Pcf Share Discussion Threads

[grlz] 26/11/2009 16:31

glug glug glug as the share price sinks to an all time low - meanwhile more credible performers like PAG triple

Be interesting to read the accounts to see how much the 'placing' debacle cost in extra fees... my guess £200k. Salaries will probably be higher with directors remuneration soaring with Nelso's pension top up or will they be carrying that over to the next period?

[solarno lopez] 26/11/2009 16:18

grlz, but being an idiot is

[knowing] 26/11/2009 15:42

Matched trades

[grlz] 26/11/2009 15:41

another significant dump of just under 2% of the issued equity

Amazing investors aren't getting crushed to death as they all head for the door...

[grlz] 25/11/2009 12:03

czar - yep ur right and I guess management will take it private for c10p.... just like BWE

Problem with outfits like this is management have structured all the value towards their salary share option exits so the only other realistic bidder would be via a JV with a niche PE player who would introduce their capital via a heavily discounted placing.

Valuing this via its NAV is pointless as the only options available to PCF are to (a) run the loan book down to obtain full NAV or (b) sell the book on and atm loan portfolios are trading between 50% - 75% NAV... Read PAGs treasury operations their share price has 3x by acquiring debt and buying portfolios from muppet companies like this... meanwhile PCFs treasury ops under the guidance of the clown management has fallen apart like a comedy clown car.

Sack Maybury...How??? He and his value destroying clique have contracts that would strip half PCFs MK to clear, unless you want to fight an unfair dismissal case, which he would probably win as being useless, playing the clown and burning shareholder funds are not in themselves grounds for summary dismissal

DYOR

[solarno lopez] 25/11/2009 12:00

yes but he is still there

[knowing] 25/11/2009 10:40

I think we get the point.

[solarno lopez] 25/11/2009 08:09

sack Maybury

[czar] 25/11/2009 07:43

Sooner or later someone will take this outfit over, net assets of 17p and unrealised gain in the loan book of £32m.

[knowing] 24/11/2009 15:02

Sack Brown

[solarno lopez] 24/11/2009 14:53

Sack Maybury

[knowing] 24/11/2009 14:38

Oh I'm in many NYB.

[ny boy] 17/11/2009 12:28

Still waiting here, haven't bought in as I want to see some decent vols and a higher share price say holding above 10p

Knowing I trust you are in PYC!

[knowing] 11/11/2009 08:24

Well well well a little bit of blue.

[solarno lopez] 10/11/2009 07:13

SACK Maybury?

[grlz] 09/11/2009 19:07

Solarno - never been a fan of Maybury, the guy has no spark...and worse he is unlucky. But thats what LTers are stuck with, a guy with no imagination who is essentially turning PCF into a private label lending operation of its panel banks. I wouldn't mind that position if the banking panel was sharing the risk, but their not their just taking the rewards with an aggressive banking covenant. The risks are carried entirely by PCF shareholders who face constant dilution bailing out PCFs inept treasury operations.

Basically the NIG settlement has been wasted as the business is now 95% leveraged. Lending terms and margins are being dictated by the panel banks meaning PCF makes nothing but carries the lending risk.

Worse, PCFs equity as currency is pretty much worthless so the company cannot effectively raise capital without causing further dilution. This fear is depressing the share price as the 2013 notes will require a further placing to redeem plus whatever other working capital PCF will need along the way.

I am sure PCF will rise on the results... I am also sure it will give up any rise a few weeks later as PCFs business model is now dependent totally on third party capital which it makes nothing on once arrear and defaults are taken into consideration.

all imho / DYOR

[solarno lopez] 08/11/2009 10:56

like most directors they put off the inevitable until they had to redeem the laon stock

Unfortunately Maybury is not very bright I spoke to him some months ago about redemption namely buying back at a discount but his advisers Hanson West House as it was then had no idea about the true market price and how market makers were manipulating the stock price. I suppose thats what comes of an advisory firm with accountants who have never been in commerce.

One wonders what they will do when the 2013's are due for redemption....hide!!!

[knowing] 08/11/2009 10:49

Could have been worked and what was holding this back.

[grlz] 06/11/2009 18:25

someone dumped over 500k's worth and after reading that piece from proactiveinvestor its not surprising to see why, read like PR blurb breast feed by the PCF communications dept.

Underlying business is doing well, but the board's management of treasury operations has been shocking - the note redemption fiasco has again basically robbed shareholders with a further discounted dilution. No serious institution...unless their buying into such a discounted placing are going to take a stake, as PCF are always finding themselves panicked into issuing stock to bail out treasury errors - I wouldn't mind but the 2009 notes had a date printed on them so it was an entirely foreseeable event that they would need to be redeemed!

Because the performance of the treasury operation is imho beyond ridiculous - the company has leveraged itself into a corner (95%) so is forced to accept significant margin erosion and T+C restrictions demanded by the banks in order to maintain support.

I doubt the company's weak management will ever break out (they have been trying for 4 years). PCF is at best just another so so news driven stock that gives up its rises after a few weeks. The end game here is being taken private or taken out around 10/12p imho

[knowing] 06/11/2009 15:53

As soon as that spread narrows I'm sure we will see buyers. Presently it's a stand off.

[fillipe] 06/11/2009 11:19

Knowing, yes I also remember the old 50p days of the early 2000's - it was always a fav of Tips. I never did them in those days but have always clocked them on any news .....and am well in now.

gl

f

[knowing] 06/11/2009 09:43

Thank you for the information.

[tomesy27] 06/11/2009 09:39

Thursday, November 05, 2009

Private & Commercial Finance Group: a discount too far?

In the current days of the most severe recession to hit us in recent times business is challenging for everyone everywhere. It is easy to imagine that a small finance company would be finding the going particularly hard since the mounting cost and availability of funds is taking away whatever operating income is there.

[andy] 05/11/2009 09:01

New article and analysis

[knowing] 03/11/2009 21:57

All indicators have turned.