kermie
Member of DD Central
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Post by kermie on May 28, 2016 11:18:28 GMT
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bigfoot12
Member of DD Central
Posts: 1,817
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Post by bigfoot12 on May 31, 2016 11:24:15 GMT
Not any more, which is a shame because I am intrigued by the valuation.
(No longer listed in with the other companies in the link above.)
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Post by eascogo on Nov 29, 2016 18:23:15 GMT
Wellesley email headline received this afternoon:
"Invest at least £10,000 in Wellesley through the Seedrs platform and the first 250 investors will receive a £250 Mr & Mrs Smith gift voucher."
Wonder what kind of returns could be expected.
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fp
Posts: 1,008
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Post by fp on Nov 29, 2016 18:48:18 GMT
The big questions is, are they worth investing in?
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Post by wiseclerk on Nov 29, 2016 19:12:49 GMT
It is a convertible though.
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Post by mrclondon on Nov 29, 2016 19:37:46 GMT
They have had a spike in defaults this year - see bottom of www.wellesley.co.uk/how-it-works/lending-statistics/My concern would be the extent (if any) to which equity investors are covering capital losses on loans to p2p lenders vs the mini bond holders. AC is a much easier business to understand than W&Co. The loan volumes at W&Co mark them out as one of the bigger players, and hence are more likely to be around in the long term, but the timimg of this raise does raise a few questions in my mind.
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Post by eascogo on Nov 29, 2016 20:56:12 GMT
They have had a spike in defaults this year - see bottom of www.wellesley.co.uk/how-it-works/lending-statistics/My concern would be the extent (if any) to which equity investors are covering capital losses on loans to p2p lenders vs the mini bond holders. AC is a much easier business to understand than W&Co. The loan volumes at W&Co mark them out as one of the bigger players, and hence are more likely to be around in the long term, but the timimg of this raise does raise a few questions in my mind. Interesting point. I note that their (discretionary) loan provision is set at 1% but their losses this year (to 30.9.16) stands at 1.8%. My 3- and 5-year money was invested 3/4 years ago at ca 7%. The 1- and 2-year P2P rates now offer only 2.25% and 2.35% respectively. I don't expect that much of the long-term money being redeemed ends up reinvested in Wellesley given such low rates. However their minibond closes the gap to some extent at 5.2% for 5 years. But is there a chance that equities would top minibond returns over the same period?
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dandy
Posts: 427
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Post by dandy on Nov 30, 2016 9:53:52 GMT
This sounds interesting ... although cannot find any details on Wellesley or Seedrs websites
Would be interested to know the valuation range and discount
I thought W would become the biggest P2P lender but they do seem to have stalled somewhat this year and their P2P rates are probably the lowest anywhere. I struggle to believe they are getting any lenders at 2.25% but maybe they are ...
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Post by mrclondon on Nov 30, 2016 18:14:11 GMT
This sounds interesting ... although cannot find any details on Wellesley or Seedrs websites Would be interested to know the valuation range and discount I thought W would become the biggest P2P lender but they do seem to have stalled somewhat this year and their P2P rates are probably the lowest anywhere. I struggle to believe they are getting any lenders at 2.25% but maybe they are ... It is on both the Wellesley and Seedrs websites - see the link in the email sent to W&Co account holders, to whom preference is being given. The raise is for £1.5m (minimum, target for round £4m), and at present investments of £11k have been made. A very quick skim of the detail seems to suggest it is being structured almost identically to AC's raise, i.e. a convertible with a fixed 10% discount in the first year, rising to 22% on the long stop date of 2 years with a minimum valuation on the long stop date of £25m. However unlike AC there is no max valuation cap on the conversion. Which makes the question for any potential investor fairly simple - how could the perceived value of AC and W&Co be compared. One other thought is that this may provide some comfort that the approach taken by AC 18 months ago is still considered valid. Some AC investors have been concerned that if the AC conversion happens by default next May (i.e. at 2 years) the £25m valuation would be (significantly) overstated, but we now have another similar sized platform believing a valuation of at least £25m is justified.
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Steerpike
Member of DD Central
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Post by Steerpike on Nov 30, 2016 18:18:25 GMT
Unlike AC no (S)EIS.
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Post by mrclondon on Nov 30, 2016 18:24:11 GMT
A very good point which I had missed. This is the explanation from the FAQ word document 21. Why are you not SEIS or EIS qualifying investment? As parts of Wellesley Group provide traditional lending activities, its shares are not eligible SEIS or EIS investments.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 2, 2016 23:15:32 GMT
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
Posts: 355
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Post by Neil_P2PBlog on Dec 2, 2016 23:59:27 GMT
Isn't it this one @cooling_dude? (https://beta.companieshouse.gov.uk/company/07981279)
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Dec 3, 2016 0:28:36 GMT
Isn't it this one @cooling_dude? (https://beta.companieshouse.gov.uk/company/07981279) Wellesley Group Investors Ltd is important to keep an eye on (particularly their very late accounts, and the "First Gazette notice for compulsory strike-off") because they are the holding company. Note the following from Wellesley's website... In any case, WELLESLEY & CO LIMITED accounts are also late... Jeez; maybe they need a new accountant .
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Post by eascogo on Dec 3, 2016 2:35:54 GMT
I have too little experience to draw conclusions from the kind of information shown at companieshouse. Wellesley Group Investors Ltd and Wellesley & Co Ltd both show a large number of directors resigning and there is one case of an auditor also resigning. Should this be a cause for worry? And what about accounts being late for both companies, is that significant? This kind of information is too narrow to assess a company. When it comes to form an opinion, comments on this forum as well other information from the web are likely to be more helpful. For example I just came across this interesting review: www.financialthing.com/wellesley-co-review/ Like the author of that review I too invested in early 2014 when rates were much higher. I still have a long wait until maturity but see no reason to sacrifice interest by withdrawing early.
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