Pcf Share Discussion Threads

[dandigirl] 19/2/2024 15:17

hxxps://www.investormeetcompany.com/meetings/general-meeting-22

[maverick39] 10/1/2024 11:34

Announcement on PCF website re general meeting on 6 Feb. “Serious loss of capital” - more disappointing news but what do we expect ????

[davidosh] 27/12/2023 11:47

CC2014....It appears that Garry Stran was automatically approved but Simon Moore is still awaiting FCA approval after two months...


Board changes announced in November
· Simon Moore appointed as Non-Executive Chair (subject to FCA regulatory approval)
· Garry Stran appointed as a Non-Executive Director
· Simon Lough, Helen Sinclair and Tom Wood stepped down

I wonder why the delay?

[cc2014] 27/12/2023 10:37

Garry Stran and Simon Moore found a new home at WH Ireland

[graham1ty] 17/12/2023 08:38

I would love someone (ShareSoc, an MBA student, someone) to write the story of “PCF and what went wrong”.

It would tell:
1) shareholders what actually happened ( despite the occasional announcement we are really none the wiser as to how £100m of shareholder value just disappeared)
2) act as a cautionary tale for other investors, and show how £100m can dissipate from am apparently strong position
3) alert regulators/fraud squad/police so they can assess whether anyone has a case to answer
4) alert investors to the role of certain individuals and allow reference to how they behaved

If someone, with deep knowledge of the demise, but also critical independent eyes, avoiding the pitfalls of libel and slander, could just tell us “what happened here ?” then shareholders would be well served.

But it won’t happen. Board, advisers, institutions are keeping their heads down, hoping no one noticed, pretending it did not happen.

And shareholders have been shat upon

[catabrit] 16/12/2023 11:40

Hoping for a belated gift from Santa on this one but not holding my breath.

[dandigirl] 16/12/2023 10:52

Because PCF cannot be liquidated until after the licence is cancelled.

After cancellation, the final wind-up can be concluded and if there is anything left it can be distributed to shareholders, mainly Somers but a few others too.

Bad news because the longer it takes the longer the quite awful remaining board members will continue to remunerate themselves disproportionately.

Richardson should be ashamed of herself for initiating the demise of PCF.

See below from the last update.

"""Work is continuing to complete the legal and regulatory processes required to surrender the banking licence of PCF Bank and then liquidate PCF and its subsidiaries. The ability of PCF and PCF Bank to reduce their cost base and the speed at which the overall wind down can be completed will have a direct impact on the ability of PCF to make any distribution to shareholders. The Board’s current assessment of the outcome for such a distribution is that, as previously announced, it is unlikely that there will be a meaningful distribution, if any, to shareholders. The Group will issue further guidance on this in due course""".

[123davidgwilym] 15/12/2023 18:53

Why is that good news?

[dandigirl] 15/12/2023 18:24

Good news: Looks like an application to cancel authorisation was lodged on 8 December

Bad news 1: The FCA has up to 6 months to respond.

Bad news 2: If the application is flawed the 6 months can be extended to 12 months.

[graham1ty] 28/11/2023 11:30

Email from Asset Match reminding us of the trading facility is a kick in the teeth.

And absolutely no direct communications from the Company

[catabrit] 03/11/2023 15:06

Yeah I saw the update on asset match. I have mentally written off my 2m shares. Anything I get back is a bonus.

[dandigirl] 03/11/2023 14:56

Just in case anyone pops in here from time to time, PCF have let go 3 directors at long last.

It should have happened months ago but it means that the others can milk it a bit longer.

[cjd190573] 06/10/2023 13:13

Hi Dandy sorry for slightly late reply. It got credited on 19/9. Good luck with whatever pittance remains.

[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