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waking up at last !
L2 action started at 13:39:56 when someone with DMA (but not a MM proper) clipped off the cheapest offer a MM proper was making for 75k @ 3.20 (full ask) and kicked it into auction. Next cheapest ask was 3.50 which somebody took a bite out of (24934 @3.50) 5mins later and now someone has dropped it into auction again offering 15000 at 3.00 matching the highest MM propers bid (PMUR 75000 @3.00). Interesting thing is that of 2.8m traded today only 262k on SETS (L2 where prices are set) and last time we have seen proper moves the SETS % has always been a lot larger so Im guessing fun and games by someone with DMA but not trading significant amounts for whatever reason.
Some positive movement on the share price but no news. Any thoughts on what is happening? Trading update should be coming soon.
Now they should look at us, who got their shares and improve, that we stay with them, instead swapping to another shares. The Administration thing is a Great thing and we should see improvement, but I haven't seen this today. I am really hoping, that my prediction and the market will react well for this and that we will go up to at least 4p this month - would be a good point to start thinking to top up more and invest in company to see return, not the loses like some of us experienced in the past few years. I think Strong Buy option would show on the Raising charts everywhere and this could lead to potential grow even to 10-20p for starters.
Interesting to hear that LAH is now in administration. So now NSF is Everyday Loans, which should be a viable business but the balance needs to be improved.
We should now see NSF results for 2021, and proposals for re-financing of Everyday Loans.
Is a 10-1 RIghts Issue here going to work? I'm sceptical. It would be easier for Alchemy to take it private.
(Reuters) - Britain's financial watchdog said on Wednesday lending firm Loans at Home has entered administration and will no longer be able to issue new borrowings.
The Financial Conduct Authority said the firm is part of the British subprime lender Non-Standard Finance Group and is the only company in the group to have entered administration.
there is a village missing an idiot - It can only go up - why?
Also I wouldn't look on 1day traders as they will be topping up and selling as they always do so the price will spike and drop but from that what i can see, the 1,5p marker was the end/bottom line ... now it can only go up
After that massive drop while covid started, now it's recovering ... So don't miss this one to top up as you will not get 2nd chance soon. as the indicators shows grow 3-4p this month.
They paid £55m for George Banco, closed it down and still have £50m+ redress to pay. That’s £100m+ value destruction in 5 years.
The redress needs to be paid by Everyday. That’s investor money going straight out the door to claimants of a closed business. Can’t see anyone going for that other than Alchemy as the cost of getting the company. Then they need to stump up for the refinance, which they have pretty much said they won’t do.
Trying to see a way forward here. Thoughts?
The doorstep credit arm where £82.5M was paid was once the main business, look what has happened to that ?
Totally decimated in the last 5-6 years since purchased, just look back on the year on year profits pre purchase by S&UPLC
Judging on past performance IMO what’s remaining could go exactly the same way.
Provident will be watching closely, a top priority of theirs is expanding into unsecured personal loans.
If Provi can refinance at a lower interest rate or even at zero (if using internal resources) Everyday Loans could generate around £20m pre tax profit each year. imo If Provi then invest and grow loan book and store footprint, this could be a hugely valuable business
I reckon that Alchemy will just take out the other shareholders here.
Total Market Cap is now only £6m. Alchemy own 30% of that. So let's say they offer a slight premium, and for something in the range £5-£7m they can take it private, de-list and will be free to re-finance without all the expensive hassle of a Rights Issue.
What might they offer? Something from 3p to 4p? would be my guess. 5p if they are feeling generous.
It just shows you “stretchum” akka “pineapple” didn’t have a clue what he was talking about
Look at the amount of vacancies too. No expansion for years, so these are from the experienced staff jumping ship.
After 18 months haggling they still can’t resolve the Guarantor redress, which must be paid by Everyday Loans as they were all written out of that legal entity. Simply don’t understand what the problem is other than maybe they can’t afford the bill so need to keep arguing? No idea. But something isn’t right here.
Feels like a lot of new caveats from Alchemy, previously they clearly supported the raise.
And NSF, having fired Van Kueffler, is now a plc with just one company. Still no plc CFO, the CEO is a home credit lifer, and last two businesses Wiggins (head of Everyday Loans) ran went bust.
Is best bet now to try to sell loans network to Amigo or Provident? On a cash or collections basis? No need to fundraise, it will collect the book to pay the redress?
Could be some decent value here, make nsf a cash shell?
pls see the following link, loan market value it very well
https://www.trustpilot.com/review/www.everyday-loans.co.uk
Pineapple
LaH is reasonably small compared to EL. It has a Loan book of 27m approx, as opposed to EL's £172m
So hopefully EL is big enough and profitable enough to be standalone business.
No view on this share and trying to say otherwise especially as funding is not in place but would be a game changer if they did.
Another way to look at it is that at least they know where they stand in terms of FCA review as that must have been hanging over them and doesn't affect or minimal impact on the main business
What a disaster in 2015 NSF bought Loans at home a very profitable family buisness for 82 million,shame on the original Directors for ruining a perfectly good buisness.
You can’t double the number of offices and triple the Management without your base costs spiralling.
A tragedy for all those hard working employees who worked through covid to now face redundancy.
As for what is left Everyday loans you must be dreaming if you think they will be able to do a capital raise !
I originally bought share in 2015 at the £1 worthless now they could not run a P—- up in a brewery
A complete basket case . Just get out while there is some value . Lost a fortune here
Come on !
Read my previous posts, this is going nowhere fast.
Home credit bites the dust, what’s next ? There is only one way for this company to go in my opinion and that is up “ up in smoke that is “
Stop trying to convince yourselves that everything is going to be okay, NSF are on the brink.
I agree, our main business is everyday loans, and it does not be affected, which is the best news in these dark days.
since the Morses club news, most of us do not expect much from loan at homes, don't we?
I think you have pick the bones out of this as not end of the world but as we all know we the financing sorting out. Looks a bit hopeful with lender support . Will have to see as could go either way .