Dozens’ 5% p.a. Fixed Interest Bonds: Early Maturity

Hi folks!

Just giving all current Dozens’ 5% p.a. Fixed Interest Bonds holders a heads up on an email that you should receive later on today regarding the early maturity of your bonds. The email mentions an attachment, which will of course be included.

Any questions - please do let me know.


Your money is coming early

We wrote to you a few months ago explaining that there will be no new issuances of bonds. We have some exciting new plans including a new 1% product that will allow us to bring returns to more people. It will be simpler, with no bidding required, and the 1% p.a. will be on amounts up to £5,200 – so a potential regular earning of £1 a week.

We’re now writing to let you know that in order to clean our books and prepare for the launch of those new products, all issuances of Dozens Savings Plc’s 5% p.a. fixed interest bonds will be maturing early.

Of course, you will be paid back the initial amount you invested, plus any remaining interest that would have been paid in the full 12-month period, even though you’ve held the bonds for less than a year.

When will I receive my money?

Your money will appear in your Cash Savings during the week commencing Monday, 25 April 2022. We’ll write to you again on the day to confirm. You’ll see both your initial investment amount as well as the sum of the remaining interest.

What does this mean for me?

In order for you to redeem your bonds early while still receiving the full 12 months’ interest, we had to amend the Trust Deed - which governs the bonds - with your Trustee. We have attached the official notice to the Aquis Exchange - where the bonds are listed - providing you with more details about the process.

But, in summary, you don’t need to do anything at all to receive your funds per the attached early redemption schedule.

It has been a great era. Over the last couple of years over £3.6m worth of bonds were issued to 1,017 unique Dozens customers. A startup manufacturing, distributing and safekeeping its own bonds was an unprecedented financial product step - especially for us ‘fintechs’ that had typically sought to differentiate ourselves more with technology till that point. Created to help our customers build confidence while taking their first steps towards investing, the key aims for the bonds were of course to help us get some launch traction, but more importantly, for us to build our treasury muscles as a team - believing we can launch and compete with, not just new digital products but also financial products. We genuinely believe that this additional sphere of differentiation will help us challenge incumbents in a more effective way, at scale.

From the lens of the customers, our best achievement was that the bondholders went on to trust Dozens. Perhaps our favourite stat is that we’ve seen many of the bond holders go on to invest with Dozens - more than 1 in 4 Invest customers started off with Dozens bonds. Demand for the bonds regularly outstripped supply and as they became trusted securities due to our on-time payments (even ahead-of-time on a couple of occasions, but never late), and every month they would be oversubscribed by a magnitude within the first few minutes of launch. The programme also saw some very high retention rates with customers that cracked the reverse auction mechanism coming back for more every month. However, for the same competitive and complexity reasons, it was not a very viral product - and so needed to be replaced by something more fit for purpose for scale, e.g. the new 1% product.

And so, while the bonds programme is closing, we’re excited about reusing this budget and our gained experience to bring you even newer financial products, as we continue helping our customers move towards a more rewarding financial journey – from Spender to Saver to Investor.

If you have any questions, you can take a look at the FAQs on our website or in the Help centre on the Dozens app. As always, the team will be on hand to help you with your queries both on the phone and via live chat.

Many thanks,

The Dozens Team

When investing in a strategy through the Invest section of the app, your investment is exposed to fluctuations in the market, which means that the value of your investment may go down as well as up and you may not get back the amount you originally invested.

We are not a bank. We are authorised by the Financial Conduct Authority as an e-money institution (FRN 900894) and also as an investment firm (FRN 814281). Dozens is a trading name of Project Imagine Ltd, a company registered in England and Wales (No. 11153882).Our registered office is at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.

Bonds are not FCA regulated products, and FSCS protection does not cover the bonds. Dozens’ Fixed Interest Bonds are allocated, issued and administered by Dozens Savings Plc.

The interest offered by Dozens’ Fixed Interest Bonds will not fluctuate even in different market conditions. All of your money to be invested, plus the full 12-months interest, will be placed in a separate trustee-controlled account on your behalf. This would be used to pay you in the event of any default. The bond programme currently has a maximum limit of £7m, with expected issuance volumes of between £100k-£1m a month.

6 Likes

Well, I had some due to mature in September so it’s an early pay out. No incentive to sell any of them with this development :slight_smile:

Am I right in saying there’s no app notification when it’s paid?

Hi @Rexx You won’t receive an app notification when it’s paid, but you will receive an email.

2 Likes

Never got any e-mails but I was keeping an eye out so have mostly paid it back into Invest :slight_smile:

1 Like

Good to hear all paid back as it’s should be. Sorry to hear you didn’t receive the email @OwerdnA - I don’t suppose it’s sitting in your junk mail by any chance?

Nope the only thing ever in there is the ones from BA Executive Club… :rofl:

1 Like

haha! It could be worse, let’s be honest.

Let me PM you as all bondholders will have been emailed the week of 25th April.