Member Info for hxulcolrdoh

I'd agree that the numbers are not inspirational.

However the trend in the numbers compared to recent years does look a lot better. What has been a steep decline seems to be have more or less bottomed out.

I'd not strike them off your watch list.

Sacré bleu/merde just pulled into Monaco.

Mooring fees are steep even with my CBG windfall (https://www.ports-monaco.com/wp-content/uploads/2024/12/2025-Tarifs-passage-Hercule-Hors-Digue-TTC.pdf).

A 24m boat would have done me rightly but the missus pushed for 36. "Your better looking at it than looking for it" says she. She's spoilt.

If there were a boom in PGM's it would probably pass Tharisa by.

Tharisa has a dead albatross hanging around it's neck in the form of the Karo development.

Karo has been a black hole that has sucked in to date in the order of $150m of Tharisa shareholder funds that could otherwise have been paid in dividends. The last report estimated $338m was required to complete the mine. $80m of that would be expected to come from yet more diverted Tharisa shareholder proceeds and the balance from borrowing.

Without Karo Tharisa would be generating money like nobodies business. With Karo it is swimming in treacle.

I do think they need to make progress in reducing their LTV ratio.

They recognized this themselves when presenting their YE 2023 results and they did establish a LTV target range of 35% to 45%.

Unfortunately they have not made much progress. Whilst they have sold off some property the benefit has been cancelled out by falling valuations. Maybe they will have something positive/plausible to say about this at the interims presentation on Wednesday.

I'm not particularly trying to persuade anyone that I'm right or they are wrong. Just contributing an opinion.

If by 2027 VANQ are hitting metrics that their estranged sibling IPF are hitting today VANQ I'd think would be 200p. I don't think this is improbable.

Petr_ like you and some others on the board I have a long acquaintance with VANQ (previously PFG) so I know the full (and in recent years) mostly disappointing history.

The current valuation roughly gets VANQ back to where it was in March 2024. The difference between then and now is that it is a vastly transformed business that is most definitely moving in the right direction. Possibly for where it is at it is now fairly valued but personally I'm of the view that the business (and on the back of it the SP) has a lot further to go. I strongly believe that the dynamic duo of Mc Laughlin and Watson are the right people to get it there. So personally I'm kind of investing in the management first and foremost. So far they have not disappointed. I'd really struggle to find such an atttactive proposition and a team that could plausibly deliver it that is currently the case at VANQ. So I have gone (very) large and plan to sit on my hands until VANQ has reached it's full potential or the story has changed.

All cogent points of view are welcome. You should certainly note PUTUP's caution and any other views for/against. Ultimately though DYOR and make your own decision. For better or worse I have made mine.

The CEO of VANQ on the subject of 'Redressing Unfairness'

https://youtu.be/MlLPgPFcNRA?t=2710

Presentation

https://www.youtube.com/watch?v=MlLPgPFcNRA

Ian McLaughlin and Dave Watts will provide a presentation via Investor Meet Company at 15:00 BST

https://www.investormeetcompany.com/vanquis-banking-group-plc/register-investor

Open to all existing and potential shareholders.

Listened to the 9:00 am presentation.

CEO Mr Mc Laughlin is super clear, super concise, and super credible (unlike the blundering buffoon who went before him - Mr Le May)

Ditto for the equally excellent CFO Dave Watson ( who also replaced a bluffer in Mr Kapur )

VANQ is in good hands and is going to go from strength to strength.

Liberty2 - re shorts must know something everyone else doesn't. Agree not necessarily. They get it wrong too.

They are getting their feet held to the fire at CBG. Also over at VANQ.

In last week I noticed that GLG had a 0.48% short interest in JUST the day they leapt from 126p to 211p on the back of a take over.

£-55m!. Ouch!

Your do your own research and don't be swayed by others (at least not until you have weighed all arguments) is sound advice.

Getting out of Dodge.

Reminder: VANQ present their interim's tomorrow

https://www.lse.co.uk/rns/VANQ/notice-of-interim-results-investor-presentations-0kqg7kf2vzugvs0.html

VANQ are another company that have been hit by car finance perceptions and in particular bogus claims submissions from cowboy CMC's.

They present their interims tomorrow

https://www.lse.co.uk/rns/VANQ/notice-of-interim-results-investor-presentations-0kqg7kf2vzugvs0.html

As one of the first companies to stick their head above the parapet post the SC judgement potentially they may have something to say about how they read the landscape (even as the FCA saturation bombs said landscape with smoke grenades).

Useful link Dry66Koke.

Though I would have said the FLA (the trade association) timeline is misleading when they say "The FCA will confirm within 6 weeks of the Supreme Court’s decision whether or not to propose a redress scheme."

The FCA's guidance is "We are going to launch that consultation by early October. It will run for six weeks."

(I'm referring to https://www.fca.org.uk/publication/transcripts/motor-finance-market-analyst-briefing-august-2025.pdf)

As you said earlier - "the bizarre wriggling that is going on as the FCA attempts to blunder their way through the mess that they created"

0.48% short interest

Ha ha.

Just noticed that GLG had a 0.48% interest in JUST the day they leapt from 126p to 211p on the back of a take over.

£-55m!. Ouch!

F them.

Revisiting past glories their current short position is a complete mess. Shorts get it wrong too as evidenced by the bonfire of the shorts underway over at CBG.

My advice to them would be to move on sooner rather than later. I'd expect things to get worse for them post Thursday.

From under the clouds of cowboy CMC shenanigans, possible car finance concerns pre SC judgement and internal business transformation - management have been pitching a very strong message to an unreceptive audience. However the clouds are disappearing and very soon I think the market will realise that VANQ is a very attractive opportunity.

Having read the FCA response to the SC judgement

https://www.fca.org.uk/news/statements/fca-consult-compensation-scheme-motor-finance-customers

I'm of the opinion that such a vague, woolly, non committal document doesn't help. It is a word salad.

The FCA seems to be an EPIC failure which is serving neither the finance industry or it's clients.

After Friday's SC judgement (commission is not bribery, dealers are not fiduciary agents, barring excessive and unfair fees there is nothing to see here ) I thought we had clarity.

Then the FCA in an effort to introduce unclarity announce a £9-18bn 'redress scheme' and advise anyone who think they might be eligible for redress to pursue a claim.

FCA guidance on who has dealt with unfairly and who would be compensated factors could include:

- the size of the commission relative to the charge for credit

- the nature of the commission, for example, whether it is discretionary

- the characteristics of the consumer

- compliance with regulatory rules

- the extent and manner of disclosure

Who has dished out £9-18bn of 'unfairness' ?

Does it include CBG ?

In what timescales are the parameters of unfairness going to be nailed down ?