Pcf Share Discussion Threads

[cc2014] 12/7/2022 15:03:19

I doubt it Graham. But tbh, I find the way the host heavily edits the questions unacceptable.


The share price is now in a very poor place for PCF. Any open offer at 5p is pointless and we are basically at the point where Castle could have it for 5p in equivalent shares of an unlisted company. Do they want it though? and if they do want it, do they want all of it or just a business unit?

I note PCF are top of the savers league offering 3.25% on a 5 year bond. That's either good news as they are doing lots of business and need the cash or bad news because that's the commercial rate they are having to offer to attract savers.

I suspect it's a bit of both. Rate tarts are going to be attracted by the rate but anyone investing a decent amount of money is going to do a bit of research and be put off by what they find.

[graham1ty] 12/7/2022 08:18:07

The answers to the Q&A session, promised at the investormeet, are still not available. We were invited to leave questions, we were promised answers ( accepting there are some that Garry would not be able to answer relating to the bid, or if plainly offensive).

During the video session, many questions were edited out of existence, and many were merged into one. Will we get answers ?

[hopespr1ngseternal] 09/7/2022 19:45:12

If I wanted to buy 1 million shares in PCF how much do you think I would have to pay given that the lot size is 5000 shares? My point is that with such a tiny lot size
and the imminent OO I’m not sure that current market price tells us very much. GS and CR have both stated that costs are peaking as the remediation process comes to an end and the bank moves towards its goal of becoming an efficient automated modern bank - which implies a materially lower headcount in due course.

[goddamitmaverick] 09/7/2022 19:02:55

Price still downwards, may seem small but not in percentage terms . You could say small investors bailing in thin market if you were kind or you could say market smells further value destruction. At 3- 3.5p how do you persuade investors to take up the open offer at 5p. Answer, they won’t. As a trade buyer can you recommend to your shareholders paying more than 7-8p? Difficult but not impossible . NPV less a restructuring allowance … 10-12p depending how confident you are that you can quickly cut costs and stop the rot.Paying with paper pennies ( shares) helps. When they said PCF shareholders would get a “ small minority holding” they were dead right.

[hopespr1ngseternal] 07/7/2022 21:27:20

Thank you, Graham. I misunderstood.

[graham1ty] 07/7/2022 21:09:11

Yes, a replay, but we were also promised an answer to submitted questions. There is a tab that reads “We are processing the questions, we'll notify you once they become available.“

[hopespr1ngseternal] 07/7/2022 19:21:05

Graham: a replay was available on InvestorMeet

[graham1ty] 07/7/2022 17:37:48

The Q&A from last weeks Investor Meet have still not been posted. Just saying…..

[the big fella] 07/7/2022 12:24:35

They are hence only 80k invested but do you really want the hassle?

[profiting] 06/7/2022 13:59:19

Why they are protected by FCS guarantee !!

[the big fella] 06/7/2022 10:54:10

I have just over 80k maturing with them in just over a month. They will not be seeing that again. I suspect many will be thinking the same.

[graham1ty] 06/7/2022 10:25:48

This is now priced as a Zero.

Can the Board do anything to persuade us otherwise ?

[dandigirl] 05/7/2022 10:49:05

Punted - 3.89 to buy. 3.56 to sell.

[goddamitmaverick] 05/7/2022 08:55:16

Could be worth a punt. Assume Somers will be looking for a price close to book but a buyer might want a discount given where it’s trading .

[dandigirl] 04/7/2022 10:18:22

Just been quoted 3.89 to buy 5,000.

[goddamitmaverick] 04/7/2022 08:53:06

Reason to buy would be:
Cash out into any takeover although likely all share offer, but at least into a profitable entity .
Or wind down residual distributable value which might be half the NAV?
That said why pay 5p when you can buy in the market at 4p ?

[hopespr1ngseternal] 03/7/2022 00:38:22

Graham: agree with you. The OO is a flop waiting to happen. Garry talked broadly about achieving profitability in the medium term. He has yet to explain how he will get there. I look forward with interest to finding out when the the Circular supporting the OO is published.

[graham1ty] 02/7/2022 20:28:20

Bar the supposed NAV, (reducing by the day)there is just nothing to support the OO. We face horrendous losses for the forceable future, a greater and greater need for regulatory capital. Garry had no carrots to offer.

So, I see no reason why the share price will get above 5p, so why would anyone subscribe ? And the total value of the non Somers shareholders would mean them doubling their investment, just to stand still. Even in good times, an £8m OO would be sizeable for private investors to do own their own.

So, at present, there is just no reason to subscribe. So, the £8m does not get raised, and the Company is no better off ( the Somers subscription only covers half the 1H loss…..just to put it into perspective)

I did not like the presentation and did not like my perfectly reasonable questions getting censored. The only good thing I can say is that there was no hopelessly optimistic attempt to ramp the share price. If anything Garry talked it down further. However, depressing, perhaps he was being honest…..

Garry, I have emailed to ask for a meeting or conversation and you have declined. I would still like a chance to talk. I am not going to ask anything price sensitive: I was a NOMAD and would not be so crass.

[hopespr1ngseternal] 02/7/2022 20:04:29

If they are to get the OO off the ground they are going to have to spell out the path to profitability and the capital requirements to get there with much more granularity. Otherwise it is like asking shareholders to invest on a wing and a prayer that a death spiral can be avoided or that the liquidation of the business will leave a healthy margin over 5p.

[dandigirl] 01/7/2022 12:06:13

Thank you, hopes. The 16.5p is just a guide as at interims date. Better than 5p though and, of course, it will be diluted in the coming days.

Just hope that SOMERS stay with it and don't sell out at some silly price.

[hopespr1ngseternal] 30/6/2022 21:42:28

Dandi: the figure of 16.5p takes no account of the deferred tax asset and goodwill which have been derecognised because of ‘going concern’ uncertainty. If the company can secure its future as a going concern these items, worth about 2p per share, would be written back, I believe.

[dandigirl] 30/6/2022 20:23:40

In answer to a question, Caroline Richardson gave the net asset value per share as at the date of the interims as 16.5p.

It was also confirmed that the RI is coming soon at 5p.

Frankly, I sincerely hope that SOMERS do not lose interest and sell at a silly price which other shareholders would have to accept.

On listening to the recording this evening I had to smile when GS asserted that being triple-regulated facilitated access to low cost deposits when this past w/end PCF was the top payer for 3 and 5 years fixed money!

And he tried to make a virtue out of missing out on the vibrant used car market of this past 18 months. Pull the other one, Gary.

I, too, am not a professor when it comes to used cars but our view is that the demand for petrol cars will remain robust. Used electric, maybe not.

Finally, the near outlook is not great with some remediation continuing through this financial year. It will be next year before the business really turns up. That said, last March was said to have been the best month ever.

[goddamitmaverick] 30/6/2022 18:15:00

Actions speak louder than words. Either Castle or another take them out or it’s a slow sideways drift but I doubt that will fly with the Regulators. Otherwise you need some mystery white knight to suddenly appear with a bucket of capital to fund expansion to critical mass and reasonable RoE. Otherwise it’s not a going concern. Value 2-10p depending what happens.

[cc2014] 30/6/2022 11:36:58

My feedback is as follows (in the knowledge that the directors read this Board)

Firstly congrats on fixing the sound and vision. I suggest you use this room again next time. It's well lit and it was easy to hear you.

Next another congrats in that this was the first RNS or investor meet where I felt the directors were reasonably open and transparent. Sure Garry was too defensive about their record on this in the past (but tbh that's hardly surprising)and sure the host is sifting the questions too much for my liking but imho this meeting represented a step change for the good compared with the last 2 years. I sincerely hope we can continue to improve this.

In terms of the questions asked these covered a broad range of things and the directors I think did their best to answer. I don't suppose it's very easy when it's being recorded for future broadcast, but I think in general genuine attempts were made to answer the questions and the directors also did their best to expand their answers where they could. Of course, the answer may not have always been what shareholders wanted to hear but better to hear the reality than the directors try to avoid the question which is where I think we were too often up until now.


I also think Garry managed to get over the long term plan well. That's important. I'm not sure it can be executed successfully but that's a matter of opinion.


As you read these Boards Garry may I give you a piece of advice? Last meeting you finished by making some upbeat comments about the future which suggested shareholders might be looking to a brighter future. Since then we have this large loss and the share price has cratered. This meeting you ended by talking about a loan book of £1b or £1.5b. I know you probably want to end the meeting on a high but £1-£1.5b on any reasonable timescale is ridiculous! Where are you going to get the regulatory capital? because it's not coming from profits and looking at the share price it's not coming from this capital raise. I suggest next time in order to curb your natural enthusiasm perhaps it might be helpful to write something down so you don't get carried away!


Overall it's still not a buy for me. Some red flags have been removed, but plenty remain. The financials have become more of an issue.

[graham1ty] 30/6/2022 10:44:11

Just appalling obfuscation.