Member Info for NOFEAR

Great post and very interesting fresh points of observation.

In the meantime, data breach claims lawyers are busy advertising their services for the Capita cyberattack incident affected victims on Facebook.

https://portal.joneswhyteclaims.co.uk/form/szy1pHE58K9gJbrohzWD/8dAR1FgGznFQ3k9eFOjX/95dC3qzmJ7y1dBds6lJC?wref=DmL2oEKaBgKJff65Emi3&utm_source=facebook&utm_campaign=Capita%20Data%20Breach%20NEW&utm_medium=paid&hsa_acc=590162375590659&hsa_cam=23856158595590317&hsa_grp=23856158595580317&hsa_ad=23856158595600317&hsa_src=fb&hsa_net=facebook&hsa_ver=3&fbclid=IwAR3ityCqW9eiCxaFc--K2ZFs4KGfuvlEEi0Zxdgcxlg7GJrWSQFQTUdchDU_aem_AViJv0zqGMMuOSasWA2yjy-DZNm0D4GldpZmtpuT-KqBjejiQSE5pnoYhpuMrOSERCANdPq-W-9j5qfGVttIapso

Thanks The.Crowman.

Very helpful and therefore now it's quite obvious that when Capita was months ago stated that would have to incur between £15 to £20millions for the IT experts and associated costs, then they should had said that these were not too be fully covered by their insurance as the true amount of the cyberattack experts ect. ect. costs were actually higher and that's what would be left to pay out of Capita coffers.

I don't get it how they could not get to be fully reimbursed rather than just a percentage of those costs. I guess the fact that an IT offshore Capita employee was responsible for clicking on that malicious email link that created then the major cyberattack, is the sole reason for the Capita insurers to only cover tova certain amount as Capita was part in blame for the cyberattack incident due to the employee own unfortunate action. Let's see what Monday has for us. I'm invested on cpi since last Friday at 22.69p. I don't wish to hang around for longer than necessary and will be ready to average down if is ideal and or sell up if I see bigger challenges ahead. I rather stay put for the moment, but clearly Capita has got itself in a pickle with the entire cyberattack attack incident which is imho the only major nuisance that is stopping it progressing to where it should had been by now at around 42p rather than 22p.

Clearly saying that the insurance cover will take care of all associated costs. I presume that the future costs involving paying those affected by their personal data being leaked online will also be needing compensated. The average payment are from what I've read on data leaks legal forum is £3k as a minimum per affected person. So, as and when anyone of those wish to exercise their rights, Capita will have to deal as on a first come served basis and live with it.

There's nothing they can do to stop the incoming of compensation claims.

That's a fact guys. Live 'N'Learn.

My only view for now is for cpi get off the low 20s and retake control of the share price, or risk being taken over by a keen buyer looking to buy them out for imho at about 42p with an all thrown in nicely packaged ready to go going concern valid business.

But all of the costs connected with the cyberattack incident will be eventually absorbed and payout through their insurance cover.

Extracted from the 4th August Capita TU.

And I quote:

"We now expect net exceptional costs associated with the cyber incident of £20m to £25m reflecting the complexity of the forensic analysis of exfiltrated data. These costs comprise specialist professional fees, recovery and remediation costs, and investment to reinforce Capita’s cyber security environment, offset by anticipated insurance receipts."

Sweden's Ericsson sued by some shareholders for $170 million, Dagens Industri reports

saying its CEO's disclosure of activities in Iraq depressed the stock, business daily Dagens Industri reported on Friday.

Reuters- How I would love to sue Capita too.

August 4, 2023

https://www.reuters.com/business/media-telecom/swedens-ericsson-sued-by-some-shareholders-170-mln-media-2023-08-04/

Not a Capita news stock article,but it shows the high level of cyber attack incidents taking place across the world.

3rd August 2023

[US govt contractor Serco discloses data breach after MoveIT attacks]

"On June 30, 2023, Serco was made aware that our third-party benefits administration provider, CBIZ, experienced a ransomware attack and data breach,".

Read the free article here:

https://www.bleepingcomputer.com/news/security/us-govt-contractor-serco-discloses-data-breach-after-moveit-attacks/

Capita Slips To Loss In H1 On Weak Revenues; FY23 View Unchanged

Aug. 4, 2023, 02:31 AM BY RTTNews

(RTTNews) - Capita Plc (CPI.L), a British business process outsourcing and services provider, reported Friday that its first-half loss before tax was 67.9 million pounds, compared to last year's profit of 0.1 million pounds.

Loss per share was [5.06 pence, compared to earnings of 1.10 pence] per share a year ago.

The loss in the latest period reflected business exits, non-core Portfolio goodwill impairment and costs associated with the Group's cyber incident.

Adjusted profit before tax increased 34 percent to 33.1 million pounds from last year's 24.7 million pounds. Adjusted earnings per share were 3.34 pence, compared to 3.98 pence last year.

Revenue declined 3 percent to 1.48 billion pounds from 1.52 billion pounds a year ago.

https://markets.businessinsider.com/news/stocks/capita-slips-to-loss-in-h1-on-weak-revenues-fy23-view-unchanged-1032516452

Hi Ladies and Gentlemen,

Based on the past threebmonths and the recent TU cpi up and down share price movements, I forecast an opening share price for coming Monday at 23.50p. As for coming Tuesday, I see cpi settling around the 24 to 24.30p ranges.

For Wednesday, Thursday and Friday, cpi will be hoovering around the 23.90p to 24.90p ranges. As it stands, I don't see further drops next week, although cpi will still show some signs of volatility, but it should eventually find stability on its movements and settle around the mid 20s for the next two to four weeks.

That's my view. Feel free to be different.🫠

Jon Lewis, Capita’s CEO, said: “We are pleased to have agreed the sale of these [non-core software businesses to AdvancedAdvT following a competitive sale process]

So, I understand it correctly, they'll referring to the five businesses in today TU as:

Due to business exits, non-core Portfolio goodwill impairment and costs.

And so the statement below from that article would translate that although Capita sold and completed the five businesses transaction, it has also booked in the loss of revenue that was coming in from those five now sold businesses and therefore could put it into today TU.

In the year to the end of 2022, the combined reported revenue and profit before tax of the five non-core software businesses were £35m and £3m respectively.

In this article it says the following:

UK government contractor Capita said it has agreed to sell its five software businesses for an enterprise value of £33m, as the outsourcer tries to strengthen its balance sheet.

The company on Thursday said it hoped to receive cash proceeds of £44m on completion of the deal, including around £9m of cash within the sold businesses. It now plans to and focus on its two core public service and experience divisions.

I really hate they way they never make things clearer and precise. Jam tomorrow.

See below what I mean and figure it out.

8th June 2023

https://www.sharecast.com/news/news-and-announcements/capita-sells-software-business-for-pound33m--13665976.html

So the fact that they've sold and completed the sale of those five businesses, doesn't not sound like this then: due to business exits, non-core Portfolio goodwill impairment and costs.

As usual, our outgoing rosier cheeks Jon Lewis has put his name against every one of those statements, but somehow he has always left something out for the pi to see at TU like today we've witnessed.

Capita Impeding business costs.

Are they relating the costs in not being able to earn a revenue from the five businesses that they've recently sold?

I wonder that if they're no longer for the future going to receive the following:

In the year to the end of 2022, the combined reported revenue and profit before tax of the five non-core software businesses were £35m and £3m respectively.

A total of 74 per cent of the revenue was from recurring or from Software-as-a-Service (SaaS).

The transaction will be funded by the company’s cash reserves.

And it goes saying:

“We continue to target for the majority of the remaining businesses within our non-core Portfolio division to be sold during the first half of 2023, depending on general market conditions.”

Jon Lewis, Capita’s CEO, said: “We are pleased to have agreed the sale of these non-core software businesses to AdvancedAdvT following a competitive sale process.

“The sale marks another step for our successful disposals programme which has enabled us to significantly strengthen the balance sheet and materially reduce our debt.

Full free article here:

https://businesscloud.co.uk/news/capita-agrees-to-sell-five-software-firms-for-33m/

4th August 2023 Black Friday Swan for Cpi pi.

We're making the weekend news. 🙂

Yahoo Finance from The Telegraph

[Russian cyber attack fallout wipes £58m from value of Capita]

Cleanup costs from a Russian cyber attack wiped £58m from Capita’s value after the incident pushed the outsourcer to a £68m half-year loss.

Shares in the London-listed company, which collects the BBC TV licence fee, plunged as much as 16pc on Friday after it said dealing with the March cyber incident will cost up to £25m.

The figure represents a 25pc increase on estimated costs previously announced by the company.

It came as Capita posted a pre-tax loss of £67.9m for the first six months of the year, compared with a profit of £100,000 a year earlier.

https://uk.finance.yahoo.com/news/russian-cyber-attack-fallout-wipes-104245616.html

4th Friday 2023 a Black Swan Friday for Cpi.

[Capita has a made a huge effort to stay viable as a company, the question is whether this has any relevance to Capita current investors.

[Capita plugs the gaps]

August 4, 2023 By Julian Hofmann

Capita has a made a huge effort to stay viable as a company, the question is whether this has any relevance for £1.7bn of debt retired since 2018 combined debt and pension squeeze

outsourcing has not been the panacea that many had expected as tougher market conditions, chronically underperforming contracts and higher costs combined to undercut the investment case for the sector.

Against that backdrop, it has often seemed the sole reason for Capita (CPI) to stay in business simply to pay off its debts and plug the yawning gap in its defined benefit pension schemes.

https://www.investorschronicle.co.uk/news/2023/08/04/capita-plugs-the-gap

Short Selling Regulation REVIEW Government response July 2023

The full reasons why the Fca had to give in to the hedge funds demands.

A very interesting article, but nevertheless I don't agree that we the pi we would from now be kept in the dark whilst the FCA gets to see it all by private arrangements.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1169119/Short_Selling_Regulation_Review_-_Government_response__1.pdf

I agree, the news rounds will go through the weekend. However, I disagree that MW would had closed their slightly reduced short had they thought cpi had no more to go. The share price damage was already happening since its fall from when the cyber news hit the internet papers and where cpi sat at about 37p. So, imho, as I know from previous experience, as for MW, they might not necessarily needed or wanted to report it today before 15:30 FCA cut off time so that it can be seen on the public record of outstanding shorts at or above 0.50%. Moreover, the fact also that shorters don't need and are not obliged to make public their increase or reductions of their current or would be future short positions due to those recent FCA shorts regulations changes.

I can also confirm that hedge funds are not known for timely reporting the opening and closing of short positions and that's how they like it to play it. Before the FCA recent short reporting changes updates, various well known hedge funds were have been found to report their opened shorts that should had been publicly declared well over the FCA recommended allowed period which about 4 weeks, but many would overrun that to 6 weeks and some even to months after.

The pi investor has never stood a chance against these do as they please hedge funds and the FCA has always played a soft role in trying to make do everything by the book. The Fca has in the past confirmed on the phone that the reporting of short positions in a timely fashion has never been a must do rule but just a recommendation. I simply never liked that as the way for shorts to operate within the UK stock market. An finally, don't expect from now to see anything reported onthe short tracker to be accurate or reflective of what positions shorts have or had opened against cpi or any other UK listed stock.

July 11, 2023 [UK scraps public disclosure of short selling]

https://www.reuters.com/world/uk/uk-scraps-public-disclosure-short-selling-2023-07-11/

Currently showing a potentially possible buy volume of 26,582,800 versus a potentially possible 18,415,755 sells and 1,457,605 of uknown trading volumes. I'm not bothered if cpi drops further on Monday as I haven't finished with my investment rounds for cpi. If the need to average down was necessary, I shall throw the kitchen sink at it. But, on a frank note, don't expect me to be sitting around babysitting cpi for more than 6 months. Let's see what Monday has in place. But, the worse is over imho.

And NoFear was always wrong; wasn't them! How many posts were of mine wrong and how many were wrong of yours and the like of you?

I said that £1.20 was the most it will reach. I was correct.

I said that it will drop to 87p. I was correct.

I then changed my next tp drop to 79P. Got as far as 81p.

I said that it will eventually be sitting around 87p till better news come out. I was right, but today closing price is 85p.

I was correct again.

Most of the one like you and the likes of you made sure that the shares got pumped so high that eventually it reversed and found its true value just under 90p. For all that kept posting minimum worth 2.00 to 2.50 and even crazy 5.00 pounds in the very near future and that Mr Kelly was the CEO of the year ex Sage guy that will save the day, well that didn't really do for the wandisco shareholders specially now that most have now landed themselves with a very sore head for the weekend holding major paper and probably crystallised losses too; I guess imho.What a disaster.

AimMaster2018 jUST in the UT 1,639,349 @21.94p

No far from your estimate. I consider that the bottom of the bottoms.

You're a bull-s--hitter of the highest order and cannot be trusted with your bulls posts of being big in cpi.

Why would you be spending time with us small pi? If you're so loaded, you wouldn't want passing your time

with us; wouldn't you!