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Post by mrclondon on Feb 18, 2015 14:07:55 GMT
Aaaaah, Did anyone read the latest Q&A feedback regarding payment deadlines ? Having scanned the terms and conditions, the only thing I could find was reference to a 2 week window, post signalling your intent to invest ( by clicking the invest button and assigning an mount), before loosing your investment if you had not deposited and payed up in full. I believe it said something like "payments can take 10 days to clear so be sure to deposit funds and 'pay' within 48Hrs of clicking invest to avoid loosing your investment" . So fearful of loosing out I coughed up the cash immediatey and now they say : "As soon as the campaign hits 100%, the due date for payment will be 7 days from that date".
Great... I could have been earning interest on that lump sum for a few weeks minimum  . That could have been made A LOT clearer on the Seedrs website. Or did I miss something obvious here ? No you didn't miss anything, it is just one of many examples of how amateurish an outfit seedrs are. Their website is missing huge amounts of vital content about how their processes operate, and some of what exists is just plain wrong as per your example. There are 2 strands of due dilliegence needed here. The obvious one of AC's prospects (which until some financials are released is gut feel rather than investment analysis led) but equally important is due dilligence of seedrs who via their nominee service will be the actual owner of the shares.
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wysiati
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Post by wysiati on Feb 18, 2015 14:17:15 GMT
I checked with Thomas Davies of Seedrs, who has also posted the answer on the Seeds AC page. Hitting "Invest" is really no more than an expression of interest. You can cancel. You don't have to deposit funds yet. You will be informed by email after the pitch is 100% funded. You have 7 days thereafter to fund and pay for your bid. if you don't, your bid just lapses. Just note that if/when a campaign goes into 'overfunding' and you then choose to invest then you lose your rights of cancellation and must deposit funds prior to making the investment.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Feb 18, 2015 14:21:49 GMT
thesnoop: I can officially join you in the "MUG" club 
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Post by hugoarchover on Feb 18, 2015 14:31:30 GMT
There's another "report" bit.ly/1CWttPb about flotations of p2x companies. It's produced by one of the directors of Archover, who are of course, far from breaking the mould, being located in the Lloyds building and who take an insurance policy out on each of their borrowers (so let's run a poll on how likely they are to pay up if called upon). I think that makes it clear that Archover are very keen on flotation. Hi shimselfI do need to correct you as the points you make are either wrong or misleading for the other forum readers: 1) The research is produced by Paul Hill and independent analyst who writes for Equity Development (ED) – he is highly regarded for his views. Any research is only respected if it is truthful and a fair reflection of the topic; it is one of the reasons why ED has been in business for 25 years producing these kinds of research documents on listed entities and sectors. We declared in the research note that our Chairman is also Chairman of ED to ensure transparency but otherwise it is an arm’s length commercial arrangement between the two parties. You can find more detail on Paul Hill on the P2P industry website www.altfi.com/author/42 2) We are located at the offices that are above the Lloyds Club. This dinning club has no affiliation whatsoever with the Lloyds’ insurance market. The building and club are owned by Hampden Group who manage £2 billion of assets and who back ArchOver. 3) Insurance is not provided by Lloyds’ syndicates. Insurance is provided by firms like Euler Hermes, Coface and other respected and rated firms that are active global credit insurers and have no tie-up or vested interest in ArchOver. We are not authorised and therefore do not arrange any insurance for our Borrowers. All the insurance policies are vetted and obligations will be met under the terms of the policy in case of defaults. Find out more: www.archover.com/insurance/ 4) We are part of Hampden Group that have been privately owned since the 1970s. They have no plans to go public as far as we are aware. For your information in 1995, 1996, 1997, 1998, 2006 and 2012, Hampden was included in The Sunday Times Profit Track and The Sunday Times International Track for 2012.
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Post by mrclondon on Feb 18, 2015 16:51:09 GMT
chris I'm starting to find that corner banner for the equity raise on the AC web site intensely irritating. Is there any chance an X could be provided to hide it and provide some relief even if has to be closed on each new page visited.
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Post by chris on Feb 18, 2015 16:53:55 GMT
chris I'm starting to find that corner banner for the equity raise on the AC web site intensely irritating. Is there any chance an X could be provided to hide it and provide some relief even if has to be closed on each new page visited. Have passed this on to marketing to approve.
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mikes1531
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Post by mikes1531 on Feb 18, 2015 17:30:27 GMT
chris I'm starting to find that corner banner for the equity raise on the AC web site intensely irritating. Is there any chance an X could be provided to hide it and provide some relief even if has to be closed on each new page visited. Have passed this on to marketing to approve. : I am similarly irritated, as the banner seems more often than not to obscure the buttons I need to click, such as the 'Apply' button used to change my investment targets.
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mikes1531
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Post by mikes1531 on Feb 18, 2015 17:35:32 GMT
I understand that in order to see the AC business plan and financial projections I have to make a request for that directly to Assetz using the link near the top of the Seedrs Q&A page. I did that yesterday (Tues). This morning (Wed), I received a reply from Stuart Law asking for my contact details so they could send me their NDA. (Why Seedrs didn't supply the necessary details to Assetz is beyond me.) Anyway, at noon today I sent the requested details. I've had no response from Assetz since. So I don't yet have the NDA, much less the info I requested. Has anyone else tried to obtain this info? If so, were you more successful than I have been? stuartassetzcapital: Can I make this request directly to you or AC? Or do I have to do it through Seedrs? |
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baz657
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Post by baz657 on Feb 18, 2015 18:07:20 GMT
All this doesn't inspire confidence.
Again.
I know that this is all a new frontier compared to the draconian past (banks and bankers) but even so.............
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mikes1531
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Post by mikes1531 on Feb 18, 2015 18:11:27 GMT
I just wished I hadn't had to register with another one to see what was going on  , although I thought it was rather daft that I needed a surname for my 'display name'. Currently waiting for them to approve my display surname of '*'. (Space didn't cut it!) You could have tried Rose Ramblin -- but I don't think that would have worked either. I really don't like the idea of having my full name exposed, but that's apparently what they insist on. I've only just started looking into all this; compared to Crowdcube this seedrs site is shockingly bad. No proper structure to the Q&A that I can see - ie. no threads, so that could all get messy. The lack of threading doesn't help, but the biggest problem I have is the inability to identify new answers. If I leave the page with a number of unanswered questions, then when I come back there's a flag telling me how many new entries there are but they aren't highlighted in any way, so you end up re-reading messages to see whether anything has changed. Rather inefficient! We should consider the tax breaks too, since it is EIS. Your maximum potential loss should be 56% of your outlay (42% for a higher rate payer), with completely tax-free upside. [Disclaimer: I am not an accountant. DYOR] Not forgetting, however, that many people round here pay little or no tax, for example getting much of their income in the form of dividends. EIS does potentially benefit those people in the form of capital gains write-off if that applies though. Is the capital gains relief available to everyone? I've had capital gains over the years, but never enough to exceed my CG allowance so I haven't paid CGT. Do I have to have paid some CGT in order to get CGT relief on an EIS investment that becomes worthless? Also, AFAIK, if I invest in a VCT and receive the 30% VCT tax benefit (similar to what is offered on EIS investments) there are other benefits, such as dividends being tax-free and capital gains not being taxable. But in order not to have to repay the 30% tax relief and lose the other benefits, AIUI I have to hold onto my investment for a minimum period of something like three years. Are there similar benefits and restrictions on EIS investments? ... the link saves a lot of fees for AC and also for the investor ! : Can you please re-check this? We're getting conflicting info. If, as someone has suggested, the referral doesn't affect the Seedrs 7.5% take of any profits, then that's no benefit for the investor. And if affects the 7.5% up-front fee, which I believe it does, then it saves money for AC but not for the investor -- unless AC elect to give the benefit to the investor, at which point it benefits the investor but not AC. What have AC chosen to do? It may be too late for most of us here, but if AC aren't giving the discount back to the investor, then we'd be better off recommending one another and sharing the benefits around among ourselves. Removed pending improved version. I wonder what's holding that up? I guess he has to run it past the Compliance people. stuartassetzcapitalIf I register on seedrs with the promo code there is a discount of 3.75%. Do the lenders get that discount, or do Assetz keep it? If Assetz keep it, I'd be happy to offer to share it. PM me for my referral link/code!
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ramblin rose
Member of DD Central
“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 18, 2015 18:12:26 GMT
I understand that in order to see the AC business plan and financial projections I have to make a request for that directly to Assetz using the link near the top of the Seedrs Q&A page. I did that yesterday (Tues). This morning (Wed), I received a reply from Stuart Law asking for my contact details so they could send me their NDA. (Why Seedrs didn't supply the necessary details to Assetz is beyond me.) Anyway, at noon today I sent the requested details. I've had no response from Assetz since. So I don't yet have the NDA, much less the info I requested. Has anyone else tried to obtain this info? If so, were you more successful than I have been? stuartassetzcapital: Can I make this request directly to you or AC? Or do I have to do it through Seedrs? Yes - nobody seems to have them yet. As samford71 says we're awaiting NDAs.
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mikes1531
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Post by mikes1531 on Feb 18, 2015 18:17:15 GMT
I emailed Mark Wardrop directly (he's probably not going to like me mentioning that when he gets bombarded with emails ...). They seem to preparing the NDA for an email drop tonight. Does this mean that AC didn't anticipate that potential investors might like to see their business plan and financial projections before investing? If they had, they'd have prepared the NDA before the Seedrs campaign started. I am not impressed! 
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Post by solicitorious on Feb 18, 2015 18:20:52 GMT
@ mikes1531Losses [less initial income tax relief] are offsettable against income tax, as well as cgt. Yes you have to hold them for at least 3 years. Your losses would be limited to 56% as a basic rate taxpayer, or 42% as a 40% taxpayer, assuming of course you have sufficient tax liability to utilize. Worked example:You invest £1000 You get £300 pounds tax relief against your current years tax bill (or the previous, or split between the two in whatever proportion you wish). We have been told categorically now that share certificates will be issued post April 6 2015, so the years you have to play with are 2015/16 and 2014/15. Obviously you need at least £300 of tax liability to make use of the relief.
Worst case scenario. You hold them for 3 years and they are valueless. Worth £0.In that tax year you can offset the loss (less initial relief) against your income. Loss = £1000, less the initial £300 relief is £700. This £700 loss can be offset against taxable income, giving a benefit of £700*20% = £140 for a basic rate payer, or £700*40% = £280 for a higher rate payer. Again you would obviously need to have £700 of taxable income to benefit fully.
So for a basic rate payer the total loss of the investment has been mitigated by £300+£140=£440, leaving a 56% loss, and for a higher rate payer by £300+£280=£580, leaving a 42% loss on the initial £1000 investment. [Disclaimer: I am not an accountant. DYOR] |
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Post by elljay on Feb 18, 2015 18:27:53 GMT
Apologies for this but I'm about to throw another spanner in the works. Probably more a question for the forum admin team than AC. If I open up either of the 2 Seedr links (with and without the promo code) on my mobile phone by clicking on them in this thread something strange happens. My clicks get redirected through Viglink - a provider of affiliate links for ProBoards. That doesn't appear to happen when I use the links on my desktop computer. It's really a question for ProBoards who host the forum but as far as I'm aware *all* links whatever device are redirected through Viglink. It probably happens faster on your desktop PC so you don't notice it. It would appear Viglink might get the referral bonus for mobile sign-ups? No, depending how the referral scheme works, the bonus will go to either whoever signs up or whichever company the link belongs to (or some combination of the above).
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baz657
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Post by baz657 on Feb 18, 2015 18:28:51 GMT
A question in regard to the latest (possible) loss this has been answered on Seedrs...
I for one don't remembered being warned about a likely 50% loss - plus there is the forgotten "fact" that the loan "went into difficulties" (as opposed to defaulted which it still hasn't) only two months into a 60 month term.
I know that salesmen can be "economical" with the truth but come on.............................
It's making me have second thoughts about AC in general just with that one answer.
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. 
, although I thought it was rather daft that I needed a surname for my 'display name'. Currently waiting for them to approve my display surname of '*'. (Space didn't cut it!)
