Member Info for GoCPI

Personally, I'm long CPI biased, and so I may be rose tinted glasses on a near perpetual basis ;-), but my take is that these sort of shakeouts play out as they would eventually - CPI will not pay Ransom, they'll pay a fine to the government, and some kind of apology to those whose personal data might've been affected. We just need to remember that the best anti-virus, anti-ranson software is only good if the id*iot on this side of the CPI fence stops being an idiot. Sadly, you're dealing with human nature and we find ourselves in this situation we are. I'd suggest that they thought initially (after the first few days, post them putting out the RNS) that this was a contained incident, but now its almost certain that it's not. However, its not as bad as the entire CPI network being taken over, which is what happened at a few US organisations subject to Black basta attacks. I can't say where we'll shake out in the near term as individual investors look like they're selling up, but give it a few months, fundamentals should reign - All IMO.

And I dont think you'll get a news release from CPI it in response to a Sunday Times print. They've done the downplaying bit already, and that may not be reality, and the extent of the hack or data exfiltration efforts by the hackers could still be ongoing, and until a lot more is known and they cover many more, if not all bases, I can't see them putting out additional news releases. That is exactly, IMO, the way to go.

"In the absence of any update from Capita, investors will (quite naturally) assume the worst." - so be it to those who want a series of updates. Until the scale of the intrusion/collateral damage is fully known, it is counter-intuitive to provide a series of updates to the market - this is straight from the playbook of US listed companies too! I'd rather they take all possible steps to safeguard their systems/stakeholder data, than focus on providing updates to the market. I'm happy for things to shake out as they should in the coming days/weeks. To each their own!!

Spot on, Baldicus. Hacks and Ransomware are a fact of life and stuff happens. What's out there is out there, and CPI has to and will implement better security measures and using better anti-ransomeware software out there from the big US guns such as Palo Alto, Crowdstrike, Zscaler and so on. I'm not saying everything's hunky dory, but whatever's been 'seized' has been done, and CPI will just need to look for ways to plug any further holes. Granted this is poor PR for CPI, but I don't genuinely see this as a business threatening event. I suggest that a good chunk of the increased capex for 2023 will go towards increased security training as well as procuring best of breed security software - business will go on!!!

Thanks, host. I've already registered for the Webinar and many thanks for the great service you provide to us under-represented private investors.

To the Webinatr host :

I assume I read it right from my notofication email this morning that the call with capita IR has been moved back to the 9th of May?

Thanks

My little FearFul is understanding challenged - let him have his senile moments while he waits and waits for his 33p. We can only hope that we get a bit of positive news on the disposal front in the coming days/weeks - that should shake the malaise off. UK GDP not being in dire straits is another positive for CPI - we'll see how this all shakes out vis-a-vis the US recession concerns in H2 2023.

And as someone else has already stated, good riddance to the likes of Phoenix Life if that's what they have to do after a period of outage and if there are no real penalties, I hope Capita drags out this outage for as long as they can. And I hope it's not just Phoenix, but the wider closed life customers who're in the same boat.

Ahem, Terry and Peterrr are really trying hard this morning/afternoon - their shorts can't be really hurting that badly yet, surely? Go on CPI, make them feel real pain!!

Personally, I don't give a flying f*ck. Poor Terry went short on Friday looking to ride a good drop and is upset it hasn't worked. Simples...

Poor little FearFul and TerryM1, Marie Antoinette (Clare Smith) - the word is that they're still out to scare some PIs into selling up so they get their fill. Good post, Eat Stocks. Doubt it'll get into their current 2p brain.

"Are you parrot?" - are you for real, FearFul? You who do 3 posts in a row because you couldn't be bothered to check your post status? Does that make you a Carrot, aka a clueless parrot? As far your post, its straight to the carrot bin!!!

"Does anyone know if Lewis is stepping down over this latest shambles?" - yes, he did yesterday. Oh wait, his tardis is having a technical issue. More news incoming as soon as that nagging issue is sorted.

I was having a bit of fun with you, FearFul. Don't take yourself too seriously - the market always gives you opportunities to make money and an absolute price level isn't a requirement to make money, Could CPI go lower from here - sure, I can't say what happens in the next day or two. But, I'll add more if it goes down from here.

Fearful - You mean sorry for being clueless - don't be? It's not an easy art to develop and takes years..

Certainly a opportunity to add if this drops more from these levels. I can't this being more than a day or two 'news'. They'll no doubt ramp up their online security measures for employees from herein on!!

Should have, would have, could have - not really relevant or useful in investing. I like PFC too, but missed the bus with the run-up today. CPI will deliver well for us holders in the medium term - we wait patiently.

Why is CPI not listening to Daddy? Maybe it hates daddies??

A couple of details from the AR. The updated list of large holders is below. It's mostly fund management firms with the exception of Odey with 3% holdings, and RWC also has direct holdings of 17%. The top holders are over 70% owners of CPI.

Schroders plc 321,365,363 19.08 – 321,365,363
RWC Asset Management LLP 286,449,316 17.01 286,449,316 –
Marathon Asset MGMT Limited 126,900,867 7.53 – 126,900,867
Veritas Asset Management LLP1 83,131,892 4.98 – 83,131,892
BlackRock Inc. 74,230,358 4.45 – 74,230,358
Invesco Ltd 70,883,236 4.24 – 70,883,236
Vanguard Group Inc. 64,670,000 3.84 64,670,000 –
Veritas Funds PLC 55,009,900 3.30 – 55,009,900
Jupiter Asset Management Limited 53,573,060 3.21 – 53,573,060
Odey Asset Management LLP 51,459,613 3.05 51,459,613 –

On Pensions deficits, we're in a much better position than some of the other defined benefit pension schemes which got slammed in September after the bonkers budget - we shouldn't need to do any additional large scale contributions. Notes below.
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The net defined benefit pension position for accounting purposes moved from a small net asset at the start of the year (£5.8m) to a larger net asset by 31 December 2022 (£39.6m). The main reasons for this movement were the £38.6m of deficit funding contributions paid into the Scheme (plus a net £0.2m deficit funding contribution in respect of other schemes). Both the value attributed to the pension liabilities and the value of the assets fell materially over the
year predominantly due to the material increase in the yields available on both long-dated Government and corporate bonds. Due to the investment strategy adopted by the Trustee of the Scheme the impact of these changes has been broadly hedged so that the value of the assets has moved to a similar degree to the value of the liabilities. Despite the economic events in Q3 2022 that led the Bank of England to purchase Government bonds, the Scheme’s Fiduciary Manager confirmed that the Scheme had sufficient liquid assets to meet collateral calls to maintain its hedged positions
throughout the year, as well as confirming that there is sufficient buffer against future adverse movement
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Experience's revenues is to be flat over 2022, as closed book life and pensions' volumes decrease, offset by new wins. They expect revenue to increase in the medium term, and if it does, profitability should ramp up. And fingers crossed that the rest of portfolio companies get sold in H1, even with the current bout of market volatility. Other than above, we just need to wait for new contract win (extensions too) news...

Cheers, Ian. The 2022 AR is a bit of a weekend reading for me. :-) I'll write back if I spot any good bits that we couldn't pick up from the results release 3 weeks ago.