Member Info for RickEngland

It has materially changed though. Cbg almost doubled their likely provision. In other words the news got worse. Until theres new news countering the current position, it is what it is. CBG is smaller bank, its not generating a billion a month margin like say lloyds.

SG: been here watching.

We've gone from zero redress, to £165m redress, then back to zero redress after the supreme court, and now £300m redress (almost double). Its not getting better, its getting worse. So why did I initially buy? For a fat div in 2 years. Currently thats looking unlikely. Its more likely we'll go back to court, to fight for whats "fair and reasonable". The FCA think they're being fair. So again, its not better, it's worse. The point is this. Is cbg the same potential reward as a year ago. At the current SP, I dont think so. Maybe under £3.50 I'll think about stepping in again.

The difference between lloyds and Cbg, is lloyds makes about £1bn a month, the redress is basically just a lower tax bill. An increase from £165m to £300m provision is quite substantial for CBG. Many of us have done quite well already. It's getting harder to foresee a quick fix now, and any div has probably been pushed out another 2 years. I'm still of the opinion there's going to be an sp correction.

The problem is all that lovely fat div we were all hoping for is at serious risk now. The FCA have confirmed their marker in the sand. They might be annoying but they're not stupid and are fully aware of the conditions they recently created with a £700 marker.

Which means we're going back to court, as there's no way the FCA will say... eerrr sorry we're a bit far from that you was expecting. Yes we've ignored the supreme court, thats our perogative. Take that.

So... what court are we playing with? The high court again, or directly to the supreme court? This is why folks we're effectively back to square one. Maybe Jan-25 sp prices.

JPerry: unfortunately uncertainty has worsened, with the latest RNS with an "unknown" material change in potential liability. I wish this was not the case, as I also had plans to make a killing on this share. I've learned though not to back my heart and fondess of any share. I now think like a brutal market critic, as that's how the market treats us PI's. Looks like the sp took another dip at close. Maybe im wrong and it bounces back Monday. However i still believe the sp has much further to fall and have money ready when the price is right. Good luck

Looking at it without emotions, the sp is now in both 'worse uncertainty' and 'worse news' territory. Its a shame as I was in for a decent div in couple of years, but got out after the FCA announcement. I now believe the FCA will knuckle down, forcing all the firms back to court for more clarity.

Sadly while CBG used the "material" word but haven't put a price on that, we're looking at another 1 to 2 yesrs of more uncertainty. Be patient if looking for a re-entry, once all the bullish investors have moved in their cash, the sp has only got one way to go, over the next 30 days. Then will reassess.

...Measure that risk

Liberty2: pretty much in the same SP ballpark as of Jan-25. Unless of course cbg can put a number to a potential revised provision. When firms say "material" its usually significant. Is the new provision another £50m £100m or £200m? Sure there's decent upside potential, although we need yo measure that ro

I've noticed a considerable change over the last couple of years with the lloyds banking app. Customers don't want to pay wealth management fees, when it's so easy to self select our own investments with the app.

Back to cbg though. Is news getting better or worse? I say currently worse with the FCA basically ignoring the supreme court. Is cbg uncertainty getting better or worse? Again I say worse, as cbg announced "material" change in provision, and haven't put a number on that.

I expect alot more downside, while that 'material' difference is unknown. I also expect the FCA to dig their heels in. They know exactly what impact their new rules would achieve, therefore I dont expect them to change course. Which means more delays and probably more court action for clarity.

I've been in and out of cbg, now looking at a re-entry considerably lower, now that uncertainty has got much worse. At least 300p maybe even 270p. We will see.

0.5p is certainly on the cards. Arbitration is extremely expensive, not to mention the time involved to recover sn amount of potential revenue not declared to us. How weak was the purchase contract? what 'grey' area are gst fighting? As its clearly not black or white, if arbritraion is required.

What are the consequences of that? The bitcoin treasury purchase is on hold maybe? I thinknit was somewhat underhanded that gst tapped shareholders again, knowing full well they were entering a legal battle.

Then to rub some salt into yhe wounds, they clearly have a conflict with thier auditor, who is not willing to sign off the accounts. Why? Is it a balance sheet issue? A write down of assets because of arbitration? It's got to be bad to suspend shares. The longer it's suspended means we're not talking a small number in conflict with the auditor. Could thier relationship break down?

Are we to see the next rns that says, we've booted our auditor, and hope to employ a new one thst csn be easily bullied. Sure 0.5p is well on the cards.

The court did focus on "fairness". But rejected the cbg commission was unfair. This leaves the fca to decide what level of pounds or percentage is considered unfair.

Obviously 55% in the Johnson (first rand bank) case was unfair. I expect the FCA to now set a portage bar on commission, although cbg will be well under that red line.

The big question is was CBG bluffing they're exiting car loans, will they now reconsider?

Mr Bond.. first rand south African bank. (Johnson case)

There is no redress (for cbg).. Zero. As fair commissions

Both the bank and the dealer were acting in thier own commercial interest which was considered lawful.

We won, no redress. Although first rsnd bsnk did take the pee at 55% intrrest on car loan. Fudisary argument gully rejected.

Don't know what's worse. Tapping investors for a rights issue, knowing they're gonna waste it all on arbitration lawyer fees (do kept it quiet until the rights was done). Or blaming your auditor, because they've spotted something they don't like in the accounts, so are not signing it off.

I took a wild card punt on this at 1.35 then topped up at 1.25. After the bs were gonna have an expensive arbritraion battle, I was out at 1.055

For me i dont like or trust the board. Especially how they treat shareholders money, like some sort of toy.

Hope you folks can recover something from this GL.

Likely to be a brokerage that arranges rich people digital assets. Maybe though GST should buy Stellar XLM (the new bitcoin in 5 years) although I get it why they bought BTC. Not everything needs to be forked from BTC, when there's better blockchsins out there.

Well I've got 40 billion TONIC tokens (the firm makes revenue selling crypto loans on the cronos block chain. I get income from those loans). So a few hundred thousand on GST seems a reasonable punt.

We're playing with pennies, is all good fun. Not as fun as some crypto though at £0.00000001850 a token.

On the plus side, there're so many forks off btc now, it's a foundation of the crypto world.

Done more digging. Looks like Bake a digital bank. They don't have their own block chain. But a UK digital crypto bank potentially has legs for deals with other financial institutions that want exposure and somewhere to store assets. OK I've got the gist now. Ty