Pcf Share Discussion Threads

[catabrit] 13/12/2022 16:40

This looks like a steal. You're paying so little for the proverbial dollar that it doesn't even matter if the dollar declines in value during the runoff period as you are well compensated. I can't seem to get my larger order filled so I will look to buy smaller chunks every day until the de-listing. Very sorry for those that bought this at much higher prices - I hope you get the chance to average down. Don't let the past cloud your better judgment: on a probability-weighted basis, this looks like an absolute bargain at sub 2m market cap. Best of luck.

[graham1ty] 12/12/2022 17:59

CC, you may be right. It can never have been their intention to lose all their money…..

[cc2014] 12/12/2022 13:45

Hi Graham,

I have an entirely different take on Somers.

As the very dominant shareholder I suggest they have been behind every major decision including Board appointments and it is their strategy that has caused the downfall of PCF.

[tomboyb] 12/12/2022 12:29

Approved -

Shares will be cancelled -

[123davidgwilym] 09/12/2022 20:59

I don’t think their losses absolve them from blame.

[graham1ty] 09/12/2022 20:04

“Inherited mess”. But was it ?

Yes, some fiddling of the books, that was just wrong. And wrong. And unforgivable.

However, the underlying systems, the accounting system, the lending platform, had been approved by the PRA, had been stress tested over a year before the licence was granted, and had been audited by a major firm. It had allowed growth from c£100m to £450m book with no major problems. What would have been cost of upgrading/replacing that system rather than the tens of millions being spent on remediation ? It cannot have been “not fit for purpose” entirely to have got them as far as they got.

Re major shareholder and Somers. Yes, they may have completely taken their eye off the ball, and may not have insisted on the necessary governance oversight, but I am not sure it was their ambition or greed that was driving the rapid growth. Of course it was in their interests, but all shareholders were thrilled at the rapid growth post banking licence. Should they have done more to save it ? Have stopped ( or tried to stop) the excessive cost of “remediation” ? Should they have stepped in earlier ? Who knows. However, I think it is a bit unfair to blame this on Somers !! They have lost £60m+ after all..

[cc2014] 09/12/2022 10:51

I listened to the recording of the meeting today.

It's a sad end and I'm left with one fundamental question which will never get answered. "Garry broadly says the business in it's current form does not have sufficient scale to succeed". I'm struggling with this.

Anyways, at least they did the Investor Meet. I don't think they were required to and didn't have to do some of the other ones either, so I think at some level they were for a very long time trying to find a way through the inherited mess and find a future pathway.

A reminder though to be careful when investing in companies with large dominant shareholders and agreessive expansion strategies.

[graham1ty] 07/12/2022 13:13

Oh, sorry, you said yr wife “now” has £50,000 worth

[tomboyb] 07/12/2022 13:07

Graham -

That is a historical share not PCF -

It delisted in 2012 -

Wish you the best with PCF though -

[graham1ty] 07/12/2022 13:05

Actually, I see you say £50k worth. Well, they are currently worth 0.6p which would mean yr wife has c8,000,000 shares which is a declarable holding

[graham1ty] 07/12/2022 13:01

And also, Tomboy, you had better get them out of your ISA. I don’t think the proposed dealing facility will be with a “recognised stock exchange” so you won’t be able to hold the unlisted PCF in yr ISA

[graham1ty] 07/12/2022 12:58

Blimey Tomboy, £50k would be 5m shares if you paid 1p average, which is 2% of the Company !!! If you paid only 0.5p average, that is 10m shares and you will need to make a declaration as you would have 4%

[tomboyb] 07/12/2022 12:24

My post 4346 -

I'd like I have other stocks delisted. I can't remember how many. Only 2 have given returns back inc the one I mentioned -

So overwhelming I've lost -

However PCF does have a higher NAV so I'm afraid its a complete gamble -

Somers does hold a lot of equity -

[cc2014] 07/12/2022 12:18

I've been reluctant to post but here's my view.


Shortly PCF becomes a delisted private company with a principal shareholder with more than 70% of the shares who can do anything they like and cannot be outvoted.

The usual pattern with this is that the major shareholder then starts to extract any remaining value by use of management fees, fees for advice services etc.

Imho, it therefore doesn't matter whether PCF has any value left or not above the 0.5p. It's going to magically disappear into the pockets of Somers, or the Somers/ICM directors/senior staff.


I would not be surprised if the assets do not magically disappear at below commercial value into one of the other Somers/ICM/UTL/UEM businesses. They seem to happily sell investments to each other on a regular basis.

[tomboyb] 07/12/2022 12:06

Well -

The thing is this. If your investment is so small and its not worth selling then you may as well hold if you think there will be a return -

I had stock that delisted, 4k invested returned 8 years later on liquidation £10k return. Started wife ISA now just shy of £50k -

[che7win] 07/12/2022 12:01

I’ll keep what I have, no point in selling at this poin5 when upside could be multiples in a wind down

[tomboyb] 07/12/2022 11:32

The net "tangible" asset value was 6.5p -

Maybe after liquidation there is something for shwreholders? -

Who knows -

[graham1ty] 07/12/2022 11:30

Just appalling. Clear as mud.

How they can even mention the 16.5p NAV with a straight face, I do not know. Of course much lower now, but 0.5p that the market says ? I jolly well hope not.

I hate these meetings where shareholders cannot speak, and therefore cannot confront the Board whether with anger, exasperation or despair

[tomboyb] 07/12/2022 11:30

Looks like the end of that -

The only tiny glimmer is that infrastructure is still in place in case an opportunity arises -

That however looks very slim indeed -

[graham1ty] 07/12/2022 11:26

Quarterly asset matched trading facility. So, zero liquidity. Not even a lesser Exchange like Aquis.

[123davidgwilym] 06/12/2022 20:07

I haven’t submitted any questions because I wouldn’t except to get any meaningful answers. I do plan to turn up for the meeting, though.

[hedgehunter2] 05/12/2022 17:20

It dead accept it. Take tax loss HMRC. Why expend energy. Lost packet but life too short to worry management useless simple.

[maverick39] 05/12/2022 16:27

Like others, I’ve voted against the resolution but fear it will go through anyway

[maverick39] 05/12/2022 16:25

Any idea who is buying all the shares which are being sold, given that
Illiquidity is imminent