Let me share a metaphor which will hopefully explain this better. Let me know what you think
The dozens bonds are a bit like trains (its not perfect, but it helps)
We have a full schedule of trains that you can buy a ticket for. The ticket, or bond, entitles you to a spot on that particular train which will run for a defined period and have a known destination.
If you miss one particular train, another one will be along behind it at a known time and follow the same path and schedule.
At this point the first train has £100,000 worth of tickets for sale at £100 each. The idea is to fill the train before it leaves, so we need to decide how many carriages to make available. If we add too many, it leaves half-empty. If we add too few, there will be passengers left on the platform.
As we are still gauging demand, we think this is a sensible place to start.
Now, if (as we want) dozens savers buy a few £100 tickets each at a time, this particular train can cater for up to 1000 customers. This is the model we are building for. Lots of people cooperating to make the journey possible and affordable for everyone.
As you point out, someone with a lot of cash could come along and buy up a large chunk of the train in one go - even the whole thing. We don’t CURRENTLY have a maximum someone could buy because we don’t yet know the demand. This is what we mean by “there is a practical limit” - this train only has so many tickets even if we can put on more trains.
However, a person with £100,000 could just as easily hire a car and a chauffeur to get them to the destination instead of sitting on an empty train. They already have other alternatives open to them. They have choices that regular savers do not have. We therefore don’t necessarily expect these bigger investors to come and exclude the smaller savers.
However, time will tell.
If there are a lot of passengers filling the platforms, we will lay on more trains, and instead of selling all the tickets to one individual, we can take them aside and help them find more bespoke travel options instead.
Is that too many trains?