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I must agree the communication from the company is despicable. Still no resolution from the FCA. Priced to fail and I’m pretty sure it will fail now.
The value that the Board has diminished is completely despicable and shameful.
Can someone check members of BoD for a pulse or signs of life please.
Does this share still exist? It has been red ! on my HL board for ages, and little if any movement in shre price for ages.
Everyone waiting to see the placing rns. And what price ??
Is there anyone out there that has an interest in this share.
Any good news re share price in this company?
Any update on NSF?
Agree, Welcome and all the other former sub prime lenders that went through the mill, Gillespie and his troopers evaluating the risks that lay ahead... inflation at a all time high and their bread and butter low income low credit score customers are at the top of the tree in feeling the pinch - me thinks knee jerk panic borrowing will soon bed into defaulted payments when clearly they cannot afford their essential bills never mind creditors. Did someone say that Wiggins former companies went down the pan and he jumped ship?
Last roll of the dice from Gillespie. Covenant extension up on Thursday. Significant redundancies & restructuring the last chance. Smells like Welcome before it went pop.
Not sure whats going on here, CEO Jon Wiggins of Everyday leaving or asked to leave at the end of month? DYOR but is the chopping board coming out with two former ceos and JVK gone too !
AMGO court case goes well. Judge has stated he will sanction the new Business Scheme.
Don
Not inside info, just a different interpretation. I may be wrong. Let’s ask Peter;)
The new CTO is an employee so isn’t ‘charging’ the company. The charge comes from the company set up by the old CTO who now runs the IT platform as a private business. That’s what I understand, might be wrong. DYOR and all that. Feels like a smart deal for newco and reduces NSF cost.
All that really matters is sorting the redress and refinancing. Suspect finalising redress will tip the covenants into default, so they need finance agreed before they agree redress with FCA.
I presume debt holders have some kind of lien over the book so they could simply take control and sell it on.
Still feels like anyones guess as to what will happen next.
NewStart,
many thanks for your insider informaiton, at least most of us here did not know the IT work was charged by the CEO's brother in law :)
Please do share any kind of this information with us, it's much appreciated.
D
Peter Reynolds now resigned from Everyday ????
Thanks Don
Good primary research. My only observation on IT outsourcing is that, as it was explained to me, the IT function has now been split off to a new independent company, the staff don’t work for NSF any more, they can take on other clients and the new head of IT at NSF/Everyday is the CEO’s brother in law who he bought into his previous company. Feels like outsourcing to me but it doesn’t matter. If it’s cheaper that’s a good thing!
All eyes on 16/6, hope they keep us better advised this time.
NSF was the top riser stock in london stock exchange. and i just tested the market, easy to sell 500K but very hard to buy without big premium, so who are the buyers here? only speculation with AMGO?
NewStart,
Many thanks for you to share your views about NSF with us. Some of them I did not notice before and a bit confused, so I called NSF and left message to Mr Peter Reynolds, IR. As always he is very nice and helpful, called me back to answered all of my questions over 20 mins. I share some of them here if I got them right.
1) The timing of RNS publish. I was told it’s just coincident. They release it when it’s available these days, they do not wait to hold a particular time or date like before.
2) Next Covenant review date: 16/06/2022. It should be no problem and although he could not say 100% it will be extended, but its all of us interested to do so.
3) Redress methodology with FCA. It does take time, the ball is not in its hand. But expect not as long as before.
4) Outsourcing IT. It might not be right to describe “outsourcing”, Due to the reduced complexity ( cut off two main business), it negotiated new terms with the same IT service provider, the fee was reduced dramatically since last year and it’s stated in the AR P24 ( from £3.2M to £2.5M) and more this year. Everyday loan business needs face to face, not like other high street loan business software and it’s bespoken for NSF.
5) No CFO yet. Yes, but at the moment our CEO was our CFO before and he can do most of its work directly at the current stage, we are not attractive for a good CFO from outside so we have to wait till FCA result.
6) “6 weeks to sort a capital raise” I am afraid you are misunderstand here, there’s no time limit here for RI, just mentioned second half.
7) Scheme of Arrangement. It’s just an option, does not mean we have to go through this way.
If you took few second to have a look the slide 25 of AR presentation, you might be more optimistic for its business as it’s purely everyday loan now and one day it might change its NSF name to Everyday Loan to list.
IMHV, Pls DYOR.
D
Nostra, I originally wrote that I hope they don’t try to sneak bad news out just before a bank holiday….and they did!
In breach of covenants, still haven’t agreed redress methodology with FCA, they are outsourcing their IT (that was hidden away), no CFO and they have 6 weeks to sort a capital raise. Oh yes, they are looking at a scheme of arrangement. The guidance from FCA on schemes is now so tight I can’t believe they are even considering it.
Should sell network to Provident to collect out existing book on a fee basis. It will pay the redress and save staff jobs. Turn NSF into a listed cash shell. IMHO.
Nostra,
many thanks.
the data is for the past, the SP is for the future, this sector will be benefit for the coming recession very well.
that kind of " Going Concern" is with any TUs for the last 2 years.
Kind regards
D
Fair comments Don and I read it quickly but the following bit is what made me think its not long to sort a raise and alla flash Gordon 'NSF I love you but we only have 14 hours to save the earth!':
"Despite cash balances of £115m at 31 December 2021 (2020: £78m) and £113m at 31 March 2022, the Group's loan to value ratio at 31 March 2022 was higher than the level permitted under its loan to value covenant. However, the Group has received waivers and extensions until 15 June 2022 thereby avoiding a covenant breach so that it can proceed with a planned capital raise
· The Group's ability to remain a going concern is subject to a material uncertainty and is dependent upon the completion of a substantial capital raise"
As I said GL Don and All.
Plus we still have another trading chance with AMGO at the end of next month.
the information today announced is already reflected in the recent SP.
Did you notice there's a lots of big buying trade in the last few weeks?
Nostra,
look at the bright side:
"
Current trading: since the start of 2022 we have seen month on month growth in loan issuance in branch-based lending, combined with historically low impairment, and are consequently trading ahead of budget"
"Given the Group's pre-eminent position in branch-based lending, the Board continues to believe that, subject to funding, the current business environment represents a significant opportunity for NSF. In the past, when UK consumers have faced periods of macroeconomic difficulty and stress, the non-standard consumer lending sector saw a marked increase in demand as the number of consumers that were unable to access mainstream credit increased. At the same time, we have seen a significant reduction in the supply of regulated non-standard consumer credit that may provide an additional opportunity for the Group to gain market share as we continue to serve the very large numbers of UK consumers that are unable or unwilling to access regulated mainstream credit."
we have several big shareholders and they would not wipe their funds off here. they will try their best to work on it and NSF will be a typical turnaround this year.
IMHV, Pls DYOR.
D
Newstart careful what you wish for! Cant believe no posts and hardly any shares traded on results day, but having said that it did drop straight back into auction after the official auction ended. Full confession I got out @3+ from the reduced holding I had on that mega rise day which seems a long time ago. IMHO this is now a pure gamble on if it will survive given covenant situation and narrow time scale for a successful raise (as i read it?). I wish I was brave enough to dive in as still like this company (never get emotionally invested rule no. 1 broken!) but only way I think I would is a lunch time drink too many......mind you it is Friday...GLA still in here (with that phrase being particularly appropriate now I think, but I mean it).
Was expecting an update 6 weeks post LAH closure. It’s now 7 weeks. Must be coming soon!
Waking up ?
I think it has slipped back into a coma !!