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Sell, don't issue: what changed in v1.2.0
From v1.1.0 (2026-10-16, ebc03336e) to v1.2.0 (2026-10-27, db67c5ce1), paragraph by paragraph.
0 paragraphs added, 0 removed, 2 changed in place, 72 unchanged. About 0 words added and 83 removed. Insertions are marked like this, deletions like this; unchanged runs are folded to one line; figures appear as their file names.
2 unchanged paragraphs
!shot si-model.webp | images/ | The two-part model: the investor buys the founder's ordinary sharesshares, and pays the founder; the founder lends part of the proceeds to the company as a subordinated loan; the company gets cash without new shares; and the investor's protection is the open-source fork, not a board seat.company. | architecture
33 unchanged paragraphs, under In short {#in-short}, The starting point: a founder who has already won {#start}, Sell, don't issue {#sell}…
!shot si-example.webp | images/ | The same £2 million, two ways, for a UK company worth £10 million: the founder keeps 80% either way; a standard round gives the investor new preferred shares, rightsround, and control, and puts £2 million into the company; selling and lending gives the investor ordinary shares and the fork as protection, and leaves the founder about £1.58 million after tax, to lend back as much as the company needs; and bought shares carry no EIS relief.lending. | comparison
37 unchanged paragraphs, under Why it could raise the odds {#odds}, What breaks {#breaks}, When it works and when it does not {#fit}…