Post by puddleduck on Jun 15, 2020 13:22:13 GMT
On March 16 2020 we notified you that due to insufficient liquidity on the platform we would be entering a Liquidity Event* for a period of 90 days under clause 7.3 of our investor terms.
We regret to inform you that the continued impact of the novel coronavirus (COVID-19) on the economic environment has prevented us from resuming normal operations at the end of the 90 days period. Without the means to remedy the Liquidity Event we are required by clause 7.7 of our investor terms to call a Resolution Event**.
When considering whether the Liquidity Event could be remedied we looked at the following factors:
The stability of the landscape and wider economic climate which prompted investors’ concerns;
Whether resuming platform operations would result in significant withdrawals or settings alterations; and
Whether there was sufficient liquidity to cover the sum of previously requested withdrawals plus an additional contingency for further withdrawals
It was concluded that normal platform operations could not resume.
We will formally give notice to our borrowers to repay in line with the terms of their contractual agreements (it being acknowledged that some borrowers need to be given longer which will extend the repayment period) and begin the closure of the current loan book.
Our Relationship Management team will continue to work with our borrower portfolio to support them to repay their facilities. It is our duty and strongest desire to return as much of your original investment as quickly as possible during this period.
The occurrence of the Resolution Event will trigger the following changes to your investment portfolio:
You can withdraw any unmatched amounts from your holding account, however, you cannot withdraw any invested funds;
Interest will no longer continue to accrue on your invested funds. The total amount you are owed is the principal amount you invested plus interest accrued on the loans up until the date of the Resolution Event (your investor dashboard will display this amount);
All loans outstanding have been assigned to Growth Street Provision Limited (GSP) to manage repayments from borrowers and distributions to investors.
These changes will be available in your dashboard by the end of the day tomorrow, 16th June.
etc etc
We regret to inform you that the continued impact of the novel coronavirus (COVID-19) on the economic environment has prevented us from resuming normal operations at the end of the 90 days period. Without the means to remedy the Liquidity Event we are required by clause 7.7 of our investor terms to call a Resolution Event**.
When considering whether the Liquidity Event could be remedied we looked at the following factors:
The stability of the landscape and wider economic climate which prompted investors’ concerns;
Whether resuming platform operations would result in significant withdrawals or settings alterations; and
Whether there was sufficient liquidity to cover the sum of previously requested withdrawals plus an additional contingency for further withdrawals
It was concluded that normal platform operations could not resume.
We will formally give notice to our borrowers to repay in line with the terms of their contractual agreements (it being acknowledged that some borrowers need to be given longer which will extend the repayment period) and begin the closure of the current loan book.
Our Relationship Management team will continue to work with our borrower portfolio to support them to repay their facilities. It is our duty and strongest desire to return as much of your original investment as quickly as possible during this period.
The occurrence of the Resolution Event will trigger the following changes to your investment portfolio:
You can withdraw any unmatched amounts from your holding account, however, you cannot withdraw any invested funds;
Interest will no longer continue to accrue on your invested funds. The total amount you are owed is the principal amount you invested plus interest accrued on the loans up until the date of the Resolution Event (your investor dashboard will display this amount);
All loans outstanding have been assigned to Growth Street Provision Limited (GSP) to manage repayments from borrowers and distributions to investors.
These changes will be available in your dashboard by the end of the day tomorrow, 16th June.
etc etc
