imutual PLC 2011 results and AGM details

[kevinchess1]

[quote="superman
good idea. maybe offset with shares instead of points?

That would be a nono from me

I like I suspect the majority of members here are only interested in the cashback rewards not the slightest bit interested in the shares which are neither worth anything ( nore I dont believe will ever be) nore arent paying any dividends. [/quote]

i don't think that's true.
As you repeatedly post
you can more cashback e;lse where
So why do people shop here

[cccashbacklover]

[quote="kevinchess1i don't think that's true.
As you repeatedly post
you can more cashback e;lse where
So why do people shop here [/quote]

My post was in reply to ( didnt relate to higher cashback elsewhere, which you have previously agreed is the case)

[quote="superman
good idea. maybe offset with shares instead of points?[/quote]

Now that we have finally after much resistance ( for the last few months) been given the no of claims per month figure which are just in double figures

viewtopic.php?f=2&t=4148


viewtopic.php?f=2&t=5437 ( Do the number of claims figure include those which you have said you put in for no spend offers


But not tracked
Claim goin inn

Would be good IMHO if we are also given stats on a monthly basis showing how many non no spend transactions are done via I-Mutual then it can be seen how that has been increasing ( or not) in relation to membership increase of which I firmly believe has increased in same way as other sites have built up its membership base on back of daily clicks and no spend cashbacks not because people are interested in the shares or see I-Mutual as number one cashback site to shop via

What is the point in having claims performance stats and even number of claims if we neither know how many spend/commitment transactions these figures relate to or whether they include repeatedly stated claims put in by yourself for no spend transactions


Total members 2609 - We now have number of claims per month - So how many non no spend/non commitment transactions per month are done via I-Mutual Richard

[cccashbacklover]

[So why do people shop here

Ok

Total members 2609 - On a monthly basis on average how many members "shop" via I-Mutual

viewtopic.php?f=2&t=5437

[blythburgh]

I went to the vote page and it said I cannot vote until I complete the shareholder registration.

However, I am not willing to do so yet, until I get a clear explanation of the "Call on Shares" that I wrote to you about.

I was never able to trace the written communication you referred to (email?) but I can confirm my reply to your original post...

The shares you receive are fully paid-up. The clauses you refer to relate to any shares not paid up, hence this does not apply

Member shareholders are not liable for any debts / losses incurred by the company

I refer you to the following clause in the articles, which make this very clear:

1.2.10 LIABILITY OF MEMBERS
The liability of the members of the Company is limited to the amount, if any, unpaid on the shares held by them.

The bottom line: There is no risk or downside whatsoever to being given the free shares

I hope that clarifies the matter and provides reassurance

[cccashbacklover]

[quote="richard@imutual"][But if, for whatever reason, someone really doesn't want to be an imutual shareholder, they are free to just earn cashback and not complete their shareholder registration.

quote]

posting.php?mode=quote&f=3&p=7764

"We just started enforcing the 'Shareholder details must have been validated' rule yesterday"

[Squire]

Thanks for the clarification Richard, I have now filled in the shareholder details and accepted the Terms.

I appreciate all the work you and your partner are doing for us.

Maybe I had better start recruiting members for this site, now I am happier how things are.

[richard@imutual]

"We just started enforcing the 'Shareholder details must have been validated' rule yesterday"

You are right, I had forgotten that this was required in order to redeem. But as I say, there is no downside to the shares and hence no reason to be concerned about the shareholder registration process

[kevinchess1]

What is the point in having claims performance stats and even number of claims if we neither know how many spend/commitment transactions these figures relate to or whether they include repeatedly stated claims put in by yourself for no spend transactions

As you acknowledge, we started providing the absolute numbers of claims in response to a request from members, in addition to the percentages. I do think the absolute numbers fulfil a purpose, in the absence of further information. It allows imutual and its members to point out that, at present, we have zero overdue claims and a very low historical number of rejected claims. Whatever the percentages, that is a notable achievement, especially given the meagre resources and overheads of the company at present.

Yes, I can see that it would be useful to have figures relative to the number of transactions by merchant. I will take it as an action to provide these stats on a per-merchant basis (to be shown on the 'click-out' page)

In general, we have started moving to a policy of not permitting claims for no-spend transactions. Generally, it's difficult to get merchants to deal with them effectively (due to the value and nature of such transactions, and the time involved). Sometimes, it can actually result in them removing imutual from their programme Out of 192 claims submitted to date, only 6 relate to 'no spend' offers where we have since stopped accepting claims

In terms of % of members transacting, I provided the following information in the accounts:

Performance of the business
During the period, the imutual website attracted 1,630 new members. Of the 788 who made at least one
cashback transaction, they each generated average revenue of over £50. So while the number of registrations
during the period was lower than anticipated, the average revenue was far higher than expected. Given the
popularity of similar sites and imutual's unique "free share" offer, we believe this augurs well for the
company's future performance

But your general point, that we have purposely made a lot of 'no spend' offers available to help boost turnover and membership, is certainly true. And it is also true that, as the site grows, we have to concentrate more on getting 'purchasing members'. This is precisely the cycle I went through with rpoints from 2003 onwards; 'free' cashback was dominant initially but within a few years it had matured into having a lot of 'purchasers'.

That said, it may surprise people to know that around two thirds of cashback awarded to date relates to merchants where we accept claims for missing transactions (which is roughly the distinction between 'spend' and 'no spend' offers). The fact that many forum discussions relate to 'no spend' offers can be misleading; we have members that just get on quietly with making purchases (again, a trend that was very much seen at rpoints)

The number of 'spend' transactions in the year to date was:


Jan 244
Feb 287
Mar 267
Apr 254
May 338
Jun 586
Jul 662
Aug 477
Sep 917
Oct 630

So if you compare this with the total number of claims submitted, you get total claims as a % of all 'claimable' transactions as follows:

Jan 8%
Feb 5.2%
Mar 9.3%
Apr 7.8%
May 3.3%
Jun 3.4%
Jul 5.4%
Aug 4.8%
Sep 1.9%
Oct 2.9%

(Number of claims for October may yet increase)

It's taken quite a long time to put these stats together, so I can't promise to do this on a regular basis, but I hope this gives you a feel for how things are going

[richard@imutual]

Maybe I had better start recruiting members for this site, now I am happier how things are.

Great news That's what we need everyone to do

[BeautifulSunshine]

I refer you to the following clause in the articles, which make this very clear:

1.2.10 LIABILITY OF MEMBERS
The liability of the members of the Company is limited to the amount, if any, unpaid on the shares held by them.

The bottom line: There is no risk or downside whatsoever to being given the free shares

But if, for whatever reason, someone really doesn't want to be an imutual shareholder, they are free to just earn cashback and not complete their shareholder registration.

I hope that clarifies the matter and provides reassurance

you need to learn to trust. Richard is not a conman as some would have you believe