Pcf Share Discussion Threads

[dandigirl] 04/7/2022 10:18

Just been quoted 3.89 to buy 5,000.

[goddamitmaverick] 04/7/2022 08:53

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

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

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

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

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

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

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

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

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

Just appalling obfuscation.

[graham1ty] 30/6/2022 10:41

“Shareholder frustration”. Not frustration, anger Garry…..

[graham1ty] 30/6/2022 10:35

Garry states that he is sharing the pain, and that his shareholding is suffering like everyone else’s. He has less than £3000 worth !!!!

[graham1ty] 30/6/2022 10:23

Asked about where they think NIM will go, Garry says “that is quite a technical question”. No it isn’t. It is the most fundamental measure of potential profits…..

[graham1ty] 30/6/2022 10:16

Hardly a “presentation”. Just 15 mins and one slide

[graham1ty] 30/6/2022 10:15

Garry is proud of his team, proud of the work the finance team has done. He is almost smug. Has he not read his own announcement ? Going concern issues, need for more capital, costs through the roof.

[graham1ty] 30/6/2022 09:50

Told that investormeet would be open 15 mins before, so could send questions before the meeting. Well, it isn’t. So we cannot

[cc2014] 30/6/2022 09:46

Results shocking.

No trades so far, which is just as surprising.

[rightnellie] 30/6/2022 09:30

They seem to have salaried themselves into company bankrupcy. They have plundered and pillaged making their own wallets very fat and shareholders very poor. No solid reasons given - mainly hot air and just a smoke screenfor dubious hires of experts ( their friends?)

[dandigirl] 30/6/2022 09:02

Extremely irritated to read of “well documented challenges”!

No, Gary. They have not been well documented. This shareholder would like to know what transpired here, in detail, to justify the huge subsequent costs incurred.

N.B A cost income ratio of 156%. (I know, it’s a one-off, blah, blah, blah).

I draw attention to the Going Concern statement.

[dandigirl] 30/6/2022 08:53

geraldus: Yes.

[dandigirl] 30/6/2022 08:52

geraldus: Yes.

[graham1ty] 30/6/2022 07:42

I was planning to spend this morning writing questions for the investormeet presentation today. Now I see that questions had to be submitted BY 9AM yesterday. Or they can be submitted during the meeting.

My fault for not looking at this detail before, but means I will be desparately tapping away during the Q&A, trying to type faster than they answer. Not a very satisfactory way of running this

[graham1ty] 30/6/2022 07:40

The rise in operating costs is mind boggling. In 2019, old regime, pre COVID, they had a loan book of £276m, and total operating expenses of £6.9m.

Today they have a loan book of £342m and total operating expenses of £18.2m.

That has added over £11m of overhead IN JUST A SIX MONTH PERIOD.

No wonder there are sodding great losses.

Shareholders are entitled to look at the 95% destruction of shareholder value and ask whether this has been done competently or correctly.