Thanks for the explanation. Makes sense. In some ways I’d prefer it if the shares stayed suspended. Now we’re left with agonising decision tomorrow. I’ve no idea what to do. Could kick myself, got greedy if being honest
The problem is you won’t be able to sell, it will be in auction all morning. Tanking. Personally if I can escape with anything up to 20% loss on my average I’ll get out. Any worse than that and may as well go s*** or bust
They’ll be in discussions with FCA today regarding a solution. It will likely involve increasing the compensation pot to maybe 20% of future profits and changing the incentive plan to be less generous.
The reason I’m staying in is an RNS could drop any time with an update on discussions and clearly it will rocket if positive. Be interesting what the market deems a good deal. Re-lending will likely be end of May if given go ahead. If it does get green light on Wednesday then obviously to contribute 15+ per cent of future profits they need to start lending again to make any profit, so surely FCA wouldn’t stand in the way there.
Long term question is can they make it profitable. I know there is a big market but under new affordability rules that population will be dwindled down. 49 per cent interest rates are only good if bulk of people pay you back.
I couldn’t give a monkeys what shareholding Vinson has but he’s the main reason I am now sitting on a 90% profit. I’ve been dabbling in shares for 15 years and this feels like a once in a lifetime opportunity. Surely this vote will go through and then who knows what will happen!
I’m not complaining. Bought at 15p last spring. Saw it drop to 6p and was well down. Thought about throwing the towel in as was well down and loads of people on here were predicting bust. Now I’m comfortably up and holding firm. So pleased for everyone who has been through the same.
Big thanks to likes of Vinson & Co who convinced me to hold.
I’ll be happy with 30p. I think the regulatory environment they’ll be working in will hamper profit. There will be all kinds of checks they’ll have to do...crazy stuff like affordability checks! On a serious note I think 30p is achievable on announcement of new lending.
The only slight disappointment for me is it didn’t hold 16p+. But hopefully has now stabilised and you don’t want SP rocketing on the eve of the vote. As long as it doesn’t go below 13p in meantime I’ll be relatively happy.
RE: Every confidence the vote will be YES02 Apr 2021 08:07
Is there not a danger that most of the 700,000 ex customers won’t vote. Is there any precedent out there of another SOA that got voted in with similar customer segment, so majority ex customers?
I need a yes vote but I can’t understand if it’s a given as many people seem to think why SP has gone down so much. I thought this one would have set a benchmark at late teens instead were drifting into single digit territory again! Hopefully blue skies next week
Ha, ha. Disclose to your wife your real holding.......you mean disclose you’ve got anything invested at all! It’s a difficult sell isn’t it. I’ve put x amount into a company that’s lost 90 per cent of its value and hasn’t done any business in a year...oh and they’ve more complaints than customers!
Just a rebound in my opinion. Never saw good reason for it to drop back to sub 10. I think it will carry on rising this week. And then probably plummet next week once any news been and gone. I suspect it will then be stable until nearer vote, assuming we get one. I still think it’s a good bet. When do they start drilling again!
Well I never understood why it dropped to sub 10 - I suspect it will rise this week as there must be loads of PI’s just biding their time. It will then probably retrace on news regarding SOA. I think the SOA will be approved, my only worry would be if they don’t allow past customers to vote. Can’t imagine that will be the case but if it did happen that would be v bad
RE: It’s the final countdown - good times ahead17 Mar 2021 12:49
I’m less optimistic than I was last week. I think if they do get SOA over line it will come with major conditions which will hamper profitability. I hope they do as I’m now back in the red on my investment. If you’d timed investing in this correctly over last year you’d have cleaned up 5p to 16p x 3!