There are also plenty of people who completely understand this, and pretty much knew it was an avenue to screw over early investors as soon as it was announced. The rule allowing a 75% majority put whatever they like in the Articles if Association needs to change. It’s just not fair.
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Wow, show me a company that raised at 9 GBP per share six months ago and then sold for 1 GBP six months later. Common people call it a SCAM, while VCs might call it ‘dumb money’ to ‘smart money’.
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I think we’re talking single to teens percent wise knew and understood these things.
Out of interest. How many do you think knew of this out of the estimated 20,000 investors?
The AoA’s seem pretty standard to me, especially crowdfunding. Although, I did see Prosper Savings had a 1x liquidation preference attached to their last round, which was ranked equally with the proposed VC funding they hope to get. I thought that was somewhat novel for crowdfunding.
For clarity, I’m not happy with the way this has played out. I’ve been “invested” in one way or the other in Freetrade’s vision for a decent chunk of my life. Sure, I don’t depend on them for a salary but it’s always been present. I used to be super active here, I’ve always advocated for them because I believed in the core vision, the potential. To see this, and the relative silence from the senior team is a tough pill to swallow. To see discussions being suppressed like with the Freetrade in the news 
thread is also tough. To see this get PR’d as a success story is also…
In other news, I had to wait to reply…
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The big winner is Adam. He is making around £10m from the exit.
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It’d be swell if FT mods could stop censoring posts. It’s just compounding the sense of betrayal of trust having been sold out and royally let down. Integrity matters, even vestiges. Don’t try to stop your backers from venting, particularly after the losses many are now facing given the impending sale.
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How do we withdraw our ISA? Shocking share price
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Assuming you want to transfer, you fill in an ISA transfer form at your new provider.
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thank you
Wonder how long it will take to transfer out
Government guidance suggests:
15 working days for transfers between cash ISA’s
30 calender days for other types of transfers
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Not wanting to be hasty, I’ve been umming and ahhing about switching my Sipp.
It’s one thing removing posts that breach terms, slowing replies etc but the deletion of the entire “FT in the news” thread sealed it for me.
The best thing about Freetrade is this community – or at least it was.
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Sorry that thread is still there/restored. I must have clicked something by accident. It looked like the original post in 2019 was deleted which was weird. Honest mistake. I didn’t notice until @saf mentioned earlier!
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@Lee.williams1995 6 weeks apparently, no idea why
True seems quite a stretch trading 212 says 2
@Lee.williams1995 I asked the FT AI and it said…
“Please note that GIA and ISA transfers out currently take 6-8 weeks with SIPP transfers taking 8-10 weeks.”
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Its way off Gov guidance suggestions and shouldn’t take that long, brokers need to be held to account and if fines were issued i’m pretty sure it would be done within timescales. Surely most transfers are electronic these days.
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Wow FTai, where did that brain wave go?
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Everyone talking about leaving should probably not jump the gun until after the sale completes.
I have no idea what the terms of the sale agreement are - but they could be breached if Assets under Administration fall below a certain amount - for example.
You may end up scuppering the deal and the company failing and getting 0 back.
£1.19 a share is much better than 0.
Be rational.
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Exactly my thoughts. Exactly my own situation. No need to look for alternatives until the deal completes imo.
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Agreed. Besides no point cutting off one’s nose to spite one’s face. I will patiently watch and wait. @acamp, could you please confirm if Plus for Life arrangements (given that FT is purportedly remaining as a standalone business under IG’s ownership) will remain intact with no plans to withdraw or erode such important benefit for early/substantive investors.
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