aem
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Post by aem on Dec 3, 2016 22:29:32 GMT
FYI - the issue of the late accounts has been raised on the Seedrs discussion list for Wellesley. No response yet (the question was raised today).
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Post by wiseclerk on Dec 4, 2016 9:52:54 GMT
Isn't that one of the questions answered in the FAQ provided? (see documents section)
P.S.: I plan to publish an interview on the topic of the Seedrs raise next week on P2P-Banking.com
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Post by mrclondon on Dec 4, 2016 12:55:49 GMT
Isn't that one of the questions answered in the FAQ provided? (see documents section) P.S.: I plan to publish an interview on the topic of the Seedrs raise next week on P2P-Banking.com Yes, but the answer raises more questions. The fact that a strike off notice is being raised at T+2 months implies either a formal request for additional time to file the accounts was never made to Companies House or was declined (see bottom of www.gov.uk/prepare-file-annual-accounts-for-limited-company/overview ) The answer says they will be filed in Q3/Q4. Well if they had been filed in Q3 they wouldn't have been late. There are now only 3.5 working weeks of Q4 left, and 8 working weeks until the company is struck off. I hope your interview raised the issue that is the most troubling ... the fact that 1.8% losses in the first 9 months of current loan facilities equates to a loss of c. £4m which just happens to be the target raise for the round. It strikes me that this round could be considered a straight-forward recapitalisation of loan losses. Except W&Co will claim, with some justification, that the necessary recapitalisation to cover loan losses was achieved by the existing shareholders in September 2016. As I said in my earlier post, I find the timing of this raise very strange, as it brings the spotlight onto them at a time of relative weakness.
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Post by wiseclerk on Dec 4, 2016 15:10:49 GMT
There was a very brief buzz in the end of May 2016 about a Wellesley round on Seedrs but the meager indications were pulled within hours and nothing substantiated at that time.
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kermie
Member of DD Central
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Post by kermie on Dec 5, 2016 22:19:52 GMT
If I read the notes on group capital structure, it says that GW lent Wellesley £2.35M in Sept 2016, most of which GW raised by borrowing against one of his properties. W lent GW the money, who then lent is back to W. Presumably this was funded ultimately by P2P lenders @ 2-3%. I note the loan to GW is at 10%. I guess this is all above board, but that strikes me as a bit of a merry-go-round.
Edit: little unclear if the funds were an equity injection or a loan, but in any case, still a bit of a merry-go-round.
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Post by wiseclerk on Dec 6, 2016 8:23:30 GMT
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 6, 2016 14:10:17 GMT
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kermie
Member of DD Central
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Post by kermie on Dec 6, 2016 19:56:23 GMT
Do the FT guys read this forum ;-). Yeah - I would liked to have been in a position to confidently invest, but I just don't get a warm enough feeling. I did look on Seedrs, but as alphaville reports, there is really very little detailed financial information.
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Post by mrclondon on Dec 15, 2016 16:19:17 GMT
Two additional documents have been added to the seedrs listing: "Wellesley Annual Review" and "Annual Report and Financial Statements (2015)" but have to be requested, and seedrs require you to have a linkedin profile as the means of identifying you to (in this case) W&Co. I have just requested copies, so no idea how interetsing or otherwise they are.
The ten day preferential window for currrent account holders which was due to end last Friday got extended until tomorrow (Fri 16th) but takeup has remained sluggish with just over £178k bid thus far, with £100k of that from 1 individual. IMO its going to be a struggle for them to reach the £1.5m minimum by early February.
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rick24
Member of DD Central
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Post by rick24 on Jan 4, 2017 19:55:22 GMT
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kermie
Member of DD Central
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Post by kermie on Jan 4, 2017 21:25:53 GMT
Paywalls, mutter, mutter - anyone care to summarise?
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Post by eascogo on Jan 4, 2017 22:56:44 GMT
Paywalls, mutter, mutter - anyone care to summarise? Right click the link, search google for... the only result takes you straight in, bypassing the paywall! (google really is your friend) edit; In essence, barge pole. Comment from the auditors says they need the fundraise to continue to operate for a further 12 months from approval of accounts in Nov '16. Seems bizarre though given the drop in rates due to being allegedly awash with cash?!? Or was it that they needed to drop rates in order to increase spread and start to make a profit? Should I worry? I have large 3- and 5-year P2P chunks there.
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Post by westonkev on Jan 5, 2017 7:10:09 GMT
We know the journalist reads this forum, most of the P2P stories on Alphaville originate here.... This "story" splits my opinion. Its style is very alarmist and possibly correct to do so, however this negativity will make the Seedrs fund-raise less likely to succeed. This according to the accountants is critical to survival. If the alarmist style is over the top and we have a great company looking to grow, them the article does nothing but put this into jeopardy. Either way, Wellesley will be fuming and it'll be interesting to see how they respond (which won't be through the P2PFA!). Kevin.
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Post by bracknellboy on Jan 5, 2017 8:11:25 GMT
As long as they can muddle through to mid May when the last small pittance I have with them matures.......
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jaswells
Member of DD Central
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Post by jaswells on Jan 5, 2017 9:28:40 GMT
To be fair Wellesley are probably not the only p2p company that would need to raise money over the next year or so to continue as a going concern. The unfortunate thing is that once confidence is dented it can be difficult to rebuild, particularly in this area of business. However, Wellesley do have an outstanding customer service record to date and built what seems to be a strong team around them. As long as they can continue to expand their loan book and manage outgoings (which they are seemingly doing) they can continue to build their position as one of the largest p2p lenders in the market.
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