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They are using the maximum 6 months for accounts after year end. They are inviting the market to guess the problem.
From a well run cautious company to an absolute shambles well Morse
The main worry was complaints which we already know the number.
I know they are not weighed down by debt and the assets are way more than liabilities but something is wrong and that RNS does nothing to help. No explanation eg accounts irregularities nothing at all. They are still lending as well.
Explains why he left so quickly
I was wrong somebody knew this crap was coming. No trading update no explanation way to go guys
A lot of people loaded up in Feb when the shares were 14p. Some will have sold some averaged down. This share started the year at 60p and apart from complaints not much has changed. First they need to report on complaints and then if a dividend will be paid. With summer here loan demand must be high and no Provident or Loan at home demand will be high. I think they will earn gross profit of at least £15 million as no digital loss. Don’t know what complaints will cost. 1st half they were 10200 and second half were 7300 so they fell just the cost went up of dealing with them. We shall soon know by end of the month latest
I agree and the only saving grace will be dividends, the business is priced for administration and hopefully there will be good news next trading update.
The FCA will do nothing. They can’t change as countless companies have gone under. Morse are still making money on home credit and online will be profitable for year ending 23. I think complaints this year will drop as 40000 people have made them already. The 6p in the £ provident will pay will make people think it is not worth it. If I was in charge I would ride it out this year and if claims go up then close HCC run down the book and put it in administration when there is not much left putting everything into online where new lending is much stricter and nobody can build up too many loans. I honestly think complaints will drop going forward
The CMC are running out of companies to chase which should mean they turn people down with say just 3 or 4 loans. Before people would list all the companies they had high cost credit off and CMC would bang out emails to them. Hopefully they would get a few paydays. But if a prospective client comes and the only company they can go after is Morse then they will not due this for someone with 3or 4 loans where they might earn total interest of say £300 and they get 25% which is £75. It is not worth the hassle. I heard of a case where a guy had 6 loans and the last one was outstanding. The CMC won and FOS refunded the interest on loans 4 and 5. This was £590 and the last loan was £600 so Morse took the £590 off and said loans paid case closed. The CMC asked the client for £300 for their fee and client told them where to go. So cases where the client still owes and there will not be a cash refund are no good for CMC as they will have to chase customers for their money and if they have not paid Morse a lot will not pay CMC
Is it not just preemptive rights. If you have a partner they have first refusal. Maybe said no but with oil price changed their mind. I am no way an expert on this and I would not be surprised to see more twists emerge
I don’t think it will make much difference
Thanks retiredin france
When is the dividend actually paid?
Should have been 40k. Almost 40000 complaints
I spoke to my friend who works for FCA and she said she thinks Morse can survive. Between 1 Mar 17 to 28 Feb 22 Morse has received almost 40 complaints. The worst 6 month period was 1 mar to 31 aug 21 of 10200. I asked how come Morse did not issue a profit warning then and she said some cmc dump loads of complaints in one go and the rule change from 1mar 22 for cmc charges.
I did ask if any of these companies survive after receiving loads of complaints. She said the worst offender for shoddy practices is gain credit (lending stream). They are American owned and seem to be over the worst re complaints.
They have received almost 100k complaints from 1 jan 17 to 31 dec 21. Their worst year was 2019 (34k complaints) and 2021 they had 17k. They pay out nearly 60% without going to FCA.
I said provident set up a scheme of arrangement last year and does she think Morse will have to. She said provident had a very bad historical book and in 18 months received over 100k complaints which took the HCC business in to a loss. They knew they had loads of skeletons so had to do something. Provident scheme of arrangement will pay out a few pence in the £ and she thinks this will deter people from claiming against Morse (who also in her opinion has a better historical book). She thinks claims will start dropping year ending 23 and as long as the HCC earns more profit than the claims cost than Morse should be able to ride out the storm,
The HCC sector has been decimated with Morse the biggest lender who can cherry pick the best customers.
I cashed up as been in since 92p. The acquisition is not priced in but it can always fall. I thought the other party was the government.
There is not much for the CMC to go after bar affordability. Complaints must have cost £6 million minimum last year. I have looked at ombudsman’s decision and some of the cases are really weak but it costs the claims company nothing to put through to ombudsman’s so cmc May slow down when a new customer has borrowed off day Morse provident and pay day loans as most of those companies already in administration. If someone wins £1000 off FOS claims company gets £250. If they only win say £400 it is only £100.
Hopefully cmc will not proceed with the 5 loans and under and save the company FOS fees. Morse know what their historical book is like. Is it a nightmare is the main question
I have been trying to work out what that could be. It is priced as if they are calling in the administrator but Morse unlike NFS has substantial value in its loan book as borrowing not that heavy. They could sell online and wind down HCC and still pay out 45p a share.
They have not even ruled out paying a dividend. This share price is madness but am like you that something is going on behind the scenes. The delay in results to potentially the end of the month is not helping.
I am assuming most are sells as price is dropping. I bought £16000 worth at 9p and will wait on results. I would buy more but cannot believe the price. The online will be profitable year ending 23 (118 and likely loans both lost substantial sums of money in the first few years). They also have a steady stream of complaints.
HCC historical loans are the issue. I know Morse was more cautious than say Provident. Just need to see complaints come down for full year ending 23 going forward. I think they will as the CMC are running out of companies to target as Morse is the last big lender in HCC.