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Boro Boy
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by Boro Boy » Wed Sep 26 2018 8:35pm
Bruce wrote:I contacted them earlier today, awaiting a response.
Some of the documents on Companies House refer to "Founder Shares". I can't see any mention of who these are allocated to or what rights the shares give. But I have no share certificate or idea of how many shares I actually have.
Keep us all up to date on you deliberations...
Is there any other members who took up the share offer who may have perhaps heard anything from Tandem Bank?
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kevinchess1
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by kevinchess1 » Wed Sep 26 2018 10:23pm
Cal posted this thread and seem to know more than anyone else
Maybe he’ll comment ?
Politically incorrect since 69
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Bruce
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by Bruce » Fri Sep 28 2018 10:59am
Response from Tandem:
In answer to your other question, It is very important to us that you, as a Co-Founders, are rewarded for all the contributions you have made in helping build our products. Following the fundraise earlier this year, we are full throttle in growth mode and are launching products to gain as much market traction as we can. This also means our staff is quite stretched in delivery of those products which is why it is taking some time for us to deliver on our promise to you. We anticipate this to happen in Q1 2019 next year but as a start-up things move around at short notice. I want to reiterate that the timing of delivery on our promise will not affect the ultimate value to you as the value can only be derived when we have an exit event (IPO or asset sale).
Within all the waffle, I read that as meaning "we haven't yet allocated the shares to the co-founders".
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Boro Boy
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by Boro Boy » Fri Sep 28 2018 11:53pm
Bruce wrote:Response from Tandem:
In answer to your other question, It is very important to us that you, as a Co-Founders, are rewarded for all the contributions you have made in helping build our products. Following the fundraise earlier this year, we are full throttle in growth mode and are launching products to gain as much market traction as we can. This also means our staff is quite stretched in delivery of those products which is why it is taking some time for us to deliver on our promise to you. We anticipate this to happen in Q1 2019 next year but as a start-up things move around at short notice. I want to reiterate that the timing of delivery on our promise will not affect the ultimate value to you as the value can only be derived when we have an exit event (IPO or asset sale).
Within all the waffle, I read that as meaning "we haven't yet allocated the shares to the co-founders".
...which is why it is taking some time for us to deliver on our promise to you. Sounds a bit like "The cheque is in the post...!
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BeautifulSunshine
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by BeautifulSunshine » Sat Sep 29 2018 8:46pm
Bruce wrote:Response from Tandem:
I want to reiterate that the timing of delivery on our promise will not affect the ultimate value to you as the value can only be derived when we have an exit event (IPO or asset sale).
Within all the waffle, I read that as meaning "we haven't yet allocated the shares to the co-founders".
Read as: If there's an IPO then whatever the market price that's what you'll get.
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Boro Boy
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by Boro Boy » Mon Oct 01 2018 12:07am
AAAlphaThunder wrote:Bruce wrote:Response from Tandem:
I want to reiterate that the timing of delivery on our promise will not affect the ultimate value to you as the value can only be derived when we have an exit event (IPO or asset sale).
Within all the waffle, I read that as meaning "we haven't yet allocated the shares to the co-founders".
Read as: If there's an IPO then whatever the market price that's what you'll get.
I can't see any new bank listing with shares at £75 each, it would make them very illiquid so the concussion is that the offer must be for more than an individual share...maybe!?!
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Bruce
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by Bruce » Mon Oct 01 2018 7:03pm
Boro Boy wrote:
I can't see any new bank listing with shares at £75 each, it would make them very illiquid so the concussion is that the offer must be for more than an individual share...maybe!?!
I've no idea where the concept of the shares being worth £75 came from.
My main concern is that should something happen tomorrow (e.g. takeover), the "co-founders" may miss out because they aren't legally registered as shareholders.
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Bruce
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by Bruce » Sun Nov 04 2018 7:52pm
I did quite a bit more digging and got this response back in mid-October:
Sorry about the delay again. This is the latest - appreciate it seems like it should be a simple thing from your end, but it's proved much more complicated than we thought.
We originally planned and set up the structures necessary to issue these shares. These turned out to be problematic because of the regulations that we are under, but we have now found a way around we think will work. This was again complicated by the Harrods take over earlier this year. But the proposal for resolving it is now with the legal team. The CEO is aware of the problem as I said in my last message, but the issue has to find time to go before the board - as we don't want to end up causing more problems than we solve by doing it in the wrong way. There's a possibility of getting the solution actioned at the next board in Nov, but realistically (sorry) I think it is more likely to be at the December meeting. For my part, I can only keep bringing it up and explaining that from my pov as social media person, it's absolutely key to our relationship with our customers that we don't let you guys down like this and we follow through on our promises. While we will definitely make good on our promises in the end, the delay is disappointing - but unfortunately . the cogs move slower than we'd like in a regulated business like this. I hope that at least lets you know where we are. And again, sorry that I can't personally snap my fingers and make it happen straight away, but I'll keep bringing it up until it's resolved.
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Boro Boy
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by Boro Boy » Sun Nov 04 2018 9:28pm
Bruce wrote:I did quite a bit more digging and got this response back in mid-October:
Sorry about the delay again. This is the latest - appreciate it seems like it should be a simple thing from your end, but it's proved much more complicated than we thought.
We originally planned and set up the structures necessary to issue these shares. These turned out to be problematic because of the regulations that we are under, but we have now found a way around we think will work. This was again complicated by the Harrods take over earlier this year. But the proposal for resolving it is now with the legal team. The CEO is aware of the problem as I said in my last message, but the issue has to find time to go before the board - as we don't want to end up causing more problems than we solve by doing it in the wrong way. There's a possibility of getting the solution actioned at the next board in Nov, but realistically (sorry) I think it is more likely to be at the December meeting. For my part, I can only keep bringing it up and explaining that from my pov as social media person, it's absolutely key to our relationship with our customers that we don't let you guys down like this and we follow through on our promises. While we will definitely make good on our promises in the end, the delay is disappointing - but unfortunately . the cogs move slower than we'd like in a regulated business like this. I hope that at least lets you know where we are. And again, sorry that I can't personally snap my fingers and make it happen straight away, but I'll keep bringing it up until it's resolved.
Good luck, let us all know the final outcome when it happens...
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