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CROWD FUNDING TIMETABLE AND PROCESS

1 week 3 days ago #5974 by Whatsup
I gave you a contact over a year ago that does funding, but you weren't interested, as it takes a while to get fund's though meeting's. You could of had a few investors on the go by now.

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1 week 3 days ago #5970 by Paddy Delaney
The last 11 months have been amazing for us and we have put together a fantastic machine and are ready to play very soon

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1 week 3 days ago - 1 week 3 days ago #5969 by Paddy Delaney
Hi Clive

What has been interesting, in preparing for Crowd Funding, we have actually focused on deliverables that will be required to support any funding questions and scrutiny even from a new wave of Frega Account Holders that will come on board now because we are releasing tools that solve trading problems and bring their customers into the fold....hence the release of the Journey document where we present a step by step journey to become more active ...and present an opportunity to pick up a few shares etc on good terms.

The successful launch of S2T with 500 then 1000 and even 2000 Frega Account holders at £100-00 a pop on the shares will wipe out what crowdfunding would have done and we are still working with Aiden and his referrals that are very much in play.

Either way I am not concer ned as I believe we have pulled the rabitt out of the hat and are winning this race now
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1 week 3 days ago #5968 by Clive Taylor
Thanks Paddy - maybe Crowdcube is not the right site ! I know that I am biased but there must be many potential normal investors willing to take a punt on a Fintech company expanding into the Banking sector - an area with limited ground floor opportunites available to normal people. With S2T I feel we do need the sell function as well as free action at least as turnover needs to begin flowing. This will require POS to be in place.

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1 week 3 days ago #5967 by Paddy Delaney
I am happier that we start with a more comprehensive offering and working system when crowdfunding starts than a system in beta testing phase

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1 week 3 days ago #5966 by Paddy Delaney
We are not letting grass grow under our feet and gearing everything so that when we release S2T we will be prepared to come out with a good number of registrations

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1 week 3 days ago #5965 by Paddy Delaney
Yes the confusion they had was that as a rule they only crowdfund the top company in a structure as there is the danger that money raised in a subsidiary can be sucked up to the to the top company and leaving funders in the bottom nothing to show for themselves. The fact that RS traded and is now a holding company did not help matters. But we are sorting out now. From here it takes two to three weeks to prepare material (that is circulated and then approved ...leaving us mid-December ...no good timing.

As regards S2T we are a lot further on than you realize and we are narrowing down to an initial opening where we do not need Auction etc initially

We will have a good handle on things by the end of this week (week of 18th which I referred to in a post two weeks ago) and I believe we can start setting start dates

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1 week 3 days ago #5964 by Clive Taylor
Paddy Thanks for the update but it is again disappointing news, each delays just slows the progress. Can you elaborate a bit on the actual impediments that have held the crowd funding process up? Judging from setting up S2T store there is still some way to go there as well.
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1 week 3 days ago #5963 by Paddy Delaney
Yes as soon as possible Joseph ...We need to start placing some of the RealStew Number Syndication units (thi s week) and then we can start... so say in about a week's time

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1 week 3 days ago #5962 by Paddy Delaney
Yes as soon as possible Joseph ...We need to start placing some of the RealStew Number Syndication units (thi s week) and then we can start... so say in about a week's time
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1 week 3 days ago #5961 by Joseph India
Paddy, When can people avail plan sponsorship ? any time line?

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1 week 3 days ago #5955 by Paddy Delaney
As part of the journey an increasing number of Frega Account Holders will want to re-invest money we are distributing to them into the platform - they can do this in NZ$0-90 amounts in Frega units, syndicated units of NZ$1-00 or double their passive income flows by subscribing to The Plan - this requires a minimum of £25-00 (NZ$45-00). I, in an earlier post, explained how a Frega Account Holder, genuinely unable to cover the Pledge fee) can apply to be sponsored with the advanced funds repaid at the rate of 50% of passive flow and this money then invested in further sponsorships.

Happy to answer any questions!
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1 week 3 days ago - 1 week 3 days ago #5954 by Paddy Delaney
Based on where we are in the process with regards to the crowdfunding campaign, and taking into account the time of year, we doubt that we will be able to start the campaign before mid-January. It has to stay open a minimum of 30 days and there is a cooling off period of 7 days with documents/contracts taking two weeks, final acceptances etc it will not be completed with funds released before mid-March.

We have a mandate from Frega shareholders (RS controlling and 300 000 placed) to make 400 000 share avail at effective NZ$0-90 a share (1 penny plus £0-49 loan paid from 8% of future Frega revenues) to rank pari passu with the existing 300 000 shares issued on same terms at 7.5% of Frega revenue until fully paid)

We have decided the way to go them is to release 100 000 of the additional Frega shares now until the start of the Crowd Funding Campaign and limit the Crowd Funding to 300 000 plus any units released now not placed by the time the campaign starts.

The Frega units issued and ready for placement will, therefore, be 400 000 (300 000 already placed) and the distribution will increase from 7.5% of revenue to 10% of revenue until fully paid.

This will allow us to place capital now on the same terms as Crowd Funding round and early release of capital and we can continue with rollout as originally planned.

There is no prejudice or impact on what was originally planned.

Project 1000 will also therefore give new Frega Account Holders to particiate in Frega unit purchases now and not have to wait until January 2018.

The journey/investment opportunity screens will be up soon.



We will change the sequence to read Frega first and Pledge third (in above diagram)
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