TheDriver
Member of DD Central
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Post by TheDriver on Aug 4, 2016 7:24:27 GMT
Can anyone help me interpreting their P&L figures?
It seem to me the company is burning cash hand over fist. Although it's showing about 12% profit (of~£0.5M) according to this year's MA, the previous 2 year' trading lost ~£2.5M, so it's £2M down over the period! The only thing stopping the bottom line looking totally horrific is £1.9 of Other Income from a loan write down - I'm not an accountant, but while I see that impacts the BS, it seems flaky to bring onto P&L although I presume it's technically allowable. Does anyone know the rules?
My first reaction to the proposal was "Why does a company making £0.5M profit this year need to come to P2P for £200k - then I noticed ~£850k existing debt, and got more concerned.
I see LC's usual backers are piling in big time, but can anyone explain what makes this company attractive?
TIA - Steve
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TheDriver
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Post by TheDriver on Aug 5, 2016 3:53:58 GMT
. . . . can anyone explain what makes this company attractive?
Thought not - maybe I'll pass on this one then!
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TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
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Post by TheDriver on Aug 6, 2016 3:16:32 GMT
Anyone know what happened to this loan? Latest I got was an email at 11:00 saying "ending today", then it disappeared!
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Post by lionelrichtea on Aug 6, 2016 15:40:46 GMT
No idea! The auction page has disappeared but my bid is still showing as active with the auction being 96% funded and having 2 days left until close. The last time I looked at it ~80% of the loan had been covered by the usual suspects.
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TheDriver
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Post by TheDriver on Aug 7, 2016 9:52:52 GMT
Hi lionelrichtea ;
Thanks for confirming it wasn't just me losing sight of the auction; because I didn't have a bid in I wouldn't have got an email of any update comment anyway, although would have expected everyone to be notified of an extension. As you're showing 2 days remaining I guess it was extended by 3 days but something went wrong in the process and no-one noticed right away; I know from previous experience that LC won't fix errors over the weekend. Therefore it will probably pop up on Monday just before it closes, and I will be interested to see if the enquiries were answered.
Steve
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TheDriver
Member of DD Central
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Posts: 493
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Post by TheDriver on Aug 8, 2016 14:15:42 GMT
So, no sign of the loan for P***** O******* Ltd reappearing, and no general update comment. Did those who put in a bid get any notifications? or has anyone asked what's happened?
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mb
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Post by mb on Aug 8, 2016 14:34:21 GMT
It's weird. Over the weekend, and still now, it shows in my list of live bids (currently showing 96% funded and finishing at 4pm) but if I click on it, instead of being taken to details of the SC Co loan I am taken to the loan auction page showing only the IDS loan (so although it's apparently not fully funded and not closed I couldn't put in another bid if I wanted it to and as the 96% hasn't changed in 3 days it appears nobody else is able to bid). No e-mails from LC.
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TheDriver
Member of DD Central
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Post by TheDriver on Aug 8, 2016 16:55:09 GMT
It appeared the loan had had a last minute extension, and at first I assumed it was another technical hitch in that process - although I noted that the loan had disappeared completely from the data-store. In that case you would expect some sort of general notification; if cancelled, at least active bidders should have been informed.
I fully expected the auction to reappear this morning, or failing that some sort of explanatory message; if nothing else, some people have significant £sums locked into a non-existent loan and I'm sure would like to know the state of play! When it does come back it will be interesting to see if the P&L presentation has changed!
If I had money in it I'd certainly be chasing LC for an update, so if you do please let everyone know how you got on.
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treeman
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Post by treeman on Aug 8, 2016 17:17:52 GMT
It appeared the loan had had a last minute extension, and at first I assumed it was another technical hitch in that process - although I noted that the loan had disappeared completely from the data-store. In that case you would expect some sort of general notification; if cancelled, at least active bidders should have been informed.
I fully expected the auction to reappear this morning, or failing that some sort of explanatory message; if nothing else, some people have significant £sums locked into a non-existent loan and I'm sure would like to know the state of play! When it does come back it will be interesting to see if the P&L presentation has changed!
If I had money in it I'd certainly be chasing LC for an update, so if you do please let everyone know how you got on.
Ageed-most odd. My Bids listing now says 16 hrs to go - extended? Still nothing accesible on site, links go nowhere Have emailed LC...........
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treeman
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Post by treeman on Aug 9, 2016 10:11:57 GMT
email update just received:
As you may be aware, the loan auction for P***** O******* G**** Ltd was scheduled to close on Friday 5th August. We have been advised by the company that they will not be taking forward our offer of funding.
We appreciate your support of this loan auction and we will arrange for your Investor Account to be recredited with the bid(s) you placed on this loan as soon as possible.
We regret this turn of events and apologise for any inconvenience this may have caused.
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