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Started: masonmaster, 13 Dec 2022 09:34
Last post: Yuri.F, 3 Jul 2023 14:42
PCF' 2022FY results shown further equity drain with 14m loss.
Assetmatch last auction couldn't match any trades only mentioning some bets at 0.75p (pointing to yet another sp decline)
I know, I was trying to recoup as much as possible but it was all NT. in the end I went for a blind deal but it didn’t go through. Somebody on another board thought that the MM would not be looking to trade late as they wanted to close with balanced books. Anyway, asset match next!
That strange, you should have been able to sell, in fact last hour share went up another 20% or so..
Tried selling for an hour yesterday afternoon, but left it too late.
Hi Yuri. I don't think that's FUD at all. This is not for the fainthearted, nor for the inexperienced. I have a slightly different perception of 'risk' and a higher tolerance of it *if* I think the downside is protected and the upside multiples of my basis. For those interested, you can hold unlisted shares with Interactive Investor (I own Allied Minds, another delisting, with them). I think you'll also find that management will be more forthcoming with information once they're out of the public market as there is a lot more they can tell you. I do agree that crystallising the NAV - whatever that NAV ends up being - will unlikely be timely, or plain sailing. But we're at such a massive discount that it's priced in and worth it IMHO. Even if you deduct runoff expenses, haircut the NAV and discount it at a big cost of capital, you're still well below intrinsic value and that's good enough for me. If this was trading at 3-5p, then I wouldn't be buying it and would be advocating for everyone to sell considering the aforementioned risks vs the potential net payout and likely journey (time, hassle, uncertainty, delisting). I hope that clarifies and I hope the above demonstrates that I don't mind a well considered rebuttal to anything I post.
Started: masonmaster, 14 Dec 2022 13:19
Last post: Terrytibbs54, 14 Dec 2022 13:41
Not over, yet!
Started: Laura2022, 6 Dec 2022 12:38
Last post: Terrytibbs54, 9 Dec 2022 15:26
If this surplus is 10m surly more people would be buying and this would not be stuck around 0.65p?
I'd expected if it were to to rise it would have been the Q and A and the 12th
Hi Terry
I rang and they said the Q and A will be on the website shortly and confirmed there will be a surplus of funds to re distribute but didn't give any further details
£ 600 limit on HL
I cannot get a price at all today ?
It is hard to buy more on HL
Started: Laura2022, 4 Dec 2022 09:16
Last post: shenners, 4 Dec 2022 18:30
Hi Laura
Yes I think this has been oversold which understandable given the very small free float of shares. There is nothing to stop this being taken over or bought out once private. I’ve got 3k in here and happy to hold this and see what happens. It could be a good day here tomorrow in advance of Tuesdays investor call
Atb
Hii shenner
I also felt that there would be at least £10mln left after restructuring costs etc
That would equate to 3.5p for every share
Could be a good pay day
My guess is after wind down costs have been factored in around 10-20 million, all will be revealed Tuesday anyway. For those that are willing to hold a nice payday
Hopefully they will spell out how/quantity of the "surplus funds" (£40mln approx) will be distributed
Last post: Yuri.F, 2 Dec 2022 17:38
FumbleBuck
1) forum won't go anywhere from here for years, it simpy won't be updated anymore as with many delisted companies.
2) disclosure of periodic accounts for banks is mandatory and should be done in accordance to relevant standards, therefore it won't be "bare minimum" (but since they're about to leave UK market - these will be different standards as per changed jurisdiction).
or MADE
According to some
Last post: Laura2022, 30 Nov 2022 15:03
You're not missing anything and the return of surplus funds is mentioned on their website circular
See the information posted here last few days
Hope that helps
If I were cynical I’d say there might be a buyer waiting in the wings once this has de listed. Next weeks call will shed some light
I dunno
Talk to me?
PCF Group plc is announcing that CEO Garry Stran and CFO Caroline Richardson will be holding a question-and-answer session via the Investor Meet Company platform on 7th December 2022 at 11:00am GMT, in advance of the General Meeting on 12th December
I suspect this is where they will state the return of funds
Started: shenners, 29 Nov 2022 12:54
Last post: shenners, 30 Nov 2022 09:13
Helpful RNS
My question
What are the best and worse case scenarios in relation to return of funds to shareholders after the business and loan loan book has been wound up and sold.
Would expect that to happen Shnners as it appears that there is a good chance there will be a windfall of at least 4 or 4 times the current value
Nice buy after hours , very snail free float here so expecting a run of blue days up to and hopefully past 1p
Yes niel
HL will only allow you to buy about £1200 but I can sell more than that at 0.58p
Some decent buys though.
Lots of sells at small prices but then a big 2k buy comes along.
Good luck all here
Started: Laura2022, 26 Nov 2022 11:54
Last post: Yuri.F, 29 Nov 2022 13:51
Recession has started and covid-related government support has ended (higher delinquencies/impairments).
Exit costs like software, goodwill/intangibles license, etc. all's worth nothing, rental agreements, redundancies, termination of other contracts and so on... (not to mention recent stance by FCA at lenders about treatment of consumers in these difficult times).
Deposit outflow on a winding-down/market-exit news (bank-run) and the need to refinance it (at higher rate).
Loans were issued under much lower interest rate than current market.
You can't dispose portfolio at fair value, there will inevitably be winding-down discount.
How much did they have on loanbook in interims? 320.5 £m ?
IMV we can mark it down by at least 10%-15% (aggressive approach), while it still potentially does leave a distributable excess of equity above current m-cap - it is a substantial risk, while retail does have some stake here - it's relatively small but given practically no liquidity (only 18 trades so far - all below £1K) + huge 40% spread and potential exit for ISA-alike accounts (ISAs are not allowed to hold non-listed companies) - for small retail trader it's possibly not a gamble worth taking.
Exactly - I'm holding even if they delist
Hi Jeni
It certainly looks that way, there must be a lot of the £40-50mln left even after restructuring costs
I'm hanging on to my shares - there could be a nice payout here one day imo.
In section 4 of the document on their website is says
"Shareholders may in due course receive a distribution arising from the company having surplus funds at the end of the wind down process "
Having looked at the last accounts this looks to be £40 to £60mln
The wind down costs will surely not be all of that,so there could be a large pay out given that the current PCF market value is only £2mln
Started: Laura2022, 23 Nov 2022 14:55
Last post: Laura2022, 23 Nov 2022 14:55
Equity Subscription
The Company announced a proposed capital subscription on 31 May 2022, the completion of which was announced by the Company on 7 June 2022. The announcement on 31 May 2022 also confirmed that the Company's majority shareholder, Somers Ltd ("Somers") indicated its willingness to support a further equity subscription of circa £1.5 million.
The directors of PCF are pleased to confirm that an agreement has been signed by the Company and Somers whereby Somers will subscribe for 27,940,000 new ordinary shares at a subscription price of 5 pence per share
In the information on the website today is still says that they are considering a potential return to shareholders.
It's not as clear cut as MEAL but looks interesting for the next three weeks
Started: SharePicks, 23 Nov 2022 08:42
Last post: neil777, 23 Nov 2022 14:24
It's a real tough one to get involved in.
I looked at it when it was 0.42p to buy and didn't then it shot to nearly a 1p and about 0.87p to sell.
I wasn't too gutted as the spread made it a complete gamble and there was no sign it would shoot up.
A few trades today but at 0.79p to buy and 0.63p to sell your 20% down before you even begin
It seems like a few are having a punt here today, I'll keep an eye on this one, only.
Spread is again ridiculous though so this needs a big pump to make any gamble worth it
50k max at 0.74p.
"banking license worth" card being played to naive "investors" on many collapsing bank segment shares,
but reality is - there are plenty (hundreds) of banking licenses out there and new being issued without much of an effort.
it's all available on BoE statistics pages.
As for another share you mentioned - they are planning to delist, their equity is multiple times below market capitalization and amount of annual loss hugely exceed whatever they have in equity left.
(by the way - loss is consistent across 5 years in a row, they couldn't make profits even before covid and now it's even worse, each time they about to collapse - they just print new shares to raise equity)
Generally there's enormous risk of full capital wipeout without much of an intrinsic business prospects for profits.
MEAL has gone from 1.25p to almost 6p now. How much is the banking licence worth?
Started: SharePicks, 22 Nov 2022 09:15
Last post: SharePicks, 22 Nov 2022 09:15
150k max or £1k. Shows the illiquidity here.
It would be nice if there was. I'm down so much it's not worth selling - book value on Stockopedia is 16.5pps so I'm just going to hang on in here. Institutional investors own over 95% of stock so hardly any shares in market any more.
Is there a MEAL situation here? Just asking.
Started: SharePicks, 11 Nov 2022 12:38
Last post: neil777, 11 Nov 2022 15:33
Yes if you had the balls to buy at 0.40p and sold exactly at the highest point.
Easy in hindsight saying it now.
The spread was about 80% lol.
If you had bought even at 0.70p it looks like you're stuck now. Spread at 50% too
I can live wirh missing this one as I had no intention of going for it. Fascinating watching though
You should've bought early in the morning Neil. You would've made a nice 100% profit!
Ouch imagine getting caught here at 0.95p
Its now less than 0.60p to sell
Delisting and spread 80% and this could go to a 140% spread like Wednesday
what is it worth with a banking licence. Major shareholder has 73% and 2 shareholders hold 85%.
final dead cat bounce before wound up
Started: TKOTM, 11 Nov 2022 13:02
Last post: TKOTM, 11 Nov 2022 13:02
.
Started: SharePicks, 11 Nov 2022 10:21
Last post: masonmaster, 11 Nov 2022 12:31
+142% Spread has narrowed.
Did not expect that. It was illiquid at 5p so unless there are sellers it will be very illquid at 0.50p. will someone make an offer.
Started: SharePicks, 9 Nov 2022 12:20
Last post: neil777, 9 Nov 2022 12:43
80% spread and will delist soon.
Hmmm tempting haha
thats tight.
Started: Troajan, 10 Jun 2022 15:56
Last post: CraigJD, 9 Nov 2022 12:12
So what are all these buys today. Are they just shorts closing?
So it's bye-bye up to £5m of Goodwill/Intangibles due to market exodus,
up to £30m for emergency replace on drain of customer liabilities (bank-run)
from £5m to £7m winding-down costs,
probably another 8-12+ £m for some impairments/delinquencies/defaults or bulk portfolio sale
(although they've announced via RNS that will rather be natural contraction)
and some operational/office costs (PnL)
In the end it looks like there's practically nothing left to distribute for shareholders (out of 41.4 £m equity reported as of March-2022)
current m-cap 1.1 £m
Sorry it's Somers, not Castle.
Anyone who thinks this company is looking forward is misguided sadly. I've lost most of my faith, the current board are just rats trying to escape the sinking ship, and their lifeboat is the possible buyout from Castle or whoever it was. Sorry to be so negative but I really did think this company was going places.
Not unexpected. This was in 30s now at 8.
A huge amount has been written off. 60pct of equity value.
Have to see. If they can make it back to being profitable could be a trade.
Disappointing but sadly not unexpected news!! Good to see there has been a healthy appetite for those shares which have been sold. The interesting question is who has been buying them?
Started: FredRubble, 14 Feb 2022 15:19
Last post: theonlywayis..., 15 Feb 2022 07:49
I have consigned this to the deepest bottom drawer
Not for a good while, laurel and hardy RNS
Strange! Do we know when y/e 21 results are due?
Last post: FredRubble, 9 Feb 2022 11:07
Looking at the chart, could 9 or even 8 be a possibility? Yes bought a second hand car for the wife last Feb and already gone up £2K!!
Could easily hit 10. Happy for a down drift even if i take paper losses.
At some point discount to shareholder equity will be too large.
The majority of lending is on vehicles. 2nd hand values increased during the pandemic, so if they had issues i suppose they had a great opportunity to deal with their problems. Not often you see the value of a depdeciating asset ( 2nd hand car) go up :)
No offence taken, I am for now taking your stance given the steady volume of sales. As always the time of top up/entry will be crucial but especially here!!
I just re read my comment.Sorry if it seemed rude. I wish everyone well in making cash, even if they take a routebdifferent to mine./>Apologies
Started: betts, 25 Jan 2022 18:00
Last post: Gallmat, 8 Feb 2022 10:43
Best of luck.
I have order at lower price. If it hits i am happy.
I do not want to chase this one
Well someone is!!!
I am not adding yet.
Hopefully it will drift down a bit more.
No rush to buy.
Research Tree Video
Worth a view
https://*********************/media/pcf-group-present-2021-interims-after-recommencing-trading-in-london
Last post: paranomia, 25 Jan 2022 17:13
Most trades are showing as sells, including my purchase, due to the spread.
I also think the relist hasn't really filtered through to a lot of investors yet.
Certainly looks like it has a lot of potential.
Will be interesting to see the Q&A session on Thursday.
Started: Builder12, 25 Jan 2022 07:36
Last post: theonlywayis..., 25 Jan 2022 07:44
This will be interesting
The share suspension has finally been lifted
https://www.lse.co.uk/rns/PCF/restoration-pcf-group-plc-e16kpgq7n02f2k0.html
Started: IslandBoy21, 25 Oct 2021 13:28
Last post: IslandBoy21, 25 Oct 2021 13:28
21 October 2021 - PCF Group plc
("PCF", the "Bank" or the "Group")
Update on Restatement of 2020 Preliminary Results
Further to the announcement of 10 September 2021, in which PCF announced that the restatement of profit before impairment of goodwill and tax for the year ended 30 September 2020 would now result in a reduction of profit greater than £750,000, the Group has undertaken further detailed analysis to establish the extent of that reduction.
As part of the previously announced review into the Group's financial controls and reporting processes, the Group's impairment methodology was reviewed with a particular focus on receivables which were either seriously in arrears or where the asset which acted as security for the receivable had been sold and a balance of the receivable remained outstanding ("defaulted receivables").
Following this review and a subsequent review of impairment levels it has now been determined by the Group that the historical expectations in respect of the collectability of these defaulted receivables requires revision resulting in an additional impairment charge of £6 million which will be applied to the results for the year ended 30 September 2020.
Taking that FY19/20 impairment charge into account, along with other adjustments (principally from the financial controls review and the increased cost of the full year 2020 audit), the new revised reduction to the preliminary result for profit before impairment of goodwill and tax for the year ended 30 September 2020 will now be approximately £7 million. This will bring the statutory loss before tax for that period to approximately £5 million. The Group still has headroom above its regulatory capital requirements, including Pillar 2 buffers.
In light of the increased impairment charge, the Group also reviewed its strategy for managing these defaulted receivables. Following this review, the Group sold the majority of these defaulted receivables to a specialist debt purchaser. As part of that strategy, going forward it is envisaged that periodic smaller sales of defaulted receivables will now be undertaken by the Group on an ongoing basis to give certainty to the valuation of this category of assets, and to enable operating efficiencies for the Group by reducing the operational time and costs that managing such defaulted receivables involves.
More generally, the extensive work being undertaken as part of the review of the Group's financial statements, completion of the annual report and accounts for the year ended 30 September 2020 and the investigative review of the Group's financial controls and reporting processes has been exhaustive and is now well progressed. The PCF Group would like to thank all shareholders again for their patience and support during this time and will provide further updates in due course.
PCF's shares remain suspended from trading.