Hi - selling 995 shares for £10 per share. I know, I know, it’s cheap - but I need a fast hassle-free sale.
I posted the offer on the old thread and received about five messages from various buyers, but everyone went quiet - looks like they are window shopping or something.
Reason for sale: recent business venture failed and need liquidity.
Reason for cheap price: need liquidity fast, and represents a good return for me.
I am in contact with Crowcube who have sent me the instructions for the sale. I can forward these to the interested buyer.
Ahh that’s interesting, I guess this is the ‘exceptional circumstances’ part that keeps getting referred to.
This therefore begs the question for the below…
If someone is asking for the above amount does that contradict the reasoning you could have possibly given for the sale and would Monzo/Crowdcube be aware
Im in the process of selling my Shares and they do not interfere in the price u set as they ask you to use an escrow service. Here is the emails i got from them.
Thank you for your email.
You hold the beneficial title to 130 E Ordinary shares in Monzo Bank Limited (“Shares”). You wish to transfer the beneficial title to the Shares for financial reasons (the “Transfer”).
In order to process the Transfer, we shall need:
for you to select a transferee. For example, a friend or relative;
if the transferee is not a permitted transferee under the Articles (e.g. spouse or child), the Company will need to consent to the transfer. If this is the case, please provide details of the transferee and we will request the consent from the Company;
if the transferee is not already a Crowdcube member, for the transferee to create a Crowdcube account by visiting the Crowdcube website: https://www.crowdcube.com. Please confirm when this account has been created and provide the transferee’s email address;
The transferee to pass our standard AML checks, and provide documents to prove their identity if required;
The transferee to confirm they are happy to be bound by the Articles and any shareholders’ or investment agreement; and
an executed letter of direction. We will provide a template when you have selected a transferee and received consent from the Company (if applicable).
I look forward to hearing from you soon with the details of your proposed transferr. Please let me know if you have any questions.
Kind regards
Hi Adrian,
Thanks for your prompt reply.
Your shares are held under Crowdcube Nominees Limited and so will need to be transferred to another investor, rather than sold back to Monzo. You will need to find a transferee and we can put your request to the team at Monzo for review.
I am afraid that Crowcube are unable to deal with payments for transfers. Any payment arrangement would be between the transferor and transferee and not something that we can help to facilitate. This is due to our regulated status, we are not able to hold money for transfers.
If using an online escrow service, I am happy to wait for both parties to confirm that they are happy to proceed before completing the share transfer.
I hope this information helps? Please do let me know if you have any further questions.
Kind regards,
Monzo is doing their internal checks on both me and my buyer and should message me back today. I’ll let you guys know if they do ask for any documents etc.
I wouldn’t imagine they can interfere with the price you set, that’s entirely up to you.
My question (and I’m trying not to pick on anyone) is that you have to sell under exceptional circumstances. So you give your reason (like @NotMyName did) whereby you need the money quickly because of a failed business venture. Then it transpires that you’re selling them for 5 times what you paid and they’ve been advertised for 8+ months.
You then go back to Monzo/Crowdcube and after those 8 months and say, “I’ve got a seller, here are their details, can you finalise it all”. Are they then going to say that based on evidence, the reason you gave them originally clearly wasn’t exceptional so the agreement is now void?
In summary: If you’re looking to make a healthy profit and haven’t adjusted the price in such long time, to me it would appear you’re not that desperate to sell them. Can this bite you in the ass later down the line?
Good question. I have contacted Monzo on their live chat about a month ago and started looking actively to sell for over 4 days now and did lower my price as I need to get out of overdraft. As said in the email they do go through security on both ends. Buyers money is in Transpact now but was told not to do anything until I get a reply which should be any minute today.
As we saw in the previous thread, the “exceptional circumstances” clause is either rarely invoked or not invoked at all (I can’t recall anyone stating that their transfer was denied due to there circumstances being too unexceptional). It is likely a ‘don’t take the piss’ clause to prevent abuse through widespread share trading (which would have overhead for Crowdcube and Monzo) via selective enforcement.
I can’t see Monzo or Crowdcube giving a pair of foetid dingo’s kidneys what profit you may be making on a sale. They see no cut of an OTC sale, so it is utterly meaningless to them.
What is of meaning to them is that any transaction, of any value, for any size share block, will incur the same administrative costs for them. They want that administrative cost minimised, so the ‘exceptional circumstances’ clause is to provide an avenue to tell people “knock it off” they they’re trying to buy or sell tens or hundreds of blocks.
and I’d suggest getting your investor flair on here first so you prove you have some for sale.