I'm not a big supporter of the directors or the way they look after there own but ask yourself what is the point of holding 27pct or 18 pct of something that does not rise in value with time and you are not on the management or the NED gravy train. Constantly improving results over time will sort out the rise in sp.
The original number of shares in issue before the directors started diluting shareholders and this is just the beginning. Massive dilution to come through warrants and convertable loans (see annual report). CEO Mr Mellon and major shareholder Mr Banks are the main beneficiaries at the the expense of shareholders who do not even receive a dividend. Probably why there are no institutions invested here as the board have such high holdings and IMO are only interested in 'fillings their boots'. DYOR but IMO this share should be top of any bargepole list.
Not sure what to do here. The loan notes should have been due for repayment on 28 March yet a decision has been taken to extend @4p conversion and 6.5%. The interest is high but not large in the scheme of the P&L. But £1.7m at 4p is I think 43m shares - quite a dilution on the now 102m issued. I'm sure our NEDs should have considered paying off these loans now.....
Seriously undervalued - The Net Asset Value and Cash in hand is almost the same as the Market Cap! and its assets and profits are growing at a nice pace. Re rating due. I'd like to see them follow the business model of other challenger banks like Aldermore who since they started 6 years now have assets of £2billion and profits of 50m. MFX are making noises along this line and their assets have gone from £60m to £120m in 2 years which isn't too shabby.
Very good results but were tainted by the news 2 weeks earlier of a very advantageous deal to directors. The interest is only 111k perannum but the disregard for shareholders in favour of a couple of bankers does irk .
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