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Post by mrclondon on Nov 4, 2018 10:55:14 GMT
Accounts for y/e December 2017 of the borrowing company were filed at CH during month 9 (Sept 18) and have been audited. They do not paint a very pretty picture with trading losses for the year of £2.36m (vs losses of £861k the previous year), and lots of commentary that the business can only continue as a going concern if it can raise additional finance during the year mid 2018 to mid 2019. (However on the +ve side additional finance was raised in H1 2018) Bottom line shareholder funds NEGATIVE £3.2m
The consolidated group accounts (that of the shareholder in the borrowing company) were filed at the same time, also audited, and paint a no prettier picture.
The accounts were signed off in June but only filed in Sept. Normally filing 3 months before the deadline would boost their credit rating, but they correctly judged with these figures filing at the last moment was the better bet. Also worth noting in the commentary that they talk about negotiations with a major new funder, however four months on from when those comments were written there is no evidence at CH that a new funder has signed up as yet, nor of any equity injection.
That said, the loan is secured on the stock of cars which MT audits on a regular basis, so should be fine if the group eventually give up the ghost.
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Post by GSV3MIaC on Nov 4, 2018 14:23:08 GMT
Well it/they are on my 'watch carefully' list .. but a lot of folks seem to have stampeded for the exit today.
Pity they can't (yet) stampede at a x% discount, or else I might be swimming upstream a bit ..
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Post by mrclondon on Nov 4, 2018 14:51:01 GMT
Well it/they are on my 'watch carefully' list .. but a lot of folks seem to have stampeded for the exit today.
Pity they can't (yet) stampede at a x% discount, or else I might be swimming upstream a bit .. Agreed. It is a real shame that I wasn't able to sell at a 3% premium last night, buy this afternoon at a 4% discount, and resell later in the week for a 1% discount and make 6% (equivalent to 6 months interest) from the trades.
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Post by dan1 on Nov 4, 2018 15:17:29 GMT
Well it/they are on my 'watch carefully' list .. but a lot of folks seem to have stampeded for the exit today.
Pity they can't (yet) stampede at a x% discount, or else I might be swimming upstream a bit .. Agreed. It is a real shame that I wasn't able to sell at a 3% premium last night, buy this afternoon at a 4% discount, and resell later in the week for a 1% discount and make 6% (equivalent to 6 months interest) from the trades. I'm reminded of the discussion in this thread... What to do if you are evil (/perhaps criminal?) and you are desperate to sell your loan part: 0) You already have the most discounted sale price (you are desperate to sell) - e.g. £1000 @ 99.5 1) You put a buy order for a similar amount but slightly higher - e.g. £1000 @ 99.6 2) You choose a popular time and sit there refreshing the page 3) Someone comes along, spots the arb and buys your £1000 @ 99.5 - they hope to make a quick £10 profit. 4) You see you've sold your loan part so you quickly cancel your buy at 99.6 Note that in practice the person in (3) may complain and request your account blocked! Also note that that would be illegal nowadays
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Post by GSV3MIaC on Nov 4, 2018 15:20:53 GMT
I'd assume seriousness .. it's not the only way, but it is faster than most others, if rather riskier. If people want to sell so badly, there are always buyers .. AT THE RIGHT PRICE. Ditto the other way round. At a fixed price, there is never (ok, 'rarely') any balance, unless the fixed price is really spot on. And what was spot on yesterday, isn't today.
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jonbvn
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Post by jonbvn on Nov 5, 2018 6:34:38 GMT
Well this thread seems to led to a suitable response on the SM.
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SteveT
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Post by SteveT on Nov 5, 2018 11:18:18 GMT
Update now posted. Cue lots of offer cancelling, I suspect...
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Nov 5, 2018 12:57:45 GMT
I wonder why the Moneything update was only posted after the first post in this thread?
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Post by Badly Drawn Stickman on Nov 5, 2018 13:40:07 GMT
I wonder why the Moneything update was only posted after the first post in this thread? Because it was sensible to do so at a guess, I would be inclined to agree with them and not bother wondering.
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picnicman
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Post by picnicman on Nov 5, 2018 13:56:24 GMT
Update now posted. Cue lots of offer cancelling, I suspect... SteveT - given MT's update can I be cheeky and ask if you were to be holding these loans and would you be holding or selling - If you choose not to respond I fully understand - cheers P
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SteveT
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Post by SteveT on Nov 5, 2018 14:46:49 GMT
Update now posted. Cue lots of offer cancelling, I suspect... SteveT - given MT's update can I be cheeky and ask if you were to be holding these loans and would you be holding or selling - If you choose not to respond I fully understand - cheers P I'm holding, but don't take that as any sort of recommendation! My tolerance to risk is fairly high (and I'd probably be adding if parts were available at a decent discount )
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Nov 5, 2018 14:56:00 GMT
While we are in the hypothetical sphere, what price would you buy at?
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SteveT
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Post by SteveT on Nov 5, 2018 15:01:28 GMT
While we are in the hypothetical sphere, what price would you buy at? Depends how much spare cash I had awaiting reinvestment, but a 5% discount would certainly catch my attention
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Post by GSV3MIaC on Nov 5, 2018 15:25:31 GMT
I'd bite (nibble really) at 96%. 8>.
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picnicman
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Post by picnicman on Nov 5, 2018 16:35:54 GMT
SteveT - given MT's update can I be cheeky and ask if you were to be holding these loans and would you be holding or selling - If you choose not to respond I fully understand - cheers P I'm holding, but don't take that as any sort of recommendation! My tolerance to risk is fairly high (and I'd probably be adding if parts were available at a decent discount ) SteveT I know, I was not asking for one, but just assessing my options in terms of information available, including in your case, using the experience of a long term investor in P2P. Thanks for your help/openness. -Cheers P
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