1pm Share Discussion Threads

[typo56] 18/5/2020 17:02

UEX does look messy, what with Honeycomb pulling out of the sale deal. Perhaps Wellesley now trying another route to get what he wants.

[yieldsearch] 18/5/2020 16:45

As per Typo56 #1309: cloverleaf is also involved in UEX.
If you look at the reporting on UEX, the UEX company stated that Wellesley wished to acquired the company UEX, however there was no proof of fund, no defined timeline and this was viewed as speculative by UEX (see regulatory notice on the 24th april).

It caused UEX price to jump, with some punters assuming same takeover price as pre covid 19 (some people are really dreaming...). Since that initial notice, no further news on the "speculative approach". because, well it was speculative and it was defined as an approach, not a bid.

they also have a tainted history on peer to peer / minibonds. performance was not great

[stevelauren23] 18/5/2020 16:33

Is it a buy then?

[typo56] 18/5/2020 16:30

WELLESLEY, Garret Graham, The Rt Hon Viscount Dangan

[yieldsearch] 18/5/2020 16:20

seems to be a subsidiary of Wellesley Group Investors Limited, hxxps://www.wellesley.co.uk/
is that the peer to peer???

[typo56] 18/5/2020 16:14

What do we know about Cloverleaf? Their only other significant holding appears to be UEX (13.22%).

[typo56] 18/5/2020 16:11

Cloverleaf 374 Limited bought 19.99%.

Who from? Lombard Odier?

[stevelauren23] 18/5/2020 10:56

I think it's someone who has been collecting shares for a while and now they have finished buying so it has been announced to the market.

In a few days I expect we'll get an announcement about who it is.

[yieldsearch] 18/5/2020 10:51

yes regulatory notice should be issued. one should be anyway re notification of major holdings.
noone know if here is a placing, but the 19.99% you calculated above is implied that.
stevelauren23 makes good point that a placing wouldnt make sense now.

let wait for this regulatory notice!

[typo56] 18/5/2020 10:37

"agreed to provide funding for the CBILS with a equity stake" means a placing does it not? Surely they'd have had to RNS that? £3.5m (after costs) isn't going to provide much funding either.

[yieldsearch] 18/5/2020 10:06

my guess is that it is related to CBILS. OPM has the platform to originate, the cbils origination is in effect 80% guaranteed by HM govt. Someone must have realised this opportunity and agreed to provide funding for the CBILS with a equity stake.
the above is not substantiated by anything, but logical. just cant wait for the next regulatory notice

[stevelauren23] 18/5/2020 09:43

There's been no placing, and I highly doubt they would have one at these levels when there are cheap ways of borrowing from the government of they need it for running costs.

[typo56] 18/5/2020 09:28

Actually, it's 19.9999% of the voting rights. Who would have that number of shares, apart from Lombard Odier?

There hasn't been a placing, has there? I can't see any RNS to that effect. It's just 19.99% seems a popular figure for placings at the moment, presumably because they can get them away under existing authorities and without pre-emption rights kicking in.

[stevelauren23] 18/5/2020 08:39

I saw that as well, if that's not a sign of confidence I don't know what is.

[typo56] 18/5/2020 08:19

What was that trade about after close on Friday? 20% of the company at 21p.

[yieldsearch] 15/5/2020 09:34

CBILS
"The Group is in the process of determining the amount of funding it expects to be able to deploy for CBILS related lending and the Board is confident that becoming an accredited lender, subject to the allocation and availability of suitable funding, will have the potential to make a significant impact on the number of new lending agreement."

[owenski] 05/5/2020 07:15

May 05 Covid update -

"In common with most businesses operating in the non-bank, specialist lending sector, 1pm has seen a number of existing borrowers requesting payment delays, holidays, or similar forbearance as they adjust to substantial losses of revenue. The Group has to date received forbearance requests from approximately 25 per cent of its borrowers, representing approximately 15 per cent of the Group's portfolio by value.



As previously announced and consistent with the Company's standard approach, 1pm has dealt with these in-bound requests from borrowers on a case-by-case basis in agreeing to provide appropriate support.



1pm will continue to support credit-worthy customers and businesses so that they can resume normal trading at a future date. It is impossible to predict with any accuracy what the coming months will hold for the UK's economy and, therefore, as a responsible finance provider, the Group will continue to be prudent and in so doing will make additional impairment provisions in the current financial year ending on 31 May 2020."

[arthur_lame_stocks] 27/4/2020 20:39

You're probably right owenski, I just hope they have the balance sheet strength to survive.

[owenski] 27/4/2020 18:47

A car crash of a business in the current climate imo

[speedsgh] 24/4/2020 15:46

A little bit of PR. Gener8 Finance is a subsidiary of 1pm...

[owenski] 03/4/2020 10:34

They have no choice but to remain open, they are a money lender and everyone else has their money.

I'd also read the 'support' bit as - mounting inability to pay so they're trying to re-negotiate this so as to recoup what they can even if the term times are suspended or pushed out.

Car crash coming.

[cheshire man] 03/4/2020 10:21

1PM REMAINING OPEN TO SUPPORT BUSINESS

2 Apr 2020 South West Business Marco Ferrari


1pm remaining open to support business
Finance provider 1pm has said it will remain open and support British business through the coronavirus pandemic.

With UK SMEs facing a cashflow crisis, the finance house will continue funding companies through difficult times.

The group has put in place remote working capabilities to ensure it continues its operations.

"As we move through these difficult and unprecedented times, our mission remains the same: to deliver financial solutions to British businesses that make a difference and inspire confidence," said Ed Rimmer, chief operating officer.

"We understand the challenges SMEs are currently facing and we continue to look at supporting SMEs on a personal, case-by-case basis, enabling us to deliver the right funding solution at the right time.

"We are doing everything we can to support our existing clients as they navigate through the challenges they face as a result of COVID-19 ensuring that their funding solution continues uninterrupted.

"We recognise that every business is unique, which is why our expert teams are working closely with each business to identify and tailor what support is needed to ensure they continue to have the cash flow to trade in these tough business conditions."

James Roberts, chief financial officer, added: "Our long-standing relationships with our funding partners mean they are unanimously supportive of our group and our commitment to ensuring our funding solutions reach those who need it.

"We have substantial funding facilities now in place across all of our divisions which will help us deliver this support."

[owenski] 30/3/2020 11:40

Was going to say they're likely to suspend the divi - then I notice that they already have.