Pcf Share Discussion Threads

[geraldus] 08/3/2023 11:00

Investormeet 31/3.

[dandigirl] 22/2/2023 20:12

£4.5m - Not a great amount is it?

I'm mad too that Stran and Richardson gobbled nearly a £1m last year when running PCF into the ground. Shame on them both.

[catabrit] 22/2/2023 19:54

Yeah, your math is right.

[dandigirl] 22/2/2023 19:50

Are my maths right? 335m shares in issue. The 27% not held by SOMERS is 90m @ 5p per share is £4.5m give or take. Hmmm.

[dandigirl] 22/2/2023 19:43

This sort of thing will reduce the NAV ps.

In addition, the Group considered the accounting treatment of redundancy and restructuring costs which have been incurred since year end as a result of the decision to withdraw from the market. As at 30 September 2022, implementation of the restructuring plan had not commenced and there had not been any communication with the potentially impacted staff. Therefore, in accordance with IAS 37, charges for any such costs which have been incurred since year end have not been recognised in these financial statements.

AND

Whilst material costs in relation to this issue (complaints) are not
considered probable at this time, we currently an estimate of £0.3m to £2.1m is possible

[catabrit] 22/2/2023 16:15

I think those comments are all fair, Graham. I do feel for those that bought in much earlier and if it makes you feel any better, I can see why - it offered the allure of good value. I literally bottom ticked this at 0.05p odd which isn’t something I do often. Usually I need to average down. So, none of the past really bothers me. All I care about is the net liquidation receipts vs my cost basis and considering how low the latter is, I think I am going to do reasonably well out of this.

[graham1ty] 22/2/2023 15:30

And, they were recruiting expensive people during the “remediation”. Number of employees Sep 21 was 147 with staff costs of £12.6m.

In Sept 22 there were 152 employees with a cost of £17.2m

[I must be accurate and fair, those are both “as at 30 Sept”. The average number of employees was only 131 in 2021]

However, my argument still holds, as “average employees” rose from 131 to 150 up 14%. Employee costs rose from £12.6m to £17.2m, a rise of £37%. I know that this is a simplistic measure, but if you divide total employee cost, by number of employees, that makes an average employee cost of £113,000. Nice if you can get it !!

[graham1ty] 22/2/2023 15:22

Just looking. Did we know that the Azule loan book was sold last December ? Cannot remember seeing that before. What a dog Azule proved to be……wonder what write down has been on goodwill held against Azule ? ( will read on and try to find that…..)

Bloody difficult to continue when net operating income drops from £27m to £21m, while staff and operating costs rise from £21m to £29m. Both going the wrong way, so a “swing” of £13.5m….So a cost to income ratio of 85.8% becomes 144.5%. Now, call me old fashioned, but any business with costs higher than income is going downhill….fast.

[graham1ty] 22/2/2023 14:56

Stitching are the Dutch holders who have been there for years

[cjd190573] 22/2/2023 13:00

There will be a few spare chairs soon hopefully.

[catabrit] 22/2/2023 12:21

I love my country but I don’t miss British stuffiness at all!

[123davidgwilym] 21/2/2023 21:00

I noticed the Chairman calls himself the Chair. Says it all, really. Chairs are for sitting on.

[catabrit] 21/2/2023 15:28

They are cutting costs in a big way. At least that’s the impression I got reading the report. Is anyone else going to the annual meeting?

[dandigirl] 21/2/2023 14:39

Thank you, Catabrit. Hadn't spotted the accounts. Will take a look.

On staffing, Stran said at the last meeting that something in the region of 60-70, forget the actual figure, had been given the word.

As regards costs and run-off, Board alone costs in the region of £100,000 per month according to my rough calculation. That's £500,000 since last September. Chairman Moore should have reduced the board numbers already.

[catabrit] 21/2/2023 10:23

Yeah, about 11.5p. Nice margin of safety. I had assumed the NAV per share was higher but I had the wrong number of shares (251m vs 333m). Somers and Stitching will be motivated to liquidate this quickly to ensure maximum recovery per share. If you check LinkedIn, people are leaving left, right and centre which is clearly a positive.

[cc2014] 21/2/2023 09:50

Loss about £14m which is less than I expected. About £38m of assets left which is about 11p a share.

Stitching have 11% which I can't remember but seems alot.

Some of the £38m will of course disappear in the natural run of things in such circumstances but a wind-up value of 5p doesn't look unrealistic.

[catabrit] 21/2/2023 08:48

Looks like the 2022 accounts are now available on the website. Is anyone else going to attend the annual meeting on the 31st March?

[dandigirl] 02/2/2023 20:06

Of course it is interesting, Catabrit. Take no notice. Only someone who doesn't have an appreciation of the recent history of PCF would make such a comment.

Having averaged down, 5p would do me.

However, without more info it is simply not possible to put a value on the shares. Hopefully 9/22 accounts will be forthcoming soon.

[catabrit] 02/2/2023 16:56

I get the point you’re making but I disagree. It’s interesting that the sellers are quoting 5p. It’s interesting that there are no buy offers. And it’s also interesting that there’s been no transactions…yet. I won’t be marking these up or down until there’s a transaction and frankly, I’m more focused on holding out for the liquidation proceeds as my cost base is so low.

[sam55todd] 31/1/2023 15:51

That's hardly interesting actually, interesting would be to see buyer's opinion about it (and there aren't any, that alone speaks volumes).
If someone wants to sell at 5p or even 500p (who can blame them for a desire to get rich out of a thin air) - it doesn't mean what paper valuation is that high.

[catabrit] 20/1/2023 23:02

hxxps://assetmatch.com/app/OurCompanies/CompanyProfile?companyId=2544

[catabrit] 20/1/2023 22:58

Interesting. So these are being quoted at 5p on asset match or £16m market cap or 10x the delist price…if someone buys.

[catabrit] 18/1/2023 20:23

If you check LinkedIn, everybody is leaving basically so they’re in full wind down mode.

[dandigirl] 15/1/2023 13:47

great news. no disrespect but someone of her stature is not needed for a wind down and she probably was not cheap. Good for her to step away, quietly. Nice to see someone doing the right thing.

Chairman Moore should reduce the board. Estimate the cost to be around £100,000 per month which is far too much. Surely Brown and Sismey-Durrant are not needed now, if they ever were. Come on guys, follow Sergeant's lead and do the right thing.

[maverick39] 15/1/2023 11:56

There are no RNS announcements now, but Companies House shows that Carol Sergeant ceased to be a non executive director on 21 December. She only lasted 3 months!!!