Member Info for sg0913

It would seem that nothing the FUTR board do makes slightest difference to the continued collapse in value, I can't even bring myself to calculate how much money has been lost on the buyback strategy since it started.

Surely there comes a time when it's obvious that the issue is with the board/CEO and that there is a total lack of confidence in their abilities.

It's excruciating watching this debacle, I'd love to know what the large Institutional investors think of the ongoing sh*tshow but the time must be close to when they force a change of CEO, if only to shake things up.

The delay is certainly becoming puzzling/concerning Nihar.

You would have thought they would have worked over the Bank Holiday to be in a position to update the market asap....surely it cannot be that difficult to produce an updated position around this.....they must have worked on a number scenarios in the lead up to the FCA announcement.

also interesting to read that first rand are now looking to offload aldermore bank;

'therefore, the business case for firstrand to own and operate a uk consumer finance entity,

particularly given its disciplined financial resource allocation principles, coupled with the legal and

regulatory look-back risk, is not within the group's risk appetite'

so the fca ****show is now causing companies to question whether or not it's worth having a presence in the uk....that is frankly unbelievable!

'We believe Close Brothers Group (CBG) faces proportionally higher costs than peers given its motor finance concentration.'

Not too sure that this indicates any changes or an increase in provision. That statement just states what we already know; that CBG faces proportionally higher costs compared to say Lloyds or Barclays.....that was always a given.

Why have you never shared your thoughts on this before Birdsong?.....Oh, you have, about 1000 times...every post virtually the same....what a sad life you lead!

Zzzzzz.

Will you be here long birdsong/chid?

You're incredibly boring and offer absolutely nothing of interest.

Appears that a few are listed as reducing on March 31st.

Surprised we've not seen much of a bounce but I guess we don't how many positions there are below the 0.5% threshold.

It's a move in the right direction though and offers a glimmer of hope going forwardd.

It's also been a good week for trading FUTR, with quite predictable patterns. Another 20 weeks of that and I'll recover all previous losses 😊

They are utterly clueless Josey.

As you say, the disparity between the various valuations is ridiculous and demonstrates that they have absolutely no idea.....which is why most fund managers cannot even outperform the market.

The 'analysts' are the last group of people I'd be guided by.

True.

At the moment there doesn't seem to be any logic with this. Having a weak, incompetent board and a whole host of shorts isn't the best combination

I've seen it before, when you have shorting at this level, probably way over 10%, it just becomes a game.....a bloody irritating one if you're long!

That aside, this is now being valued as a 'basket case' that is struggling to stay afloat, which certainly isn't the case.

I've also bought the last 3 days in the 270's, not in huge quantities, 6k at a time, because at this level I don't really see any risk, it's pretty much at the bottom.

I would imagine a host of 'value investors' would be eyeing this up now.

A value of barely £250m, ongoing buybacks, 6.2% divi, forward p/e now in low 2's, still making reasonable profits....

I don't see a huge recovery any time soon and I despair at the quality of the CEO and board but at this SP the valuation is absurd. There are certainly plenty of reasons to believe a 25%-40% bounce could happen before too long.

All interesting points Invest2022, however, my personal view is that the scheme is patently ill-conceived and unfair in that it attempts to largely ignore the legal position.

This whole debacle is IMO Rathi's vanity project and he needs to be challenged and hopefully put in his place.

I would never walk away from a fight in my personal life if I knew I was right and I hope CBG adopt the same philosophy. If it takes another year to resolve then so be it.

..is the fact that this collapse has occurred at a time when everything else is rising on the back of possible changes to the situation in the middle east.

It's almost as if we're losing out twice, the money sat in FUTR could have been invested in almost anything and you would have profited over the past 2 days.

Apart from making a few quid day trading this cr@p , there's not much left here because with Ying in charge I cannot see a recovery any time soon.

Their latest attempt at market manipulation;

'There is now sufficient clarity in relation to lenders’ obligations under PS26/3 that Close Brothers must materially revise its “probability-weighted” provision upwards. Viceroy’s Blue-Sky scenario still suggests Close Brothers will have to more than double its existing provisions'

Been exchanging mails with them....they haven't got much of a sense of humour, one could almost think they're feeling the pressure a bit now, watching their unsubtle attempt at market manipulation slowly unwinding....which is what I imagine they wish they had done with the short position they took 😂

Suspect we're going to be seeing lots of day trade action for a bit, with the SP staying in a narrow range.

Sell in the morning, buy back in the afternoon, easy 6-8% each day. See this at around £2.95 EOD.

Then same again tomorrow.

Increase in Divi's may not be a bad idea; the share buybacks, have in reality, been an unmitigated disaster, when you consider every single purchase has been made at higher prices and some way above the current level.....personally I think it has to be changes at the top, whatever the headwinds, a performance like this is in no way acceptable.

Certainly looks like there's some nervousness around CBG today looking at how other banks are posting decent gains.....would that suggest we may get an update soon and no-one ready to commit either way?

Agree Jack but I'm guessing that the only realistic saleable asset at the moment is GoCompare and I'm not sure what they'd get for that as things stand....£200mill perhaps?

As for director buys....no chance, unless it's 1k shares or something similar.

'Blue close imo'

Remind me what that is again, the only colour I'm familiar with for FUTR is a glowing red! 😀

'The board and CEO's of large banks find it in THEIR interest to do what HMG wants and do what their lapdog tells them to do, otherwise HMG can impose draconian measure which WILL effect the CEO and board, not just some moaning shareholders'

Really? and where is the evidence to support that?

These days that relationship is more likely to be the exact opposite, HMG are in no position to dictate to an industry that employs 350k and contributes £45bilion to the UK coffers each year....they are aware of the consequences if they did.

Even after the 2008 debacle, the banks had the upper hand, it took less than 2 years for their huge bonuses to return.

You write some utter drivel!!

Absolutely JG, they would have known things were going tits up months ago, hence, what now seems obvious, no director share buys.

Also recall many asking why the buybacks weren't increased a while back.....I think we have our answer....they knew the SP had a long way to fall.

It's almost like insider info, except, in this case, it wasn't a good news scenario, it was an apocalypse one.

Shareholders have been treated with contempt.