Pcf Share Discussion Threads

[graham1ty] 21/10/2021 07:54

Carcosa, if that is all it is, I agree. But as someone has said above, they could have decided this months ago. The first thing you would worry about, and look at, is the receivables book and impairments. This is writing off 1.5% only of the book, and that is not surprising in light of Covid etc. And putting the writedown in the Sept 2020 results “cleans up” the 2021 accounts enormously, and we should see a much lower level of provision going forward.

But was this not all blindingly obvious ? Our first though five months ago was about the quality of the book and bad debts. And if you were a new FD, is that not the first thing you would look at ? Of all the accounting treatments, IFRS 9 is the most “subjective221; and might be reinterpreted.

[carcosa] 21/10/2021 07:46

Overall this is good news for shareholders. I was believing that far more nefarious activities were being undertaken.

[joe say] 21/10/2021 07:44

This board has to go

750,000 ish

Whoops we meant £6m - maybe £7m - what do you think?

[graham1ty] 21/10/2021 07:44

So, some idea of the quantum, I suspect a fair kitchen sink job, but STILL no bloody accounts. If this is meant just to shut us up for a while, then what is the point.

[dandigirl] 21/10/2021 07:40

King Hell: This is just so elementary, it beggars belief. What on earth was that Audit Committee doing? Not even enquiring as to default and recovery levels - and the duration thereof.

For goodness sake.

What a to-do. This could have been handled so much better.

I’m apoplectic at this bunch of amateurs.

[rmillaree] 21/10/2021 07:38

We are now up to well progressed stage - out with the party banners peeps.


Well the elephant that was their debtor ledger has done it’s stomping - should we happy that after this saga they haven’t breached pillar 2 rules - blah yes I guess is the answer that at least there was no terminal news today.

Prior directors should all be taken around the back of the building and be given paperwork reminding them of their directorial duties - their job as directors was always to present us with the truth not over aggressive bullwhip.

What is worst about this situation is that had they acted sensibly in the first place they could probably used covid excuses to put through thi kit bing sinking job this time last year and this sorry saga wouldn’t have ever needed to be started.

[che7win] 21/10/2021 07:31

So they haven't been as cautious and prudent as they made out then...

[dandigirl] 20/10/2021 17:31

hopes: Time for your shareholders action group?

[hopespr1ngseternal] 20/10/2021 15:12

New ‘deal highlight’ posted to PCF Linked In page yesterday: 66000 pound loan to Yorkshire haulage company.

[hopespr1ngseternal] 20/10/2021 14:49

Dandi: forget about mensiversaries it’s only 30 days to doomsday. Time to start the daily countdown.

[geraldus] 18/10/2021 17:09

Must be very close now,I think the paper shuffling has stopped,maybe even a collective sigh.They could always sell the film rights to this epic and throw in the production equipment.

[hopespr1ngseternal] 18/10/2021 14:27

Graham: putting together a new finance team may well take that long. The criticism is that they have wilfully and woefully failed to keep minority shareholders informed of progress since 28th June and in particular have not updated the open ended 2020 profit warning of 10th September.

[graham1ty] 18/10/2021 07:20

Tomorrow will be five months........nothing takes that long......

When, eventually they do announce whatever they announce, I wonder how they will do it ? At 7am RNS hardly gives a lot of time to read what, presumably, will be quite a lengthy RNS ? Will there have to be a Circular for shareholders ? And a vote to approve the 2020 accounts ? While I hope that the shares do come back from suspension, I hope there is a bit of a gap to read, digest, try to make sense of what they tell us....

Oh dear, oh dear, what a mess

[hopespr1ngseternal] 16/10/2021 14:53

Dandi: in the absence of information we can but ‘hope’ and ‘fear’.

[cc2014] 16/10/2021 12:37

Hi,

I have decided to sign off from posting for a while. In truth I'm just a bit fed up with the stock markets and what I see as excessive optimism running through a large number of threads on advfn.

In addition specifically related to PCF I cannot see myself buying the stock when it comes back from suspension, regardless of price because I do not rate the Board. This is a pity as I'd done considerable research.


Feel free to continue to PM me and I'm sure I will pop in from time to time. The puzzle of what is going on continues to intrigue me.

Good luck all with your holdings here.

[dandigirl] 16/10/2021 10:13

Hopes: The DNA has changed. PCF has had a transfusion with all this new blood arriving and that includes recent hires Stran and Richardson. We have no idea if the risk appetite has changed. Jury is out.

.. and there’s that word “hope” again. We can but..

Until Monday then.

[hopespr1ngseternal] 15/10/2021 20:38

Dandi: risk management is in their DNA and I don’t see that changing. Remember that all current members of the Board plus Stran and Richardson were appointed while Scott Maybury/Robert Murray were at the helm. I don’t like the way we’ve been treated either, but there is as yet no reason to question the competence of current management (Stran/Richardson) or to assume that the majority shareholder (whom Maybury/Murray described as very supportive) has become a malign influence. On the contrary the number and quality of new hires suggests a real commitment to growing the business. Decent hires wouldn’t be joining PCF if the prospects were not good. Let’s hope it’s a case of short term pain for long term gain.

[dandigirl] 15/10/2021 17:53

Hopes: I have written to Franklin three times, I think. Stran replied to the last one.

Brilliantly responses crafted to say diddly. But what can be said in truth?

The loans are specialist stuff. Why haven't the clearers hoovered them up? Good assets are hard to come by, after all. Just hope they have the risk competence to assess and manage and that these new folk are not being paid bonuses for business written! Chickens may come home in a year or so especially if rates rise.

Agree about selling out cheaply. Hence my "suitable time". But I simply don't like these people. They have behaved appallingly IMV. Especially for our smaller caps we like to have a good feel about management. Franklin and co. do not give good vibes.

Also agree that the June RNS is the go-to document. That was very clear in the exchanges we had.

Fortunately we also hold SUS which has been doing really well. I hold Anthony Coombs in ultra high regard. The Coombs family have significant interests in the company. The decision not to pursue a banking licence a few years ago appears to have served well. Again I hope that PCF have not missed out on this vibrant vehicle market in recent months.

Hoping for Monday.

[hopespr1ngseternal] 15/10/2021 17:00

Dandi: I complained to Tavistock again on Monday. They said they would pass on to management but have heard nothing. Not clear what your concern is about business written. Seems pretty standard stuff to me. As to bigger picture, what we are seeing is growing pains, ie business that has grown too fast for its operational capability. Now being remedied with a view I suspect to enabling growth in loan portfolio to 750 to 1bn as envisaged by Scott. Profits will be hit in the short term but operational gearing should lead to profit growth in the medium term. We will see. I am not prepared to sell my shares cheaply! Will cling on unless Somers takes it private. BTW I have long been of the view that we will hear nothing substantial until all work streams contemplated by June RNS are complete which includes having a fully competent finance team in place. Obviously 2020 results will include the proverbial kitchen sink but are already history. 2021 and 2022 are what matter now.

[dandigirl] 15/10/2021 16:11

A timely lurk it seems ....
I am all quipped out, hopes. Sorry, a bit down today.
Next week will see the fifth mensiversary - I have been dying to use that word - of the "temporary suspension".
I'm still very angry at the Board's treatment of the minority.
I have written a number of times. The responses read well but give not much else.
All these appointments auger well for "going concern" but not for the P&L.
Am not impressed by the business being written either. Superficially it seems to me to be of a poor quality that others won't touch.
There has been more than enough time to sort all this out. I still wonder if they need to be absolutely sure of things potentially ahead of court action.
All very sad because Scott and Robert gave out good vibes. It all seems to have gone off the rails after Azule.
Current thought is to sell up at a suitable time and not have anything to do with SOMERS and Franklin again.
Anyway, I guess we will all be on the look-out again come 7.00 A.M. Monday.
A good weekend to all.

[hopespr1ngseternal] 15/10/2021 14:50

Very droll Hippo. All we need now is a little quip from Dandi and we can all have a good laugh.

[seasidehippo] 15/10/2021 11:52

Anyone seen a Head of RNS announcements being recruited?

[rmillaree] 14/10/2021 15:55

How many junior / senior / controlling / chief head / planning accountants does it take to prepare a set of accounts ?

The answer here appears to be - it doesnt matter as we dont do acounts here

[hopespr1ngseternal] 14/10/2021 15:46

More recent hires extracted from Linked In:

Will Duckitt head of sales operations Oct 2021 (transferred from Azule)
Jitendra Bansal financial controller August 2021
Demitta Plange finance analyst June 2021
Roberto Loggia Senior regulatory Reporting Accountant Sep 2021
Brett Ward Senior project manager July 2021
Preya Mistry Chief Accounting Officer July 2021
Martyn Adlam Head of Financial Planning & Analysis Sept 2021
Michael Heath Senior FP&A Manager (contract) june 2021
Chris Bowyer Head of Operations May 2021

This list is not exhaustive. Some profiles are not accessible and I have not checked all those that are. But the bigger picture is very clear.

[123davidgwilym] 13/10/2021 21:50

So many management changes.