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I just re read my comment.Sorry if it seemed rude. I wish everyone well in making cash, even if they take a routebdifferent to mine./>Apologies
Best of luck.
I have order at lower price. If it hits i am happy.
I do not want to chase this one
Well someone is!!!
I am not adding yet.
Hopefully it will drift down a bit more.
No rush to buy.
Research Tree Video
Worth a view
https://*********************/media/pcf-group-present-2021-interims-after-recommencing-trading-in-london
Personally i think it is best to wait for update.
There seems to be no rush/volume to buy the stock before things are clarified; management could also easily kitchen sink all the bad news with new provisions.
Just my opinion
Provided me with a good impression of hosts but no figures or forecasts provided due to restrictions.
I missed it. Anything of note?.
I am also very positive following yesterdays webcam. The dilemma I have is do I top up now or wait until forecasts are made available.
Could have been alot worse.
No doubt they are kitchen sinking any bad news.
Strangely happy with this given circumstances
PCF's recovery potential revealed
The Aim-traded specialist bank has finally resumed trading again and its long-awaited results highlight an undervalued profitable business with a solid loan book
January 25, 2022
By Simon Thompson
Most trades are showing as sells, including my purchase, due to the spread.
I also think the relist hasn't really filtered through to a lot of investors yet.
Certainly looks like it has a lot of potential.
Will be interesting to see the Q&A session on Thursday.
This will be interesting
The share suspension has finally been lifted
https://www.lse.co.uk/rns/PCF/restoration-pcf-group-plc-e16kpgq7n02f2k0.html
21 October 2021 - PCF Group plc
("PCF", the "Bank" or the "Group")
Update on Restatement of 2020 Preliminary Results
Further to the announcement of 10 September 2021, in which PCF announced that the restatement of profit before impairment of goodwill and tax for the year ended 30 September 2020 would now result in a reduction of profit greater than £750,000, the Group has undertaken further detailed analysis to establish the extent of that reduction.
As part of the previously announced review into the Group's financial controls and reporting processes, the Group's impairment methodology was reviewed with a particular focus on receivables which were either seriously in arrears or where the asset which acted as security for the receivable had been sold and a balance of the receivable remained outstanding ("defaulted receivables").
Following this review and a subsequent review of impairment levels it has now been determined by the Group that the historical expectations in respect of the collectability of these defaulted receivables requires revision resulting in an additional impairment charge of £6 million which will be applied to the results for the year ended 30 September 2020.
Taking that FY19/20 impairment charge into account, along with other adjustments (principally from the financial controls review and the increased cost of the full year 2020 audit), the new revised reduction to the preliminary result for profit before impairment of goodwill and tax for the year ended 30 September 2020 will now be approximately £7 million. This will bring the statutory loss before tax for that period to approximately £5 million. The Group still has headroom above its regulatory capital requirements, including Pillar 2 buffers.
In light of the increased impairment charge, the Group also reviewed its strategy for managing these defaulted receivables. Following this review, the Group sold the majority of these defaulted receivables to a specialist debt purchaser. As part of that strategy, going forward it is envisaged that periodic smaller sales of defaulted receivables will now be undertaken by the Group on an ongoing basis to give certainty to the valuation of this category of assets, and to enable operating efficiencies for the Group by reducing the operational time and costs that managing such defaulted receivables involves.
More generally, the extensive work being undertaken as part of the review of the Group's financial statements, completion of the annual report and accounts for the year ended 30 September 2020 and the investigative review of the Group's financial controls and reporting processes has been exhaustive and is now well progressed. The PCF Group would like to thank all shareholders again for their patience and support during this time and will provide further updates in due course.
PCF's shares remain suspended from trading.
Anybody willing to shed light on why David Bull left last year, I ask as there seem to be big chunks of posts missing to cover that period. Thanks.
Encouraging?;
A chink of light at the end of the tunnel?;
Hope?
Or am I being a little optimistic?
Agreed. It is a serious issue but one that will be resolved.
Wholly unwelcome but at least the content is far less serious than I'd feared.
- Main issue seems to be Intercompany transactions
- No (fraudulent) monies left PCF
- CET was 17.1% not 18.1%
- Additional costs
- Trading is unaffected
Them being the bank.
No, but I don’t like the silence from them. Makes me nervous.
Anyone know why LSE is saying the share is delisted? I can't see anything on the actual stock exchange saying this
If there was fault in their risk controls and checks etc, they will implement improvements and the shares will be unsuspended and the company will be in a better position for it. Hoping for some clarity on the issue this week. Fwiw I also work at a large financial institution. Unless something shady has been going on underneath the surface, which I do not believe at all, I cannot see how this is anything but a temporary issue.
It would appear so:
"The Audit Committee (AC) consists of 3 non-executive directors and is chaired by Christine Higgins, an independent non-executive director. AC meets no less than 4 times a year and is primarily responsible for monitoring the integrity of the Group’s financial statements, the effectiveness of the internal audit function and external auditor, and the effectiveness of the financial controls and the control environment".