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It looks like some have done very nicely over the last day or so on this share. Having bought in about a year ago, and topped up / averaged down since, my experience has been rather at the other end of the scale, although I exited today much better off than I would have done yesterday. Still, a big loss crystalised, which can be offset against some other gains in terms of tax, but scratching my head to work out where I went wrong in the first place, and what I could do differently next time. A year ago, I was sure people would need non mainstream bank finance, Morses had a good refinitive rating, was paying a dividend, and generally looked like one of the sounder investments in this sector. Seems the collapse is not down to poor research, taking a high risk, but matters totally beyond shareholder’s control or knowledge. I guess there will always be the odd one like this, and perhaps the best lesson is to remain diversified, as I really didn’t see this one coming 12 months or so ago, and I don’t believe the writing was in any way on the wall back then. GLA.
Beer, I’m the same as you, bought loads on the way down and lost quite a bit
Sold all my holdings today too. I did buy some yesterday also but not a lot compared to how much I bought previously.
Lessons learned- stay diversified
The IIs are bailing so I figured it’s time to sell
GLA
This one was down to the compensation claims. I deal with the sector (fca) and could see the claims building. All the other players affected shut down the affected sector (provident non standard finance ) straightaway as they would have took the whole company (nsf almost dead).
Mcl and Amigo tried to keep lending by doing SOA. Amigo might survive with a big cash injection. I personally think Morse have left it too late (I have a free carry). They still have a strong balance sheet but paying £20 million compensation they have to raise will dilute current shareholders. Going private means the large shareholder who floated it can do what they like.
If they had shut Home Credit and went online only they would still be viable. Their customers will be hit the hardest by the cost of living crisis as well
Who knows what’s going to happen long term
This will sure be traded to death and will hit much higher in the coming weeks. 6-8p i am sure will be seen
Roll on Monday !
They don’t have long term as they have suspended complaints on the 11th August 2022. The complaints are still building up as the claims companies have them in their systems sights. First they have to get the Scheme Of Arrangement accepted and then they have to raise £20 million in 2024. If the SOA is sorted it will help but all those new shareholders will not commit to 20 new shares for every one they hold. They have paid out £15 million in complaints this year and still have many thousands on hold.
Institutions are selling out and PI won’t contribute to a rescue rights issue. I suggest you do a bit of research over the weekend
Ro-BIZ; I am confused - as this is dead company why didn't you sell up today?
I have always said it is heads or tales. I bought loads at £0.003 and sold quite a few. If they sort everything out get the SOA away and don’t raise until 2024 they will have time to demonstrate the business can make money the share price will rise and they will not have to raise new capital at a low share price. To build this business would cost millions so business would be worth say £30 million and raise £20 million the business going forward making £10 to 30 million a year with no complaints in 5 years time it would be a valuable business. That is the good outcome I hope for