Member Info for Thunder2040

I see deep value here much in agreement with the investment case laid out in investors chronicle write ups...granted sentiment is terrible but if you do invest in deep value opportunities this is actually currently a fairly strong buy...the tax changes and oil price increase can double this within months with no operational progress imo

Why pay when you can take the company away for free, was always clear he would do this, disgrace.

*I think H1 legacy reserve loss was £40m actually reading the interims

But yes if total net reserves loss is 23% then still equity in legacy.

The loss was expected overall too

23% impairment of NET reserves, including the circa £60m from H1..so in total what is the legacy reserves impairment, surely not as bad as press was thinking...? I think the key thing there is net reserves not gross

I wonder how long we will have to wait for news, I dare say a lot hinges on the independent review of legacy reserves and if any bidders comes forward for that part of the business

About £10k of selling knocked off £3m of MCAP...it's so illiquid the price is basically nonsense

I'm a bit annoyed that the elephant in the room was ignored in the RNS...no detail on the credit card claims at all either volume, cost or what legal steps were taken

I have seen it reported in a few channels..but really it's the Bermuda regulator and debt holders consent that is more difficult I believe

If they are standard preference shares they rank higher than equity and pay a coupon usually, so yes they got cash in, but they won't be exercising a conversion...this being said in a wind down they get paid first so worth considering...however I that is factored into the post accredited nav...I emailed IR asking if there would be a trading statement n got nothing back

The insurance insider articles are suggesting debt holders won't approve it and may want equity, I think that is a possibility, what I can't fathom is how the remaining equity based on nav is supposedly being frittered away to nothing based on current MCAP. I think the lack of transparency now is killing this...if they lied and legacy is busy surely it's a question of wrongful trading...I just want a quick sale process of legacy now, return funds to shareholders with hopefully more that £20m left and move on

Well it continues to slide tighter spread or not. I still don't understand how they let the institution buy in the 8th but no price bump.

It's priced for failure now, surely there must be some value in the legacy by business, else someone has kept the scale of future losses quiet which would be ethically unacceptable.

Interestingly Bermudan regulation seems to allow for a an orderly liquidation before any insolvency can be called so I think there could be a lifeline even if no immediate buyers

Imsuranceinsider are running a lot of articles about R&Q at the moment, they seemed to have the story about legacy being up for sale at start of march but being paywall.

I also don't have level ii at the moment so can't see the detailed order book but would love to hear from anyone that does.

I wondered if someone was suppressing the price as they don't want it showing all over LSE up 27%, played along a bit to test it out '14' buys ...then someone lost patience n dumped £18k twice lol, all very odd...went UT to buy or sell too shortly after now back low 5's..no volume buyer, but how did two seas capital get another 0.8% on 8th march with no real price spike...lot of questions about this book

Bid increased to 5.50 from 5.0 with no reported buys but sells trickling in, so either MMs playing around here or there is buyer they are trying to fill, anyond with L2 seems the book? I am curious with this share...after all two seas capital increased recently but the ask barely moved.

The spread is being shown at 40% here...surely MMs can offer better than that

Thr Bermundan regulator wont let it complete until legacy reserves ok'd, if that happens this is off to the races, as highly likely someone would buy the rest of R&Q then which is also ul for sale. Another thought, Randall was said to be trying to get a counter bid for accredited finances apparently...for about £23m plus some premium you can get the whole thing...sure something more to play out here over next month or so..DYOR

The key thing is the valuation of legacy reserves, if there are no skeletons it's worth far more than current MCAP...but why are Bermuda regulators getting pwc to look at it, surely R&Q must know themselves

well i expect a lot of reassurance and detail at results day presentation, they can't really go off half ****ed again with another pre results rns so will sit tight..i think it's being shorted, see this drip drip before

'at any rate, the switch to lower-risk customers may have informed the recent decision by the prudential regulation authority to reduce the group's total capital requirement by more than a third, from 18.3 to 11.9 per cent, a development which management believes “will support the group's focus on organic loan book growth”.

so how exactly could the fca or pra lower the capital requirements based on lower risk lending and then uphold an affordability complaints? haha it's ridiculous but as i said the board have gone of half ****ed in a rushed off rns and wiped out 60% of mcap by not fully explaining things..and now any short knows there is 2 weeks free hit until results and clarification

Https://www.londonstockexchange.com/stock/97XH/vanquis-banking-group-plc/company-page

Bond is trading ok, I mean look at petrofacs bond price for real distress...this is a game now, board played it's hand terribly imo