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PCF Pcf Group Plc

0.95
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pcf Group Plc LSE:PCF London Ordinary Share GB0004189378 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.95 0.60 1.30 - 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Pcf Share Discussion Threads

Showing 5351 to 5374 of 5625 messages
Chat Pages: 225  224  223  222  221  220  219  218  217  216  215  214  Older
DateSubjectAuthorDiscuss
21/9/2022
09:30
CC, the business model was NOT flawed on the original cost base. A relatively small headcount had enormous operational gearing as PCF lending rose.

The issue is not the business model but the new, supposedly “necessaryR21;, mind boggling cost base. Not so long ago, with a loan book of similar level as today, with NIM not far away, PCF was very profitable. That basic model is good.

What you cannot do is add £10m of overhead, with no increase in revenue, and expect to make money.

graham1ty
21/9/2022
09:24
The deadline of a week looks like a "put up or shut up" move from PCF to me. Which I see as a good thing. If a deal can't be put together after this length of time it seems appropriate to either conclude the matter or move on. I'm sure it's taken up far too much management time and distracted from getting on with fixing the business.



I can't make my mind up about the new non-exec. On the upside PCF is slowly formulating a Board that is sufficiently heavyweight to ease investors concerns (and perhaps the regulators). On the other someone with that many years at the BOE seems likely to lean towards more remediation rather than less.


#4220 The challenge is that PCF is losing money, year on year and has apparently done so against the lowest employment levels we've seen in decades. It suggests the business model is flawed. As we head into the winter impairments will rise as the cost of living crisis takes more and more effect and it's hard to see the NIM not coming under considerable pressure.
The resolution to this is to get the cost base down without shrinking the business. The question is how do-able is shrinking the cost base.

cc2014
21/9/2022
07:33
David, I have sent you a private message
graham1ty
20/9/2022
20:18
When I was appointed chairman in 2011 you could buy shares for less than 10p and I bought quite a lot.
At that time the business was much smaller than today with serious default problems. Without a banking licence we were dependent on the support of a dubious bank plus a few reliable block discounters.
The business today is far larger and PCF is a bank. I can’t believe it could be worth less now than then, despite some serious but correctable management errors.

123davidgwilym
20/9/2022
19:56
Hope, I am not against a deal with Castle, in fact I think it may be the only chance PCF has, as part of a larger group. What % of the larger group remains to be seen.

My comment about heaven forfend was sarcastic, related to all the delays.

graham1ty
20/9/2022
19:34
Graham: """I say it again and again, the destruction of shareholder value for supposed “remediation” activity is staggering. This business has been destroyed by the very process of trying to “save it”. The cure has proved a lot worse than the disease…."""

My view, too. IMV caused by Richardson kicking up a fuss and threatening to walk if it wasn't done her way. It was no cost spared to uncover what exactly? Manual entries to regulatory returns and the poor treatment of bad debts. Drama Queen indeed.

Doubt if we will ever know the truth. This lot will not want a light shone on their activities over the last year or so.

.. and why on earth would Carol Sergeant want to join this tiny outfit. Answer: Another big pay-out ahead of retirement. i.e. yet more cost to the bottom line. She certainly isn't there to expand the business.

And does she know what is cooking with Castle?

I hoped the Castle discussions would fail. If it is good for Castle it won't be for the rest of us. Would rather the RI went ahead and re-built the business with a better people.

dandigirl
20/9/2022
18:40
Graham, why are you so opposed to a deal with Castle? Plainly there are no good options but Castle may be the least bad.
hopespr1ngseternal
20/9/2022
18:33
A positive appointment. She has a great resume including 24 years at BoE.
hopespr1ngseternal
20/9/2022
18:22
And, I know Somers was taken private in July. They would still produce figures until end June surely ?
graham1ty
20/9/2022
18:20
I do keep an eye on Somers, just to see if there is any read through.Somers produced 1Q figures to end Dec in Feb; 2Q figures to end March in May.

Where are the 3Q figures for the three months to 30 June ? Last year released on 17 August

graham1ty
20/9/2022
18:15
How many times can you shuffle the deckchairs on good ship PCF ? Throw Titmuss overboard first though…….

Clutching at straws…..why would Carol Sergeant agree to join as the stern begins to slide below the water ? And, if a deal is announced within a week ( heaven forfend), how can she possibly be expected to sign off on it as good for shareholders with no knowledge of the last two years.

I say it again and again, the destruction of shareholder value for supposed “remediation” activity is staggering. This business has been destroyed by the very process of trying to “save it”. The cure has proved a lot worse than the disease…..

graham1ty
20/9/2022
17:07
A further extension of one week.
hopespr1ngseternal
20/9/2022
13:57
Pretty clear that no deal
hopespr1ngseternal
20/9/2022
13:50
Difficult to read for sure but my instinct is that if there was a deal it would have been rolled out in an early announcement. That said , yesterdays Bank Holiday could have had some effect on timings . Still suspect no deal .
So there you have it another week’s extension 🙄

goddamitmaverick
20/9/2022
13:50
Nothing coming, it seems.

""""Such announcement must now be made by Castle not later than 5.00pm on 20 September 2022. This deadline can be extended by the Board of PCF with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code"""".

So, let's get on with the capital injection, please.

dandigirl
20/9/2022
08:33
So, nothing this morning.
What’s it to be then?
Surely time to move on.

dandigirl
15/9/2022
13:06
Market seems to price a deal as very low probability . I suspect Castle will walk away, unable to come to agreement . Statement will likely point to conversations with other suitors , and so it goes on .
goddamitmaverick
14/9/2022
09:01
Three more business days to the next deadline.
dandigirl
08/9/2022
22:48
What a way to treat non-SOMERS shareholders.
dandigirl
08/9/2022
21:43
Agreed too long and it a not a good sign, suggests differences . Why pay for deposits when you don’t have capital to support more lending ? Non competitive rates should be at least 1.50% given BoE pays 1.75% and gteed to rise. What a way to treat customers .
goddamitmaverick
07/9/2022
12:19
4 months to look at the business and the books is too long.

Especially when the accounts have been audited in what I would assume is a robust fashion.

I'm not sure what the length of time means. Does it mean Castle are serious or does it mean they aren't?

In my mind it's taking too long and must be using up time, energy and costs from both parties. By now I would have expected a conclusion one way or another.

Or is it that the parties are trying to come to an agreed recommendation to shareholders and there's a gap. A gap would not surprise me given Somers are on one end of the transaction.



Meanwhile PCF are back to not really wanting customer savings again. 3.1% for 3 years for new savers only available account. Maturing accounts are only competitive for 5 years and offering 0.99% for 2 years is good business if you can get it. I'm getting more than that on instant access

cc2014
07/9/2022
08:51
Yup, I saw that. We will see.:)
dandigirl
07/9/2022
03:19
Dandi: "The Board of PCF Group plc ("PCF" or the "Company") announces that it is in early-stage discussions with Castle Trust Capital plc ("Castle"), in relation to a possible all share offer for the entire issued and to be issued shares of the Company (the "Possible Offer"). Under the terms of the Possible Offer, it is expected that PCF shareholders would have a small minority position in the combined group."
hopespr1ngseternal
06/9/2022
23:19
So nothing definite then.

My view is that it is the listing that Castle covets and the tie-up will be engineered to retain this by way of a reverse takeover.

It is this that more than likely is taking the time for surely it shouldn’t take this long to agree commercial terms.

Satisfying regulators and the listing authority can take the many weeks that have passed since the possibility was first announced several months ago.

I think we are now in the fourth month. It is now another 2 weeks to the next deadline.

Let us remember that SOMERS are PE too and doubtless will want out at some time.

dandigirl
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