Lowest Common Denominator

Late last year, WeSwap managed to attract 2,961 investors to raise over £2.4m, during their raise they offered an array of investor perks, perhaps they’re not the most straight-forward criteria but I think I’d be able to work out what I’m due based on any investment.

Since completing, the discussion board has been awash with questions, queries and pointless statements to the point where I’m now completely fed up with reading them.

“Hi. I accidentally hit the ‘today’ button when buying and have incurred 1.4% charges. Is my mistake covered by my shareholder perks? I have not got a shareholder card, but I have invested £5000. Thanks in anticipation.”

Oh dear, you’ve also wasted my time by posting an inane comment – Suck up the fee and move on as quietly as possible. I should point out that the fees are clear on their website and so are the perks, why this chap has to waste the time of 2,960 other investors to get an answer to a question he could get bilaterally with WeSwap I don’t know. He’s even posted his name, there’s a good chance he’s a news broadcaster.

“I recently withdrew €100 from a Societe General ATM in France. They charged me an outrageous €1.75 for the privilege. I cannot find out if this isa fixed fee or a fixed percentage. I know when I go to South Africa there is a fixed fee so I withdraw the maximum. It would be useful for WeSwap to have a help page on this issue.” [sic]

This question has sparked a never-ending thread about ATM fees, with one responder proposing to somehow monetise a database of ATM fees. There is some hope; one sensible responder rightly called into question the obsession with monetisation, which did bring a smile to my face when I read it.

“Hi all I’ve bought shares (actually for a different company) on this platform on the second hand market. Please note that the EIS benefit is lost so anyone looking to sell has to understand the price is likely to be considerably below what they paid (e.g. Around 50%).” [sic]

This one doesn’t even seem to apply to WeSwap, the original poster never bothered responding but that didn’t stop a string of pointless posts.

How do i sell my shares” [sic]

This is a very worrying comment, anyone throwing money at the companies raising on Seedrs should know how to sell. Perhaps it is innocent but poorly worded and they weren’t aware of the process. I doubt it though, the FAQs state that sales require a private agreement with another investor. The subsequent discussion does suggest she may have been successful in her sale.

“Ive moved house and am struggling to put my new address in can anyone help ?”

Yeah, I can help, just post the long numbers on all of your credit cards, the three-digit security codes, the expiry dates, your address and date of birth and I’ll update your records for you.

 

This sort of thing goes on for pages, I haven’t seen this sort of thing on any other company I’ve invested in but suspect it may be a sign of things to come. WeSwap was high-volume raise in terms of investor count, I would speculate that a decent proportion were Seedrs virgins, perhaps investing purely for the perks as current WeSwap customers. With this, perhaps they don’t realise the etiquette of the discussion boards, i.e. don’t post stuff that other investors aren’t going to be interested in, don’t post things that make you look stupid and don’t post things that are unrelated to the company. Whilst not written down I don’t think it takes much common-sense to work it out, after all, we are supposed to be experienced investors.

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