Pcf Share Discussion Threads

[hpcg] 15/2/2016 20:52

I sold out through January. Nothing company specific at all, simply crystalising a very healthy profit as market risk increases. Especially so for a such an illiquid share. It was for such reasons that I converted in September.

[cfro] 15/2/2016 16:03

Share price has been acting a little weak of late. Today's volume, however, is very light.

Perhaps a placing or fund-raising is getting that much closer? (for the banking license)

[davidosh] 18/1/2016 10:29

PCF will be presenting at the next ShareSoc Growth company seminar on 24th Feb

[cfro] 17/1/2016 17:41

There is going to be a speech by Mark Carney on Wednesday. He is going to bring in new laws to fast-track banking licenses. The Cons gov want more competition in the banking sector.

Apparently there are currently 20 companies in pre-license discussions with the BOE.(Not sure if PCF are one of these but as per my question above might be worth asking).

The new laws will also include lower capital requirements.

All excellent news imo.

[cfro] 15/1/2016 14:45

Director purchase yesterday. He got 23p, not sure how he got that price when offer nearer to 24p??

[graham1ty] 15/1/2016 11:08

Cfro they have made no secret of the fact they need to improve the capital base. The first part of that was getting Somers (Bank of Bermuda) to convert, so the Prefs show as equity not debt. Secondly, they know (and have said) that there might be two fundraisings, the first on the back of the announcement they have the licence, the second a little later as deposits come in.

Re the licence, yes it has taken far longer than they hoped. There seems to be a pre application process when they submit the plans, get feedback, tweak the plans all,in conjunction with the authority. They only put in the formal application when they are told that they will get it. I believe we are almost at the end of the first process. The second process of formal ratification of the plans still takes time, I believe up to six month

Re Bank of Bermuda, they have always said this is just an investment for them. It cannot have harmed the process having a bank standing behind PCF. I believe it has been said that BoB are happy to be diluted over time and therefore would support fundraisings, but be happy to see other institutional investors get involved over time. I read that the capital raising would be pretty well underwritten by BoB which should help them get them away.

Anyhow, the bank licence will come ( never say never) and there will be a fundraising. It just depends at what level. If the licence grant is seen as a Company maker, then hopefully closer to 30p+. Panmures note last year said "Potential ten bagger". I hope so

[netcurtains] 15/1/2016 08:20

I know the answer to that one - Never say Never.
This company is ridiculously cheap.
It should really be going north at a faster rate of knots.

[cfro] 14/1/2016 22:15

bdroop suggests some good questions. I would also like to know whether further capital fundraisings would be needed in order to meet the banking license requirements.

[bdroop] 14/1/2016 21:39

Hi David D, it would be good to understand whether they have actually entered banking license submission and what typical time lines are for approval, or issue informal guidance on that? Or whether there is another entity that has gone through similar hurdles as an example?
I'd also be interested in Bank of Bermuda as benign majority owner and how BoD view them? Or some sense of that. Best to you.

[netcurtains] 14/1/2016 14:51

NOt really, but if you have any general feedback it would be nice to hear. Thanks for asking.

[davidosh] 14/1/2016 14:06

I am hoping to meet the directors next week if any of you have any questions that you want me to ask ?

[netcurtains] 14/1/2016 12:00

popped into positive territory against the market. Could be a good sign?

[interceptor2] 06/1/2016 16:34

I have heard a figure of 85% of new cars are bought on either finance or lease arrangement, and reading statements from LOOK,CAMB and PDG it would seem that new cars sales are rather healthy.

[netcurtains] 06/1/2016 15:40

Have you noticed how many people are buying cars???
PCF...

[netcurtains] 06/1/2016 12:20

Come on this share price should be miles higher than this.
Its ridiculous.
£1 easy.

[netcurtains] 30/12/2015 11:30

Well done PCF

[interceptor2] 10/12/2015 08:40

S%U (SUS) niche specialist finance provider mainly for motor finance, has issued a rather positive trading update.

"Our excellent motor finance business is producing record results and operating in a general economic environment with the stability necessary to sustain strong consumer demand, thus providing balanced and sustained growth. We therefore continue to regard the future for S&U with great confidence."

A good read across to PCF who are on a PER Of 11.49 versus a PER of 18.92 for SUS.

[interceptor2] 09/12/2015 09:48

Have been building a position this week in PCF, after waiting patiently for a pullback after the excellent Interim results last week.

Interim results showed fully diluted EPS at 0.9p, so well on course to the recently raised 2.0p EPS estimates, could be more increased estimates before Junes full results are published.

I think that the ratios below are appealing.

PER = 11.49 and 10.63

PEG = 0.25 and 1.31

Market cap = £12.0m

Net Debt = £78.0m (nature of business)

Net margin = 4.89%

PSR = 0.26

[che7win] 01/12/2015 10:01

I have yet to convert.

[hpcg] 01/12/2015 09:59

I converted as well, and didn't actually sell any mainly because of liquidity. I think these can safely be held until signs of the next UK recession start appearing. Did anyone do a word count on the number of time "ahead" appeared in the statement?

[topvest] 01/12/2015 08:19

Very promising indeed.

[graham1ty] 01/12/2015 07:49

This is really building momentum. There was a danger that the costs of setting up the banking licence would hold back eps growth for a couple of years. These results show that the underlying business is storming ahead.

And quite soon we will not have to worry about diluted or non diluted earnings now that Somers have converted. Will be one nice clean number

Excellent results

[glennborthwick] 01/12/2015 07:29

Great results. Don't hold though.

[graham1ty] 29/10/2015 11:33

What caused that ? Just one messy seller ?

[topvest] 05/10/2015 20:15

Well my convertibles have been converted to ordinary shares now. I sold nearly half of them and invested the money into the owner of Somers (i.e. Utilico Investments Limited) topping up my holding there. They yield nearly 7% and are on a very large discount of 30% which is before the double discounts of their platform investments (e.g. Somers) and their individual holdings. Seemed sensible to me. Utilico is quite leveraged but they have a sound, if rather eclectic, investment strategy.

I will now keep hold of the remainder of the PCF Ords which are now effectively zero cost. That's what I call a good convertible bond investment, particularly given they were yielding 5.5% on purchase cost in the first place...happy days!