The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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StormHarbour Securities LLP ("SH")
Following this revised funding strategy and taking into account the growth of the portfolio shown below, SH is continuing to roll out its securitisation placing programme as per the RNS of 20 April 2020.
Savvy - let’s not also forget the incredible posters - genuine investors who have picked each other up - well done all of you !
Peak. I know it’s one of them. So not committing to anything, nor expect anything.
Especially since the Fintech bank transaction MAY be completed by end July and the connotation that brings..
Really don’t know
Can I also point out captive bank “was to be” .. so that’s future in the past, so CB done?
Again don’t know..
Interesting times though ..
Apunter - wow if I'm right at what you alluding too - but not 100% sure so dare not say it in case I look a proper idiot - actually been called an idiot on here anyway - after reading it back ....well quite a few times I'm wondering now if there will be more than the 1st tranche IM - a multiple of IMs !
Peak
“ Simultaneously to the successful completion of the arrangements above,”
But arrangements above also include
“ The Captive Bank funding strategy outlined in the 2020 Annual Report was designed to deliver the first Italian inventory monetisation transaction through a partnership between the Company and a bank that was to be acquired by a fund managed by Quadrivio Group and The AvantGarde Group SpA.
Following discussions between the parties to secure further progress towards the first inventory monetisation transaction and shareholder value creation, Supply@ME has updated its Captive Funding strategy to include the possibility of a direct investment into a fintech bank owned by an Italian Banking Group (the "Fintech Bank").”
Hoping you get my drift (include)
We will see what happens.
When do you think Stormharbour will complete.
The following is taken from 29th June RNS so if I'm reading it correctly 1st securitisation will take place at the same time as the 10% of captive bank deal is complete - which could be any time and as a contractual long stop deadline of 30th Sept - so to manage expectations and not get ones hopes up I would say the end of Sept the 1st securitisation should be complete - we are in August now so not too long to wait - the more exciting bit for me is when will the 2nd 3rd 4th securitisations take place and will we see the snowball effect or better still could we see an avalanche !!
"The Company has entered into an agreement ("Term Sheet") with the Italian Banking Group and the Fintech Bank which envisages:
1. the signing of a commercial agreement to manage both the origination of new Client companies and a multi-annual inventory funding plan; and
2. the execution of a first inventory monetisation transaction involving a portfolio of Italian Client Companies.
Simultaneously to the successful completion of the arrangements above, Supply@ME will acquire up to 10% of the Fintech Bank, a level which is below the threshold requiring regulatory approval. An additional 10% of the Fintech Bank may be acquired at the option of the Company within the following two years which would require an authorisation process through the Central Bank. In April 2021, the Fintech Bank was valued, by a Big4[1] firm, at between €34m - €50.6m.
The Term Sheet incorporates a binding commitment between parties with reference to:
· the time-scale, which envisages the completion of the arrangements above in July, unless the parties agree to extend due to internal authorisation processes or technical reasons. The Term Sheet has a contractual longstop deadline of 30 September 2021;"
Best wishes all LTH
We have seen Umbrella fund being quoted.
That is a term used for a fund with sub funds inside the main fund.
This way it is cheaper to move between sub funds.
Have a look
https://www.fca.org.uk/publication/documents/fund-structuring-options.pdf
Says on Linkedin there are 51-200 employees now, company starting to get bigger...