You may have an investment that whilst not with Primesite Developments Ltd, is with a party that has in turn invested with us. This may be referred to as a ‘Loan Note’. Such parties include:
Lomaxfind Ltd (previously an investor in our Lomax Student Halls project)
Aberfind Ltd (previously an investor in our Gainsborough House project)
Cleaverfind Ltd (previously an investor in our Cleaver Court project)
Whitefind Ltd (previously an investor in our White Lion Halls project)
Primesite Developments Ltd has settled all agreements with these parties on the 28th September 2015, however we are aware that you may still have your Loan Note. It is our understanding that every effort is being made by these parties to provide alternatives to the current investment model to all persons who have entered into it. One such alternative has already been presented and involves the Loan Note holder being able to redeem their investment in shares in our company – Primesite Developments Inc. This shareholder status is already being enjoyed by over 220 individuals.
We have become aware that to begin with, you should have received the appropriate Independent Financial Advice as to your suitability to that investment product, as well as criteria such as your attitude to risk and capacity for loss. This may not have been the case and many of the Independent Financial Advisors that originally provided the required advice, have since ceased trading. In many instances, the cessation of trading of IFA practices is as a result of being legally challenged regarding this mis-advice, though we cannot confirm that this is the reason in these instances. Your investment should also have been monitored and appropriately appraised by your SIPP provider/trustee.
While we are not responsible for, nor involved in any part of this advice and appraisal process, we nonetheless have a strong wish to bring this situation to light. As a stakeholder driven company, we are committed to the welfare of any party that has an interest or concern in our company, in respect of our performance, even if not directly.
We are confident that a resolution will be achieved for all parties who have invested in one of the investment parties to whom we have previously been contractually linked. However, if you feel that irrespective of your current position, you may have been mis-sold, you may be entitled to compensation under the Financial Service Compensation Scheme. Details of this can be found at www.fscs.org.uk
The Primesite Stakeholder Team.