Friday, 12 February 2016

Glentham Fund Chapter II

Following our previous post on the Glentham fund, we have been contacted by the Seedrs platform.

Firstly we would like to thank the platform for taking the time to respond and to congratulate them on reaching £100m in funded pitches. And yes we know you are not Crowdcube!

So, Glentham.

It now appears that Nicola Horlick will come good on her promise to replace the £250k of external funding - in fact it may well be there as we write. She has in any case re confirmed that she is covering it. Although it's not going into equity; so there was no need for Seedrs' investors to protect against dilution. 

Rather oddly, this investment has now become about a completely different venture. Despite writing in the Seedrs pitch that the film fund 

''Appetite from pre-marketing efforts has been strong and the initial target raise of US$100 million has been raised to US$250 million.''

The film fund has been shunted into a siding and makes way for a new US SME loans fund. 

Call us old fashioned but if we had invested in a film fund we would expect to see a film fund. But we must be out of step with the modern world. 

The film fund will come apparently, but only after the SME loan fund, which is due to close in two weeks with in excess of $100m in its chest. Apparently it was too difficult to set up a Film Fund. 

Like a good book,  this company keeps the reader on the edge of their seat, not knowing with any certainty what will happen next. We look forward to Chapter III.  

1 comment:

  1. Seems odd, can you raise money for one thing and do something completely different with it? Is that not against the law?