Pcf Share Discussion Threads

[dandigirl] 10/4/2022 12:00

Thank you, Graham. Positive news, I think.

[graham1ty] 09/4/2022 20:54

New rates table on PCF website

hxxps://pcf.bank/savings/personal/interest-rates/

Spotted 5 yr term deposit rate in Best Buys in The Times

Looks like they taking deposits again. On the website these were launched between 25 March and 8 April, so most are hot off the press

[graham1ty] 01/4/2022 07:11

Suspended again, and hardly a murmur on here…..

Let us hope that end May means end May and we can move on. Having had multiple extensions for the 2020 Accounts, I assume PCF tried to get an extension this time round ? Though multiple uncertainties remain, the LSE hates shares suspended.

[dandigirl] 27/3/2022 11:58

Can't imagine why some are getting exercised by what was said at the AGM.

Stran also said that the reference point for these matters is the RNS and the RNS continues to be the word until it isn't.

The RNS reads:

1] The Company anticipates the publication of its 2021 audited results during the last week of May 2022 and

2] The Company also expects to publish its interim results for the six months ended 31 March 2022 prior to the end of June 2022 to facilitate a return to a normal cycle of reporting results in line with AIM Regulations.

Note the words "anticipates" and "expects" i.e. no guarantees because matters are in the hands of Macintyre Hudson to do their stuff in these timeframes.

Any shareholder not wishing to remain a holder through the suspension can sell before Friday.

This is very clear to me.

I have complained about the sound, again.

[hopespr1ngseternal] 26/3/2022 14:52

CC: am not persuaded that there is any inconsistency between the CEO and CFO. Decision making is a process. Is it not possible that the CFO was referring to the beginning of the process and the CFO to the end of it? I was unable to attend the AGM so did not hear the relevant exchanges.

[geraldus] 26/3/2022 12:35

Gave up on the AGM recording.Found it inaudible.

[cc2014] 25/3/2022 10:56

Hi Graham,

I'd love to become a new shareholder but having listened to the AGM, I won't. I just don't trust them to be open and transparent.

The answers around the timing of the 2021 accounts and the suspension demonstated this. One the one hand the CEO said this decision was taken at the earliest opportunity and yet the CFO said it had started 3 months after year end rather than 3 months before. She used the words "best endeavours" and said it was still early days in the audit process.

I do actually trust the CFO, she seems to be trying to answer the questions.

As for the comment on the Board Effectiveness Review had been very good. Well. That's part of the issue. The evidence is that the Board were not effective.


I note with a companies AGM there is often (usually) a trading update and/or some views on the future strategy or objectives. Nothing.


Finally, for the Board because you have previously said your read the BB's. Sort the sound out! My volume was on 100 again and I was having to lean into the speaker to hear some of the answers. I could just about hear, but it wasn't great. I think the issue was not actually the tech, more that some of the Board do not speak loudly or sufficiently clearly for the mics to pick things up well.

[graham1ty] 25/3/2022 10:15

Come on, someone else ask a question…..

[graham1ty] 25/3/2022 07:27

From the 2019 results:

Governance and culture

The Board plays a key role in supporting and challenging the Group's long-term strategic planning. This includes the responsibility to provide effective governance and a rigorous assessment of risk. This continues to be my focus. We completed a board effectiveness review in July 2019, and we believe the Board and its committees are working well. We have continued to strengthen this area with the recruitment of a new independent non-executive director, Marian Martin. This was in response to the upcoming changes in the UK Corporate Governance Code and in consultation with the Prudential Regulation Authority. The structure and effectiveness of our governance regime is fundamental to our success in bringing together the Group's purpose, strategy, culture and standards of conduct.

[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