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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Pcf Group Plc | PCF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.0% | 0.95 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.95 | 0.95 |
| Top Posts |
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Posted at 03/11/2023 14:56 by dandigirl Just in case anyone pops in here from time to time, PCF have let go 3 directors at long last.It should have happened months ago but it means that the others can milk it a bit longer. |
Posted at 14/9/2023 09:49 by graham1ty We have to assume, all shareholders obviously being treated equally, that Somers has lost 100% of its value as well. They are the big losers. As Dandi says, have they sat passively on the sidelines while this disaster has unfolded ? Well, no, because they have propped up PCF with various capital injections.Yet, nothing, nothing at all could be resurrected ? |
Posted at 14/9/2023 08:40 by graham1ty Confirmation today that the Board has admitted the complete disappearance of any residual value in the Company as the chance of a distribution is likely to be negligible.“The quantum and timing of the payment of a dividend to shareholders on completion of the wind down remains uncertain at this time, however the Board’s current assessment of the outcome for such a dividend is that it is unlikely that there will be a meaningful distribution, if any, to shareholders.” So, the Balance Sheet value of Tangible Net Assets, reported on 20th Feb 2023, of £38.5m was either a complete fiction, or has just been dissipated since then. Shame on you, Board |
Posted at 18/8/2023 19:20 by dandigirl Great news, cjd.Thank you for posting. Would have been great if pcf had made an announcement regarding this. May I ask, what rate of interest are you getting now please? Whatever, you should be able to get much better. pcf doing you a favour, it seems. Easy access is now around 5% and one year fixed 6%. Are the FAQs of interest? - might you paste them too please? Don't think it can be wrapped up by 30/09 but perhaps by 31/12 or a bit before. That's cheered me up. Big thanks. |
Posted at 18/8/2023 15:45 by cjd190573 Hi all,Hope all is well. Just to report in, that I opened a savings account with PCF last year and I had this email this afternoon:- Seems they are returning funds, rather than allowing to naturally mature:- Also looks like they are trying to get wrapped up by the end of next month. EARLY REPAYMENT OF YOUR SAVINGS ACCOUNT(S) – PLEASE READ CAREFULLY PCF Bank Withdrawal from UK Banking market and Closure of your account(s) In November 2022, PCF Bank announced the start of its process of withdrawing from the UK retail banking market for strategic reasons and that it was no longer offering any new lending or savings products. As part of this process, we are now writing to you as a PCF account holder, in order to inform you of our next steps in respect of our existing accounts. A proposal to take advantage of improved market savings rates Since you opened your account there have been several increases in the Bank of England base rate and this has resulted in a general increase in interest rates available in the market for savings accounts. As we are moving toward the closure of all customer accounts, we want to offer you the opportunity to take advantage of these increased rates as soon as we can and therefore, we propose to close your account(s) and return your funds to you. We will write to you shortly with the date by which we intend to do this. Important information about what we are proposing to do: Your account(s) will be closed without any financial penalty You will receive your funds plus interest up to the date your account(s) are closed Your funds and interest will be paid to the bank account linked to your savings account(s) (your ‘nominated account’) It is very important that if you would like to change the nominated account that your funds plus interest will be paid to that you let us know as soon as possible - this can be done by logging into your PCF account via our website online banking and sending a secure message or by: - emailing us at savings@pcf.bank - over the phone by phoning us on 020 7227 7577 between 9:00am and 5:00pm Monday to Friday, - or in writing to PCF Bank Limited, Dashwood House, 69 Old Broad Street, London, EC2M 1QS. If you are happy for us to close your account in this way, then you do not need to take any further action and we will write to you again by 30th September 2023 with details of when your account(s) will be closed and funds, plus interest, returned to your nominated account. If you do not want us to close your account in this way, please contact us within 28 days, from the date of this email - this can be done by logging into your PCF account via our website online banking and sending a secure message, by emailing us or contacting us by phone or in writing (using the contact details above in Important Information) to enable us to understand your situation and discuss whether there are alternatives we can offer you to closure. Further Information You can find our Frequently Asked Questions here that may answer any immediate queries you may have. Thank you for saving with PCF Bank. Yours sincerely Daryl Hopkins |
Posted at 10/7/2023 08:33 by cc2014 I canont say I fully understand the standby facility.The purpose of such facilities is usually to provide short term cash flow requirements, but from what I've seen before this was usually done in the form of loans rather than new equity. Something new to me. So, issuing new equity would not be a short term facility at all, at least in my mind. I can only construe that Somers either a) perceive the value of the wind-up to be in excess of 5p a share and it's a way for them to get a bigger slice of the pie (seeks unlikely it's a bit obvious) or b) the value of the wind-up is around 5p and they just want to ensure a smooth transaction c) PCF does not have enough ready cash (seems very unlikely) and Somers are sort of obligated by the FCA as part of the wind-down transaction. As usual with PCF everything is a puzzle. If I consider the second RNS it begins to look a bit more like they've sold the loan book but the purchaser isn't paying for it all up front in cash but on some form of delayed trache mechanism, the value of which is dependent on the outcome and therefore the standby facility is what is says it is and will be called it the outcome of the sale transaction is poor. Or it could be something completely different. Anyways, the sale of the loan book brings PCF to a quicker conclusion than I expected and hopefully a positive resolution for all shareholders. |
Posted at 08/7/2023 20:14 by cjd190573 Hi Dandi, Catabrit et al,Hope all is well. Firstly Dandi, I think the weird announcement that appeared on the website in June appears to be pre-cursory to the announcement from Thursday, insofar that, as at the point of sale, PCF Bank will no longer be receiving revenue. This is in effect, a loan in the form of a placing from Soners at £0.05 p/s that is intended to facilitate the remainder of the wind-down of the business. The £38m, (as it stood at FY22) may be illiquid until realisation of certain assets or conditions. I believe that the position is now £38m + £10m/533.3 m shares, or around £0.09 p/s. We know that since September last year that there will be significant redundancy costs, nine further months of operational costs and impairment. In my view, Thursday was the official start of the wind-down, there will undoubtedly be more HR implications, working capital closure, claims, lease finalisation and indeed Stran/Richardson milking it for all it is worth, though in theory now, they are Project Managers and the payroll should be minimal. The crumb of comfort that I am holding onto, is the notional value of the placing insofar that this is back to this universally recognisable value of £0.05. Also the fact that the loan book was sold within eight months was encouraging, suggesting that it was indeed of quality and may already be accounted for within the £38m. The only caveat is that Somers arrangement does have a quoted period of five years but everything left can now be outsourced and PCF concluded. This is probably why at this stage there is no talk of numbers. Take care |
Posted at 07/7/2023 13:59 by catabrit So I have called PCF Bank, Asset Match and Tavistock. Asset Match were the most helpful but they don’t have any further information to provide. Tavistock called me back and said they’d forward my query on to the two individuals dealing with PCF Bank.I’m shocked by the scant information provided to shareholders. If others can continue to bombard Tavistock and PCF Bank that would be helpful. |
Posted at 06/7/2023 14:56 by dandigirl Posted today on the companies website:PCF Group PLC announces that, as part of its continued withdrawal from the UK retail banking market in an orderly manner, its subsidiaries, PCF Bank Limited (“Bank”) and PCF Credit Limited have completed the sale of their retail, commercial and bridging loan portfolios and related business assets to a third-party specialist purchaser and servicer of receivables. In addition the Company has also ceased its activities in respect of pro-actively seeking any further strategic opportunities for itself and its subsidiaries. The Company will issue further updates in due course. |
Posted at 28/6/2022 14:47 by tomboyb 28/06/2022 3:38pmUK Regulatory (RNS & others) Pcf (LSE:PCF) Intraday Stock Chart Tuesday 28 June 2022 Click Here for more Pcf Charts. TIDMPCF RNS Number : 5194Q PCF Group PLC 28 June 2022 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 28 June 2022 Update and Extension to period for receipt of Possible Offer On 31 May 2022, the Board of PCF Group plc ("PCF" or the "Company") announced that it was in early stage discussions with Castle Trust Capital plc ("Castle"), in relation to a possible all share offer for the entire issued and to be issued shares of the Company (the "Possible Offer"). In accordance with Rule 2.6(a) of the Code, Castle was required, by not later than 5.00 p.m. on 28 June 2022, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. These discussions are continuing to progress and today, the Board of PCF confirms that, in accordance with Rule 2.6(c) of the Code, PCF has requested, and the Takeover Panel has consented to, an extension to the date by which Castle is required either to announce a firm intention to make an offer for PCF in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by Castle not later than 5.00pm on 26 July 2022. This deadline can be extended by the Board of PCF with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. There can be no certainty that any offer will be made. A further announcement will be made in due course. This announcement is made without the approval of Castle Trust Capit |
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