Pcf Share Discussion Threads

[cc2014] 04/11/2022 10:27

No equity to dispose of...

[tomboyb] 04/11/2022 09:48

Any chance PCF will start lending again or an equity disposal - ?

50k max at 1.9p so hardly any stock online -

[cc2014] 04/11/2022 09:44

I suggest Sergeant was put in by PRA as someone well known to them.


Carol has nearly 50 years' experience in banking, notably spending 24 years at the Bank of England and seven years as Chief Risk Officer at Lloyds Banking Group. Carol held various roles at the Bank of England, including being responsible for the worldwide supervision of major UK Banking Groups. Additionally, Carol spent five years at the UK Financial Services Authority first as Director for Banking Supervision and latterly as Board Member and Managing Director for Strategy, Risk, Authorisation and Enforcement.

[dandigirl] 04/11/2022 07:28

and if there isn’t a plan, for what purpose has Sergeant been taken on?

If I were Somers, I would clear them all out and bring back Scott Maybury!

[graham1ty] 03/11/2022 19:29

I will comment at greater length tomorrow.

Any options need a plan. There has been no evidence of a plan of any sort.

The Board has willingly ( I was going to say sleep walked, but no, it was with eyes wide opened) added rafts and rafts of costs, knowing full well that they would cause ever growing losses unless (how ?) the loan book could be lifted to close to a billion.

I asked Garry “at current overhead levels what loan book do you need for profitability ?” And, if I recall correctly, he did not answer: it was as if it was a question that had not crossed his mind.

Is there no plan ? Of any sort ?

[cc2014] 03/11/2022 14:30

Good post Goddamitmaverick.

My view.

1. They can't. Losses are affecting their regulatory capital position
2. Possible but depends on their being some critical volume at which they are sustainable
3. Failed
4. Somers/ICM/UTL capital position looks questionable to me based on what I see of the interwoven sister company transactions. I'm not sure they can support it given their current and future costs of debt
5. They can't afford wholesale funding

imho only option is structured wind-down, which is pretty much where the Board they have indicated they are as they aren't writing new business.

[goddamitmaverick] 03/11/2022 14:05

So what are your strategic options in these circumstances ?
1. Keep going, hope for shareholder support, maintain business at levels you can, pay costs of remediation . ( pretty much what they have done )
2. Slash costs and shrink back to clean core with a license , oven ready for sale to a third party with a new strategy .
3. Trade sale ( tried and failed )
4. Clear management message to shareholders early in process” commit new capital for path to viability or we start wind down process.
5. Surrender bank license , revert to wholesale funded finance co.
Think I’d go for 4. Or 2 .

[graham1ty] 02/11/2022 18:43

Four weeks after the offer was withdrawn, and the PCF Board continue to treat shareholders with contempt

[dandigirl] 02/11/2022 03:48

That’s cheerful.

With competent management, PCF should have been more like SUS.

Another month has gone by. What on earth is being reviewed?

[manual dexterity] 01/11/2022 12:57

Looking at cineworld anything is possible in this market.

[dandigirl] 01/11/2022 09:03

Wonder what SOMERS are deliberating on that they can’t make up their minds.

So much for big shot private equity.

[dandigirl] 25/10/2022 09:32

Me, too.

All led by the Drama Queen.

It seems that she had not the least understanding of risk.

Why hasn't Sergeant resigned from this circus now she has had a look up close?

[hopespr1ngseternal] 24/10/2022 21:39

Agree with Graham! Farcical.

[graham1ty] 24/10/2022 20:00

So, in the name of remediation, you recruit staff left right and centre, build a bloated cost base.

Then have to unwind it all

Farcical

[maverick39] 24/10/2022 18:51

Not sure there is a plan B. Rumours are that 60-70 staff have been told their jobs are at risk. Looks like a slow and painful wind down

[manual dexterity] 24/10/2022 12:17

Only 100k available online. Very illiquid indeed.

[graham1ty] 24/10/2022 08:22

Complete radio silence.

Was there no Plan B ?

[dandigirl] 18/10/2022 14:02

Come on SOMERS, make your minds up for goodness' sake. How much longer do you need?

[manual dexterity] 18/10/2022 09:19

If they can achieve asset sale, it may provide time for PCF. 80% of the equity is held quite tightly and if there are asset sales I suspect the share price could well double.

[hopespr1ngseternal] 17/10/2022 15:54

Agree with Graham and Dandy. Garry and Caroline have much to answer for.

[goddamitmaverick] 17/10/2022 10:53

Signing off from this thread as I can’t see anything more positive or of value here and don’t enjoy picking over the bones. Never easy to turn round a financial in these situations .

[cc2014] 17/10/2022 10:41

According to HL the market cap is now £4.59m. I don't know whether that is based on mid or offer but whatever.

It must be getting close to the smallest listed company on AIM.

If it loses another 90% I shall think about putting together a consortia to buy it.
Well probably not but it has crossed my mind. We shall see. Fortune favours the brave so they say.

There must be some part of PCF amongst all the issues that is worth some money.

[dandigirl] 17/10/2022 09:08

Totally agree, Graham.

Moreover, wonder how much Moore and Sergeant are pocketing? Around £100k a year each?

Just why was she appointed to the company anyway?

[graham1ty] 17/10/2022 07:59

Castle Trust withdrew 18 days ago. And all we have is a holding statement.

The new, bloated PCF haemorrhages cash and, to an outsider, it does look if the Board had put all their eggs in the Castle Trust basket.

There has been no credible plan for recovery and all in the name of “remedial action”, Garry and Caroline have taken this company to the brink of collapse. To “turn around” PCF they have in fact destroyed it.

The holding RNS referred to cutting cost: the very costs that they have thrust upon PCF. Surely not what the PRA intended when the issues first came to light. About £90m ( from the peak) of shareholder value has been destroyed. Yes, two actions by previous management that were naughty ( I say naughty only, as we are told it was not criminal and David Bull is still a non Exec at a quoted company), and the remedial action has been OTT and completely destructive.

Or, Garry, tell me otherwise ?