Pcf Share Discussion Threads

[dandigirl] 10/10/2022 17:36

Up to you Maverick but the FSCS scheme should pay out within 7 days of failure - and PCF will be paying a handsome premium for their cover.

At all times, banks have to be able to provide the FSCS with a Single Customer View within 24 hours of being asked.

I imagine that PCF is able to comply with this in half the time! Richardson and Stran will be hot on this if nothing else.

All assuming PCF is paying an acceptable rate, that is.

By the way, agree that management should have had a back-up plan in place. More time is needed to do what exactly?

[goddamitmaverick] 10/10/2022 12:48

Dandigirl I wouldn’t put cash into a failing bank even if gteed deposit scheme covered. Plenty of other better options . Doubt they will be paying up if no new lending.

[goddamitmaverick] 10/10/2022 12:24

CT wasted a lot of time but management should always have a back up plan.
Can only value on wind down now but that will depend on how quickly and efficiently it is executed , so don’t hold your breath guys. Always a chance of a last minute buyer but I suspect they would rather bid on loan portfolios only. The task then is to collapse the cost base asap.

[che7win] 05/10/2022 11:22

It was a decent stock, the new management came in and did their best to ruin it imho. Lack of communication, lack of action and not aligned to shareholders imho.I don't think they could have done a worse job, but what do I know

[cc2014] 05/10/2022 08:14

No lending volumes not reduced lending volumes

That looks pretty much like a long slow structued wind down to me.

[graham1ty] 05/10/2022 06:24

And using the phrase “maximise shareholder value” really winds me up. The irony is beyond belief. The share price has fallen 95%. To “maximise shareholder value” you need to get it back to 25p pre suspension, or 45p, the all time high.

[dandigirl] 05/10/2022 06:22

Oh! My goodness. What are these people about? They are murdering PCF! New business is the way out of this mess of their making. Now, they want to stop this to reduce costs also of their making.

Please show Richardson the door, today.

They appear to be more interested in protecting themselves than getting on with governing.

What is it they still don’t know about this business after all these past many months?

There are better people than this to run modest business. Bring back Scott Maybury.

[graham1ty] 05/10/2022 06:21

End of lending…..beginning of wind down

Seek new capital……;how the hell in this market ?

Try to reduce cost base……er, the mind boggling cost base that you have put in place in the name of remediation ( aka business self destruction)

Board, Gary, as I have said many times, the so called “remediation” has been 100 times more destructive than the original issues. You have destroyed a perfectly good business. You boast of your experience, but added now to the list is wiping out shareholder value.

Nothing more to say…..😡;😡😡

[graham1ty] 03/10/2022 06:27

So, nothing from the Board, bar contempt for shareholders. The bid was withdrawn four days ago.

[hopespr1ngseternal] 30/9/2022 16:07

Graham: what are you suggesting that remaining ‘indifferent’ shareholders do? Sell for 2p without waiting to hear what the company has to say?

[graham1ty] 30/9/2022 15:37

Three trades today. The indifference is unbelievable. I assume any remaining shareholders have long since written this off…..

[cc2014] 30/9/2022 08:03

Is it worth 0p or 10p?

I'd say it's worth zero or maybe a penny.

The directors only really have two choices set against a background of struggling consumers and likely increased impairments which is to either

a) keep plodding along, cut costs and try and get the loss to zero over a period of time, hoping that the losses whilst they get them to zero aren't large or

b) put PCF into a structured wind-down because the business plan doesn't show a long term profitability.

I'm thinking b might be quite likely and may have been on their minds for some time as the lack of savings products for new customers suggests new business coming in is less than old business being completed.

[graham1ty] 30/9/2022 06:24

Not even a holding statement.

As for the whole of the last year, shareholders have no idea if this is worth zero or 10p.

One has to assume……zero.

I have hardly ever come across such mind boggling value destruction

[dandigirl] 29/9/2022 17:05

Not sure you are totally right maverick. The savvy will always look for the best interest payers supported by the FSCS guarantee up to £85k. What does it say about someone who leaves funds in a big bank paying next to nothing when there are easy access accounts available from several much smaller institutions. I would have no hesitation in placing funds with PCF up to £85k if they are willing to pay a competitive rate. There are many such accounts paying between 1.8 and 2.1. PCF are looking only for notice money or 3 years fixed at rates that I consider are uncompetitive.

My concern is that the current board does not strike me as made up with the sort of people to take PCF forward.

[goddamitmaverick] 29/9/2022 16:45

Small banks with Term Funding Scheme (TFS) borrowings have an issue . That cheap funding will have to be replaced by much costlier deposits or wholesale borrowing.
Smaller banks also have less cheap money and rely more on fixed term savings which have become more competitive and relatively more expensive. All this leans on net interest margins. On top of all that savers migrate to bigger better known names when they are fearful and also the cost of living squeeze will lead to people reducing savings or keeping them on easy access not locking away for longer . The easy money margins are gone for now .

[dandigirl] 29/9/2022 14:35

Great news. Now let’s get on with the RI.

[hopespr1ngseternal] 29/9/2022 14:03

Will we hear from PCF?

[cc2014] 29/9/2022 13:24

So sorry to hear. What a mess

I think the game was up after the chancellor screwed up the bond markets and pushed up the UK's long term interest rates. Any deal just became too uncertain.

[graham1ty] 29/9/2022 12:24

So, Castle not even prepared to pay a few pence…..what horrors have they found ?

Unless Somers is prepared to put in a massive cash injection, this is the end of PCF

Damn

[cc2014] 29/9/2022 11:35

The RNS says this

"Commercial terms on an all share offer with a cash alternative for minority shareholders have been agreed subject to the satisfaction of (or, where relevant, waiver of) certain pre-conditions inter alia completion of due diligence"

So, what I think this means is that the two parties have agreed the basis of the offer in writing, but it is not 100% clear to me that this includes the price.

I'd appreciate thoughts on this?


Because if it does include the price, surely PCF have to inform the market. It would be so price sensitive they would need to declare it surely?


I am reading between the lines but another month to do due diligence sounds like a delaying tactic to me. It cannot take that long surely, unless PCF accounts, ledgers, loan agreements are all done on pieces of paper and an abacas?

[dandigirl] 29/9/2022 10:00

I shall write to the FCA in due course to ask them to conduct an enquiry into the happenings at PCF over the last 2 years.