Pcf Share Discussion Threads

[blackhorse23] 21/7/2022 10:56

MCL (LSE) another lender mcap only 6 millions but loan book floating 250 millions , oversold

[graham1ty] 19/7/2022 12:51

With 333m shares in issue, using 3p, the market cap is almost exactly £10m. Somers and Stichting now hold 84.6% which means remaining shareholders own 15.4% worth just over £1.5m at these levels.

Judging by the low volumes, and the poor engagement and attendance at meetings, much of this is “dead money”, long abandoned by shareholders and written off. To suggest that this group will put up £8m is just for the birds. Cloud cuckoo land.

One other thought. Somers 73%, or 244m shares are worth just £7.3m. So, they have put up £4m, and the value of their original holding is therefore worth….

[think those numbers all correct, reflecting the recent subscription , though the PCF website and AIM Rule 26 information has not been updated]

[goddamitmaverick] 18/7/2022 14:07

I think they are legally obliged

[cc2014] 18/7/2022 11:51

I'll leave you to it Dandigirl. If you want the Board to run a RI/OO so you can subscribe at 5p in the next couple of weeks when you can buy at less than 3.5p right now you are perfectly entitled to do so. It's your money.

[dandigirl] 18/7/2022 11:30

Making daft assertions again, aren’t you, CC

Come out of the sun, quickly.

I entreat you to read the company’s past announcements before posting.

[cc2014] 18/7/2022 08:37

Or why should the management team waste any of their time and energy running a RI/OO when the likely outcome is that the costs of running it will exceed the income from it?

[cc2014] 18/7/2022 08:19

Why would anyone want to pay 5p in a RI, some 60% more than you can buy in the market at 3.1p?

[dandigirl] 18/7/2022 01:19

Goddamit: Somers have already committed. Next up is the general RI which is for Gary to arrange for the Board to approve. The parameters have been set already - see the RNS. That is why I am urging Gary to get moving.

No, Castle are not calling the shots. Somers are. If Castle’s proposals do not agree with Somers, no deal. Off they go. Bye bye. Let no more time be wasted waiting. After all most probably PCF have incurred significant costs already.

[goddamitmaverick] 17/7/2022 22:36

There’s a cap on this at about 12p amd a floor at about 5p so right now it’s cheap unless someone knows something we don’t .
Castle Trusts shareholder will call the shots on any deal and I suspect they will be willing to walk away although keen to nab a bargain route to quick expansion.
If it no deal, Gary needs to make it clear to Somers it’s back me or sack me. Put another way, commit the capital required or wind it up.

[dandigirl] 17/7/2022 18:40

hopes: Disagree. We have waited long enough. As matters stand, we have a much increased cost base operating on insufficient capital i.e. PCF is weakening by the day. Delaying means weakening the Board's negotiating position and thereby strengthening that of Castle.

Besides, what is an acceptable price per share?

The only sure guides we have are the current quote, the Somers 5p and the NAVPS of 16.5p.

No, please just get on with the RI and not allow Castle to distract. If they want to bid, they, too, can just get on with it.

Bottom line: I don't think Castle will offer a price acceptable to Somers and will walk away, hopefully.

[hopespr1ngseternal] 16/7/2022 02:36

Surely it is right to wait until the outcome of the Castle Trust discussions is known. FWIW Castle Trust have deposits of about 600m and a loan book of similar size made up of mortgages (400m) and point of sale finance (200m).

[dandigirl] 15/7/2022 20:26

davidg: sense or nonsense the Board has committed to it.

See below from the RNS dated 30/05.

There can't be much better news without the RI which is much-needed to expand the business. A perusal of past posts would enable a catch-up.

"""the Company also announces its intention to raise additional capital through an open offer of new ordinary shares with an excess application facility ("Open Offer"), in which Somers is not expected to participate, to raise up to €8 million (c. £6,850,000) on the same terms as Somers' proposed subscriptions. The Open Offer will be structured so as to ensure that overall shareholders who take up their rights are not diluted by Somers' proposed subscriptions. The Company will provide an update on the timing and terms of the Open Offer in due course""".

The proposed subscriptions have happened.

[123davidgwilym] 15/7/2022 19:26

It wouldn’t make sense to launch a rights issue at the moment.
Hopefully there’ll be better news soon.

[goddamitmaverick] 15/7/2022 15:46

I think you’d get a million shares at 5p no problem. Probably a few more too

[dandigirl] 15/7/2022 08:41

For goodness sake, Gary, how much longer before you launch the RI?

What does everything appear to take forever?

You have had time enough.

Just get on with it so we all can move forward!

[cc2014] 13/7/2022 08:29

I assume you mean the selling price is 2.5p for 5000 shares?

Since I can buy 75k shares well within the spread at 3.125p, my interpretation is that the MM are providing a false market on the bid and that if you really wanted to sell any volume you've have to accept a lower price than 2.5p, say 2.0p.

[hopespr1ngseternal] 12/7/2022 22:55

Agree with Dandi. share price is quote for 5000 shares and as such pretty meaningless. The most recent suspension price of 8.5p may well prove to be a more significant number as that was the prevailing price when Castle first made their approach.

[cc2014] 12/7/2022 22:10

Edit: PCF 5 year bond is 3.45%

[dandigirl] 12/7/2022 20:23

IMV Somers will not sell at anything like 5p.

Why would they having come so far and invested so much?

[graham1ty] 12/7/2022 20:03

Actually just looked, there are a lot of error messages

[graham1ty] 12/7/2022 20:02

Garry and advisers. I note that Q&A are now posted, some with written answers, and some with audio links to the answers given at the time. However, Q12 onwards, this has not worked and an Error message sits opposite most answers

[cc2014] 12/7/2022 15:03

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

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

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.