FT Sale Payment Confusion - FT TEAM PLEASE RESPOND

Crowdfunding Freetrade 🙏
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Guys, this sale is being handled really badly from a communication with shareholders POV.

To start - if you invested on Crowdcube and your shares are on Crowdcube this doesn’t impact you - so please don’t comment and just ignore it.

Several large shareholders received an email last night with details on how to provide the Wilmington Trust with payment details.

This email showed an amount of shares which (for me and many others) is wrong.

It says " This is your total number of shares in the Company, including all relevant share classes."

Well it isn’t. It’s the number I have from the Bridge round. Around 10% of my holding.

Can you categorically explain to people how the money is going to get paid and by whom.

As far as I see it there are:

CC investors (which I have around 5000 shares in mine and 5000 in wife’s name)
Direct investors or those who purchased shares directly off direct investors (which I have around 20000 shares in mine and 20000 in wife’s name)
Bridge round investors shares (which I have around 2500 shares)
Bridge round investors loan (which I have ÂŁ5000)

I fall in to all 4 categories.

Some direct investors are being told they are getting paid by the Wilmington Trust whilst my email from you implies that only the Bridge portion is coming from them.

It’s, frankly, not good enough.

I’ve emailed FT numerous times about the ISA transfer offer over the last few weeks and don’t even get responses any more - so I’ve resorted to posting here in the hope that someone sees and actually bothers to reply.

@Viktor @acamp

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Are you surprised after all these years it’s handled and communicated badly?

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I read the email as them just using that number to confirm your identity and log you in. Presumed actual numbers would be confirmed later.

But they don’t deserve the benefit of the doubt as any communication always leaves more questions than answers.

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But it specifically says:

“This is your total number of shares in the Company, including all relevant share classes.”

Confusing at best.

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Hi @SlimShadey

Thanks for your note. Please can you email cosec@freetrade.io and we’ll give you a response specifically on your holdings and payments.

Due to the nature and complexity of our shareholdings (there are over 20,000 individuals, some of whom as you note have bought through secondaries), we have organised payment through both Crowdcube and Wilmington Trust. The line you quote in the email from last night does not refer to your total shareholding (this is found on Capdesk/Carta). This figure is just the number to use to verify your identity and set up payment details with Wilmington Trust.

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Yes I agree it is confusing. We’re sorry. Please reach out as per my last note and we’ll clarify this specifically for you. The number is just being used with WT to verify identity.

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Thanks for replying Alex, much appreciated.

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Hello @acamp

So can you confirm that regardless of which payment agent the share sale money is received from, that the shareholder realised amount will be the same?

For the avoidance of doubt, i.e. if I had 100 shares in FT (regardless of share class), at ÂŁ1.19 per share I would receive ÂŁ119 from both Wilmington Trust and Crowdcube, post all charges/fees.

Thanks.

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And to add to Alan’s question, when will the final share price with the adjustments be known?

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I agree with you that the process has been badly run.

Here’s what I’ve gathered.

Paid by CrowdCube.

Unsure who pays these. Let us know if you find out.

Paid by WT.

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Yes.

And to @SlimShadey on your question, it will likely be once we’ve completed.

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It doesn’t get any better when you get access to WT.

Will the payment be made in Sterling, Dollars, or some other currency?

Apparently the pay out will be in GBP.

And NO there’s no alternative way of getting your funds if they are being paid out by WT.

FT resents their investors.

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I agree.

I’m thinking the bridge loan absolutely stinks as well now looking back at it. Don’t think they used any of it and if you put a lot into that you’re getting a big chunk back ahead of other shareholders.

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Has anyone received payments from Crowdcube yet? Had an email to say they received funds on Friday 4th, two weeks tomorrow, but still not received anything nor any request for an AML check.

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Hi yes some people have been paid I got mine on Tuesday 8th it was only in the ÂŁ20s I believe for bigger amounts there are more money laundering procedures to go through. Cc have been incredibly tardy in paying some people their money.

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