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No one can raise much money in these times. The past is no guarantee of the future.
DYOR writing on the wall
Priced for bankruptcy, sorry all LTHs
Note 38 clearly states that there is ‘significant uncertainty as to the extent of misconduct and customer loss’.
They’ve made the provision and then they’ve added all of these extras which makes the provision worthless as typically it should only go through when you can reliably estimate the amount. In this case they’ve gone and qualified their statement. Hence I believe this to be a best case.
But DYOR
I would be very careful of that £450m number. It’s only what you can reliably estimate at the time and provisions need to be specific so I’d say that’s probably a ‘best case’ number.
UT?
This has another 40-50% to fall. Bearish until there’s clarity on the actual costs. Keep on a watchlist and buy sooner to an announcement if you like a gamble.
That’s usually because they’re privy to noise average Joe doesn’t hear.
Markets aren’t perfect, someone knows. You don’t have aggressive downward pressure like this. No smoke without fire
Analysts at UBS have the hit to Close Brothers from the FCA’s motor finance inquiry could be anywhere between £30 million and £830 million. Benjamin Toms, an analyst at RBC Capital Markets, estimates the car loans industry as a whole could face a bill of £16 billion, with Lloyds Banking Group, a big player with a £15 billion motor finance loan book, shouldering a £2 billion hit.
I think that’s why investors are rushing for the exist door. The uncertainty and opportunity cost of putting your cash to work elsewhere whilst this goes on.
Long term holders might do fine but you might be waiting a long while. It appears it’s a done deal in terms of a liability, how the pie is sliced is going to take time. Then there’s going to be all the people who have died/won’t make a claim etc.
There will also be significant fines and interest to be paid on the actual differences considering opportunity cost of money stolen from consumers. 2010 money ain’t 2024 money.
Close
If you want to buy this stock you may as well burn your cash.
100%. Those close to the investigation know how widespread this is. Outright fraud has taken place, much worse scale than the mortgage mis-selling imho
It depends on their exposure to this fraud and they’ll have to pay, no ifs, no buts. The big boys they went to bed with have a much stronger balance sheet to stomach losses. CBG however…going to the wall and the market knows.
No one will be buying an unquantifiable liability to the fraud they have partaken in.
Sweepers will be waiting for the carve up when they can’t afford to pay the bill given how small they are
Bill of several billions coming soon to CBG.
Would not want to be long on this stock.
DYOR
Tbh the fact that they couldn’t wait for 3rd party and look at other ways of financing suggests that HE1 is a million miles off any real intrinsic value.
The CEO should be acting in the best interests of shareholders. That would NOT have been to further dilute them at a critical point whereby HE1 could be considered for other forms of financing. Yes, they’ve no income. But you can pledge the asset as collateral for any debt financing once proven.
The truth is, she doesn’t have any real faith.
I think now they’ll get more coverage at the £100m mcap level we should start seeing an analyst note at some point and then that’ll be the green ticket for funds to start loading up
And now we’ve got confirmed commercial helium and production assessment
DYOR
How much you lost today mate?
Diamond hands, Lorna knows what we’ve got. The fact we’ve got a woman at the helm gives me more confidence too (companies ran by women are better-ran - fact)
I reckon we’ll get one soon
‘We’re in receipt of unsolicited approaches…’
I wonder what bids they’d get NOW.