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Post by optymystic on Aug 30, 2022 14:15:47 GMT
Rue the day we ever heard of Abundance..... We made a punt, most of us attracted by a high interest rate. We lost. We got wiped out completely. What is puzzling considering the very large sums involved (£5m plus) is the lack of online debate and exposure. There were some big players involved and I cannot believe they would have accepted this without demur. Losing out on an investment is unremarkable. Being wiped out completely on a secured debenture is!
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Post by mizunomx25 on Aug 31, 2022 12:09:33 GMT
Cannot disagree with you Optymistic. But, I sure do have difficulty accepting The Abundance lack of transparency in all this. It all smells of a cover up to me. As you say, there were some big players in there!! It all seems to have been brushed under the carpet. The copy and paste replies from Abundance do nothing more than make the blood boil and some!!
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Steerpike
Member of DD Central
Posts: 1,977 
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Post by Steerpike on Aug 31, 2022 12:53:38 GMT
Abundance have stated that they do not have the authority to negotiate on behalf of debenture holders, this means that no one did so.
The directors and new lenders prepared a proposal that suited them and then debenture holders could either take it or leave it.
In a hypothetical situation, if offered the choice between say 5p in the pound and 1p in the pound a majority will vote for 5p even if a higher amount might have been achieved had there been representative negotiation, of course there is no way of knowing what might have happened in this particular case.
What is clear is that debenture holders invested much more than the other parties but received in return only the same one third share of the restructured business.
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Post by optymystic on Aug 31, 2022 14:30:17 GMT
Abundance have stated that they do not have the authority to negotiate on behalf of debenture holders, this means that no one did so. The debentures were created by Abundance. Without Abundance there would be no debentures and no Abundance controlled market in those debentures as once there was. The relationship between debenture holders and the company is mediated by Abundance so Abundance is for all practical purposes the agent of the debenture holders. I find this washing of hands indefensible. Of course Abundance had our authority to negotiate. How many of us were going to challenge any representations made on our behalf?
On my previous point, I am still far from convinced ,because there has been no evidence, that all the debenture holders were treated fairly and equitably by Abundance. Did we all get the same deal i.e. all the Abundance debenture holders in all the Abundance debentures issued by this group of companies?
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Post by optymystic on Jan 7, 2023 10:53:05 GMT
Have we shareholders heard anything from M****** V***** or from Abundance on its behalf since 1st June 2022? I'm looking forward to a fat dividend pay out shortly what with these soaring fuel bills.
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Post by GentlemansFamilyFinances on Jan 7, 2023 21:01:02 GMT
I expect less a fat divi and more thin gruel.
My thousands and thousands of shares (face value £25] I think) should be super profitable given the price of power recently, but I doubt it.
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Post by GentlemansFamilyFinances on Jan 7, 2023 21:09:33 GMT
Looking again at this one,
I have £92.88 invested and should get one sixth of so as a capital at the end of the month.
Dividend... who knows, I am not 100% sure about the capital.
Ivenkt checked companies house but there's more red flags than a May Day parade at the Kremlim.
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Post by mizunomx25 on Feb 1, 2023 11:34:18 GMT
Well.... well well.. Surprise.. Surprise.. Hello Abundance!!! Pay day was yesterday. Where are you with our payments???
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Post by captainconfident on Feb 1, 2023 12:40:12 GMT
Either these people couldn't make money if they found a goldmine, or they have realised that if they can bilk the suckers out of £6m once, they can do it once again.
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Post by optymystic on Feb 1, 2023 14:56:17 GMT
Fresh in today
No mention of the solvency of their wiped-out investors.
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Post by GentlemansFamilyFinances on Feb 1, 2023 16:18:19 GMT
No dividend for me.
I've not even bothered reading the message from them - who wants to be lied to their face?
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Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
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Post by Steerpike on Feb 1, 2023 18:03:50 GMT
Clearly, supporting this company is a waste of everyone's time and the business should be closed down as soon as possible so that the space it occupies can be put to more productive use.
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archer
New Member
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Post by archer on Feb 1, 2023 22:47:17 GMT
Complete joke of an update on the latest non -payment for this sorry saga. The excuses they manage to come up with for this stuff either not operating correctly or profitably are unreal.
Seeking a deferment again, (of a fraction of the original investment interest) when energy prices are booming is just beyond comprehension. And then to end the report by saying that they are charging below market electricity prices...
I'll be voting against this proposal. I've had enough.
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Post by mizunomx25 on Feb 2, 2023 11:16:51 GMT
Sent them this reply today...
Dear Abundance
Tell you what!!! Stick it! You are a bunch of lying incompetents. You should have done proper due diligence before you promoted this whole sorry mess. Shame on you! You are an absolute Joke. Had enough of you all. Don't think I'm the only one!! My biggest regret ever was investing in you lot...
BYE BYE
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Post by annoyed1986 on Feb 3, 2023 14:04:23 GMT
Complete joke of an update on the latest non -payment for this sorry saga. The excuses they manage to come up with for this stuff either not operating correctly or profitably are unreal. Seeking a deferment again, (of a fraction of the original investment interest) when energy prices are booming is just beyond comprehension. And then to end the report by saying that they are charging below market electricity prices... I'll be voting against this proposal. I've had enough. Charing 16p is what got me. Why am i subsidising other companies energy production in a random business park? Presumably these businesses are paying other electricity generators the going rate for the rest of their electricity needs? I do actually have an idea. The other companies on the business park or whatever it is are probably owned by the same people that own this company, so they are charging below market rates, making a loss, and we are the ones who are subsidising it.
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