Pcf Share Discussion Threads

[the millipede] 23/3/2022 15:09

I am not a non exec director but I am a Chair of Governors at a school.

It is governors’ job to know whether the Head is truthful or not. We have a very good relationship but we never take his word for it.

He doesn’t mind because he knows if we did, and could not present independent evidence of what he tells us, then Ofsted would crucify us both.

I don’t see why a non exec takes things at face value. In fact if that is the process, there is no meaningful oversight. Not being told the truth is no excuse!

[dandigirl] 23/3/2022 14:29

Good job. Well done. Thank you.

Regarding your #2, you are likely spot on. They will assert that they had no knowledge and, if so, if facts have been misrepresented to them, why shouldn't they be allowed to remain in post?

I have thought it significant that Christine Higgins has kept her appointment as Chair of the AC. But the last Chairman kept her on and, so far, so has the new one. That suggests she is in the clear, so far.

If we look at the make-up of the AC as at 9/20, they have all gone apart from Higgins and young Morgan. Surely he must still have the confidence of SOMERS so, guessing, he didn't know too. Just to add that all AC meetings for the period were attended by the then CEO.

We will not know for the year to 9/21 until we see the Annual Report at the end of May, hopefully, but again it will be interesting to see who attended throughout the period under scrutiny.

Of course, this throws some light on the role of the IA especially as they conducted an audit into regulatory reporting a few months before matters arose.

Guessing, as per Richardson at the Q&As, they want to ensure that a proper job is done with no stone left unturned. Only after all is known can a decision be made as to whether or not to take legal action and against whom. Until then, all questions will be batted away.

As to the future, again we will know apparently towards the end of May. We have remained holders and will do through the suspension.

The new Chairman has a good reputation and the Board appears well constituted to stabilize matters through to the IMV inevitable capital raise. Whether they are the right people to expand the business thereafter remains to be seen.

[the millipede] 23/3/2022 09:27

Well I have sent them anyway. Thank you for the contact details.

On the second question, surely potential legal action would not be planned against someone still in post? I would expect an answer.

[dandigirl] 22/3/2022 16:43

Milli:
1] The new CFO answered that when she did Q and As with Strang. There should be a recording somewhere.
2] Far too sensitive - can't answer at this time because of potential legal action.
I would have included the role of the IA/GT into this too but it would receive the same response. From memory, this was touched on too by Strang at the Q and As.
3] Rest assured, this new Chairman will do his stuff, etc. Won't happen on my watch ...
4] PCF will continue to interact with regulators like all other banks i.e. a non-answer.
Good luck.

[dandigirl] 22/3/2022 16:32

Come on, Graham!

You know that those would be easily batted away without giving substantive answers.
Anyway, what good are the answers to shareholders in substantive terms?
Sorry to be a pooper.

As above, even when 2021's are published they will be many months out of date but we should be given an idea of the costs incurred and to be incurred as well as the direction of travel.

[graham1ty] 22/3/2022 13:57

Mine would include:
At the time of the General Meeting and investor meet, were you already aware that the accounts would not be finalised by end March ?
Were you aware of the likelihood of suspension at the General Meeting ?
New auditors like to shake things around: are you aware of any substantive accounting standards or practices that MacIntyre Hudson are likely to introduce ? Will these be different from the basis on which the 2020 accounts were finally published ?
The last suspension lasted many, many months. What reassurance can you give that the 2021 accounts will actually be produced in May ?

[dandigirl] 22/3/2022 12:00

Here you go............
She will ensure it is handled.
Thanks.

Alisa Anderson
EA to Garry Stran, CEO and Stuart Marshall, COO

D 020 7227 7500 F 020 7222 2985

E [e-mail] www.pcf.bank

[the millipede] 22/3/2022 10:31

What was clear from this bulletin board during the last suspension is that several retail shareholders have significant experience of directorships and accounting yet they were unable to understand why the “clean up” process took and is taking so long.

So my first question to directors would be can you explain, for the benefit of shareholders, some of whom have similar jobs to you, and so are professionally aware of the process, why it is taking so long to sort the numbers out?

My second question would be, for each director who was in post while the fraud was perpetrated, what actions did they take at the time and why are they still in post now? Assuming answer to first part is “none/wasnR17;t aware” how can they possibly contribute to the rehabilitation? If you insist on keeping them, could they give some pay back, perhaps 100% for the duration of previous CFO’s term of office?

What specific ongoing actions are being taken to change the culture in finance so that there could never again be a fear of whistleblowing? How can we be assured these changes are having an impact?

Is there any impact, beyond the accounts to be published in the spring, of the PRA’s recent involvement in the business that will restrict operations going forward?

If anyone has a direct email contact for IR I am happy to send these in, but I can’t get to the AGM and the company email I had been using now gets no response.

[dandigirl] 21/3/2022 18:40

Hello Graham: Any suggestions as to what should be asked please?

How do you suggest shareholders engage?

Of course, you will be aware that we are still waiting for figures as at 30/09/21 and by the time they are published they will be nearly 8 months out of date.

All contributions welcome though.

P.S. I am not an embarrassed holder. I am an angry one though.

[graham1ty] 21/3/2022 07:18

Anyone going to the meaningless AGM on 25th ? I am skiing……mind you, the quality of questions last time round was pretty dire, and shareholder engagement absolutely zero…..

Apathy ? Or embarrassment that people still hold ?

There are only ten more days ( nine more trading days) until suspension…..again…..

[seasidehippo] 10/3/2022 17:00

Will there be much appitite to fix rates in the current economic climate? Would there be more demand for ISA savings accounts? Or even instant access

[cc2014] 02/3/2022 12:13

Good news for you all.

PCF are back in the market for cash

2 years 1.62%
3 years 1.82%
5 years 2.1%
7 years 2.25%

All rates about 0.1% off best available. Rates I suggest are good enough to stop maturing deposits leaving.

[hopespr1ngseternal] 01/3/2022 07:13

PCF have hired another Business Development
Manager according to a recent Linked In posting.

[graham1ty] 26/2/2022 08:21

I agree Millipede. I have wondered whether it should be the inverse, only 20% ARE in public hands. Somers 64.4%, Hof Hornemaan 9.2%, Bellegingsclub 3.3% adds up to 76.9%.

I’ve just looked again at the Directors holdings ( as at Sept 2020, the latest we have, though I have not been aware of any RNS showing changes) and ( in shares not options), Scott had 1.7m, Rob 998,000 and David Bull 400,000.

After that, admittedly non Execs, they have less than 1m shares between them. Tim Franklin had 125,000 so he leaves after six years with an exposure of c£10,000.

No wonder his £95,000 per annum for presiding over this car crash meant rather more to him than any equity exposure. That is one of the biggest open sores: ultimately the Board bears responsibility for being unaware that systems where not what they should have been, for failing to ensure systems were good enough for the ambitious growth targets and not fulfilling their role of oversight. Yet, the non Execs were taking £330,000 per annum for sleeping at the wheel…….

Franklin has quietly gone, but with so little fuss that we have no idea if he fell on his sword, was pushed, or just retired. The head of the Audit Committee remains in place taking £57,000 in 2020. Their remuneration will probably have gone up in 2021 “as they had to do much more work than expected”̷0;…digging PCF out of a hole that they presided over…..

[the millipede] 25/2/2022 11:08

Does anyone know who owns the shares that are not in public hands? According to website 20% of the total.

AFAIK this figure is normally shareholders who own 10%+ of company plus directors, but this doesn’t add up against Somers holding. I can’t find any further info.

[cc2014] 24/2/2022 09:15

PCF rallying on a day like today. I've seen it all now.

[cc2014] 23/2/2022 12:29

Indeed Dandigirl. Usual banking model. Pull the punters in with a decent rate and when they come to renew offer them a poor rate knowing some will just roll it over.

[dandigirl] 23/2/2022 10:49

CC: Not for new customers?

[cc2014] 23/2/2022 10:22

Atom bank.

More to choose from

Atom 0.75%
Shawbrook 0.72%
Investec 0.71%

[seasidehippo] 23/2/2022 09:25

Where are you getting 0.75% instant Access? Hopefully not one of those 5 Russian Banks that have been sanctioned :-)

[cc2014] 23/2/2022 09:17

I see where some of PCF's cash has been coming from now.
There is a new page on their website showing reinvestment rates for savers


The newly introduced 12 and 18 month rates at 0.6% and 0.8% will only be enticing those who are lazy with their money. I'm getting 0.75% on instant access so that's not competitive.

The 24 month and 36 month rates at 1.43% and 1.65% would have been competitive when they were introduced in August last year but 1.7% and 1.9% are available now.


So, in summary they are in the market for savers deposits but based on the rates they are not looking for much. Good for their NIM though which begs the question if they are going to lose money at those sort of deposit rates what's going to happen when they have to start paying competitive rates?

[hopespr1ngseternal] 21/2/2022 03:48

PCF Bank has posted on Linked In that it has again won Platinum in the Feefo Trusted Service awards this year.

[seasidehippo] 18/2/2022 21:44

with reference to the list of major shareholders I doubt there will be that many available above 10p either!!

[manual dexterity] 18/2/2022 12:33

Very limited stock available in PCF below 10p. Last saw these in the 30s.

[rightnellie] 18/2/2022 11:50

Somewhat oversold and now a bargain imo. I know we wern't allowed to trade them for a very long time and now they are planning to do the same (seems mad!) but they surprisingly haven't lost their banking status and it should be a sound recovering business. Good chance of making some money at these prices