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Post by Wisealpha on Dec 17, 2018 19:07:24 GMT
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Post by mrclondon on Dec 17, 2018 19:25:05 GMT
I've just done a search at companies house for "Lowell (Garfunkelux)" but I'm not picking it up - there are a lot of companies with Lowell in the name. Can you give the company registration number please. Thanks.
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Post by Wisealpha on Dec 17, 2018 19:31:03 GMT
Hi Mrclondon, The company's results are located here. Most large companies (which are listed) have all of their information in a nice investor relations section rather than you having to scour companies house. www.lowell.com/investors/results/We also have links to their prospectus and financial information at the bottom of this page www.wisealpha.com/loan/detail/16/gflx2 You'll need to login to WiseAlpha to get access to the fuller info links. Kind regards, |
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Post by mrclondon on Dec 17, 2018 19:34:49 GMT
But the CH filings show details such as late filing of accounts and confirmation statements, strike-off notices etc, other companies the directors are associated with, charges and who the lenders are etc. Yes, the company's website is a source of info, but shouldn't be a major element of investment due dilligence. LOWELL PORTFOLIO I LTD Shareholder: Lowell Finance Ltd
LOWELL FINANCIAL LTD Shareholder: Lowell Finance Ltd
Accounts for y/e December 2017 for both enttities filed in September 2018 (so month 9, on time but not early). Lenders are Citibank and J.P.Morgan
High turnover of directors, with 6 resigning mid 2017 and 1 mid 2018 with 1 appointment mid 2017 and 2 appointment mid 2018. Would be interesting to know the reasons for this.
LOWELL FINANCE LTD Shareholder: Lowell Holdings Limited
LOWELL HOLDINGS LTD Shareholder: Lowell Acquisitions Limited
LOWELL ACQUISITIONS LIMITED Shareholder: Lowell Funding Limited
LOWELL FUNDING LIMITED Shareholder: Lowell Group Limited
LOWELL GROUP LIMITED Shareholder: Lowell Finance Holdings Limited
LOWELL FINANCE HOLDINGS LIMITED Shareholder: Metis Bidco Limited
METIS BIDCO LIMITED Shareholder: Simon Bidco Limited
SIMON BIDCO LIMITED 42 named individuals listed as persons with significant control. Filing error at CH as they can't all have more than 50% of the voting rights. According to corporate structure (see later post) the shareholder is Simon Midco Ltd
SIMON MIDCO LIMITED 43 named individuals listed as persons with significant control. Filing error at CH as they can't all have more than 50% of the voting rights.
According to corporate structure (see later post) the shareholder is Simon Holdco Ltd
SIMON HOLDCO LIMITED (Jersey)
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Post by Wisealpha on Dec 17, 2018 19:46:29 GMT
Sure, that's a fair point, although since all of the companies on our site have listed bonds and are worth over £1bn they tend to be very precise in ensuring this is all perfect, otherwise they get a number of big lenders on their case....
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Post by mrclondon on Dec 17, 2018 19:54:02 GMT
Sure, that's a fair point, although since all of the companies on our site have listed bonds and are worth over £1bn they tend to be very precise in ensuring this is all perfect, otherwise they get a number of big lenders on their case.... Yes, point taken as they will be audited at that size. But there really should be no excuse for not filing around 6 months after the year end.
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Post by Wisealpha on Dec 17, 2018 20:04:31 GMT
To be fair for a business of that size it takes around 6 months to get their statements prepared, audited and presented.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 17, 2018 20:10:29 GMT
Just looked it’s not for me. Today a FS loan paid back early giving me 22.1% APR TAX free . I only had a grand in it but “look after the pennies etc.”
Welendus compounded over 6 Months averaging about 12.1% so far.
It depends on your attitude to illiquidity P2P usually resolves defaults within 24 Months so at least a year earlier than maturity here and only a portion should be tied up more than a couple of months past due date.
It may be ok as part of a large portfolio. SIPP,s are best if you are older and in work.
All investments should involve at least a large effort at inception with appropriate DD. DD should always include the stalwarts of these forums who do fantastic sleuthing on our behalf.
We all know who you are. Thanks...
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 17, 2018 20:18:05 GMT
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Post by loftankerman on Dec 17, 2018 20:38:15 GMT
Unsubscribe!
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Post by mrclondon on Dec 17, 2018 20:40:06 GMT
The issuer appears to be GARFUNKELUX HOLDCO 3 S.A. a Luxembourg registered entity, which is apparently a subsidiary of GARFUNKELUX HOLDCO 2 S.A
Sorry Wisealpha but performing due dilligence on this bond could hardly be described as "low maintenance". I've seen enough to know I'm not interested, the amount of effort needed to perform a risk assessment is not justified.
(I've not bothered trying to remember my wisealpha password so I've not looked at the info you provide, but I'm not sure of the immediate relevance of pointing us at a UK Lowell website when the bond is to a Luxembourg entity. Although I perhaps forced you down that tangent given I asked about the company registration number).
More broadly, I'm not interested in investing in the debt of large companies where it becomes just another funding line, and particularly one I've never heard of, and is impossible to take a view of risks.
From pg 46 of the 882 page "Luxembourg Stock Exchange Listing Prospectus" (available on bourse.lu url above, general background is on pages 35 to 45)
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Post by mrclondon on Dec 17, 2018 20:51:43 GMT
Wisealpha , I assume you have had your posts and particularly the thread title cleared by your compliance officer, as it feels to me to be on the edge of what is permissible under the FCA financial promotions regulations and the guidance they've published with regard to social media.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Dec 17, 2018 20:52:13 GMT
Don't understand, are some posters using alternative names to the ones we recognise on posts? And if so how do I do it if I want to? 
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Post by Badly Drawn Stickman on Dec 17, 2018 21:07:14 GMT
Don't understand, are some posters using alternative names to the ones we recognise on posts? And if so how do I do it if I want to? Go to your profile, look for the 'Edit profile' button - click it - look for 'personal' - click it. Then you can become anything your heart desires.
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Post by Wisealpha on Dec 17, 2018 21:09:50 GMT
The issuer appears to be GARFUNKELUX HOLDCO 3 S.A. a Luxembourg registered entity
Sorry Wisealpha but performing due dilligence on this bond could hardly be described as "low maintenance". I've seen enough to know I'm not interested, the amount of effort needed to perform a risk assessment is not justified.
(I've not bothered trying to remember my wisealpha password so I've not looked at the info you provide, but I'm not sure of the immediate relevance of pointing us at a UK Lowell website when the bond is to a Luxembourg entity. Although I perhaps forced you down that tangent given I asked about the company registration number).
More broadly, I'm not interested in investing in the debt of large companies where it becomes just another funding line, and particularly one I've never heard of, and is impossible to take a view of risks.
Hi mrclondon, its common practice in the corporate bond world to use Lux issuing entities for tax structuring reasons. Garfunkelux holdco 3 has ownership and security over the UK operating assets and the proceeds of the bond were used to acquire consumer debt and fund the operating companies. Clearly the performance of the operating assets and debt portfolio is what lenders are most interested in and which is why the investor relations site is where all bondholders go to assess performance and credit quality. Obviously a lot of large institutions and banks operate in the corporate bond market and so these approaches have become standardised over a long period of time. The maintenance discussion is one around looking at a diversified lender across hundreds of thousands of borrowers versus ones with less diversification or making individual consumer loans to build a portfolio and the ease in which information is available. I think this is all a matter of perception - clearly a lot of sophisticated lenders and banks feel comfortable with the way corporate bonds are structured as they are familiar with it, just in the same way you are more comfortable with the evolving P2P market. Each to their own I guess, but knowing both markets like I do I know what I prefer!
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