Member Info for hxulcolrdoh

March 31st is MLM’s big opportunity his achievements noted for the record books and to set out the stall for PFG 2.0.

Should be interesting.

A joint comment on two threads ‘Stick or twist..’, ‘An Outsiders view’’

BasilBrush if I was a complete outsider I’d let BMN marinade in their current financial distress, under performance and outlook uncertainity for a while yet. Eventually something palatable might emerge. However I don’t think it will be any time soon (just an opinion).

I looked at BMN around 2019. At that time they were talking of

- being a lowest quartile vanadium producer with expected cash costs of $17.70/KgV.
- expectations of 8400mtV p.a in the ‘near term’
- Vametco on its own had 2020 expected estimated output of 3000-3200 mtV
- Leadership in a revolutionary Vanadium based battery technology
- Talk of progressive dividend distributions

Any Dragon in the Dragons Dens would have said ‘I’m in’. I was too. I made some money but bailed when plans and reality clearly started to diverge.

If I’d been unfortunate enough to have held down to current lows my future strategy would depend on the % BMN represented of my portfolio. If it was small I’d say ‘Might as well be hung for a sheep as a lamb’. If it was large I’d really be looking for ways to recover elsewhere.

Apologies to the BMN faithful whom I know tend to be first and foremost emotionally invested while their financial investments are collateral damage.

Provided to fill the news vacuum.

https://www.cktravels.com/things-to-do-stoke-newington-london/

Sorry an homage to Alexi Sayle master of farce and the absurd. I don’t know why Maris& Co make me think of him.

What I’d really like to see from PFG 2.0 is a complete reset with regard to market communication.

I’d like to see clear, conscise, consistent information.

I’d like to see guidance even if it exposes the company to accountability.

I’d NOT like to see meandering 300 page year end financial reports laden with number fudgery.

No dreaming 'BoD Action' thread

Sorry for poking the holy cow.

What looks to some visionaries like a nice little ‘doer upper’ looks like a money pit to the less visionary.

Observing the slow and painful progress at BMN is like watching one of Kevin Mc Cloud’s more problematic ‘Grand Design’ episodes. The commited have to see it through and will endure unrelenting adversity to see their vision vindicated. Everyone else thinks ‘sooner them than me’.

"the Group having paid US$21.4 million in deferred acquisition and earn out payments during 2022."

Looks like profits will be soaked up payments to other parties ? How long will this last ?

Hasn't moved on much since I last looked at. I keep an eye on it but doesn't look investable for now. I'm sure PDUB will disagree.

2021 production: 3,592 mtV
2022 production: 3,842 mtV

2024 guidance : 4,200 mtV

Doubt if it will make a profit. Large loan due during the year.

In which case it is a good job that Barrie is not Ivana :)

It looks like it will take a while to transition in a new CEO (summer).

Meanwhile a potential interpretation of the problematically vague (but consistent) messages from the outgoing team over the year is that PFG 2.0 aka VANQ has ‘launch control’ engaged and all the new CEO has to do is hit the button. Then PFG2.0 takes off like a scalded cat?. Self effacingly the outgoing regime have been hiding their light under a bushel ?

It will be interesting to see how the YE results are presented on March 31st.

Comments throughout the year ...

Q1 : "I am pleased to report that the Group continued to trade in-line with management's expectations during the first quarter of 2022”

Q2: "I am delighted with the Group's first half performance. We have delivered growth and returns in line with market expectations”

Q3: "I am pleased to report that the Group continued to perform in-line with management's expectations throughout the third quarter of 2022 and into October.

Q4: “· The Group continued to trade in-line with management and current market expectations for FY'22 during the fourth quarter of the year.”

Q4 additions / YE Summary :

2022 was a transformational year for the Group as we built on the very strong foundations put in place during the previous year. … The Group remains well positioned to deliver long-term attractive and sustainable returns to shareholders and the Board remain confident in the outlook for our businesses.

In the Group's credit card business, receivables grew by approximately 9% during the fourth quarter and by approximately 11% for the year as a whole.

The Group's vehicle finance business saw receivables growth of approximately 5% during the fourth quarter and of approximately 10% for FY'22 as a whole. Credit issued increased by 19% year-on-year, reflecting its strong competitive positioning and attractive pricing policy, and the business had approximately 100k customers for the first time as of 31 December.

The Group's personal loans business also had an excellent fourth quarter. It reached an important milestone of lending over £10m to customers in a single month, resulting in strong receivables and customer numbers growth to approximately £75m and approximately 34k respectively as of 31 December.

The Group continued to be underpinned by a strong, well-capitalised balance sheet during the fourth quarter and ..funding options were improved by the approval of the large exposure waiver by the PRA, as previously disclosed in the fourth quarter.

The Group has decided to change its name to Vanquis Banking Group plc … expected to be effective in March 2023.

Joke – a certain poster has been known to jinx moves in the right direction.

Though I’ll also tempt the fates and say now that the MLM era is at an end and a new dawn beckons I’m feeling more positive about PFG myself.

'Keep shtum' Barrieprov - you have form :)

I guess the thinking is that a CMD would probably be better fronted by someone (justified or not) with less baggage/more credibility than MLM.

On a more leisurely reading I do concede that there is more detail than usual and that it looks good.

MLM does seem to be saying “I left PFG in a good place” whilst not tying up his successor in too much detail. Hopefully the successor will agree and NOT feel the need for a kitchen sink re org.

Regardless in order to put he ‘wilderness years’ behind and appeal to a new audience a change of name and CEO does seem like the right way forward.

The ‘good news’ is that PFG continues to report that it is ‘on track’.

The ‘bad news’ (as ever) is that no one really knows what ‘on track’ means.

Meanwhile we will have to wait until the big reveal of March 31st for any real update. MLM may or may not have left PFG in a good place. Hopefuly so.

The better news is that MLM is out. He was not the right person for the next phase of PFG.

Sitting on my hands for now. GLA.

At the end of another week musing and anticipating the Q4 update..

MLM : “I am delighted to report that the Group finished the year in-line with management's expectations. Furthermore I can now reveal what these were – thrills and spills. Hence the need for general obfuscation . Nonsense such as guidance would have resulted in a boring share price.”

One adrenaline junkie / shareholder ‘Barrieprov’ commented. “What a year! Who needs Alton Towers! My highlight was the Oct 24th 20 year all time closing low of 136.3p. Just when I thought PFG was toast it pulled out of an apparent death dive. Sick”.

Generally anyone with ability has ceded the ground to witless denizens of social media as far as public office goes.

Hi Barrieprov.

The Q3 statement in a nutshell was

"I am pleased to report that the Group continued to perform in-line with management's expectations throughout the third quarter of 2022 and into October."

I expect that the Q4 statement will be as equally bland/informative (not).

7, 256, 555 @ £83,129 = 0.01145p per share.

The wording of the CRS equivalent -

"Crystal Amber believes that it should pause the requisition for the general meeting and has written to Hurricane withdrawing the Requisition Notice and undertaking not to resubmit a further requisition notice before 6 February 2023."