Pcf Share Discussion Threads

[graham1ty] 17/11/2021 08:55

Hargreaves have removed the line of PCF stock......in at zero value.....yet no announcement......gulp......

[seasidehippo] 17/11/2021 08:46

What exactly do they have to get done by Friday? File the accounts?

[dandigirl] 17/11/2021 08:43

Increasingly looks like Friday will be a false dawn.

Accounts overdue at Companies House.
Accounts not lodged with regulators.
Why care about lifting the share suspension?

If I were a Board Member, there would have to be compelling reasons for me not to resign given the many failures of these past many months.

Are these people “fit and proper” to run a bank?

[hopespr1ngseternal] 16/11/2021 15:15

Millipede: I think they have to tell us this week. This is a hard deadline for the company and I assume they are working to it for better or worse.

[the millipede] 16/11/2021 14:56

Agree hopes. Clarity has been very lacking.

I have assumed that the previous fiddling of figures has caused a complete breakdown of trust across the company such that it has pretty much ceased to function.

It is the only way I can rationalise the time taken.

I am sure they will tell us one day, so we don't need to guess.

[seasidehippo] 16/11/2021 14:10

problem? what problem? the share suspension will either be lifted or it won't!!

[hopespr1ngseternal] 16/11/2021 13:03

Does anyone else find it odd that we are talking about delisting at the end of the week and we have no clue what the problem is? PS Azule to attend both days of BITAM in Madrid this week according to linked-in posting.

[carcosa] 16/11/2021 09:44

If PCF was to be delisted then it would be 'normal' for the shares to be listed on another exchange pending re-listing on AIM if they decided to go that route. I've had that happen to me once before.

The only issue is whether or not your broker can deal on that exchange. Used to be ISDX exchange but I guess nowadays AQUIS would be the route to go.

However it may be possible to remain unlisted for a period of time under exceptional circumstances. Just got to wait and see.

[seasidehippo] 15/11/2021 18:15

I will only make a decision when i see how the msrket reacts and after reference to any forecasts and outlook provided by the company. Simples!!

[hopespr1ngseternal] 15/11/2021 18:00

Seaside: why? are you a seller? I don’t mind holding the shares if the company is back on track. My greatest concern is that Somers will use the opportunity to take the company private on the cheap thereby depriving us of the opportunity to participate in any subsequent recovery in the share price. Everyone to his own.

[seasidehippo] 15/11/2021 17:52

My biggest feer is how the market will react if/when the suspension is lifted. As that well known retired Amrrican tennis player said "are you serious' or words to that effect.

[hopespr1ngseternal] 15/11/2021 17:36

Millipede: not just awareness but ‘acute’ awareness. The adjective is not otiose; it is surely there for a purpose - as a signal so to speak. Combine this with the statement in the June update that the suspension will be lifted when the review etc is complete and which has never been retracted and I cannot agree for one moment that there is no commitment to do anything about it. They may be prevented from doing so by circumstance but that is quite a different matter. It is quite clear from Garry’s email that they are working to resolve the situation (whatever the situation may be).

[the millipede] 15/11/2021 17:25

Seaside, I agree and it seems extraordinary to me that any of the non execs are still in post.

I also think one of the issues with the company’s recent “reassurances” especially by private message is they simply acknowledge awareness of the delisting issue. There is no commitment to do anything about it!

Anyway, let’s see what transpires. Needless to say this is one issue I would be very happy to be completely wrong about!

[hopespr1ngseternal] 15/11/2021 15:52

In his email to me the CEO also stated in response to my contention that the minority shareholders are being disregarded: ‘As to the position of minority shareholders the Board takes its obligations to all shareholders very seriously’. The word ‘all’ was underlined for emphasis.

I remain of the view that a voluntary or planned surreptitious delisting is out of the question. However if the company needs more capital and Somers are playing hardball that could force the company’s hands if relisting would lead to a bloodbath in the share price. However as Millaree points out the CEO ended his response to me with the following sentence which bears repeating: ‘rest assured good progress is being made on all fronts’. Which is entirely consistent with ‘well progressed’ in the last RNS. I entirely agree that If delisting has become a probable outcome the company had a duty at the point when it became probable to issue an immediate RNS to that effect. As they have not done so I remain positive and expect a comprehensive RNS between now and Friday morning followed by an immediate lifting of the TEMPORARY suspension. But as Dandi points out this one has been difficult to call. So we just have to wait and see.

We do not know whether the Board will survive this intact. We wil have to wait for the very same comprehensive RNS to find out.

[rmillaree] 15/11/2021 15:10

I think if the company will be de-listing without the shares being relisted first (or subsequently)then that would make the public (and not so pubclic) comments made by the board seem vey disingenuous. Note this may be glossed over by saying the two things are independent of each other so there might be a middle ground here, but to me if they knew or know they will be chucked of aim soon then IMHO that is entirely at odds with the public statemement made on 21st October "review of the Group's financial statements is now well progressed." - ans later subsequent emails to individuals confirming nothing to worry about(note unverified but no reason to doubt they said what they said).


Practicably speaking though we are where we are so what i think is reasonable and should happen matters not - i would guess minor sharereholders are right of the bottom of the pecking order here.

As seasidehippo has mentioned if its the same old bods in the audit committee as pre issues (not sure what has changed in that regard??) we should probably expect more s... to be coming our way.

[seasidehippo] 15/11/2021 14:38

I sit down corrected - apologies!!
In my book your assertion is now a clear favourite (for me 80:20) but lets see what unfolds. I would have thought that if you were improving the control environment you would start at the top and work down? At the very least I would have expected the Audit Committee to have been refreshed but I have seen no announcement in this regard unless i've missed it. This may also be reason to think your assertion is correct.

[the millipede] 15/11/2021 13:42

Seaside - that was a quote from someone's previous post on the same day.

I went on to provide a link to AIM rules wherein is stated the six month rule.

My view has always been delisting is likely. I think it might even have been part of the plan, not just an unhappy consequence of the review period.

I think I wrote along these lines soon after the suspension.

[dandigirl] 15/11/2021 13:13

Welcome back hippo. Absence not lightened your mood, it seems.

Has anybody called this correctly? I think not.

We just have to wait for the cookie to crumble.

We are all in this together so let's be nice.

On topic: I am wondering why nobody has resigned from the Board. Current situation reflects badly on all of them.

[seasidehippo] 15/11/2021 11:20

You posted on 2/11 "Please stop scaremongering. The company will not be delisted." !!!

[the millipede] 15/11/2021 10:16

I don't understand why anyone thinks this week is a deadline, from the company's perspective?

Clearly the end of the week causes problems for small shareholders.

I think not being listed would make life easier for the board of directors, however.

Let's see anyway.

[seasidehippo] 15/11/2021 10:03

Private Frazer's law "we're all doomed"

[georgelees] 15/11/2021 09:56

Parkinson's law: "work expands so as to fill the time available for its completion."

Why they risk going down to the line after many months is not easy to explain..

[graham1ty] 15/11/2021 07:18

So much for a Monday morning RNS.......we wait a little longer ( or much longer)

Who knows.......

[hopespr1ngseternal] 13/11/2021 13:32

Dandi: ballpark current NAVPS 59m ~ (say) 9m divided by 250m shares = 20p NAVPS.