Orchard Funding Share Discussion Threads

[konradpuss] 04/3/2024 17:01

Peter, what has that got to do with the fraud and resultant impairment?

The business is the business, the fraud is the fraud.

I am hoping Ravi will go through the company 'like a dose of salts' and route out anything else that smells.

It could, and I only say could end up a better company for this.

[97peter] 04/3/2024 16:47

Eezymoney- et al. If you watch the video and time Ravi did on the online forum for investors. You will see and he explains how Orchard invest across, private school fees, golf clubs, bridging loans, mobile homes etc. Plus what the main and secondary businesses are. Can’t remember the show but I am sureCWA1 or Davidosh will remember and post a link?

[konradpuss] 04/3/2024 16:43

Rose tinted glasses?

[muffster] 04/3/2024 16:25

Are you buying more shares Peter?

[97peter] 04/3/2024 16:14

All, it seems like we just need to give Ravi and his small team time to review/investigate and then report fully on the insider fraud/introducer flaws / checks and balances!! Plus no one within the industry knows yet how deep, wide or which it affects and how much and how far back until FCA give their announcements in September. Until then it is business as usual, hopefully interest rates drop 1% between now and then and Orchard replaces its GAP insurance business with other areas and trust in Ravi and his small special team!

[konradpuss] 04/3/2024 14:02

It's that Peter fellow buying!

[my retirement fund] 04/3/2024 13:56

I'm astonished the market can absorb the selling at this.

[konradpuss] 04/3/2024 13:34

David, probably foolishly I am holding on. I am down 66%.

I wonder where Peter has gone?

[davidosh] 04/3/2024 13:07

Stuart has been a big supporter of Orchard and the third largest shareholder but now down to just a quarter of his previous holding so he must have totally lost confidence. I tried to get hold of Ravi but he did not take my call. I only have a relatively small holding but losing nearly 75% so not sure whether to hold on or do the same?

[cwa1] 04/3/2024 12:52

Stuart Hawthorne dumping. Who can blame him?!

[konradpuss] 01/3/2024 13:37

Eezy, you are probably right, however after three red flags is it not best to wait for a little clarity?

[eezymunny] 01/3/2024 13:10

That's what I'm wondering konrad.

The loan book is short term and the AR lists a whole raft of reasons why they need to allow very little for bad debts. If this fraud is no bigger that that currently exposed, this may be cheap here.

Not enough info available to tempt me in yet.

[konradpuss] 01/3/2024 13:01

Well if there is no accounting fraud in respect of the annual accounts, I do think there is plenty of equity left.

It's like a sick animal, one should put it out of its misery. Now a bid from Peter err! Ravi or a third party sale please at NAV.

[davidosh] 01/3/2024 12:55

I also fear the banks and funders will look at all these issues at ORCH and pull the funding lines or raise the costs for the added risk involved. They will certainly struggle to issue any new loan notes so no growth likely for the business

[cc2014] 01/3/2024 11:44

What a mess. One wonders about ORCH's future cost of debt and whether there is any value here for shareholders.

[my retirement fund] 01/3/2024 11:23

Seems a case of insider fraud. Otherwise, it would be full of police investigating, company insurance on notice, etc, no ? Even if we're not inside, it must be full of bad managers and bad actors, no? Remember, bad managers never become good managers. I hope anyone who had been silly enough to invest here had now sold up and moved on!

[eezymunny] 01/3/2024 10:56

Anyone have any idea how the loan book breaks down by category of customer? Nothing in the AR AFAICS.

You'd think the balance sheet would offer some downside protection but I understand the nervousness here. I guess compo for all the GAP stuff could be the killer tho not sure if that might happen or who would pay - maybe the insurers. For GAP who are ORCH actually lending to? All a bit of a black box!

[konradpuss] 01/3/2024 10:05

David, I hope this is it on surprises. They say they usually come along in threes.

Well we have now had the third.

I wonder if Peter has been averaging down?

It is truly not investable currently.

[konradpuss] 01/3/2024 08:10

The red flags keep coming.

[muffster] 01/3/2024 07:56

Wonder what 97Peter, aka Ravi has to say about security taken, due diligence done, recovery actions now being taken

[cwa1] 01/3/2024 07:19

ORCH, the gift that just keeps on giving :-((

1st March 2024



Orchard Funding Group PLC



Trading Update



Orchard Funding Group PLC ("Orchard", the "Group" or "Company"), the finance group which specialises in insurance premium finance and the professions funding market, provides notification that it has suffered an instance of fraud, arising from dealings with a fraudulent introducer and fraudulent credit agreements funded by the Company as a result.

The Board has made a provision of approximately £500k in respect of these fraudulent credit agreements (the "Provision"), which will have a knock-on impact on the Group's year-end financials. The Provision represents the Group's total exposure to these fraudulent credit agreements, and there are no other agreements in place involving the Group which have been introduced via this introducer



The Board is conducting a thorough review of its wider lending book and introducer network to satisfy itself that no fraud risk exists elsewhere in its current loan book, alongside a review of its systems and controls and to ensure that the risk that the Company suffers a similar fraud in the future is minimised.

[97peter] 24/2/2024 13:47

Most of the buys and sells over the last 6-8 weeks have been the small investment funds, MM’s and II’s. Not us the PI’s who have very little influence, unlessStuart sells 5% in a single month!

[97peter] 22/2/2024 15:23

See link in the post stream!