Pcf Share Discussion Threads

[dandigirl] 19/5/2021 12:36

Wonder what auditors Ernst and Young were up to?

[che7win] 19/5/2021 12:15

Helpaargh is correct, I remember.

[graham1ty] 19/5/2021 12:15

From the Prelims:

“We are utilising this time of lower business activity to undertake an operational review across all business lines and functions. This will help position us for future success and, at the appropriate point, we will refocus our strategic objectives and reset our targets for growth. The objective is to emerge from this period of disruption in the best possible financial position and to take advantage of the opportunities that may present themselves in the form of fewer market participants, further portfolio diversification and sector consolidation.“;

From the March trading statement:

“Operational transformation programme

Following an internal review of our business processes, work has begun to increase our use of automation and data-led decision making across the business to ensure that our platform is scalable, enabling us to benefit from further economies of scale. These improvements will also enable us to grow in a cost-effective fashion and provide a better experience for our customers and introducers”

There has been a recent review of business processes. Been going on for months. So, why has this arisen now ? Why were processes not improved over the period ?

[geraldus] 19/5/2021 12:15

You have a good memory.

[helpaargh] 19/5/2021 11:56

Remember when they tried to sell second hand cars I think from supermarket sites. Absolute disaster and huge waste of funds.

[astreix] 19/5/2021 11:45

Unbelievable level of incompetence. Heads need to roll, starting with the CFO

[graham1ty] 19/5/2021 11:23

Bloody disastrous. Oh dear, oh dear.

To involve a suspension, I wonder whether there will be restatements of previous years.....

I wonder how the bank regulator will view a bank with dodgy numbers.......

Damn, damn, damn

[dandigirl] 19/5/2021 11:22

So, it isn't be good news. The new finance lady taking the drains up. Good for her.

[graham1ty] 19/5/2021 11:14

Ouch, damn, damn, damn

[helpaargh] 19/5/2021 10:56

Incompetency at it's worst.

[m1dnight] 19/5/2021 10:55

PCF announces ... ouch !

[cc2014] 19/5/2021 10:46

RNS out.

PCF announces that trading in the Group's shares has been temporarily suspended while the Group undertakes a further review in relation to its financial controls and reporting processes. This work is progressing and a further announcement including regarding the timing of the full year results will be made in due course


A bank that can't count...

[graham1ty] 19/5/2021 10:30

Dandi, think that is just an automated message, and nothing to do with this specific situation.

[dandigirl] 19/5/2021 10:29

Just now from AJB:

""As a result of the corporate action, any orders you have loaded against this security including regular investment, dividend reinvestment
instructions and any reserved holdings may have been cancelled. We recommend that you review any order which you had in place and
amend or replace them as necessary"".

[cc2014] 19/5/2021 09:03

It's a bit odd as if it was Somers who own 65% ish of PCF, I'm sure it would be handled better than this.

If they've received another approach it doesn't take this long to put an RNS out even if the bid is fairly open ended and vague. In any event you've have to bid say 50p to get Somers to sell out and I think that's a bit rich.


I note they still haven't got their accounts signed off and sent to companies house. They have until the end of June after being given a 3 month extension by AIM. That concerns me as it shouldn't be taking this long.

All a bit of a mystery at the moment.

[the big fella] 19/5/2021 08:56

Normally they don't suspend unless the share price is moving. Maybe something slipped out and they were expecting the price to react from the off today.

[graham1ty] 19/5/2021 08:39

Well, fingers crossed..........

[dandigirl] 19/5/2021 08:38

Always thought that given its bank licence, PCF would be a great buy for SUS.

[cc2014] 19/5/2021 08:23

hmm. Well either Somers going to bid for 100% at say 35p or they've discovered they can't count again.

If they can't count I don't think the RNS would be at 7:30 but 7:00 so think a bid more likely although if its Somers which makes the most sense I would have expected a smoother annoucement process.

GLA

[dandigirl] 19/5/2021 08:22

My guess is that someone is trying to take advantage of the prolonged price weakness. N.B. The Bermuda girls and boys have a significant shareholding.

[iain123] 19/5/2021 08:18

Good or bad there appears to have been a very low amount of insider trading. Think if it was bad we would have seen it tanking.

[geraldus] 19/5/2021 08:06

Acquisition.

[solarno lopez] 19/5/2021 08:03

I agree toptomcat

[toptomcat] 19/5/2021 07:46

Not necessarily negative