Pcf Share Discussion Threads

[graham1ty] 15/12/2021 07:52

If you scroll through the Somers results, you get to a valuation for PCF. They are valuing their holding at $37.5m. If you gross that up ( they hold 64.4%) you get to c$56.5m. In sterling c£42m.

Divide that by 250m shares in issue, and you have 16.7p per share.

Somers will know what is going on better than anyone else. They have had multiple chances to write this down. Surely their own accounting rules ( they are listed) would require a true and fair valuation of their holding, especially as they are reporting Net Asset Value primarily, as an investment company ?

Straw firmly clutched

[hopespr1ngseternal] 14/12/2021 19:35

As we’re doing Hamlet’s soliloquy who knows what dreams may come when Hippo thinks of PCF.

[cc2014] 14/12/2021 10:59

Somers annouces it's results for y/e Sept 2021



It gives no direct clue as to how they have valued PCF. One could if one was minded try and work out the values of the other known holdings and see what's left.

[cc2014] 14/12/2021 10:43

Seasons greetings to you all.

Results for y/e Sept 2020 are promised for late Dec / early January.

I am hopeful that the FD and CEO will be wanting to under promise and over deliver so maybe they will pop up soon.


Then we can move on to Sept 2021 and a trading update.

[seasidehippo] 14/12/2021 09:52

"To be or not to be" Hamlet's soliloquy

[hopespr1ngseternal] 14/12/2021 05:08

Dandi: true - I am very self-styled. Have to be on one’s toes on this board. That’s for sure.

[seasidehippo] 13/12/2021 17:09

"A record £4bn was spent making TV shows in the UK in the past year - almost double the figure before the pandemic" (BBC News page). This may suggest the steam may not have gone out of Azule's market. The Azule-finance Linkedin page is worth a view IMO Try it with a glass of port and mince pie to help pass some more time!!

[dandigirl] 13/12/2021 15:52

We are all agreed then. It is utterly pointless to speculate further.

Indeed, much written here these past many months has been pointless speculation. It has help pass the time, though.

That said, I am interested to read all your views and thoughts whenever we finally get to hear something meaningful.

hopes: we are all self-styled, including you. :)

A great Christmas to all.

[hopespr1ngseternal] 12/12/2021 15:42

Hippo: agreed - utterly pointless!

[seasidehippo] 12/12/2021 11:28

IMO its pointless speculating!! the share price will largely be determined by the market's opinion regarding forecasts; outlook and management team. How and when this is presented will be crucial
“I will honour Christmas in my heart, and try to keep it all the year. I will live in the Past, the Present, and the Future. The Spirits of all Three shall strive within me. I will not shut out the lessons that they teach.”

[hopespr1ngseternal] 11/12/2021 22:53

We should all bear in mind that the share price was around 30p before sellers front-running the bad news pushed it down to the suspension price of 24p. If BV is now 20p and sustainable profit is in the region of 5m this would justify a share price around 15p after the dust settles, i.e down about 50% from 30p. Just saying…..

[hopespr1ngseternal] 11/12/2021 22:23

Have just checked the PCF site on Linked In. They have appointed a new Sales Support Coordinator (whatever that means) and under the heading Deal Highlights have reported a loan of 106k to a Liverpool van rental company to enable the purchase of hybrid vehicles. There are also a couple of posts from grateful customers. I have to say that I am less optimistic than our Panglossian Hippo but considerably more optimistic than our resident Eeyore, the self-styled Dandigirl. Seasons greetings and GLTA.

[dandigirl] 11/12/2021 14:50

hopes: possible and I hope you are correct as it would mitigate some of the damage. However, overall loan originations will be down to reflect IMV reduced capital.

Reallocation can only do so much.

I will start dreaming too.

[hopespr1ngseternal] 10/12/2021 16:47

Dandi: is it not possible that capital has been reallocated away from business finance
to used cars during the hard market for the latter. As steam comes out of used car marker reallocate to business finance. Ho hum! I’m dreaming of……R30;

[dandigirl] 10/12/2021 16:32

I would do a smiley face, if ADVFN would allow.

[seasidehippo] 10/12/2021 16:09

"The steam is already leaving the used car market"

I thought used cars were predominantly petrol engine powered?

Let it snow, let it snow, let it snow.

[dandigirl] 10/12/2021 15:39

That there is harm being done is surely not in doubt?

Immeasurable at this time but will become clearer as and when we are informed by this lamentable Chairman and his Board.

A steep fall in the share price upon lifting the suspension is surely not in doubt too? Whether it is down to 15p or more or less will be both harmful and measurable.

hippo: I would bet your life that the share price will not open above the 24p suspension price.

The steam is already leaving the used car market. It will have passed by PCF. Such a pity. As above, business trading at a reduced level is harmful to the P&L too.

Then there is the actual costs of these shenanigans. Big harmful hit to the P&L, no? As will be the additional on-going costs.

I remember the share price being in the high 30s. It may have reached 40p+. It will be years before that kind of number is seen again. It will not be a blip.

hopes: You are right, I was referring to trading in the shares. I, too, am of the view that a RI will be required to help rebuild the balance sheet to produce economies of scale. Increased cost base has to be accommodated with increased business.

and hippo: a big ho, ho, ho to you too.

Meanwhile, dream on guys.

[hopespr1ngseternal] 10/12/2021 06:32

Hippo: I think your friend Dandi may be referring to trading in the shares which in case you haven’t noticed have been suspended from ‘trading’; on AIM. That said trading will not resume until after 2021 interims are published. I think also that it is wholly premature to assess (do I dare use that word?) what, if any, long term damage, has been done to the company. Granted there has been significant short term opportunity and reputational cost (plus inevitable regulatory fines) but until we see the 2021 results and 2022 guidance we cannot begin to assess the damage to the company’s long term profitability or what corporate action may be in prospect. My broker’s guess is that we will be lucky to see a share price above 15p when trading resumes but I am more interested in where we will be a year from now. I tend to agree with Hippo that over time this will be a blip on the chart although we may have to put our hands in our pockets to see the recovery. My big fear remains that Somers tries to acquire our shares on the cheap. I for one am not a seller unless the price is reasonable.

[seasidehippo] 09/12/2021 16:14

"This prolonged suspension has done immeasurable harm and it will take years to recover."

Even with a nearly empty glass how can you substantiate the above comment?

"to enable new PCF to start trading again from the first days of 2022"

I wasn't aware that they had stopped trading!

The seasons greetings to you also Ho, Ho, Ho

[dandigirl] 09/12/2021 08:46

This morning S&U provided a strong trading update.

It reminded me of the words in the last para of the latest PCF update especially “at a reduced year on year level” which struck a note with me at the time. I took this to mean that the balance sheet has been shrunk and the P and L with it.

Glass half full grates on me. Opportunities in a vibrant market which will not continue forever are passing by PCF. This prolonged suspension has done immeasurable harm and it will take years to recover.

Fortunately we are shareholders in S&U too. A company well managed by the Coombs. If only SOMERS had taken better care of our/their investment.

Season’s greetings to all and let us hope that the suspension is lifted before the end of the year to enable new PCF to start trading again from the first days of 2022.

[seasidehippo] 07/12/2021 14:10

My guess would be w/c 10 January

[georgelees] 07/12/2021 14:00

Late December... 4th week? 27th?
Early January.... 1st week... 3rd January?

I rather hope they will marginally over deliver on the promise this time and get it done by 27th Dec..

[seasidehippo] 01/12/2021 11:15

"A right riveting read"!! I'm reasonably happy with the information provided to date and now look forward to the end of December/early January with relish.

[hopespr1ngseternal] 30/11/2021 21:09

cc: fascinating - thank you. I imagine Somers might have written a similar letter if they had 20% and no seat on the board - in which case they would have been as much in the dark over the past six months as we small shareholders have been. Noteworthy that the DX Board is criticized for communication which is ambiguous and lacking in detail - exactly my complaint about the PCF Board.