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My impression that the new team is everything that the old team was not continues to grow ( eg competent, transparent, pro active, in possesion of a plan ).
The big question not anwsered yet is outlook ? Anything at this point in the RNS is woolly.
This mornings session has covered where we are. Given that all shocks have already been aired the SP has been firm (I admit that I thought as most quite often don't read the back story any negatives would trigger a new spate of negative rerates). Thankfully it has held up so (famous last words) the floor seems to be in.
With the above aparently successfully dealt with I'm expecting the afternoon session to address "And here is the rosy plan of where we plan to be"
Strategy Seminar: Wednesday, 14:00 to 17:00 - https://brrmedia.news/VANQ_SS
Who know how many GSA are holding and what they need to buy. If you look at their shorting history they try to sniff out opportunities which a chance of failure/significant restructuring. Really does not look like this is one of those instances. In fact the groundwork has really been underway for some time. Was only in for a quick win but will keep some long term now. Will treble and then some in 18 months ... if Redwood don't look to buy it.
Expecting it too as the afternoon session should liven it up again.
Bottom drawer, the future seems secure.
CI, totally agree, will hear a lot on this in the afternoon, IMO DYOR, huge potential for the RIGHT lender, FCA point - spot on and will help in countering CMC claim, shut it down INSTITUTIONAL SUPPORT. Looking forward to this afternoon. Suffice to say, I'm getting a little excited about this and a very cautious 2024 could well be understated. Also like the answer of retail deposits - not being phased, plenty of liquidity, the very thing the shorts tried to bust out of all proportion with Fitch CCR. GLa.
Nice one CI.
I take it the webinar did not break any viewing figures.
Me and You and a Dog named Boo.
Will it break through 56p and hold above today?
Interesting how several times he looked like he wanted to lambast previous management but just said poor past decisions. It is amusing to see how much more professional this webinar was and all the extra detail in the attached presentation was v-interesting. Impressed with the CEO as other's have said but am most happy with the new CFO and his exemplar tone about prudence and not giving speculative forecasts. IMO management seems very realistic now, no fantasies as regards to the challenges the business faces, have added :)
As pretty much the only surviving reputable leader in subprime lending post AMIGO administration etc. It is not in FCA's interest for lending to take place in the black markets where traditional banking will not even let this segment open a bank account. So Vanquis is here to stay and benefit from this growing market.
Well done CI & Mary getting your Q's answered, thanks for your efforts, made the pres far more relevant for us PI's.
Cheers.
Redwood know what's what - in 6 months time this will be a bagain at the 46p bottom, or 44p is som ehit lucky.
Always good to see an NI man at the helm.
Former CEO of Bank of Ireland UK - and by all accounts the guy to sort it all out.
https://www.business-live.co.uk/professional-services/banking-finance/bank-irelands-uk-chief-executive-26081720
FT from March
https://archive.ph/DvuKE
At some point, the financial regulator will need to decide whether it wants the UK’s subprime consumer credit segment to survive the onslaught of professional claims companies — and if not, who should lend to the lower-income people that mainstream banks won’t touch.
Ian's the man to do it
@Mary - I asked 4-5 questions as follows:
1) CMC complaints why so sudden in Q3-Q4 and top reasons why?
2) Director buys
3) Complaints Costs in 2024 Forecast
4) Impairments forecast for 2024
5) Share price fall and actions (Didn't answer mine cos he answered yours)
Surprised all my questions got answered. Can't think of any additional questions currently.
I thought they said they had cancelled staff bonuses - which if I heard correctly is rather refreshing.
@ Compound
I was wondering if there were more questions from other members here. Well done. Certainly liked the answer from Ian, a share buy back? There is value !
Thinking up a few respectful questions for later.
May ask about if there have been opportunistic approaches from other institutions. You never know.
Anything anyone wants asked? Please add here.
Hope to see more Redwood buys and significant Director buys. Expect nothing less from these directors. Pocket change compared to net worth.
Lots of directors buys £1-£2 so presumably they’ll use their annual bonuses to average down at this price. I would
Everything seems to be falling into place.
60s will be a good start we are well oversold.
This must rerate soon back to the 90s plus if not over the £.
Let us see how today plays out.
Good to see you on here Mary
Vanquis under the radar, had no idea what a massive opportunity this was until the past hour’s research I’ve done
Even if they make £40-£50m this year that’s a 3 x increase in current share price
I asked them about directors buys. Response as follows:
"Discussions about this topic currently and not going to comment on individuals, we do see there is value in where our share price is at the moment."
Let's hammer home the gaps in the answers later.
Very impressive so far, but the rogue claimant company costing £700 plus per spurious claim needs taken to task. The FCA should find a fix as this seems unlimited.
Have a great day. Up in the 60s by close hopefully.
No Car legacy, no £100m contingent loan losses circa recent claims. I hope the legal action gets results and wack the twiiit - I'm very happy and prepared to wait. Looks like a very strong focus team of quality. GLA
My savings and jam question was the final question.
Even asked me to tune in later and he looked forward to hearing from me.
🍸🍸🍸
Good question at the end Mary. Should put them on their feet as to restoring confidence in the share price. No easy questions for the management today.
Hope you are watching Greencore !
Guinness
Hoping my "jam" question get asked too? Filling my bingo card and shots at the ready.
Submitted 3 in total