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It seems Mr Kuffeler you really have opened a can of worms now a major shareholder Schroders with 15% refused to accept your takeover so you would never get your 90% !
And all Provident shareholders should read the announcement because they consider your company as a bad choice for takeover.
And with you having announced that you want to separate off Your Home Credit Division I understand that there is quiet a lot of uneasiness within the division.
Not a very clever buisness move all you need now is Woodford and co to be scared off with all this bad publicity and that will cap NSF year.
You will not get Provident and more than likely cause the collapse of NSF,still you reap what you sow.
It seems Mr Kuffeler you really have opened a can of worms now a major shareholder Schroders with 15% refused to accept your takeover so you would never get your 90% !
And all Provident shareholders should read the announcement because they consider your company as a bad choice for takeover.
And with you having announced that you want to separate off Your Home Credit Division I understand that there is quiet a lot of uneasiness within the division.
Not a very clever buisness move all you need now is Woodford and co to be scared off with all this bad publicity and that will cap NSF year.
You will not get Provident and more than likely cause the collapse of NSF,still you reap what you sow.
Well Mr Kuffeler you have at last admitted unlawful distributions and share buy backs totalling a not small amount of 16 million !!!!!
What was Mr Teunon your Chief Financial officer doing in overseeing your financial operations walking around with his eyes closed !!
If this deal goes through at the very least some of your board of Directors need to hand in resignations,but the deal won’t go through will it Mr Kuffeler the FCA would get shot letting a company that has committed these offences take over a much larger company with a bank to oversea.
Especially when it means you have not really made a profit since inception so dream on Provident won’t become part of your small empire John.
To all fellow shareholders of Provident DONT accept this undervalued offer !
Well Mr Kuffeler you have at last admitted unlawful distributions and share buy backs totalling a not small amount of 16 million !!!!!
What was Mr Teunon your Chief Financial officer doing in overseeing your financial operations walking around with his eyes closed !!
If this deal goes through at the very least some of your board of Directors need to hand in resignations,but the deal won’t go through will it Mr Kuffeler the FCA would get shot letting a company that has committed these offences take over a much larger company with a bank to oversea.
Especially when it means you have not really made a profit since inception so dream on Provident won’t become part of your small empire John.
To all fellow shareholders of Provident DONT accept this undervalued offer !
10Well Mr Van Kuffeler you really have sought unwelcome publicity with the FCA looking at your attempts to railroad a hostile deal for Provident.You would think that with the experience you have dealing with sub-prime customers you would not be courting publicity.
If the major investors ie Woodford and co had any sense they would bail out and leave you to it.
All you need now is HRMC to start looking at your so called self employed agent force and they will at some stage and your Home credit division will lose any profits they make.
The old saying is true You make your bed lie in it !
Well Mr Van Kuffeler you really have sought unwelcome publicity with the FCA looking at your attempts to railroad a hostile deal for Provident.You would think that with the experience you have dealing with sub-prime customers you would not be courting publicity.
If the major investors ie Woodford and co had any sense they would bail out and leave you to it.
All you need now is HRMC to start looking at your so called self employed agent force and they will at some stage and your Home credit division will lose any profits they make.
The old saying is true You make your bed lie in it !
37It seems very inappropriate for the NSF board to bring themselves to slinging mud The reality is if NSF are to get a Provident they need to make a sensible offer.
When NSF took over the Home credit division Loansathome4U they put in place 12 senior managers including the ceo M.Bardsley got rid of the successful senior management team that had delivered profits year in year out,which led to a purchase price of 82.5 million.
And within 15 months sacked the ceo and 10 more of his senior managers.
YOU have yet as a NSF board to regain the glory years of Loansathome4U the path you are following will just ruin the company more let alone make it solid enough to stand alone on its own.
Shareholders need to wake up only the largest shareholders will benefit not YOU !
It seems very inappropriate for the NSF board to bring themselves to slinging mud The reality is if NSF are to get a Provident they need to make a sensible offer.
When NSF took over the Home credit division Loansathome4U they put in place 12 senior managers including the ceo M.Bardsley got rid of the successful senior management team that had delivered profits year in year out,which led to a purchase price of 82.5 million.
And within 15 months sacked the ceo and 10 more of his senior managers.
YOU have yet as a NSF board to regain the glory years of Loansathome4U the path you are following will just ruin the company more let alone make it solid enough to stand alone on its own.
Shareholders need to wake up only the largest shareholders will benefit not YOU !
21Does anyone smell a rat NSFseem reluctant to answer the very serious questions that Provident board have asked !
The offer is far too low the grass is not always greener and the last people anyone should trust is the board of NSF,they are being more than cheeky with this offer and should put substantial money on the table which they don’t have.
The majority of large investors backing this are chasing losses knowing this is a banker in the future THEYand the board don’t care about Joe public just themselves.
Rant over just be careful !
Does anyone smell a rat NSFseem reluctant to answer the very serious questions that Provident board have asked !
The offer is far too low the grass is not always greener and the last people anyone should trust is the board of NSF,they are being more than cheeky with this offer and should put substantial money on the table which they don’t have.
The majority of large investors backing this are chasing losses knowing this is a banker in the future THEYand the board don’t care about Joe public just themselves.
Rant over just be careful !
Another blow to NSF will be the FCA announcing they are about to crack down on Guarantor loan company’s starting with AmIgo and seeing as Trust two is number 2 it won’t be long before they are investigated as well.
Interest rates will be targeted by the FCA and no doubt fines and write offs no high interest company’s will be safe which is a shame because there is a need for this type of credit.
Also Amigo say they will not make a bid for Provident!
Another blow to NSF will be the FCA announcing they are about to crack down on Guarantor loan company’s starting with AmIgo and seeing as Trust two is number 2 it won’t be long before they are investigated as well.
Interest rates will be targeted by the FCA and no doubt fines and write offs no high interest company’s will be safe which is a shame because there is a need for this type of credit.
Fast food your comments are sensible analysis of NSFresults the results jan 15 for HC were 6.5 million profit off 39 branch’s and 540 agents so apologies for misquote on 8m.
I have no agenda do not work for any company only myself but have vast knowledge of the HC models you are correct NSF were authorised with self employed agents but what Provident did was take the hit and Employ the FCA likes it that way and all other HC company’s will have to follow only time will tell if I am correct.
You will note the letter from the FCA quoting that the changes provident made to Employing agents to CEM were part of the reason they we’re Authorised.
If you look at my previous posts this was predicted so Mr Van Kuffeler you have opened a can of worms here you may in the future have to Employ your 900 plus agents what will that do for shareholder value !
I am sure the Inland Revenue are watching with interest !
You sure with this uncertainty are not doing Provident shares any good this might be Mr Woodford and co might regret getting into bed with High cost credit.
One of the old company directors Mike Thompson 30 years in the buisness started his own very successful HC buisness in Manchester after NSF discarded him because he was too expensive to keep,seems like with a track record of 8m profits they made a major mistake !!!!
NSF response does not change the fact that pre August 2015 when they purchased the Home credit division for 82.5m
The HC was consistent in 8m profit a year,2016/7 they have not reached 2m a year we will wait to see the results of that division on the 12th March !!
NSF response does not change the fact that pre August 2015 when they purchased the Home credit division for 82.5m
The HC was consistent in 8m profit a year,2016/7 they have not reached 2m a year we will wait to see the results of that division on the 12th March !!
Re fast-food negative view of my comments they are just facts I agree with fast food if they get to 8 million profits on HC after investment made its where they should be.
But they won’t ! What no one seems to have picked up on if Provident Board wanted to offload HC and keep the best parts of the buisness then they could sell to the best HC company at present which is Morses well managed profitable and not over burden with debt.
And I think you will find Woodford and co invest in that company as well.
Fast-food the facts are August 2015 when NSF took over the Home Credit Division from SUPLC there were 34 branches and 540 agents In August 2018 NSF announced they had 69 Branches and 962 agents.
With the increased Branches you would expect extra cost but with the increased numbers of agents producing cash and sales you would expect extra Profits.
I think that everyone should remember that two parts of NSF Everyday Loans and George Banco are successful the part that is not is Home Credit they have doubled the number of branch’s manager and agents and thier cost base is high so they cannot produce the profits expected for the size of the buisness.
It will be interesting to see thier stand alone results for the Home credit for 2018 one thing is for sure they will not make the 6 million profits the previous company made with half the staff and branch’s.
Provident is attractive because of Vanquis very profitable and they will get the Home Credit correct the pain has gone they just need this time to come good.
Provident also Employed all the agents which would keep the FCA happy more accountability,NSF has all the agents self employed which is a potential time bomb with the Inland Revenue,re Pimlico Plumber’s London and many other self employed buisness being looked at by the Inland Revenue
Just for the record I have never worked for Provident but am very expierenced in this Industry.