Pcf Share Discussion Threads

[dandigirl] 03/10/2023 13:21

See that Dolbear is no longer Company Secretary.

What about reducing Board Members, Mr Moore? Long overdue. Time you manned up and started acting as a Chairman should not Stran's lapdog.

[dandigirl] 02/10/2023 12:56

cjd: have you received your repayment please?

[catabrit] 15/9/2023 09:34

Well, there goes my VW Crafter Campervan I was planning to buy with the proceeds. I am surprised by the outcome but I’d make the same bet again. There was always a risk this would happen but *if* it didn’t, there was the allure of a high multiple on invested capital. So it goes.

Feel sorry for Dandi and multiple others that have seen such a dramatic loss of capital due to poor stewardship by the management team and the board of directors.

[graham1ty] 14/9/2023 10:49

We have to assume, all shareholders obviously being treated equally, that Somers has lost 100% of its value as well. They are the big losers. As Dandi says, have they sat passively on the sidelines while this disaster has unfolded ? Well, no, because they have propped up PCF with various capital injections.

Yet, nothing, nothing at all could be resurrected ?

[dandigirl] 14/9/2023 10:48

This brings home the thought that regulated by the Bank of England/PRA/FCA is meaningless.

[dandigirl] 14/9/2023 10:42

Can’t understand why Somers/Morgan appeared to sit on the sidelines and watch this self-made disaster unfold.

Pity is we will never know the truth.

Meanwhile no reduction in Board members and senior execs.

[cc2014] 14/9/2023 10:13

Firstly my thoughts go out to all remaining shareholders.


It takes something to shock me these days as I always seem to be more pessimistic than anyone I know when it comes to the stock market but even I am shocked to see there is no meaningful value left.

[graham1ty] 14/9/2023 09:40

Confirmation today that the Board has admitted the complete disappearance of any residual value in the Company as the chance of a distribution is likely to be negligible.

“The quantum and timing of the payment of a dividend to shareholders on completion of the wind down remains uncertain at this time, however the Board’s current assessment of the outcome for such a dividend is that it is unlikely that there will be a meaningful distribution, if any, to shareholders.”

So, the Balance Sheet value of Tangible Net Assets, reported on 20th Feb 2023, of £38.5m was either a complete fiction, or has just been dissipated since then.

Shame on you, Board

[che7win] 05/9/2023 07:09

Yes, not very many, I’ve a rump of shares held.

[dandigirl] 04/9/2023 14:23

che7: still holding?

[che7win] 02/9/2023 09:39

Still here, I’m an old hand back from the warrant days

[dandigirl] 21/8/2023 14:52

hopes, hippo, are you lurking?

[cc2014] 21/8/2023 13:17

Still here.

It all seems to be going well for a change for shareholders which is nice to see.

[dandigirl] 20/8/2023 17:18

Wonder how many old PCF hands are still visiting this board?

[dandigirl] 20/8/2023 17:16

Just read savings accounts terms and conditions. There is a provision that allows account closure and repayment in exceptional circumstances. 12.6

These certainly are exceptional circumstances.

[dandigirl] 19/8/2023 11:57

Thank you cjd, very interesting.

You will easily be able to better 3.46, so good news for you too.

I was wondering what right pcf had to prepay term deposits early? The FAQs don't appear to cover this. I'm guessing something is in the very small print to permit this? Stran and Co appear to want to do things by the book so guess it's okay.

If only the company had provided some info regarding this!

It is to be hoped that the proceeds of sale plus interest received since less repayment of deposits and on-going humongous costs, especially Stran and Richardson's remuneration packages, leave something for shareholders, soon.

Please do post if you learn anything more. Thank you.

And a super w/end to you too.

[cjd190573] 18/8/2023 21:36

Hi Dandi

Was hoping this was great news, after such a grotty week.

The FAQ’s just take you to the website Savings page hxxps://pcf.bank/savings-faqs/

The rate I got was 3.46% which was market leading as at last July, so there is definitely some mark-up.

How things have spun on a sixpence in less than a year.

The main reason I opened this product was so I could keep an eye on things and yes they have done me a favour.

If I get any more comms, I will share.

Have a good weekend.

[dandigirl] 18/8/2023 20:20

Great news, cjd.
Thank you for posting.
Would have been great if pcf had made an announcement regarding this.
May I ask, what rate of interest are you getting now please?
Whatever, you should be able to get much better. pcf doing you a favour, it seems.
Easy access is now around 5% and one year fixed 6%.
Are the FAQs of interest? - might you paste them too please?
Don't think it can be wrapped up by 30/09 but perhaps by 31/12 or a bit before.
That's cheered me up.
Big thanks.

[cjd190573] 18/8/2023 16:45

Hi all,

Hope all is well.

Just to report in, that I opened a savings account with PCF last year and I had this email this afternoon:-

Seems they are returning funds, rather than allowing to naturally mature:-

Also looks like they are trying to get wrapped up by the end of next month.





EARLY REPAYMENT OF YOUR SAVINGS ACCOUNT(S) – PLEASE READ CAREFULLY
PCF Bank Withdrawal from UK Banking market and Closure of your account(s)
In November 2022, PCF Bank announced the start of its process of withdrawing from the UK retail banking market for strategic reasons and that it was no longer offering any new lending or savings products. As part of this process, we are now writing to you as a PCF account holder, in order to inform you of our next steps in respect of our existing accounts.
A proposal to take advantage of improved market savings rates
Since you opened your account there have been several increases in the Bank of England base rate and this has resulted in a general increase in interest rates available in the market for savings accounts.
As we are moving toward the closure of all customer accounts, we want to offer you the opportunity to take advantage of these increased rates as soon as we can and therefore, we propose to close your account(s) and return your funds to you. We will write to you shortly with the date by which we intend to do this.
Important information about what we are proposing to do:
Your account(s) will be closed without any financial penalty
You will receive your funds plus interest up to the date your account(s) are closed
Your funds and interest will be paid to the bank account linked to your savings account(s) (your ‘nominated account’)
It is very important that if you would like to change the nominated account that your funds plus interest will be paid to that you let us know as soon as possible - this can be done by logging into your PCF account via our website online banking and sending a secure message or by:

- emailing us at [e-mail]
- over the phone by phoning us on 020 7227 7577 between 9:00am and 5:00pm Monday to Friday,
- or in writing to PCF Bank Limited, Dashwood House, 69 Old Broad Street, London, EC2M 1QS.
If you are happy for us to close your account in this way, then you do not need to take any further action and we will write to you again by 30th September 2023 with details of when your account(s) will be closed and funds, plus interest, returned to your nominated account.
If you do not want us to close your account in this way, please contact us within 28 days, from the date of this email - this can be done by logging into your PCF account via our website online banking and sending a secure message, by emailing us or contacting us by phone or in writing (using the contact details above in Important Information) to enable us to understand your situation and discuss whether there are alternatives we can offer you to closure.
Further Information
You can find our Frequently Asked Questions here that may answer any immediate queries you may have.
Thank you for saving with PCF Bank.

Yours sincerely


Daryl Hopkins

[dandigirl] 04/8/2023 20:37

Am increasingly hopeful that the rise in interest rates will help us to recover more than we could have hoped for.

See that PCF have changed registered address which should help reduce costs.

Just wish Chairman Moore would grow a backbone and start culling the Board. A Board of the current size is not needed for running down the business.

At least 2 should be gone and soon.

[fumblebuck] 29/7/2023 14:00

Thank you to all on the thread. Helpful notes.

I would *guess* that they have some duty to inform borrowers that their debt is now owed to a different entity? As these were asset sales, presumably borrowers will be paying a different firm, no? My guess is their old Direct Debit was to PCF etc.

Would love to hear any thoughts on that.

FB

[dandigirl] 21/7/2023 19:33

cjd: On further reflection, I think you are right in that the 20/6 was a pre-cursor to 6/7.

How's this for some thoughts?

The 6/7 in essence informed that the business had been sold and PCF were no longer looking for buyers. Gross value about 305m. Cash 60m Others 25m Total 390m

On the other side: Retail depositors 280m. Bank debt 60m Others 10m Capital 40m Total 390m

Proceeds of sale banked - guess your own write-down - and used to repay the BoE debt and the balance invested earning good interest rates pending repaying depositors.

Retail deposits were raised when rates were low i.e. interest being paid is less than interest currently received £ for £.

Overall net effect is that NAV p s could be increasing in the short term. Hence, SOMERS willingness to provide the 20/6 facility.

At some point though the net benefit will turn into a deficit. At that point SOMERS will want to conclude matters.

Thoughts anyone out there?

[cc2014] 18/7/2023 09:39

It's a private company now so I don't think there is any requirement to share information about the sale of the loan book. Also as a private company there is no requirement to do interim accounts. Of course, they will be doing monthly management accounts which will be shared with the Board. Whether there is a requirement under their banking licence to do interims I'm not sure. Possibly/probably but I'm not sure there would be a requirement to publish then. Certaintly they will have to do the regulatory returns including the Pillar3, but those of course are not published except annually.

With regard to the standby facility where Somers put in cash for shares which would dilute(?) other shareholders this puzzles me. This would appear to favour Somers as this opportunity is not being given to all shareholders. I am surprised this is possible but I am absolutely sure the PCF directors would not do anything inappropriate.

[graham1ty] 17/7/2023 16:47

What are the legal requirements for writing to shareholders about such a substantial change in circumstances ? Just putting it on the website is hardly letting everyone know ( and anyone not on this thread may still be completely in the dark).

Presumably, also, at some stage we are due interims ( to Mar 31st) published last year in June. I know they will be “out of date”, as prior to the asset sale, but they might give some indication of overhead cost, write offs, and an ( unaudited) Balance Sheet