Pcf Share Discussion Threads

[hopespr1ngseternal] 05/11/2021 18:06

CC: I am no expert but even if there is a delay in registering the appointment I assume there is a box on the form to record the date of appointment.

[hopespr1ngseternal] 05/11/2021 18:03

Interestingly if you look up Garry Stran’s personal entry the date is indeed recorded as 5th October. Ho hum!

[cc2014] 05/11/2021 16:39

I'll reply more fully over the weekend but in the meantime I would offer other possible explanations each of them concerning.

a) the company secretary forgot to do it.
b) the company secretary didn't realise she wasn't already a director because she's been in the role for 6 months/Gary Strann was already a director

It's basic corporate governance. It should just happen.

[hopespr1ngseternal] 05/11/2021 16:08

CC: May I politely suggest that it is inconceivable that the company would have announced Caroline Richardson’s appointment to the Board without her prior express consent. Is it possible that you are talking the company down because you hope to buy in cheaply after the suspension is lifted? For someone who has clearly stated that he will not invest in the company you seem very focused on small details.

[cc2014] 05/11/2021 13:22

I am puzzled. Again!

The RNS on 5th October says Garry Stran and Caroline Richardson have been appointed to the Board effectively immediately

This would appear to be a different thing than being appointed a director through companies house because the dates do not match. I am very unclear on this as if you are an exec on the Board surely you are a director?

Anyways companies house says Caroline Richardson only become a director on 30/10. That's a long gap between 5th Oct and 30th Oct. One might wonder if whilst the Board were happy to appoint her whether she needed time to decide whether to accept or not. Or perhaps other stuff had to be put in place to limit her personal liability.

On the other hand companies house think Gary Stran was a director all along, as far back as 30th May.


Something just isn't quite right about this company I'm sad to say. One would think from the RNS on the updated losses that this was the end of the matter, certainly there's no reference to significant outstanding issues, yet no accounts have appeared. And if no accounts have appeared there must still be issues.

[seasidehippo] 05/11/2021 11:44

I can hear the fat lady clearing her throat.

[georgelees] 05/11/2021 11:15

So two Mondays left. Hopefully they wont go down to the wire, needless risk... I am actually quite hopeful they will have a good story to tell a line drawn etc.

[the millipede] 02/11/2021 20:52

"Please stop scaremongering.The company will not be delisted."

Glad to hear I have misunderstood the Aim rule book which states, "The Exchange will cancel the admission of AIM securities where these have been suspended from trading for six months." (Page 15.)

[hopespr1ngseternal] 02/11/2021 16:54

From the pictures I have seen I don’t think Caroline Richardson is fat.

[seasidehippo] 02/11/2021 16:14

I hope you are correct but as i've said before nothing is over until the fat lady sings

[hopespr1ngseternal] 02/11/2021 15:35

Please stop scaremongering.The company will not be delisted. If there were any likelihood it would have been mentioned in the last RNS and the directors would be exposed to serious breach of duty claims. Remember the TEMPORARY suspension is something that the company requested on the advice of its broker. The company can request the lifting of the suspension at any time and is bound to do so within the next two weeks (having reconstituted its finance team and after announcing the 2020 results with revised impairment numbers and 2021 prelim results). If Somers want to take the company private there is a mechanism for doing so but that is another matter entirely.

[seasidehippo] 02/11/2021 14:52

I share your concerns but for me if the company is delisted the CFO's "street cred" goes out of the window. IMO this does provide a glimmer of light and hope as we come to the end of what has been a most tortuous journey through a very long and winding damp tunnel infested with hundreds of spiders and other creepy crawlies.
You asked for Drama, you got it!!
Good Luck All

[the millipede] 02/11/2021 10:06

No. I don't think so either. Increasingly concerned this will be delisted.

I seriously doubt the review is working to a Stock Exchange timetable.

Wonder if there is any scope for an extension?

[hopespr1ngseternal] 02/11/2021 04:46

Have PCF made a drama out of a crisis? Discuss.

[seasidehippo] 01/11/2021 21:20

graham, i didn’t bother looking for an RNS this a.m. but i did say “white rabbits”

[hopespr1ngseternal] 01/11/2021 17:50

Dandi: Dancing Queen perhaps? Have missed your trenchant posts.

[georgelees] 01/11/2021 16:19

Only 2 Mondays left before....

"October 2021 Trading Update" still showing.

I wonder if they are allowed to announce the date in advance or do they have to give it as soon as its ready?

[dandigirl] 01/11/2021 16:15

I’m still smiling at hippo’s assertion that we now have a cracking CFO.

Cracking she may be but I’m wondering if Drama Queen might be more of a description. A bit of a diva perhaps?

She knows she is untouchable. She is probably calling the shots and loving the attention milking it for all its worth. Franklin and Board dancing to her every tune.

Am still of the view this could have been handled more discretely. Hopefully we can judge soon.

Wonder if the expensive heavy duty fireworks turn out to be a damp squib.

Can’t wait to watch her perform at the results presentation.

[graham1ty] 01/11/2021 07:19

We go into the sixth month of suspension.

Naively I checked the Monday morning RNSs. Obviously....... nothing

[seasidehippo] 25/10/2021 15:58

Still time for an in depth review of the petty cash then? I'm sure the various accounts and forecasts will be checked and rechecked before they are made public so it wouldn't surprise me if it went to the wire.

[georgelees] 25/10/2021 15:23

Six months from the 19 May = 19 November for the listing to be cancelled. You wold hope they have now done the work and would not wish to risk pushing up to the deadline. So when will they release the data? Is there any reasoning as to Mondays? If its good news why not let markets digest it over a weekend?

[hopespr1ngseternal] 25/10/2021 13:35

Millaree: agreed - the RNS is clear on this point

[rmillaree] 25/10/2021 07:03

Based on the comments below it seems pretty obvious to me they looked at receivables decided to make impairment then the last stage was the decision to sell.the fact they hadn’t previously found something to rectify didn’t mean the issue didn’t exist.


In light of the increased impairment charge, the Group also reviewed its strategy for managing these defaulted receivables. Following this review, the Group sold the majority of these defaulted receivables to a specialist debt purchaser.

[hopespr1ngseternal] 24/10/2021 18:56

CC: the PRA had no reason to question the strength of the balance sheet other than in general terms until the defaulted receivables issue was ‘discovered217; in early September as a result of the broad review initiated by the company in June. My question is what triggered that specific ‘discoveryR17; so late in the game. There was no suggestion in June that the IFRS9 methodology adopted by the company was vulnerable.