Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
2nd RNS 5pm .
Directer stepping down .
Peter Duffy is a member of the Company's Risk, Remuneration, and Nomination and Governance Committees.
The low was 278p at 11am 15mins after my last buy it closed 308p which was a little above the second buy of 300p .
You had until 1.30pm ... 90 mins to buy under 300p
They aren't even remotely comparable.
1. Amigo was under the spotlight for their own internal failings. The current FCA review for motor finance will impact many motor finance providers, not just Close (if the review actually rules that they have to pay).
2. The financial position of Amigo and Close are worlds apart. For context, if the FCA review ruled that Close had to pay £200M, they could quite easily do this and carry on business as usual. Again, for context, CET1 capital at FY23 was circa £1.3B. Assuming they earn £0 in FY24 (unlikely by the way), they would still have CET1 capital of circa £1.1B.
I am also in a £3 which I hope is the bottom and rings my average to £5.60
They have plenty of assets, no issues with funding.
This drop is the pension funds dumped funds as no divi being paid for the next few years, I am not here for the divi, I am here for the £7 share price.
Thanks for your valueable comment. You have repetead this nonsense on the other site under a different name.
🤡
A highly dilutive Rights Issue is very possible here now
Perhaps a 1 for 1 at £2 to raise £300 million
Https://www.proactiveinvestors.co.uk/companies/news/1041064/will-lloyds-bank-make-a-car-loan-provision-after-close-bros-shock-1041064.html
Close Bros only on the hook for a max of 230mil, Lloyds 1billy. Fill ya boots
Not been this share price since 1995. I think anyone with a few synapses will appreciate, this will reverse north in a relatively short space of time. Fine will be paid and the NAV will still be above £7 per share .....MINIMUM !!!!!
Golden opportunity. 📈😊😉
FangKat......."I thought I saw on a lewis site that he was not yapping billions anymore, and that overall the figure was 2 to 230 million - for ALL banks etc concerned. Might have seen it wrong, late at night and whiskey etc."
That is right, Martin Lewis had an update on the moneysavingexpert.com on Tuesday which read:
""Martin: "Last Tuesday, we launched our brand new Car finance hidden commission reclaiming guide & tool and... wow! In just seven days you've sent over 530,000 complaint emails via it. The regulator, the Financial Conduct Authority (FCA), estimates 40% of finance agreements had these dodgy commission arrangements (you won't know if you did as it was hidden) and the average payout per arrangement may be £1,100. So that potentially equates to up to £234 million coming back to people."
It seems he is scaling back from his initial claim that it could be as big as PPI? But that figure of £234 million he has said above is relating to a number of 530,000 complaints so far received. It would be difficult to estimate what the total number of complaints will eventually be, but to put some perspective on it, if 5,000,000 complaints are eventually received it would cost the sector (all banks concerned) £2.207 billion. If 10,000,000 complaints are eventually received, it would cost the sector £4.4 billion. But this is still a lot less than PPI scale he was shouting about initially? Go to the link below and click on the "UPDATE: car finance reclaim complaints" tab on the left hand side of the page.
https://www.moneysavingexpert.com/latesttip/?#carfinance
Suppose it's worth saying they should the FCA not come up with anything expensive for CBG in September, then CBG will have a fair bit of cash to hand out to shareholders if they so wish.
I'm in !!!
I'll review in 12 months. Bargain
Buy, this is a storm in a teacup, I think this is an awesome opportunity to carpet bag the hell out of the share...
Average of 350, going in the bottom drawer.
Bad news for LTH
Shrood. certainly shrooder than horis lol
Comparing to Amgo is a bit much company far more diversified and in a much stronger position imo. Still not without risk but if picking up between 250-300p I think could be very profitable longterm. DYOR
Full copy of text on AMGO from FAC website so someone interested in reading , There are more to learn from.
https://www.fca.org.uk/publication/final-notices/amigo-loans-ltd-2023.pdf
This company has so much like Amigo loans in the making! been,seen & burnt badly once - wish all the best to long time holders
Its worth noting that car loans are vulnerable to distress risk from a weak economy.
The US is already seeing a rise in defaults, although I appreciate CBG do not operate there, but the first thing to be given up in a more serious recession will be flashy cars. With inflation remaining higher, will interest rates fall and will consumers carry on spending like the last 20 years?
Yes I have said that Amigo have market CAP over billion but the same with situation as CBG now .When someone sign some thing to borrowed money they just do it for their enjoyment at that time then they will try all the way to claim it back as they didnot care so in the end lender get the hit.
Uncertain put a brake on any development of company in the futures and investors withhold their money too. It will going throught very bad long term effects on its share price.
It’s pretty obvious horris was trying to get people to buy to help his own position. He was saying £5 just 3 days ago.
Sorry this has fallen so far for the holders and recent value seekers
I thought I saw on a lewis site that he was not yapping billions anymore, and that overall the figure was 2 to 230 million - for ALL banks etc concerned. Might have seen it wrong, late at night and whiskey etc.
That guess 200 million fine is reference not really come as they only pay back different interest at that time they charge for customers. Wholeast year they only income 112 million if they must pay 200 millions so it will be disapper on market .
Nobody sure what will happen yes as that why share down 70% maybe it good to buy now and hold it next year .
T cautioned on a "potential financial impact" stemming from the UK Financial Conduct Authority's probe of historical motor finance commission arrangements. As a result CBG has said it is axing its dividend.
*************** Outside of this it says business "continues to perform well". It says its banking arm is enjoying "strong margins and a stable credit performance" with the division generating £112mln worth of adjusted operating profit in the six months to January 31,
********************up markedly from GBP15.0 million a year ago and Close Brothers Asset Management delivered strong annualised net inflows of 9%.
Close Brothers Group, a financial company, is seeing a big drop in the value of its stock because it's being investigated by a regulatory authority, the Financial Conduct Authority (FCA). The investigation is focused on the company's involvement in motor finance and whether it charged customers too much for loans. If the FCA finds evidence of wrongdoing, the affected customers will be compensated. Over 10,000 people have already complained about being overcharged, and more complaints could come in the future.
Because of this investigation, Close Brothers has decided not to pay dividends to its shareholders this year. The company's stock has been going down since January and may reach its lowest point in over 20 years. In fact, the stock has already fallen by 18% in the current trading session.
The Financial Conduct Authority
Despite these problems, Close Brothers is still doing well in other parts of its business. Its banking arm is making good profits and has seen stable credit performance. The asset management division is also doing well and has gained new customers. But the focus is on the investigation, which has caused the stock to decline. Close Brothers needs to address the FCA's concerns and fully cooperate with the investigation to regain the trust of investors and stabilize its stock.