Pcf Share Discussion Threads

[crackerboy] 18/11/2021 15:57

I concur with Millipede's interpretation.

It's extraordinarily late in the process to reveal such a fundamental agenda item.

[hopespr1ngseternal] 18/11/2021 15:18

In the June update it was clearly spelt out under the heading ‘Annual Report and accounts and lifting of the trading suspension’ that when the PCF Group and its NOMAD are satisfied with the outcome of this work they will seek for the suspension to be lifted……the PCF Group is working tirelessly towards lifting the trading suspension as soon as possible’. Was this untrue when uttered. Or did it become untrue and if so when? Why are we only being told this for the first time. Time to
lawyer up - we are being mugged

[seasidehippo] 18/11/2021 15:18

Do you think you may have taken this out of context? What could they possibly gain by leading us up the garden path??

[hopespr1ngseternal] 18/11/2021 15:17

In the June update it was clearly spelt out under the heading ‘Annual Report and accounts and lifting of the trading suspension’ that when the PCF Group and its NOMAD are satisfied with the outcome of this work they will seek for the suspension to be lifted……the PCF Group is working tirelessly towards lifting the trading suspension as soon as possible’. Was this untrue when uttered. Or did it become untrue and if so when? Why are we only being told this for the first time. Time to
lawyer up; we are being mugged.

[the millipede] 18/11/2021 14:40

Seaside, Till today, the review has been described in terms of “financial controls and reporting processes.” The RNS of 28 June listed other items (under Remediation Plan) but went on to state “When the PCF Group and its NOMAD, are satisfied with the outcome of this work, they will seek for the share trading suspension to be lifted.”

Everything they have written before today has strongly implied or stated that their plan has been 1/ Conduct a review into what went wrong 2/ Release all delayed results 3/ Shares resume trading.

This is the first time the company has indicated this might not be the plan, since unbeknownst to us all, the scope of their review included a hitherto unmentioned item: “The assessment of the Group’s….. suitability to be a listed company.”

Separate review/ or part of the same review? I don’t think it matters to be honest. We are being led up the garden path.

[cc2014] 18/11/2021 14:13

You are right to draw attention to the RNS being inconsistent with a delisting tomorrow. It makes no sense to me. As far as I'm aware and I might learn something new tomorrow under the AIM rules there is nothing to discuss or negotiate or plead for leanience. The rules as far as I'm aware having read them is that the shares will be delisted and AIM have no discretion.

Almost as if the Board do not understand this, or are trying in the background with AIM to stop it happenning but have no assurance from AIM, or maybe AIM are trying to help them out but no assurance has been received.

However, they must be aware delisting is on the cards, as if delisted they can't issue an RNS. Today is the last day they can issue an RNS, so they've left it to the last possible day, to um inform us they have been considering whether being listed is appropriate.


The Board aren't imho working for all shareholders. The non-execs are working for Somers, will have been picked by Somers and that's why none of them have resigned. They are all in this mess together and covering each others backs. I may be right or wrong on this, but I'm more surprised that the PRA haven't forced some new non-execs on PCF. Or, maybe the PRA aren't that bothered. The bank is small and PCF have enough capital that depositors funds are almost certainly protected unless the economy starts falling apart.

[seasidehippo] 18/11/2021 14:09

What separate review???? Please read the whole sentence. "The assessment of the Group's financial control framework, reporting processes, governance structures and its suitability to be a listed company (the "Assessment" is nearing completion.

[the millipede] 18/11/2021 13:52

Not to mention of course that today we discovered the board has been conducting a separate review into the company’s “suitability as a listed company” which is apparently nearing completion.

I honestly think if they kept that quiet, then the board can not be trusted to be upfront about anything. Quite how that fits in with increasing trust in the financial information, without a complete shake out at board level, I don’t know.

[the millipede] 18/11/2021 13:27

My reading of the RNS, having looked again at it, is that the shares will not be delisted this week.

"The Group's shares remain suspended pending completion of the Assessment...." is a sentence, that to me at least, is incompatible with a delisting this week due to a six month share suspension.

However I am left with the feeling there is an awful lot we are not being told. As I wrote earlier this week, I suspect the auditors and people conducting reviews have struggled to know what financial information is trustworthy. I think this is somewhat consistent with the revelation that they have spent time conducting a "programme of cultural change focussing on the identification and management of risk, active listening and speaking up."

Although how such an oppressive culture was allowed to develop in the first place, whether any of the board members are suitable to lead the change, and why it takes so long to change things round I do not know. "Speaking up?" FFS. Presumably the company employs adults?

One final thing. The Assessment around listing suitability can surely not be a PRA concern? If the company can clear regulatory hurdles and keep its banking licence would there be any reason why a private company would somehow be "safer" in terms of regulatory/banking risk? This seems to me more an internal decision - does the board want to maintain the listing? They might not.

But I am speculating, and there is too much that is not being made clear.

[seasidehippo] 18/11/2021 11:26

This apology and update was most welcome. Whether it brings hope rather than death by a thousand cuts remains to be seen. However with my cup again half full I can understand the bland and anemic Trading update and outlook as they will hopefully be saving all the good news for when the suspension is lifted.
I find it hard to believe that after all this time, effort and cost the "Assessment" will conclude PCF is not suitable to be a listed company. for me that would be like Turkeys voting for Christmas.
Onwards and hopefully upwards!!

[hopespr1ngseternal] 18/11/2021 11:11

Nothing in this mealy mouthed evasive RNS to suggest that that PCF will ever be relisted. What this means for shareholders other than Somers heaven only knows. And yes of course we need to form an Action Group but that will require time money and above all leadership.

[georgelees] 18/11/2021 11:00

It looks like they are fully in hock to management consultants and external accountants who are in no hurry. The 2020 accounts will be of historical interest only by the time they get them done, the trading update as well. We will need a clear plan as to how they get going from here. Very sad, as this should be a good year and 2nd hand car values are up just as they flogged off all the bad debt for pennies.

Do we need to form an action group in case they try more of this nonsense? Soon there will be a negligence case against Sommers?

[the millipede] 18/11/2021 08:57

It is really important to remember that much of the IR section of a website is required under AIM rules.

If the stock is delisted these sections won’t be required any more and might not be available.

Download everything IMO.

[dandigirl] 18/11/2021 08:07

My reading: Upon lifting, the share price will be savagely written down.

My choice will be to join in i.e. sell at a significant loss and move on or to decide to hold for recovery which may not be short.

Merry Christmas and let us hope for a better 2022 for PCF. Bye.

[iain123] 18/11/2021 07:47

Trading update is 2 paragraphs long of badly written guff but manages to say sweet FA. Why bother writing it?

[che7win] 18/11/2021 07:43

Sounds like they don't like the scrutiny that a publicly listed company brings, because of the inadequacies in their reporting.They are educating their workforce to not be afraid to whistle blow, this is worse that I thought.Good chance they scurry away by delisting.

[solarno lopez] 18/11/2021 07:41

And me Dandigirl

[rmillaree] 18/11/2021 07:40

Ridiculous beyond belief - what on earth are the people in charge doing here.
What external what is needed who where and when?
We pay directors well to be able to do the necessary themselves - absolute lunacy we have people in charge who haven’t sorted and done what needs to be done by now - crazy.

[iain123] 18/11/2021 07:40

"It's suitability to be a listed company (the "Assessment") is nearing completion." Mmmm

[dandigirl] 18/11/2021 07:20

The Trading Update made grim reading to me. A vibrant market appears to be passing us by.

[graham1ty] 18/11/2021 07:08

Another month or two ????? What, what, what takes this long ????

The RNS suggests it is business as usual ( albeit at a lower level).

There is no mention of listing or delisting, apart from obliquely. As it reads, they suggest it will just end the suspension in Dec/Jan and all will be back to normal

Really ???

[seasidehippo] 17/11/2021 14:43

Halifax share dealing still showing a value, chin up!!

[georgelees] 17/11/2021 11:35

Lets hope they come 100% clean before Friday. All the bad news out there and hopefully good news going forward. They really owe an explanation as to why we have been told next to nothing for months.

[hopespr1ngseternal] 17/11/2021 10:35

Graham: have you asked why? I certainly would.
Seaside: as I said the other day the problem is that they have given us no clue what needs to be done by Friday. Nothing in the RNS beyond the need to file accounts and complete the PCW review both of which they claim to be making good progress on. PS Graham I have spoken to my broker and he has said that it is not something they would do - or indeed have done. It has no significance. Your shares are not worth less than mine!