Astute Capital has filed interim accounts for the half-year ending September 2019.
As at September 2019 the company was pretty much breaking even with £6,000 in net liabilities.
According to director Richard Symonds, in April 2019 the company closed operations in Leeds and terminated all relationships with unregulated introducers. By this point of course the company had already raised £15 million.
According to the Times, a group of Blackmore Bond investors has approached restructuring and insolvency specialist Duff & Phelps in the hope of getting answers about their investment.
Blackmore has been in default of interest payments since October. It has told investors recently that payments will be made "imminently" once it has sold some of its properties.
Investors have asked Blackmore to appoint Duff & Phelps to carry out a review of Blackmore's business. Blackmore has declined.
Wellesley Finance has filed accounts for the year ending December 2018.
The company made a £10.2 million loss in 2018, and at the end of the year, its balance sheet stood at minus £9.2 million in net liabilities. Despite the loss, the directors say they are "satisfied with the overall direction of the business and are hopeful for its future performance".
Last week I reported on the FSCS' decision to compensate only 159 London Capital & Finance bondholders.
The decision to compensate only those who transferred stocks & shares ISAs to LCF, and not those who transferred cash ISAs, over a technical interpretation of the compensation handbook, has been a particular point of controversy.
In November 2018 I reviewed Adelpha Capital which was offering bonds paying up to 7.6% per year via the company Adelpha Bond plc.
In June 2019 Adelpha Bond plc converted to a private Ltd company. It has now filed accounts up to October 2019 which appear to suggest it has taken no money in and made no trading activity; its accounts show nothing other than the £12,500 in paid share capital it was set up with.
The hopes of most victims of FCA-authorised Ponzi scheme London Capital & Finance were dashed last week when the FSCS announced it would not compensate them on the basis of having received misleading advice.
It said that investors had merely been given incorrect information, which doesn't generate a liability that is covered by the FSCS' "protected business" rules.
That the FSCS has eventually taken this decision is disappointing for investors but ultimately not surprising. London Capital Finance was not authorised to give advice to retail investors, employed no qualified financial advisers, and its call centre staff were generally trained to avoid crossing the line from information to advice - as in any other non-advisory finance company. (Although some went off-piste and crossed the line into the "I'd tell my own mother to invest in this" school of advice.)
Troubled minibond provider Blackmore hit the news again over the Christmas period after missing a third consecutive interest payment and falling overdue with its annual accounts.
Rather than regurgitate the last two articles, we’ll examine the important issues in depth.
Q: Why has Blackmore stopped paying interest?
A: Blackmore has defaulted on three quarterly interest payments, starting in August. August’s was eventually paid a week late; Blackmore blamed a clerical error.
September and December’s payments remain unpaid. Blackmore has now blamed Brexit and delays in selling property.