elliotn
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Post by elliotn on Mar 14, 2021 5:26:24 GMT
Quick, weekend reply from BP, abstaining does not prejudice your share of the sales’ distributions, perhaps more of an ass/liability covering, legal exercise (I’ve done all other crowd property sales via platform votes).
Me: Will Shareholders whose shares are compulsorily acquired automatically be included in any distribution to British Pearl accounts alongside Share Investors that directly sign to accept the Acceptance Offer.
BP: Yes, all Share Investors will be included in the distribution even if they did not accept the offer.
I would have considered a 20% equity loss (17% haircut + one year’s ~3% rent withheld in spv’s) a really good result in administration.
But they completely ballsed up their sale’s thesis - even justifying the continued sale last year to their owner because of the 2nd lockdown despite a world beating vaccine rollout, clear reopening roadmap and robust property market this year as he drew up their extensive legal docs - and Lord Xxxk is presumably not short of a pretty penny and now has the chance to recoup some of his cumulative platform losses from further improvement in the future performance of our properties.
I’ll be taking my losses but this has been a complete waste of 3 years of capital and a wholly unsatisfactory way for the platform to rid themselves of their loss making model.
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elliotn
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Post by elliotn on Mar 13, 2021 13:00:14 GMT
So they ignored both questions, and then volunteered information you didn't ask for. It sure feels like BP are simply done with retail investors and are hoping to scrub the record. It definitely does not feel like being 12 months away from a property sale with cumulative 11% cap gain per annum thats for sure 😂 If anyone's taking anything further I'd be interested to hear the basis, but I don't have enough money involved to drive the car. Is the general mood to sign and get it over and done with?I'm abstaining because I don't agree with selling at this time. However, according to the non-answer given above, it's irrelevant as the sale is going ahead anyway. I got the same answer along with this charming nugget: "The properties are being sold on average at a 17% loss, so there is no point discussing a hypothetical scenario of a 40% loss". I sent my email v quickly so was surprised a majority had already agreed, were we the only shareholders? I've replied asking will abstentions automatically be included in the distribution after compulsory acquisition, will confirm here.
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elliotn
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Post by elliotn on Mar 8, 2021 16:21:37 GMT
britishpearl , you notify us that the best independent offer for our properties would have inflicted losses of 40% on the equity owners. In the light of a Brexit deal, vaccine rollout and extended government tax rebates to home buyers do you stand by your decision to sell our portfolio without consultation? Through the kindness of his heart Fxxk will only inflict losses of 20% on us for our own properties. Considering how preposterously wrong your analysis has been from the outset you must cancel the sale immediately (you have not in any way found a reasonable buyer) and let us continue with our rolling 5 year ownership as we originally bought the properties for. Anything less, and letting your owner profit from our losses in the future, is an apparent unconscionable dereliction of your fiduciary duty.
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elliotn
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Post by elliotn on Jan 21, 2021 12:19:35 GMT
One look at their continuous annual losses makes selling our properties as a job lot during a global pandemic when the government specifically prohibited professional valuers from leaving their homes the potentially most egregious act of fiduciary neglect by any company I'm aware of. I posited at the time that a vaccine and Brexit free trade agreement was just as likely as their potentially self-serving end-of-the-world liquidation of our properties. The reason that crowd property equity was my largest portfolio asset was precisely because as the actual owners we decided our own destiny based on pre-determined anniversaries or other ad-hoc onership votes and could not possibly be beholden to unscrupulous borrowers or their agents with interests inimical to ours. britishpearl you are, in my humble opinion, despicable. I'll be seeing you at the Ombudsman.
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elliotn
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Post by elliotn on Dec 8, 2020 9:09:50 GMT
britishpearl thank you for this context. An economic recovery and reasonable trade deal are just as possible for 2021/2 as your worst case scenario. Property partner have paused dividend payments to bolster spv solvency. Assetz Capital held a user wide vote for their CV19 response. If the majority of investors consider fire sales during a global pandemic and national economic lockdown as the worst possible time to sell (when valuers and buyers have been instructed to stay at home), then you should allow them to decide. A key attraction of this asset class is the long term ownership and voting mechanisms precisely to avoid selling during market panics and property price collapses. (This will be wholly refuted but a cynic may wonder whether BP shareholders are taking the opportunity to cut their considerable losses, thereby forcing investors into losses, as the opposite to any fiduciary care required from asset managers and agents.) Any failure to test investor sentiment may need to be tested against whether guaranteeing immediate losses for retail investors of long term assets is really the preferred course of action at the FCA. Dear britishpearl , I'd like to revisit this after your portfolio update. Residential prices have been on a tear, multiple efficacious vaccines have already or are due to be approved, the government continues to bridge the economy to greater resiliency and Brexit is a pragmatic fishery solution away from a free trade agreement. You concede occupancy is 95% with no arrears and healthy cash reserves. No other property equity crowdfunding decided it necessary for a distressed sale of the whole portfolio at a significant loss - when valuers were not allowed to leave their homes for up to date on-site valuations - particularly without asking the property owners as is the industry standard. Your pessimistic outlook, if not self-serving, has proven meaningfully inaccurate. Of course, an indirect benefit is that your shareholders can reduce losses while you try to pare them by white labelling or exporting your tech. Once up to 25% losses being transferred to retail equity investors have crystallised, I shall robustly test whether you have met your fiduciary role in its entirety in comparison to your peers with the financial ombudsman.
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elliotn
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Post by elliotn on Oct 19, 2020 9:48:46 GMT
Wow! So you've sold £100k @10% discount. Thats the only way to lose a 5 FIGURE SUM. If you haven't sold you're still getting interest at your AA's rate. You're on the right track. I sold well over £100k at a 6-7% discount and lost £10,000+ in doing so. It was worth every penny though, I wouldn't have any money in the access accounts for all the tea in China. Certainly my worst ever p2p investment and I consider myself pretty lucky to have managed to get out at all. On the positive side, you were rich enough to choose to invest well over 0.1M with a small company in an illiquid asset class and managed to escape at a not outlandish cost. There really are worse people off in the world than you.
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elliotn
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Post by elliotn on Sept 30, 2020 12:19:26 GMT
Up to now my wife and I have emailed complaints to the SFO and FCA for starters. Between us we will be robbed of £120,000! Sadly, we are in unsecured mini-bonds so will get nothing back, except perhaps up to 25% of some crappy equity in Wellesley who won't survive much longer than six months anyway. Who'd want to buy those duds? So ours will be a NO vote. Complain to the company, escalate to the ombudsman.
Hopefully you had millions to invest if you had >0.1M with W.
What financial advice were you given?
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elliotn
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Post by elliotn on Sept 17, 2020 11:37:01 GMT
Here is a copy & paste of the RNS (well a promise is a promise ):-
Completion of Acquisition Mon 14 Sep 2020 17:48 RNS Number : 9564Y Metro Bank PLC 14 September 2020
14 September 2020
Legal Entity Identifier: 213800X5WU57YL9GPK89
METRO BANK PLC
Completion of Acquisition
14 September 2020: Further to the announcement on 3 August 2020, Metro Bank PLC (the "Company") is pleased to announce that all necessary regulatory and shareholder approvals have now been received and the acquisition of Retail Money Market LTD ("RateSetter") has completed.
ENDS
Was it possible to add this expected confirmation to one of the other Metro/RS threads?
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elliotn
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Post by elliotn on Aug 30, 2020 9:47:45 GMT
If you want to stick to uk p2p - an extremely niche market among global assets, see alternatives to p2p thread if u wish to diversify - then Lendwise offers diversification via education, axial for legal case funding, lendingcrowd for SME lending, various crowd property platforms to be the part owner of your properties (yielders, uown, assetz exchange, bricklayer etc), crowd equity platforms to own shares of different uk start-ups etc (seedrs, crowdcube).
edit - btw, if u were not intent on p2p but still preferred fixed income, then WiseAlpha allows you to buy into the loans of UK (& foreign) companies such as HSBC, Centrica, Goldman Sachs etc. Note that valuations may move although you can hold until redemption. (Platform risk remains although the underlying, traded bonds are likely to be more liquid than a hole in Blackburn.)
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elliotn
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Post by elliotn on Aug 22, 2020 6:12:33 GMT
i thought it was a good loan.. wish was able to secure more then 2k allocation. the residential tenant alone nearly covers the interest payments. Agreed. The retailer would have been paying market rent since at least 2017 to the freeholder and this will now be transferred to the spv (with PL covenants). And you’ve got a 2 bed flat above paying nearly all of our loan so this looks like strong ICR even allowing for any apartment voids. Perhaps most importantly A is half the known purchase price which should make rental cover pretty academic in even a messy recovery. And this is the livelihood of the new borrower’s directors so they’re heavily incentivised to manage their drawings and not let the 6m reserve lapse let alone their business - no matter how long we’re expected to continue washing our hands to God Save P2P - and provide the trading record for refi in 3 yrs (I’d be happy to extend at this ltv with a consistent payment record). ...I took on overdraft fees for my slice!
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elliotn
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Post by elliotn on Aug 12, 2020 14:09:54 GMT
I proffered a cheeky 10%. A quick n dirty suggested defaulted/suspended was >15%? Not wishing to test PF over the forthcoming years, nor read these threads a moment longer ...I’m now a free man!!! ( alanh)
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elliotn
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Chat
Stocks
Aug 10, 2020 13:18:51 GMT
Post by elliotn on Aug 10, 2020 13:18:51 GMT
Buy S&P 500 alternative, look at cost, liquidity, spread, tracking error, currency but there’ll all be much of a muchness for a broad index like this. @elliotn Just to point out that the S&P500 is not a broad index. Sure it might look like it on paper. But the reality is that a simple breadth analysis will tell you differently. Its fake breadth. To spell it out: If you took the FAANGs of this world out of the S&P500, you would find the performance somewhat different. The FAANGs are the rose-tinted spectacles of the S&P500. Hence what I always say, if you insist on passives then so be it, but at least don't fall into the fallacy of thinking you are buying breadth when you're not. Diworsification is a thing. Happy with that.
S&P 500 is effectively an actively managed US large cap dex with most constituents below 200 MA and meaningful concentration risk >20% in 5 'over-bought' stocks.
That said.
If you've monitored elephant's evolution across p2p into stock-picking, you might be mildly ecstatic to capture an inquiry into SPY.
(Personally, I use passives for global beta and tactical conviction; for the latter, I don't have the time or your crystal balls (despite being City to your WS ) to know whom will reap the non-profit rewards of a vaccine but I'm happy to harvest biotech alpha (& sell on the news) - which no-pipeline, nano-caps have you Davey-day-traded on?)
edit - if it helps, I bond-pick on WiseAlpha despite the aum fee (coupon clipping unless there are credit issues);
edit ii) - hope you'd taken yr Eastman profits .
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elliotn
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Post by elliotn on Aug 7, 2020 7:34:25 GMT
eToro, Revolut (bit of gold & crypto too) but looks like Robinhood UK currently isolating.
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elliotn
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Post by elliotn on Aug 7, 2020 6:54:30 GMT
Because SPY is traded in the NYSE and EU compliance prevent us to buy US etf. You can buy the uk equivalent tracker VUSA. Its better to some extent because you don't have to worry about exchange rate thanks for the reply. does that mean SPY is not available on ALL UK platforms? NO US etf is available on ANY EU platform - they are not EU (KIID) compliant, you need EU (UCITS) alternative. Buy S&P 500 alternative, look at cost, liquidity, spread, tracking error, currency but there’ll all be much of a muchness for a broad index like this. Vanguard & iShares S&P 500 are both on T212 (the SPDR one is ESG screened on there and not on Freetrade). Try google before you buy anything.
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elliotn
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Post by elliotn on Aug 1, 2020 2:23:23 GMT
Hope you used a referral link to get a random free share i did yes Bugger, I did google but said it expired 03/19... hope u got Apple before it splits!
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