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Post by mrclondon on Feb 19, 2015 23:33:06 GMT
It would be really helpful if stuartassetzcapital could confirm that overfunding will be available if so required for at least two full working days after potential investors have been provided with the financials to support the raise. With the £2m target steadily approaching, there is a danger that potential investors will feel pressurised into committing to this raise without sight of documents that should have been available as the raise was launched on Monday morning ... and its now almost midnight on Thursday. Whilst I note the trade press have mentioned that overfunding to a total of £4m could be possible, on this thread AC have sounded distinctly cautious about the subject of overfunding. I believe some AC members have received NDA's during today, however despite my request on the seedrs site 48 hours ago, confirmed by email 36 hours ago all I have received is an acknowledgement to my email. Perhaps my large 5 figure balance on the AC platform isn't considered big enough  . Oh well.
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Post by pepperpot on Feb 20, 2015 0:49:37 GMT
bugs4me, Did you request the NDA via seedrs 'request information' in the Q&A section? I received it fairly promptly afterwards.** I've just emailed it back and received an auto response saying they are experiencing high levels of email traffic and if it is regarding the seedrs raise it will be dealt with as a high priority. Whether it happens before it's fully funded or not remains to be seen. Perhaps Stuarts assistant needs an assistant?? Like Ton ⓉⓞⓃ, I've put in a couple of holding bids on the premise that if they are not funded I will lose my share. So there should be enough time to review the docs before committing. Since AC have gone to the trouble of preparing documents specifically for this purpose, I would expect them to be sent out, fully funded or not. **Edit: just seen mrc's last line about not receiving the NDA yet, I might have got lucky in that the requests might not be being dealt with a chronological order, and was near the top of the pile when someone logged in to 'do a bit'.
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mikes1531
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Post by mikes1531 on Feb 20, 2015 3:30:19 GMT
I believe some AC members have received NDA's during today, however despite my request on the seedrs site 48 hours ago, confirmed by email 36 hours ago all I have received is an acknowledgement to my email. I made my request via the Seedrs website "2 days ago" -- I'm afraid the website doesn't put proper timestamps on messages. I then received a request for my contact details because Seedrs don't supply that to the company that will be supplying the requested data! That doesn't make sense to me, but that's the way it is. The very least Seedrs could do to help would be to instruct people to supply their details when they make an info request.  Anyway, AC sent me the NDA at 1732 on Thursday -- personalised with my name and address. I don't know how many requests AC have received, but I wonder whether the personalisation might have slowed things down a bit. I have now initialled each page as requested, signed at the end, scanned the lot, and emailed the package back to AC. I do hope the requested info will be sent out before the office shuts down for the weekend. Judging from the state of the NDA, I can see why AC were scrambling to produce a NDA they could use in the circumstances. It looks like they took a NDA they use for other situations and modified it for this one. All I can say is that I sure hope the legal agreements AC use to secure the loans they make are better written than this NDA. It uses terms like 'we' and 'us' without defining them. From the context, I'd say 'we' and 'us' are not the same party. (I suspect most of those references in the NDA they started with were changed to the defined terms 'Party A' and 'Party B', but they did miss some.) There also is an unexplained reference to 'negotiations'. Yet more evidence, I'm afraid, that AC staff are overloaded. Hopefully the funding raised by the share offering will allow them to increase their staff and address that issue. Does anyone know whether the money raised via Seedrs would become available to AC as soon as the fundraising is complete? Or is it off-limits until the next phase is complete and the Seedrs investors' convertible shares are turned into real shares and issued?
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mikes1531
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Post by mikes1531 on Feb 20, 2015 3:37:28 GMT
We took future interest on account as cash within the original 70% LTV and this was paid to lenders monthly already in cash so it will be the capital and default interest now due from the first charge security and to get all original interest and capital repaid we need just over 60% recovery I estimate. I'm afraid I don't understand the logic here. AC report the LTV right now to be 70.64%. Any recovery below that level -- after all costs and fees -- would mean lenders would not receive their original investment returned from the liquidation proceeds. It seems rather inappropriate to suggest that the monthly payments made during the first six months of these loans should be redefined as a return of capital rather than interest. And especially so considering that the recipients of those monthly payments might no longer have any investment in these loans because of sales in the Aftermarket. Surely AC don't expect that if the recovery is only enough that an investor who was in the loan from the beginning to the end receives back the same amount -- including those monthly payments -- that they initially invested, those investors would consider that to be a full recovery. If the recovery would be something similar to the rabbit AC pulled out of the hat by AC for the FF loan -- all capital returned, plus interest at the basic rate for the loan (i.e. not including any increased rate as a penalty for the loan being in default) for the entire period that the loan was outstanding, I would be willing to call that a near-full recovery. Anything less would not qualify for that description. A proper full recovery would include the extra 'default' interest, especially considering that some current lenders will have bought loan parts on the Aftermarket after the initial term and would have been expecting the 18% rate that the loan was shown as accruing from the time of their purchase until the time their capital is repaid as compensation for the increased risk that they were taking..
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bugs4me
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Post by bugs4me on Feb 20, 2015 7:56:42 GMT
bugs4me, Did you request the NDA via seedrs 'request information' in the Q&A section? I received it fairly promptly afterwards.** I've just emailed it back and received an auto response saying they are experiencing high levels of email traffic and if it is regarding the seedrs raise it will be dealt with as a high priority. Whether it happens before it's fully funded or not remains to be seen. Perhaps Stuarts assistant needs an assistant?? Like Ton ⓉⓞⓃ, I've put in a couple of holding bids on the premise that if they are not funded I will lose my share. So there should be enough time to review the docs before committing. Since AC have gone to the trouble of preparing documents specifically for this purpose, I would expect them to be sent out, fully funded or not. **Edit: just seen mrc's last line about not receiving the NDA yet, I might have got lucky in that the requests might not be being dealt with a chronological order, and was near the top of the pile when someone logged in to 'do a bit'. Yes I did - via the Seedrs website request information. I've just submitted a second request. Maybe this one will get through.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Feb 20, 2015 9:13:04 GMT
Does anyone know whether the money raised via Seedrs would become available to AC as soon as the fundraising is complete? Or is it off-limits until the next phase is complete and the Seedrs investors' convertible shares are turned into real shares and issued? Mike, this was asked on the Q&A 3 days ago. The answer supplied by seedrs was: " We aim to fund companies with a few weeks after the campaign has hit its target and closed. It can sometimes be quicker than this (or longer) depending on the complexity of the documentation. Most of the documentation for this deal has been completed so I don't expect it will take too long at all. " Regarding the NDAs and information; I received and promptly returned mine in the middle of yesterday afternoon, but no information received yet. I can only guess they have been deluged with requests which all need a personalised document to be produced and sent.
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bugs4me
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Post by bugs4me on Feb 20, 2015 9:33:49 GMT
I would or am tempted but my accountant is insistent upon AC showing both current and projected financials to myself. I've registered my interest, sent a mail and was expecting an NDA by now but nothing has materialised. Whilst it may be tempting to jump in as it is claimed the institutions are doing or are going to do I'm not going to follow without the information. You are correct, you can 'pledge' money and cancel but I'm not sure why AC are not supplying the requested information. I'm sure any institution will have it in their possession. The tax breaks are tempting but they only act as compensation if it fails. FYI. Some of us have received the NDA. We signed it and returned it. However, no info has been forthcoming such as a convert termsheet, accounts or projections. AC doesn't really need to provide this info anymore since they are raising money just fine without it. Nice to see so many people doing due diligence before investing in a illiquid, high risk, private equity position! Many do invest as there is the pull of the institutions without first satisfying themselves it is for them. I agree though that AC will no doubt achieve their target without necessarily providing the information required.
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mikes1531
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Post by mikes1531 on Feb 20, 2015 14:12:39 GMT
Regarding the NDAs and information; I received and promptly returned mine in the middle of yesterday afternoon, but no information received yet. I can only guess they have been deluged with requests which all need a personalised document to be produced and sent. I don't understand why they felt the need to personalise the NDA. The person signing it has to manually enter some details on the signature page, so why couldn't they enter the necessary details on the first page as well? Looks like a 'make work' exercise to me. I still haven't received the info. AC, no doubt, are still busy redacting all references to their business partners. And probably have to run the documents past their Compliance Dept. before anything can be released. The mind boggles at the thought that AC didn't anticipate that any potential investor might want to see this info. Will we get anything before the offer is fully funded?
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Feb 20, 2015 14:20:58 GMT
Regarding the NDAs and information; I received and promptly returned mine in the middle of yesterday afternoon, but no information received yet. I can only guess they have been deluged with requests which all need a personalised document to be produced and sent. I don't understand why they felt the need to personalise the NDA. The person signing it has to manually enter some details on the signature page, so why couldn't they enter the necessary details on the first page as well? Looks like a 'make work' exercise to me. I still haven't received the info. AC, no doubt, are still busy redacting all references to their business partners. And probably have to run the documents past their Compliance Dept. before anything can be released. The mind boggles at the thought that AC didn't anticipate that any potential investor might want to see this info. Will we get anything before the offer is fully funded? Some documents have been sent out this morning, including mine. I would have been one of the earliest to request so they are obviously working through the list.
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Post by pepperpot on Feb 20, 2015 14:40:25 GMT
I only applied for the NDA about 24hrs ago, it arrived 5PM yesterday, was signed and returned about midnight. I got the countersigned NDA and bus plan just before 1PM. There doesn't seem to be any order to the list.
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Post by stuartassetzcapital on Feb 20, 2015 16:14:49 GMT
It would be really helpful if stuartassetzcapital could confirm that overfunding will be available if so required for at least two full working days after potential investors have been provided with the financials to support the raise. With the £2m target steadily approaching, there is a danger that potential investors will feel pressurised into committing to this raise without sight of documents that should have been available as the raise was launched on Monday morning ... and its now almost midnight on Thursday. Whilst I note the trade press have mentioned that overfunding to a total of £4m could be possible, on this thread AC have sounded distinctly cautious about the subject of overfunding. I believe some AC members have received NDA's during today, however despite my request on the seedrs site 48 hours ago, confirmed by email 36 hours ago all I have received is an acknowledgement to my email. Perhaps my large 5 figure balance on the AC platform isn't considered big enough . Oh well. Hi, we may have got to you by now re the nda etc hopefully - if not then any minute as long as the request was in the Q&A on Seedrs as that is what we are tracking. We may allow a little overfunding yes. Could be over £2m by Monday perhaps as financials going out today in a wave so that will be triggered then i am guessing - we will give fair notice of closure after that and I accept it went a bit faster than we thought and then ended up out a lot this week so issue of the docs a couple of days behind plan but logjam released hopefully this morning. Your five figure balance is much appreciated yes!
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Post by stuartassetzcapital on Feb 20, 2015 16:16:39 GMT
I would or am tempted but my accountant is insistent upon AC showing both current and projected financials to myself. I've registered my interest, sent a mail and was expecting an NDA by now but nothing has materialised. Whilst it may be tempting to jump in as it is claimed the institutions are doing or are going to do I'm not going to follow without the information. You are correct, you can 'pledge' money and cancel but I'm not sure why AC are not supplying the requested information. I'm sure any institution will have it in their possession. The tax breaks are tempting but they only act as compensation if it fails. FYI. Some of us have received the NDA. We signed it and returned it. However, no info has been forthcoming such as a convert termsheet, accounts or projections. AC doesn't really need to provide this info anymore since they are raising money just fine without it. Nice to see so many people doing due diligence before investing in a illiquid, high risk, private equity position! All the nda and DD documents (redacted business plan and financials) flying out today. There will be space for people who are waiting for that or wish to increase later I would hope and expect.
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baz657
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Post by baz657 on Feb 20, 2015 17:21:07 GMT
Must be a new ash cloud. There's nothing flying into my inbox. Edit. Typically two minutes later something arrives. Thanks stuartassetzcapital |
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Post by stuartassetzcapital on Feb 20, 2015 18:41:35 GMT
Must be a new ash cloud. There's nothing flying into my inbox. Edit. Typically two minutes later something arrives. Thanks stuartassetzcapitalWe drowned a bit seems like a huge list of people were eagerly awaiting details before investing. The forecasts are in there. Given we have around £500m or more of lending capital being contracted / already agreed by end of Q1 the £1bn funding line target by Q4 should be delivered early. The strategy, that I oversee, is to give retail as much as it wants and deliver all excess origination to funds, all on a random rotational allocation basis. The more capital we have to deploy the more loan origination we get. This month will be good for new loans and next month looks like £15m-20m origination which is many times the highest ever month previously.
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max
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Post by max on Feb 20, 2015 20:41:17 GMT
Thsee are all great news for existing shareholders. But we have been offered a convertible and so will missout on any growth in the business occurring before conversion to equity  |
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. Oh well.
