Pcf Share Discussion Threads

[catabrit] 06/7/2023 16:07

Interesting. I wonder what that means in terms of book value per share? I’ll contact them. If anyone hears anything, please let me know.

[dandigirl] 06/7/2023 15:56

Posted today on the companies website:

PCF Group PLC announces that, as part of its continued withdrawal from the UK retail banking market in an orderly manner, its subsidiaries, PCF Bank Limited (“Bank”) and PCF Credit Limited have completed the sale of their retail, commercial and bridging loan portfolios and related business assets to a third-party specialist purchaser and servicer of receivables. In addition the Company has also ceased its activities in respect of pro-actively seeking any further strategic opportunities for itself and its subsidiaries. The Company will issue further updates in due course.

[dandigirl] 11/4/2023 21:40

NAPS - 10p?!

[dandigirl] 11/4/2023 21:11

hxxps://www.investormeetcompany.com/investor/meeting/pcf-group-agm

[maverick39] 11/4/2023 08:26

Portfolio size is a guesstimate based on latest accounts. CFO said at the AGM that losses were running at between £500k and £1million per month, which is incredible

[graham1ty] 07/4/2023 10:04

Maverick, did that number come from the AGM ?

[maverick39] 31/3/2023 18:24

Any ideas how this business has a strongly performing portfolio of £250m-£300m but is managing to lose £500k to £1m per month?

[catabrit] 28/3/2023 19:24

Pretty much.

[cjd190573] 28/3/2023 18:47

Is it not just the case that everyone is holding out for liquidation proceeds?

[catabrit] 28/3/2023 16:08

It’s true re the lack of liquidity. But then in fairness, there’s been no news and we’ve had a banking crisis in the US and over in Switzerland. So, what do you expect? Why buy? Why sell? You might as well hold out for the annual meeting and then form a judgment afterwards. I know that’s frustrating Graham and I’m sorry you’ve been burnt here but the stance by the market is pretty logical. I suspect we might see more trading as the liquidation process becomes clearer. Personally, I’m holding out for the proceeds. I’ve mentally written these off as a zero and look forward to getting my cheques in the post or my broker account credited.

[graham1ty] 28/3/2023 15:44

Well, fat lot of good the first Auction was with Asset Match. Not a single share traded. There is NEVER liquidity after a delisting, and the shares are effectively untradable.

[dandigirl] 17/3/2023 16:59

No point in attending the AGM. The future of PCF is at the whim of Somers.

[graham1ty] 17/3/2023 07:24

Sadly, I am on holiday on 31 March. Mind you, attending the meeting would not have been good for my heart.

Presumably, their task was to “stabilise and turn around PCF”. In that they failed.

[sam55todd] 12/3/2023 19:33

Just wondering how's PCF' situation after two US banks collapsed last week?
(all three: deposits {outflow}, reserves {gov. debt} and loan impairment provision)

[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!