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Mr. Charlton buys again. Stake lifted by another 1% after what I assume was his 50k buy yesterday

SP back at 53 to buy again with volume starting to wind up. It seems to be the whole market fighting one seller but the seller certainly has alot to shift

This share is sure slow and steady but price slowly creeping up as we approach the next trading statement. Looks like buyers want in but aren't in a rush to get their stock and trying to get them cheap imho

I'm guessing that the 2x200k's are MM to MM trades leaving the 300k to be found from somewhere. Buyers seemed to come out as soon as the offer dropped a bit. Happy to pay 26.0, 26.34 and one more later at 26.8. Guessing that buyers are sitting in the wings hoping for a bit better price. Currently 26.85 to buy in decent volume and 25.6 to sell

And a raft of other buys at 88 and 90. For a while I thought we were going to end up close to 90 today. Looks like a limited number of sellers came out at once the bid went over 85. To be expected I guess. However really good that we had 84+ on the bid for 5 hours today and it closed there

Does anyone know what the scale back rules were. I didn't get my full allotment and would like to check AJ Bell have done it correctly

Although there are 5 market-makers on CTO, only Winterfloods and N+1 Singer really make a market. Both of them used to offer larger volumes and tighter spreads a year ago than they do now. I would be hazzarding a guess that they have had to widen the spread as they have got burnt a few times over the last year trying to manipulate the market. Certainly I have managed to buy shares at certain times where it has been a puzzle to me where they have sourced the stock Anyways, in the real world the spread is often not as large as published, sometimes by quite a lot and it's usually skewed one way depending on whether they MM's want to buy or sell stock. Right now in the real world it's 81.24-83.78 for 5000 shares which isn't too bad. Certainly 83.78 looks pretty good to me given the flow of trade so far today.

Spread has closed and it appears one of the marketmakers has some stock to shift as there's a stream of AT trades going through against it. I have picked up some more this morning at 53 as I think this is our last chance at 53 and it isn't going any lower.

Looks like the classic pattern to me where share rises on a good tip, moves up a little too fast in one go, then those in the know or desperate to get out sell their shares. Most of the short term traders are gone, with the final ones shortly about to close at 85 as that's around the best you could get. After that we have the investment phase. Those who remain will have a high level of conviction, happy to hold for an extended period of time and not sell out for a quick 5-10%. Just need to get to 85 first. L2 suggest buys bots searching around for stock today gradually lifting the bid as they don't find any stock. Fingers crossed they get more aggressive towards the end of the day and move on up.

Crazy. Trading below book value. 5% dividend £76m headroom on banking facilities EBITDA of £51m !!! Profit before tax and amortisation of £30m I have some from 65.9p and some more today at 53.25p. Looks like one party has dumped a huge quantity of shares today at a price which that seems crazy low.

I'd say it's a buy because we see the sell volume going through at 27 and the rest of the buys have been at 28.4/28.6 recently and yesterday the offer moved up. Also, someone has had to pay 30 today suggesting the MM's don't have any stock left they want to let go below that.

Ha. Well the Naked Trader may be able to stop a bargain but I don't think he can work out a decent exit point. 100p my arse. Has he seen the long term chart? 300 looks good to me. Maybe 250 if you're a pessimist. Profit 6.5m, net cash £9.5m, dividend of 4.1% at 80p, an all time high order book, improving margins in the sector and a P/E of 6.5 and a lovely earning enhancing acquisition of Eton just a couple of months ago.

Part 2 due to the word limit 3. Maybe there will be a load of bad debts in the future? You can assess this yourself on page 12 in the above link. The bad debt write off charge has dropped from 5% in 2009 to 0.5% today and given high levels of employment I see no reason for this to worsen anytime soon. PCF only loan to prime credit customers and don’t do PCP and continue to pursue this policy and the percentage of business within the top 4 credit grades increased to 63% from 57% all year. 4.Maybe the government are going to investigate them for inappropriate lending? PCF are at the complete opposite end of the market to PFG only doing prime and no sub-prime but yet I suspect PFG is dragging down PCF share price by association. 5. Maybe the balance sheet hides a load of issues? Page 18 of the presentation is pretty clear. Of their £172m of assets, there is £2.7m of intangibles. I’m always suspicious of intangibles. In this case I suspect it’s the investment in the new banking software but whatever it is, it doesn’t really matter. Even if the £2.7m is actually worth nothing, it doesn’t affect anything as it’s negligible in size to the market capitalisation and future profits I can’t find any skeletons in the cupboard other than general Brexit scaremongering. I will be holding long term. The presentations set out the strategy and gives me a high level of conviction this will be a multi-bagger, even thought it's already multi-bagged if you bought back in 2011

PCF has two areas of business split roughly 50/50: 1. Lending to consumers for cars 2. Lending to business for vehicles, plant and equipment It has historically funded the lending through the wholesale market and retained earnings but around March became a bank and since then is shifting from the wholesale market towards retail deposits on fixed rate bonds. This significantly reduces its costs long term (or improves NIM – net interest margin) but this has not yet showed up in the finance figures as it’s only been a few months and there have been set up costs to becoming a bank. It currently has a portfolio size of £146m, which grew by 20% last year and plans to increase this to £350m by 2020 and £750m by 2022. The banking license and being able to take retail deposits is the trigger for this. PCF currently has a market cap of £59.4m based on a share price of 28p per share, Net assets of £39.6m. If you run the P/E calculation based on underlying profits of £5m, corporation tax rate of 19% it gives a P/E of 14.7. The P/E calculation takes no account of assets though so it would seem better to look at this based on a multiple of future earnings. On this basis the market capitalisation exceeds the net assets by £59.4m-£39.6m= £19.8m which is only 4.9 years profits after tax. In summary my belief in this trade is based on: 1. The market cap is only 4.9 times current profits once existing assets are allowed for. 2. The 4.9 multiple is based on current profits. If the portfolio grows fivefold at an improved NIM then it’s clear the market cap will be higher than £59m. One could make an estimate of this. (Speculate a five bagger minimum?) 3. Although PCF have stated they have no plans to cross sell other products as a bank, they do have a banking licence. There is a thought in the back of my head that 5 years down the line, their ambitions will be different than they are today. The success of Shawbrook, Aldermore, OSB, PAG and the other challenger banks is bound to start to look attractive at some point in the future as the balance sheet strengthens. But maybe there’s a reason the share price is so low? I’ve checked the following: 1. Are the directors credible? Who knows but I’ve met Scott Maybury the Chief Executive present at an investors evening and he seemed sensible enough to me. All the directors and non-execs have been buying shares over the last year which is always a good sign 2. Is the business plan any good? Rather unusually for AIM it’s set out and available on line in this documentation pages 7-11: https://pcf.bank/media/1430/preliminary-results-presentation-december-2017.pdf 3. Maybe there will be a load of bad debts in the future? You can assess this yourself on page 12 in the above link. The bad debt write off charge has dropped from 5% in 2009 to 0.5% today and given high levels of employment I see no reason for

Hmm. I would like to read the article buy I never sign up for free trials. However, even without reading it I wonder if the writer is valuing this as a bank which it isn't really, as the banking status is a vehicle to reduce wholesale borrowing costs.

I think the fraud is probably done with. They've collecting 1.4m of the 2.8m (or 2.4m I can't remember) which is a pretty good turn of events compared with most I've seen. Last I heard they were still pursuing some or all or the rest. Anything else is a bonus in my eyes.

It looks like an institutional seller dripping their stake into the market to me, which supports the same pattern we've had over the last 3 years with stock rotating from institutions /funds to PI's. It can't go on forever though. Apart from Miton, the only funds with decent sized stakes are Chelverton 1m, JP Morgan 1.25m, Cavendish 877k, alliance trust 763k, Hargreave Hale 407k. Hargreave have been selling in the last 6 months as have JP Morgan, although JP Morgan haven't sold any in the last 3-4 months. So, whoever is selling it can't go on forever as that's not alot of stock JP Morgan and HH have to shift

Spread tightened up now and lots of volume on the book. Although tbh I think the seller at 80 is fake and trying to entice sellers out, so they can get it sub 80. I think the problem if there is one is guilty by association. CLLN, IRV, it was BBY a couple of years ago.

This must be the most frustrating share ever. I cannot for the life of me see why a company paying a 4.2% dividend, with net cash of �2.5m, likely profits of �7-�10m, who have stated they will beat expectations from as early as February can have a market cap of �33m. That's a crazy P/E Ok , I know they have a sizeable pension deficit but that will have improved since the interims as interest rates are rising, which should have helped the share price. In addition they have recently won the double tower hotel in London each tower over 50 floors so that should provide an increase in the order book as Bishopgate hasn't fully worked it's way through and more importantly provide a decent sized project to support any downturn in 2018 if that does happen due to Brexit. Crazy

That's LSP out as well. One must ask what Woodford sees that no other institution does