroxychloroquine cures

WilliamnaL

ссылка на гидру гидра в россии

Samuelhoida

гидра не работает гидра даркач

Davidcop

гидра onion гидра в россии

Samuelhoida

гидра hydra рабочая гидра

NormanBiolf

как зайти на гидру с телефона гидра томск

Davidcop

гидра не работает гидра сайт закладок

NormanBiolf

сайт hydra ссылка как зайти на сайт гидра

WilliamnaL

гидра онион сайт гидра onion

cipla tadalafil review

cipla tadalafil review

Samuelhoida

ссылка на гидру онион как зарегистрироваться на гидре

Davidcop

как заказывать на гидре гидра адрес

NormanBiolf

ссылка гидра что такое гидра

WilliamnaL
Samuelhoida

гидра онион сайт гидра упала

Davidcop

гидра шоп гидра hydra

NormanBiolf

забанили на гидре тор гидра

WilliamnaL

как загрузить фото в диспут на гидре как попасть на гидру

Davidcop

как восстановить аккаунт на гидре ссылка на гидру

Samuelhoida
NormanBiolf

сайт гидра гидра форум

WilliamnaL

гидра официальный сайт сайт гидра онион

Davidcop

как оплатить покупку на гидре гидра в россии

Samuelhoida

гидра онион ссылка гидра онион не работает

azithromycin

azithromycin

NormanBiolf

как вывести деньги с гидры гидра зеркало

WilliamnaL

официальная ссылка гидра список зеркал гидра

tadalafil liquid

tadalafil tadalafil drug

Samuelhoida

гидра зайти https://hydramarketrus.com/ – гидра онион зеркало

NormanBiolf

официальная ссылка гидры https://hydradarkmarket.com/ – как найти сайт гидра

WilliamnaL

гидра онион https://hydra-market-onion.com/ – как заказывать на гидре

Davidcop

гидра обменник отзывы https://hydraonionmarketplace.com/ – рабочая гидра

Samuelhoida

как правильно заходить на гидру https://hydra-marketplace.com/ – hydra onion ссылка

NormanBiolf

зеркало гидры https://hydraonionmarkets.com/ – гидра магазин

WilliamnaL

зеркало гидры онион https://hydra-market-onion.com/ – официальная ссылка гидра

Davidcop

гидра брянск https://hydraonionmarketplace.com/ – гидра рабочее зеркало

Samuelhoida

не работает гидра https://hydramarketrus.com/ – hydra сайт

JimBrats

Check 1this website to learn how to get free diamonds in cooking fever

gh45kkm
This game is a lot more fun when you have unlimited diamonds.If you love mobile games like this you ought to check out the site above

NormanBiolf

сайт гидра https://hydradarkmarket.com/ – официальная ссылка гидра

WilliamnaL

как зайти на гидру через айфон https://hydradarkmarket.com/ – зайти на гидру

Davidcop

как попасть на сайт гидра https://hydradarkmarket.com/ – гидро зеркало

Samuelhoida

hydra магазин https://hydramarketrus.com/ – забанили на гидре что делать

NormanBiolf

как пользоваться сайтом гидра https://hydradarkmarket.com/ – ссылка гидра

WilliamnaL

гидра форум https://hydradarkmarket.com/ – гидра ру

Sirsault

how to get to darknet market samsara market darknet

Davidcop

как загрузить фото в диспут на гидре https://hydradarkmarket.com/ – как вывести биткоин с гидры

Samuelhoida

гидра настоящий сайт гидра сайт в обход блокировки

WilliamnaL

tor2door darknet market torrez market darknet

Vincenttic

asap darknet market vice city market link

Ashleyfoolf
CarlosKam

empire market darknet darknet market

TimClene

darknet markets reddit how to get to darknet market

JimBrats

Check out this site that teaches you 1how to get diamonds in cooking fever for free

gh45kkm
This game is more fun when you have unlimited free diamonds.If you enjoy mobile games like this you ought to check out the site above

Samuelhoida

dark market url cannazon market link

DiedraOriet

spurdomarket darknet market asap market darknet

NormanBiolf

dark0de link hansa market darknet

Rickcet

bohemia market link new darknet market reddit

NormanBiolf

не приходят биткоины на гидру гидра магазин

WilliamnaL

гидра сайт официальный зайти на гидру через браузер

Sharylcew

cannazon link best darknet markets

Kevinarego

spurdomarket market hydra market url

PhilipBiolf

alphabay darknet market darknet drugs market

Davidcop

гидра онион зеркало форум гидра

Patrickacind
Sirsault

liberty market url uk darknet markets

DanPoexy

darknet markets onion address versus market url

Samuelhoida

гидра ссылка тор рабочее зеркало гидры

TimClene

versus project darknet market torrez market darknet

CarlosKam

darknet market list incognito link

Martinagift

best darknet market 2021 reddit darknet empire market

Bobypes

wallstreet market darknet darknet market links

Patrickfrego

darknet markets darknet market

Kellyfus

dark web link darkmarket link

NormanBiolf

darkmarket 2021 darkmarket link

sexy asiatic

With the main erotic and attractive sexual event watch a whole lot of hours of free porn, hardcore porn, and porn of each niche available. https://asianbabes.me – asian bent over nude That’s probably as a result of these are totally not formally released Japanese merchandise.

RichardGew

darkmarket 2022 dark market url

Sharylcew

darkmarket 2021 darkmarket list

Kevinarego

dark market url dark market url

Patrickacind

darkmarket link dark market onion

PhilipBiolf

darkmarket url dark web link

Davidcop

darknet market dark market 2021

TimInfuh

darkmarket link darkmarket

TimClene

darkmarket darknet markets

WilliamnaL

dark market onion darknet market links

TeddySnund

dark market url dark web sites

DanPoexy

darkmarket 2022 dark web link

CarlosKam

darknet market dark market 2022

Ashleyfoolf

dark market 2021 dark market link

Samuelhoida

dark market url dark market onion

Sidsault

darknet market links dark market onion

Rickcet

darkmarket 2021 dark web market links

dark web market list darkmarket 2022

Vincenttic

darkmarket 2022 dark web sites

DiedraOriet

darknet market dark markets 2022

NormanBiolf

best darknet markets dark web link

Patrickfrego

dark web market links best darknet markets

TimClene

dark market list dark web market

Kellyfus

darkmarket url dark market onion

Sharylcew

darknet market lists dark web market

Rickcet

dark web markets darkmarket

Kevinarego

dark market list dark market onion

Davidcop

dark market list best darknet markets

TerryMus

darkmarket url darkmarket url

PhilipBiolf

darknet market links darkmarket url

WilliamnaL

dark market list darkmarket link

TimInfuh

dark markets 2022 darkmarket list

CarlosKam

darknet market dark web link

TeddySnund

darknet market lists dark web market links

DanPoexy

best darknet markets darknet market list

Samuelhoida

dark market onion dark web market list

Sidsault

darknet market lists dark market url