Pcf Share Discussion Threads

[dandigirl] 25/1/2022 08:42

Just woken up to find the email notifications. Hmmm.
That was a shocker as I thought lifting would be with the full year results.
Thought I would try to sell a few first.
Didn’t as the price offered was 11p and a bit.
Considered buying. Thought better of it.
Then came here for a little look.
Thought it would be interesting to get others’ views.
Back to glass half full, glass half empty, it seems.
We would all do well to remember that the period that matters is after 31/03.
The suspension was last May. It is after that the costs started to be incurred. Those costs will relate to the second half period and ongoing.
Board will have produced a new business plan for the regulators.
I am not in doubt that a RI will be necessary.
Costs will be humongous compared to current capital etc.
Company needs to set out its stall for shareholders to see in a prospectus.
And now to peruse the RNS which is already 9 months out of date.

[carcosa] 25/1/2022 08:35

Don't forget you can at least ask questions ahead of the Q&A session on Thursday.

[cc2014] 25/1/2022 08:33

The RNS is I think is good news for shareholders. A profit of £1m is at least something and means there is a business to rebuild, so with patience the share price will slowly recover, albeit I'm not sure how I can value it until I have some insight into where we are today vs interims which are a year out of date.

I suspect the loan book is down significantly, causing economies of scale issues, but nonetheless even if they spend the next 18 months breaking even whilst they continue to sort things out, from where we were in May that sounds a very good outcome to me. Profitability will flow in due course.

I await with interest the investor meeting later in the week where hopefully there will be some insight into where PCF are now and where it is going.

[cc2014] 25/1/2022 08:14

On basis of the interims they do not need to raise funds, because as long as they are making profits their capital ratios are ok. (Broadly anyway, the shift in business type may not have been helpful)

But these are the numbers at March 21. There was little insight in the RNS as to what the loan book looks like today (unless I have missed it). I would guess that whatever it is the capital ratio has been managed appropriately and means a fund raising is not required, or if it is would be small.

[rmillaree] 25/1/2022 08:07

This was not as bad as i was expecting , bit ridiculous they need to invest in what should have been their bread and butter from day one - ie how to add up the numbers and monitor that. But if they are making clean profits and can start to gain efficiencies once upgraded processes are bedded in then their is hope here. This company does need to be lean and mean at what it does long term so lets put and end to even thinking about how they go about the basics and concentrating on getting that bottom line number improved. For now making clean profits and not raising finances next 12 months and maintaining current solvency numbers (if they are good enough ??) is ok - worry about the rest later. No idea what shareprice will be short term.

Do others still think thye will need to raise funds ? that is the elephant in the room at present.

[graham1ty] 25/1/2022 07:37

On the face of it, the interims are not too bad. £1m statutory profit and 0.4p of eps.

Net interest income and net operating income both rise. Then personnel costs up £1.4m and another £3.75m of impairments ( could have been a lot worse).

If you believe the numbers, balance sheet and capital ratios still fine.

Warns that loan book will shrink a bit, and originations be lower than before, but there does appear to be the remains of a real business here……🤞🤞9310;

[graham1ty] 25/1/2022 07:23

12p, then heavy selling, touch 8p, end at 10p ? Or is that too optimistic ?

[graham1ty] 25/1/2022 07:19

Bloody hell. Trading starting again today……did not see that coming….

[geraldus] 25/1/2022 07:12

Suspension expected to be lifted today.

[graham1ty] 23/1/2022 22:01

No, they will be crossed out !!

[seasidehippo] 23/1/2022 17:43

Everyone to their own!! I doubt any amount of scribbling will change anything here. Nevertheless please feel free to scribble a large red ? Next to audit committee

[graham1ty] 23/1/2022 14:07

Seaside, doubt is I will get any…….

I do like to scribble all over hard copy, lots of red highlighter etc.

[che7win] 22/1/2022 22:36

Yes Graham, I got mine about a week ago

[seasidehippo] 22/1/2022 22:31

Does that mean you will end up with 3 hard copies?

Try using a soft copy it will help save the planet and the company some money.

[graham1ty] 22/1/2022 20:11

Has anyone got their hard copy accounts yet ? Despite two calls to PR Tavistock, and one to the Company, I have not yet got a copy.

And, no, I am not going to print it off myself…..

[dandigirl] 22/1/2022 14:50

RNS dated 18 Nov 2021 Informs "The publication of the interim results to 31 March 2021 is expected to be as soon as possible following the filing of the 2020 annual report and accounts".

Accounts were filed on 6 January 2022.

Hope the interims are published early next week to give time to be read before Thursday. It would be a bit naughty to wait until/after Thursday a.m.

[hopespr1ngseternal] 14/1/2022 09:04

Dandi: this was a very well managed small. business until recently. Over recent years it has bitten off more than it can chew operationally and that has exposed its lack of controls etc. In other words growing pains. Personally I am not too focused on remediation costs but on the following.
1.External funding to repair the balance sheet. This must be done via rights or issue or other mechanism which avoids automatic dilution of shareholders. 2.Return to growth. This should be relatively straightforward given our small market share.Previous management were targeting 750m. 3. Securing a clean audit. I do not really understand the impact of the disclaimer or when we can expect to see a clean audit opinion again. This is my major concern and something I hope will be addressed during the q&a.

[geraldus] 14/1/2022 08:54

Pity I didn't look it up then I could have spelled it correctly.The reverend has been battling his demons with a variety of hats,quite worrying to witness for a man of the cloth.

[dandigirl] 13/1/2022 18:15

Yes, indeed. This has gone on far too long and should have been done and dusted months ago. I look forward to learning more as to what has transpired and the costs thereof. For sure, the business has been decimated with costs galore. It remains to be seen what value remains. That said, there appears to be remnants of what was thought to be a good business on which to build a future. I read that used car prices have risen 30%; this should reduce the amount of bad debts.

In fairness to the Reverend, IMV this was not considered as a high risk investment. It was thought to an investment in a well-managed, albeit small company with niche products in a growing market with spread of risk and which latterly had obtained a banking licence and was expected to grow at a reasonable pace. Those of us who had met up with Scott and Robert liked what we saw and heard. Shareholders, including the Reverend and SOMERS - have been let down badly by almost everyone involved to some degree. So, the dear Rev is not alone.

Had to look up trichotilbmania! A new one on me! Surely a bit of hair shirting is more appropriate.

I would pray for him but being infidels we don't do the prayer thing.

[dandigirl] 13/1/2022 08:55

geraldus: please invite him to keep praying. The pain from our losses has yet to come. Miracle needed.

Smart move this IMV.

[seasidehippo] 12/1/2022 21:30

Or whet the appitite for more searching questions?
This 8/9 month saga has certainly been enough to turn anyone to drink.

[hopespr1ngseternal] 12/1/2022 18:06

Designed to take the sting out of the subsequent general meeting?

[geraldus] 12/1/2022 15:46

My good friend the reverend just phoned me.His very words - 'My cup runneth over'.He is indeed a happier man with faith restored. - Hallelujah.

[seasidehippo] 12/1/2022 14:58

How many questions and answers in 1 hour? still IMO this is an excellent major step forward.
For the record my cup is now three quarters full!!