Pcf Share Discussion Threads

[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.

[goddamitmaverick] 09/7/2022 19:02

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

Thank you, Graham. I misunderstood.

[graham1ty] 07/7/2022 21:09

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

Graham: a replay was available on InvestorMeet

[graham1ty] 07/7/2022 17:37

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

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

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

[profiting] 06/7/2022 13:59

Why they are protected by FCS guarantee !!

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

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

This is now priced as a Zero.

Can the Board do anything to persuade us otherwise ?

[dandigirl] 05/7/2022 10:49

Punted - 3.89 to buy. 3.56 to sell.

[goddamitmaverick] 05/7/2022 08:55

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 .