Pcf Share Discussion Threads

[mirmqjuxwf] 11/11/2022 10:25:30

01 July 20221 July 2022PCF Group plc("PCF", the "Company" or the "Group")Equity SubscriptionThe Company announced a proposed capital subscription on 31 May 2022, the completion of which was announced by the Company on 7 June 2022. The announcement on 31 May 2022 also confirmed that the Company's majority shareholder, Somers Ltd ("Somers") indicated its willingness to support a further equity subscription of circa GBP1.5 million.The directors of PCF are pleased to confirm that an agreement has been signed by the Company and Somers whereby Somers will subscribe for 27,940,000 new ordinary shares at a subscription price of 5 pence per share (the "Subscription Shares"), being the maximum number of ordinary shares able to be issued by the Company under the Company's current share issue authorities), which will raise gross proceeds of GBP1,397,000. Application has been made to the London Stock Exchange for admission of the Subscription Shares to trading on AIM. It is expected that admission will occur at 8am on Monday 4 July 2022. The Subscription Shares would represent approximately 9.1 % of the Company's existing issued share capital, with Somers' ownership increasing from 70.8% to 73.2% as a consequence.

[dandigirl] 10/11/2022 05:55:34

cjd: happy to report that we sold our entire holdings of Harbour at the time of the results. Around 470p, I think. Looking to reinvest when price drops a bit more though.

[cjd190573] 09/11/2022 21:19:44

Hi David, the involvement of administrators might just tie Laurel and Hardie’s hands behind their back but are paid by the hour and equally, might string it out and will not come cheap.

[123davidgwilym] 09/11/2022 20:32:01

Probably best to place the business in administration. A professional administrator would do a better job of realising the assets than this team.

[cjd190573] 09/11/2022 20:07:37

Thank-you Dandi - have similar thoughts. I’m in with an average of around 6p. I notice you too are a Harbour investor (my primary holding) Goodness we’ve earned our gin tonight. :)

[dandigirl] 09/11/2022 19:39:18

Yes, but how much and how soon?

The longer it takes the lower the amount to be salvaged.

Chairman Moore has to step up and earn his huge bag of corn. Ex-army man has to lead from the front.

He has to cut costs drastically and quickly starting with the Board.

Stran and Richardson are almost certainly not the sort of people to manage a run-down. Besides, they have a vested interest in dragging out the process.

Sergeant? Is she needed any longer?

I still can't quite get my head around a 16.5p NAV ps of a few months ago having been whittled down to what? Suspect Richardson was not accurate with that figure.

Lots appear to have sold out today. Can't bring ourselves to sell at current levels. Might as well stay invested to see what happens.

Indeed, bought a few hundred thousand today for not much money. Maybe more tomorrow.

Truly sad that these people were let loose on what I considered to be a little gem of a company going places. Shame on them.

[cjd190573] 09/11/2022 19:07:15

Do you think there is something salvageable here Dandi?

[dandigirl] 09/11/2022 18:30:29

Over 4m shares traded today. Normally 100,000 or so.

[andymunchkin] 09/11/2022 16:02:36

johnstevens216 Jun '05 - 08:54 - 1 of 4303
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Post removed by ADVFN
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marbles12316 Jun '05 - 09:55 - 2 of 4303
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great post . this will fly
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Knowing16 Jun '05 - 09:57 - 3 of 4303
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Net asset value around 30p so trading still at a discount.
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crawford16 Jun '05 - 11:32 - 20 of 4303
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I won't be accepting less than 75p.
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theseGuyz forGoT toADD .oooo

[terminator101] 09/11/2022 12:32:27

You should see the endless drivel that Zxie and his other multi IDs post on the insp board. Must be the most useless boiler room operation in history.

[tomboyb] 09/11/2022 11:21:23

I'll buy at 0.20p -

[terminator101] 09/11/2022 11:16:22

Another one bites the dust.

[cc2014] 09/11/2022 11:12:38

I find the statement about delisting the shares to save costs a bit naughty.

I can't dispute it's accuracy but methinks it's more about reducing scrutiny. No more PI's to deal with and no more investor meets and more or less only a set of accounts to be produced once a year. Somers can quietly wind it down without all the scrutiny, hopefully get out without putting any more money in and move on.

[zxie] 09/11/2022 08:40:23

INSP shares jump soon

[graham1ty] 09/11/2022 08:29:26

Garry has presented this as an inherited problem, something to he took on.

Well, who was Chief Operating Officer for almost a year prior to the suspension ? Step forward Garry Stran, who joined PCF in July 2020.

He must have seen the business and systems, and worked with them, and in them, for almost a year prior to uncovering the issues. Yet, lo an behold, when historic problems emerged, it was Garry who led the charge to change everything: systems, accounting, auditor, reporting, staffing levels.

This collapse is presented, by Garry and Caroline, as caused by the accounting fiddles ( yes, naughty, but not criminal, and neither incident effecting cash, profits, or the underlying business). No, what has destroyed this business is the remediation. The measures they have taken “to rescue” PCF have actually destroyed it. Does anyone think that the PRA wanted PCF to go under ? Does anyone really think that this was the purpose of the remediation ?

And, because of the appalling communication with shareholders, none of actually know what happened. But, in slow motion, between very rare RNS, we watched millions, tens of millions, of overhead getting spent on making PCF so bloated that it was no longer viable.

Garry talks of cutting costs: so all those myriad new staff members, recruited at enormous cost, now get made redundant…..at enormous cost.

And Garry still thinks he has done well. I have only met him once and I just thought “ego”. Smug, complacent, casual, incapable of self reflection.

[tomboyb] 09/11/2022 08:07:08

Major shareholder owns 70% -

So I presume the support means sum of parts is possible -

[dandigirl] 09/11/2022 07:58:54

Note to Chairman Moore. Start acting like a Chairman should please.

Start reducing the number of board members to reduce costs.

[cc2014] 09/11/2022 07:52:01

My thoughts go out to all holders. A sad end to a sad story.

[graham1ty] 09/11/2022 07:21:36

The irony in the RNS “This is particularly so given the considerable progress made over the last 18 months to remediate the issues that gave rise to the suspension in trading”

Quite clearly there has not been considerable progress, or this would not have happened.

I feel sorry for employees, for Scott and Rob, for all those thousands of hours building this business, getting the banking license, taking PCF to where it had got to.

And now, shareholders just destroyed. I hope the Board, the Executives are capable of feeling shame

[graham1ty] 09/11/2022 07:17:10

This should become a case study in how to destroy a business.

I hope Garry never works again

[dandigirl] 08/11/2022 08:02:22

Gary is nothing more than a pawn content to enjoy his plunder while he can.

It is to SOMERS that we must look.

So much for that rights issue indicated long ago now.

I too must now admit to the view that things must be dire.

[graham1ty] 08/11/2022 07:09:06

Five weeks since the bid was withdrawn.

And silence.

Garry, you are taking the Mickey……