Pcf Share Discussion Threads

[dandigirl] 24/6/2022 11:50

CC: Apologies - see that the RNS was issued after your post above.

[dandigirl] 24/6/2022 11:06

You missed it.

[cc2014] 24/6/2022 10:12

Have I missed it or do investor meet seem to know the date of the interim results, whilst PCF haven't informed the market?

Investor Meet say interim presentation on the 30th June.

[goddamitmaverick] 22/6/2022 21:29

If Somers have any faith in new management, put in the capital required to acquire the assets needed to bring it rapidly to economies of scale and profitability. If not sell or wind it up.That’s assuming the systems infrastructure is up to scratch .

[hopespr1ngseternal] 20/6/2022 13:49

Graham: reverse takeover?

[graham1ty] 20/6/2022 07:29

So, GM to disapply preemption rights ( and therefore issue trillions of shares) will be before the AGM to discuss the accounts.

One comment: if I thought that PCF had a viable future, very, very cynically I would have expected there to be an issue of quadrillion share options to incentivise those poor, hard working Executives. Completely stuff shareholders by offering Gary a zillion options at, say, 4p.

As there reward for saving PCF ( aka destroying 95% of shareholder value)

[hopespr1ngseternal] 19/6/2022 23:10

BVPS is about 16p. Just saying!

[goddamitmaverick] 19/6/2022 20:51

Interims unlikely to be great reading. The bank appears cheap to buyers but depends on cost of cutting what you don’t need. Castle will only move if it can end up with assets at a fair price and if there is enough capital to wind down what they don’t want / need. I’d say odds of a bid are low and any bid there is will be low , probably not much more than 7-8p. Some take up of open offer will keep the lights on for a while but with the share price here it’s not going to fly.

[cc2014] 17/6/2022 09:18

Hmm. No interims yet and no share offer.

If they want to get this done by the end of the month then Monday is about the last possible day.


I note that Somers Ltd have an unsolicted offer from 95% of the shareholders to acquire the rest of Somers

I'm not sure how it's unsolicited since as you plod up the tree up control the party at the top is Somers Trust but I can't be bothered to unravel it and possibly it looks like there are other parties in between which Somers Trust only partially controls or perhaps not at all legally in the sense of a shareholding.

[graham1ty] 15/6/2022 17:23

Well, Castle Trust does not own a share…….

[graham1ty] 15/6/2022 08:18

The Disclosure of Directors interests in todays RNS just shows how the Directors interests are not aligned to those of shareholders.

Garry Stran owns shares worth…..£3500
The FD, Zero
The Chair of the Audit committee, Christine Higgins……;£1000.

I am pleased that one of the “old board”, David Morgan has some pain. His 500,000 have declined from c£225,000 to just £18,000. Ouch.

[ted1985x] 14/6/2022 16:32

It doesn't say that Stiching bought shares. They might have...but then they might only "control" them. 12.5% is a blocking shareholding.

[ted1985x] 14/6/2022 16:32

It doesn't say that Stiching bought shares. They might have...but then they might only "control" them. 12.5% is a blocking shareholding.

[hopespr1ngseternal] 14/6/2022 14:32

Graham: agreed. We need to form an action group. Is anyone interested?

[graham1ty] 14/6/2022 07:31

Staggering that a couple of “alleged”; naughty returns to the PRA by the previous management ( I am not condoning or dismissing their seriousness), and some systems that were deemed ( by the new management, but not by the Board, the Audit Committee, the PRA or Ernst & Young) to be not up to scratch, have brought this to its knees.

Value destruction of appalling magnitude. And shareholders still do not have a full, open and honest account of what was so bad that it merited a 94% fall in the share price.

[hopespr1ngseternal] 14/6/2022 02:18

I don’t for a moment believe that Somers (who have far more information than the market) would be injecting 4.5m if folding is the likely outcome.

[goddamitmaverick] 13/6/2022 22:56

Needs chunk of new capital and couple of years to rebuild bank to any value. Market beginning to price in no buyer or capital and possible wind up. Seems crazy to take costs of all the remediation work and then let it fold? Would be cherry picker buyers for assets but cost base a worry for anyone buying lock stock and barrel.
Somers Capital top up is insufficient , maybe just buys time with potential buyers and maintains it as “ going concern” for now. Being listed is of some value but Somers has most of it now so little float.

[graham1ty] 13/6/2022 15:07

Same mob. Look at the signatory, Heijst

[cc2014] 13/6/2022 14:24

Sorry I thought you were referring to Stitching who announced their holding today

[graham1ty] 13/6/2022 14:17

Mind you, from 2010 to 2015 the PCF price was below 10p, falling to 3.2p in 2012.

So, it is possible they are not way off on their buying price. The paper loss however, from 45p, on 38m shares however is almost £15m.