Various Loan Updates (Assetz Capital)

Two purchases: one at 12:36 and one at 13:33

Yes, I should have read *all* of the email then I'd have seen the rationale for the partial repayment.

Still seems to be a bit odd buying chunks when the enterprise is already known to be troubled ... in the same boat as happy - in that it seems to have eaten up 25% of the capital repayment.

And I'm not in my home timezone today - emails stamped at *my* local time, AC activity timestamped in London time - that explains my confusion .... well, that and last night's Tequila ...

dermot, principal repayment will be the £129.5k development funding never drawn down, which AC have now repaid to lenders. If you got £133 that means you should have been holding c. £654 of 174 (getting back the 20.3% repaid). GBBA holders should have got this 20.3% back same as MLIA lenders. Not sure about the other £30 you say you picked up. Certainly shouldn’t be from MLIA investors if after 14.39. Maybe (mind slightly boggles) from QAA?

Considering how few people will have noticed these transactions so far (and it will also be limited to those that open the black box) it would be interesting to see how much of this loan was traded just before the update and where it came from .....

I saw around £25k on the sm about noon-ish.

edit, I only looked as I'd just picked up £58 at 11.45. So if £25k generated £30 bites at 12.36, it suggests the 11.45 'round' might have been double so potentially £75k in total.

I’m wondering if it was the QAA that sold units. My GBBA transactions show £3.19 was withdrawn from QAA & invested it into 174 at 12.36. My QAA however shows no transactions today. Which I think means that the £3.19 was taken from cash held within the QAA.

My QAA holdings at 12.36 were about £957. So it seems 0.333% of my QAA holdings were used for this purpose. If that was the case for everyone (easy to verify if someone else checks their records)

& bearing in mind Total QAA holdings (a few mins ago) were £16.433m (& 30D £13.665m hence total of this shared pot AWUI = £30.098m).

it suggests 0.0333% of the Total QAA pot was used for this purpose ie c. £55k (or if of the full shared pot £100k).

which chimes in with pepperpot’s view of things.

ie QAA sold £50-100k of 174, which was taken up by GBBA (& presumably MLIA) lenders before the loan was suspended.

Not sure these calcs & thinking are correct but if they are it would suggest the transactions were made to protect QAA from having £55-100k liquidity locked up in a distressed loan. That arguably might be ok in the investment account logic scheme of things (QAA is designed to offer more rapid access than GBBA, which is also PF protected), but raises an eyebrow as to MLIA lenders potentially taking the hit. And hence investment accounts “seeking alpha” to the detriment of MLIA holders?

Got rid of my MLIA exposure to 174 a while ago, but like many others my GBBA account has picked some up just before the sticky brown stuff hit the fan. Clearly somebody had advance notice of what was going on.

Would be very concerning if the QAA was ditching this just before it was suspended