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PCF' 2022FY results shown further equity drain with 14m loss.
Assetmatch last auction couldn't match any trades only mentioning some bets at 0.75p (pointing to yet another sp decline)
I know, I was trying to recoup as much as possible but it was all NT. in the end I went for a blind deal but it didn’t go through. Somebody on another board thought that the MM would not be looking to trade late as they wanted to close with balanced books. Anyway, asset match next!
That strange, you should have been able to sell, in fact last hour share went up another 20% or so..
Tried selling for an hour yesterday afternoon, but left it too late.
Hi Yuri. I don't think that's FUD at all. This is not for the fainthearted, nor for the inexperienced. I have a slightly different perception of 'risk' and a higher tolerance of it *if* I think the downside is protected and the upside multiples of my basis. For those interested, you can hold unlisted shares with Interactive Investor (I own Allied Minds, another delisting, with them). I think you'll also find that management will be more forthcoming with information once they're out of the public market as there is a lot more they can tell you. I do agree that crystallising the NAV - whatever that NAV ends up being - will unlikely be timely, or plain sailing. But we're at such a massive discount that it's priced in and worth it IMHO. Even if you deduct runoff expenses, haircut the NAV and discount it at a big cost of capital, you're still well below intrinsic value and that's good enough for me. If this was trading at 3-5p, then I wouldn't be buying it and would be advocating for everyone to sell considering the aforementioned risks vs the potential net payout and likely journey (time, hassle, uncertainty, delisting). I hope that clarifies and I hope the above demonstrates that I don't mind a well considered rebuttal to anything I post.
idk, not going this path, so don't need to know.
So if you held shares with IG would share automatically get transferred there?
they're delisting from LSE and moving to assetmatch.com (already listed with next auction date).
How long it will be there is a different question (you can check other tickers on this resource).
I haven't seen much of a liquidity on that resource. It might be just transitionary too (moving later somewhere else with less accessible conditions).
Being minority on a off-market equity has it's own specifics is not for everyone, comes with strings attached.
What I don’t understand is this is delineating from aim isn’t so it won’t be tradeable will it?
Losing everything is very unlikely, bank is not even close to that state (although there might be bank-run pressures on deposit side based on news and better conditions elsewhere), it's highly regulated industry after all and I'm sure BoD will do everything they can to minimize asset value loss over a slow wind-down/loan-collection while tuning the costs.
I'm just saying that realizing/monetizing paper equity (and possible gain) into hard cash might be quite a challenge and a very disappointing experience.
My risk radar says there's no sufficient data and too long chain of hurdles until investment-horizon completion on this position to make an investment call despite (and if) potentially high returns (multi-bagger) or risk-premium. But someone with higher stake is probably more willing to put an effort into this and follow it though pushing until the end. It all depends on appetite after all.
Hi Yuri, thanks for your reply is there a good chance investors will lose everything here? Just looking at the buys and ticks up just curious to why it’s still going up of possibility will lose everything?
Bradwiletts - spread 75%-100%, one share trade at upper bound and next moment at upper and it's on a top of volatility list.
Catabrit, apologies for spreading FUD but you've used right term "bet" since as it stands now it is a gamble after all and not an informed decision, this so called "consensus" is pure guesstimate, there's no more or less reliable outcome probability distribution, not to mention on nightmares with "paper equity" (due to monetizing issues) retail minority investors often go through after delisting: from troubles with liquidity (and consequently huge spreads) up to majority holders (whoever they are Somers or Provident - both are under Bahamas offshore jurisdiction) pumping equity out to solve their problems (e.g. providing services for almost free {since free isn't allowed}, appointing their directors and paying salaries in this entity to avoid having all costs there and so on). Somers calls the shots and takes care of their investors on a first place, minority here may not ever see any dividend or residual distribution despite (possibly) having some promising NAV after all this dusts settles (or getting something back right away after most of loan principal matures and the rest is sold if PCF borrowing/other operational costs + write-offs don't wipe everything out).
It is high-risk (and high-loss possibility) gamble with lots of unknows and a long road to potentially positive probably high-gain outcome. At this stage it's less of an investment more of a gamble.
Why is the share price fluctuating so much?
SURE................
Hi Kabaa. Quite right and a decent rebuttal. Probably the consensus view if you look at the SP vs NAV. However, I am very happy to bet against consensus here and role the dice at sub 1p vs 15-16p NAV. I could be wrong but I think that covers most negative outcomes.
Nav at 10-20m is extremely unlikely and more often than not, shareholders end up with nothing after all costs/losses factored in.
If there is something left over, this can often take many years to ever get into your account, which by then will be a fraction of what you think it will be.
Read yuris posts on here and be careful throwing money at companies like this where you think youre going to get anything remotely close to 'NAV'
It is mistake that I have made many times.
Where the option money would be is if they sell the company but that also looks unlikely now.
Hi. Buying here. Yes the NAV will decline with the runoff but you're well compensated at these levels I think. Odds of losing capital seem slim at this sort of market cap vs 5-10x option-esque return if we get anywhere near NAV. Happy to buy 500k to 1m chunks if you lot want to sell. Very sorry for those of you who bought at much higher prices. I think the rationale was sound because of the big discount but there's always a risk of being wrong in investing, even at distressed prices. I could be wrong too. But I like the odds so I am willing to play. Good luck to everyone participating.
Not over, yet!
Then I wish you all the best Terry.
I agree with that sentiment from the beat investor ever BUT also if something is too good to be true it probably is.
There is no way this will pay out 10x this SP now and its attracting 6 trades a day.
Good luck though
Probably hit that sell button then Terry as the spread is increasing and this is close to the end
Hmm I'd agree if this wasn't about to be wound up
80% spread?.
Literally just going to lock people's money in
Now ask inevitably has dropped too but there's no way out of this, effectively everyone is locked out, nobody can close position without sacrificing huge chunk of capital (if anything material is left there anyways).
Ouch..looks like the 10m left over was pie in the sky
Spread 86% from 55% last week, no liquidity, ridiculous number of trades and even those are for amounts of £20-£30 worth, no takers.