LendInvest 6.5% 2027 new retail bond

[Gan020]

LIV1 & LIV2 Exchange offer for what will presumably be LIV3

LIV1 5.25% 22
LIV2 5.375% 23

New bond LIV3? 6.5% 27

http://www.rns-pdf.londonstockexchange. ... 2-7-13.pdf

Available through all the usual brokers.

[PoxyTD]

Not sure I like the partial guarantee from the parent of only 20% or that the 1.125% increase in rate reflects this increased risk/ current inflation pressure. I will stick with my LIV2’s.

[Wozzitworthit]

I hold LIV1 as a parking place for cash pending re-investments as other FO opportunities hopefully arise with expected increasing inflation and interest rates

I am not tempted by the 6.25% rate for 5 years to exchange - 7% may have got me interested

I have time to chnage my mind but I doubt if I will

Woz

[geoffp]

"Available through all the usual brokers."

I have just messaged Interactive Investors as they have not yet let me know about the exchange offer (I hold both LIV1 and LIV2) and I note that they are not listed as one of the authorised offerors. Has anyone else been told about the exchange offer?

[formoverfunction]

Nothing from ii on the exchange, but they are showing the new issue under their IPO section as "coming soon".
Primary bid have it available and Hargreaves say sometime this week for applications for the new issue. I also hold LIV 1/2.

[geoffp]

Interactive Investor replied quickly to my query. They will be offering exchange for the bonds in due course but still have some bits to tie up first.
As a holder of both bonds, and with the current situation in the fixed interest market, I will be happy to extend a not unreasonable interest payment level at a higher rate for a few more years. There's not a lot else out there at present although that will presumably change as inflation continues to bite.

[StayinAlive]

FWIW, I hold LIV2 and will not be taking up the offer. I think that the situation and outlook since issue have changed considerably more than the extra 1.125% on offer. I'll hold to maturity and my guess is that the 6.5s could then be picked up in the market below par.

[geoffp]

516630, I can't disagree with your analysis! However, when Liz Truss defeats inflation and everything returns to normal .......! P.S. I still believe in Father Christmas in case you wondered!

[Alaric]

Nothing from ii on the exchange, but they are showing the new issue under their IPO section as "coming soon".

ii now offer it. They do however require the passing of an "Appropriate Assessment" test before allowing access to it.

[BullDog]

I noted today that Questor has recommended holders of the 2022 bond to swap into the 6.5% 2027 bond. This has piqued my interest and I am considering a modest ISA purchase at AJ Bell as my first foray into fixed interest investments. I have looked at the offer documents and pretty much understand it all.

My only concern is the issuer - Lendinvest PLC is an AIM company. I won't buy AIM company shares. I ask myself why should I make an exception for Lendinvest PLC? Should I lend this AIM company my money for 5 years?

Any thoughts on this issue are welcome. Thanks in advance.

BD.

[Wozzitworthit]

Results of exhange offer etc

The Issuer confirms the following for the purposes of this Final Terms Confirmation Announcement:
Issue Date: 8 August 2022

Aggregate nominal amount of the Notes to be issued:

£60,000,000 (of which £9,282,900 were subscribed pursuant to the Cash Offer, £29,545,100 were subscribed pursuant to the Exchange Offer and £21,172,000 will be initially retained in treasury by the Issuer)

Estimated net proceeds of the New Bonds: £38,342,650 (taking into account of fees and commissions payable)

Estimated total expenses of the offering: £485,350 (being the fees and commissions payable to the Dealer Manager in relation to the Notes)

Estimated total expenses relating to the offering and admission to trading of the Notes: £1,100,000

In relation to the Exchange Offer, the aggregate nominal amount of the Existing Bonds accepted for exchange by the Issuer is:

5.25 per cent. Notes due 2022 £24,547,100

5.375 per cent. Notes due 2023 £4,998,000

Accordingly, the aggregate nominal amount of the Existing Bonds remaining outstanding (and falling due to be repaid by the Issuer on their respective maturity dates) after the Exchange Offer will be:

5.25 per cent. Notes due 2022 £28,137,900

5.375 per cent. Notes due 2023 £55,002,000

[formoverfunction]

First payment was due on 08 02 23, everyone still waiting?

[geoffp]

I had assumed that Interactive Investor were just a bit late with crediting but I'm a bit worried if this is a general problem.

[formoverfunction]

I'll drop my broker a note. I still hold some LIV2 and it's a new issue I suppose, so it could be just a glitch I guess.

[stevensfo]

I had a secure message from AJBell today, saying there was a problem with receiving the credit, but they would keep us informed.

I had the impression it was a tech issue rather than anything serious.

Last famous words?


Steve

[formoverfunction]

Oh, how much better when they proactive!

[stevensfo]

I had a secure message from AJBell today, saying there was a problem with receiving the credit, but they would keep us informed.

I had the impression it was a tech issue rather than anything serious.

Last famous words?


Steve

Actually, I didn't read the secure message very well. It is:

Good morning. As you may be aware there is currently a delay in crediting your latest interest payment for the above bond.

The delay has been caused by non-receipt of funds from our custodian. We are chasing for these funds on a daily basis and hope to credit your account as soon as possible.

We apologise for any inconvenience this has caused.

PS This is the first time in over 25 years that I have seen this type of message.

Steve

[giammy]

still waiting, nothing on RTN

[geoffp]

Interactive Investor have responded to my query this morning. They haven't yet received the interest payment from Lendinvest but "We are chasing the company for this payment on a regular basis in order to claim the money." When should we start worrying?

[Gan020]

Interactive Investor have responded to my query this morning. They haven't yet received the interest payment from Lendinvest but "We are chasing the company for this payment on a regular basis in order to claim the money." When should we start worrying?

I'm sure what AJ Bell and II are saying is truthful but that this hasn't been resolved makes little to no sense to me. The interest payment is barely more than £1m (well it might be nearer £2m I'm not clear on the amount in issue) which is peanuts to LendInvest. Even if they "forgot" to make the payment it's so little cash they could correct the error same day. And having been reminded by two brokers to our knowledge you'd expect them to get a wiggle on and prioritorise it.

And if there were really a problem I would expect the brokers to have been informed of it which clearly they haven't.

I doubt there is any problem but it just looks unprofessional.

I don't hold this bond.