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Post by MoneyThing on Dec 3, 2015 13:11:53 GMT
I don't see the point of having two separate managed portfolios with the same interest rate and duration, instead of one. What am I missing? Only that these portfolio's (and future ones), will be put together in tranches of £125,000 and that we are simply launching 2 x £125,000 portfolios together. Likewise, the portfolios will reduce by tranches of £125,000 also. Regards,Ed.
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SteveT
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Post by SteveT on Dec 3, 2015 13:12:38 GMT
MoneyThing, you'll also need to edit out the references in the quoted post (within your post). It doesn't disappear when the original post is edited.
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Post by Deleted on Dec 3, 2015 13:22:48 GMT
Some thoughts on the role of Chairman, I'm not an expert but it sounds odd. I'm not sure how much of this stuff is right or not but in 30 years as a Director across multiple companies I've not come across this concept. I dug out some old files from a friend who got into a little problem (Bahamas??) and the advice at the time was like this....
COMPANY CHAIRMAN A Chairman is an indispensible part of the meeting procedures (ref Woonda Nominees v Chng [2000]) of both Directors and Shareholders.
A meeting cannot proceed without a Chairman; it needs someone to be in procedural control of, and smoothly run, the meeting. For a Board of Directors’ meeting the Chairman must be a Director, because the Chairman has a vote and may in fact have a casting vote. It is incongruous that anyone other than a Director have a vote at a Directors’ meeting.
Furthermore, if a non-Director is chairing/running a Board meeting he may in fact be deemed to be a Director [ie, a defacto Director] and without realising it become personally encumbered with all the legal responsibilities and obligations of being a Director.
See 248E of the Corporations Act effectively states that the Chairman of a Directors ’ meeting must be one of the Directors, and provides that the Directors may elect a Chairman [of the Company] in an on-going role or must elect a Chairman for a meeting if there is no Company Chairman.
.....Still I just wonder why such a concept is in place?
Edit
I guess he might be ill, but if so, how can he carry out his duties?
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kermie
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Post by kermie on Dec 3, 2015 13:23:50 GMT
I note that "[AE] has also agreed to swap out any defaulted loans and replace them with loans of an equal or greater value." which i think adds some re-assurance given that these are not prime borrowers.
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Post by Deleted on Dec 3, 2015 13:24:32 GMT
The idea of two £125k loans makes sense with the range of lenders' pockets at the moment.
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stevio
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Post by stevio on Dec 3, 2015 13:35:42 GMT
Is this the partner or the used car dealer loan mentioned in previous updates, if clarified, is the other to make an appearance too?
1. First new Partner loan with Broadoak Private Finance - £390,000 loan (anticipated drawdown later this week/early next). In addition, there are a further £650,000 of Broadoak loans due to complete within the next couple of weeks.
2. Used car dealer loan under a Debenture arrangement - £200,000 loan (anticipated drawdown later this week/early next). (This loan replaces redeemed loans MT208, MT209 & MT214 and also live loan MT274).
3. New Partner (TBA) – Going through the very final stages of due diligence.
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pom
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Post by pom on Dec 3, 2015 13:37:52 GMT
Let's just hope we have chance to choose which to go for first..
(edit - was in response to Bobo)
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davex
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Post by davex on Dec 3, 2015 13:39:23 GMT
Suspect these will not fly out as fast as the Broadoak deal, sub-prime borrowers and other concerns mentioned above.
Notice that the headline rate quoted on their site for car loans is 62%.
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Post by MoneyThing on Dec 3, 2015 13:43:37 GMT
Is this the partner or the used car dealer loan mentioned in previous updates, if clarified, is the other to make an appearance too? 1. First new Partner loan with Broadoak Private Finance - £390,000 loan (anticipated drawdown later this week/early next). In addition, there are a further £650,000 of Broadoak loans due to complete within the next couple of weeks. 2. Used car dealer loan under a Debenture arrangement - £200,000 loan (anticipated drawdown later this week/early next). (This loan replaces redeemed loans MT208, MT209 & MT214 and also live loan MT274). 3. New Partner (TBA) – Going through the very final stages of due diligence. Afternoon. These loans represent point '3'. Item '2' still in progress.... Regards, Ed.
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Post by MoneyThing on Dec 3, 2015 13:45:18 GMT
Some thoughts on the role of Chairman, I'm not an expert but it sounds odd. I'm not sure how much of this stuff is right or not but in 30 years as a Director across multiple companies I've not come across this concept. I dug out some old files from a friend who got into a little problem (Bahamas??) and the advice at the time was like this.... COMPANY CHAIRMAN A Chairman is an indispensible part of the meeting procedures (ref Woonda Nominees v Chng [2000]) of both Directors and Shareholders. A meeting cannot proceed without a Chairman; it needs someone to be in procedural control of, and smoothly run, the meeting. For a Board of Directors’ meeting the Chairman must be a Director, because the Chairman has a vote and may in fact have a casting vote. It is incongruous that anyone other than a Director have a vote at a Directors’ meeting. Furthermore, if a non-Director is chairing/running a Board meeting he may in fact be deemed to be a Director [ie, a defacto Director] and without realising it become personally encumbered with all the legal responsibilities and obligations of being a Director. See 248E of the Corporations Act effectively states that the Chairman of a Directors ’ meeting must be one of the Directors, and provides that the Directors may elect a Chairman [of the Company] in an on-going role or must elect a Chairman for a meeting if there is no Company Chairman. .....Still I just wonder why such a concept is in place? EditI guess he might be ill, but if so, how can he carry out his duties? The chairman will be going on as a Director imminently (currently non-exec chairman). Will revert back as to timing. Regards, Ed.
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Post by mrclondon on Dec 3, 2015 13:50:12 GMT
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ramblin rose
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Post by ramblin rose on Dec 3, 2015 13:51:46 GMT
Suspect these will not fly out as fast as the Broadoak deal, sub-prime borrowers and other concerns mentioned above. Notice that the headline rate quoted on their site for car loans is 62%. On the other hand, there's likely still to be an overhang of funds from the pulled property looking for a home.
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shimself
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Post by shimself on Dec 3, 2015 13:54:32 GMT
Can we be given a look at the accounts of Asset Exchange please. Also how many defaults on how many loans, recovery data, any industry rules of thumb?
Is there any danger of legislation hitting the business as it did Wonga (If you think 62% is high, have a look at the log book loans 90.79% APR !
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Post by Deleted on Dec 3, 2015 14:03:39 GMT
The chairman will be going on as a Director imminently (currently non-exec chairman). Will revert back as to timing. Regards, Ed. Ed, that really isn't, what is the word, "relevant". Non-execs are Directors too, in fact "non-exec directors" are just that. A non-exec Chairman would run into just the points above, the word non-exec doesn't absolve them of a special responsibility, just day to day management. But as I say I'm no expert. I'm still pretty positive but I'm losing a little confidence in a partner that has such a structure. The company secretary should have resolved this ages ago.
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stevio
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Post by stevio on Dec 3, 2015 16:11:12 GMT
Watching these fill up and they went upto 54%, then next minute they were down to 49% - hows that work?
Someone withdraw a bid somehow?
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