Pcf Share Discussion Threads

[dandigirl] 20/7/2024 09:12

A filing at CH indicates that there is no money left after repaying a loan.

6p? Dream on.

[dandigirl] 17/7/2024 18:42

Can't find any documents to read or download?

[dandigirl] 17/7/2024 17:03

Oh! Thanks che7win. I will let them have my thoughts as I consider their conduct to be neither fit nor proper. A thriving company has been run into the ground for reasons we can only guess at as the Board have not seen fit to "come clean" and inform all shareholders of what transpired to justify the costs of the "witch-hunt". Scott must regret the day he employed Richardson and Stran.

[che7win] 17/7/2024 13:39

It also says as liquidators, PWC have to by law consider directors conduct and submit their findings to Department for Business and Trade.So if anything they need to know about, they want to hear from you

[che7win] 17/7/2024 13:32

It says Preferential creditors and unsecured up to 100p in pound and members up to 6p in pound

[che7win] 17/7/2024 13:23

19th June, winding up petition was passed by shareholders.PWC now appointed and liquidators 1st report sent.Go to Www.pwc.co.uk/pcfgroup to see details, can someone give insight?

[che7win] 17/7/2024 13:20

Anyone received latest update/documentation from PWC to members and creditors?

[dandigirl] 05/6/2024 06:52

Somers is voting in favour. It’s done.

[che7win] 04/6/2024 13:45

Basically, best yo liquidate, still 15 PCF staff and directors employed. Little if any left for shareholders

[cc2014] 04/6/2024 13:24

Yes. Invite went out yesterday on InvestorMeet and then was promptly cancelled a few hours later.

[che7win] 04/6/2024 13:15

Anyone received the notice of general meeting and recommendation for creditors voluntary liquidation of company?

[dandigirl] 19/2/2024 15:17

hxxps://www.investormeetcompany.com/meetings/general-meeting-22

[maverick39] 10/1/2024 11:34

Announcement on PCF website re general meeting on 6 Feb. “Serious loss of capital” - more disappointing news but what do we expect ????

[davidosh] 27/12/2023 11:47

CC2014....It appears that Garry Stran was automatically approved but Simon Moore is still awaiting FCA approval after two months...


Board changes announced in November
· Simon Moore appointed as Non-Executive Chair (subject to FCA regulatory approval)
· Garry Stran appointed as a Non-Executive Director
· Simon Lough, Helen Sinclair and Tom Wood stepped down

I wonder why the delay?

[cc2014] 27/12/2023 10:37

Garry Stran and Simon Moore found a new home at WH Ireland

[graham1ty] 17/12/2023 08:38

I would love someone (ShareSoc, an MBA student, someone) to write the story of “PCF and what went wrong”.

It would tell:
1) shareholders what actually happened ( despite the occasional announcement we are really none the wiser as to how £100m of shareholder value just disappeared)
2) act as a cautionary tale for other investors, and show how £100m can dissipate from am apparently strong position
3) alert regulators/fraud squad/police so they can assess whether anyone has a case to answer
4) alert investors to the role of certain individuals and allow reference to how they behaved

If someone, with deep knowledge of the demise, but also critical independent eyes, avoiding the pitfalls of libel and slander, could just tell us “what happened here ?” then shareholders would be well served.

But it won’t happen. Board, advisers, institutions are keeping their heads down, hoping no one noticed, pretending it did not happen.

And shareholders have been shat upon

[catabrit] 16/12/2023 11:40

Hoping for a belated gift from Santa on this one but not holding my breath.

[dandigirl] 16/12/2023 10:52

Because PCF cannot be liquidated until after the licence is cancelled.

After cancellation, the final wind-up can be concluded and if there is anything left it can be distributed to shareholders, mainly Somers but a few others too.

Bad news because the longer it takes the longer the quite awful remaining board members will continue to remunerate themselves disproportionately.

Richardson should be ashamed of herself for initiating the demise of PCF.

See below from the last update.

"""Work is continuing to complete the legal and regulatory processes required to surrender the banking licence of PCF Bank and then liquidate PCF and its subsidiaries. The ability of PCF and PCF Bank to reduce their cost base and the speed at which the overall wind down can be completed will have a direct impact on the ability of PCF to make any distribution to shareholders. The Board’s current assessment of the outcome for such a distribution is that, as previously announced, it is unlikely that there will be a meaningful distribution, if any, to shareholders. The Group will issue further guidance on this in due course""".

[123davidgwilym] 15/12/2023 18:53

Why is that good news?

[dandigirl] 15/12/2023 18:24

Good news: Looks like an application to cancel authorisation was lodged on 8 December

Bad news 1: The FCA has up to 6 months to respond.

Bad news 2: If the application is flawed the 6 months can be extended to 12 months.

[graham1ty] 28/11/2023 11:30

Email from Asset Match reminding us of the trading facility is a kick in the teeth.

And absolutely no direct communications from the Company

[catabrit] 03/11/2023 15:06

Yeah I saw the update on asset match. I have mentally written off my 2m shares. Anything I get back is a bonus.

[dandigirl] 03/11/2023 14:56

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.

[cjd190573] 06/10/2023 12:13

Hi Dandy sorry for slightly late reply. It got credited on 19/9. Good luck with whatever pittance remains.