Pcf Share Discussion Threads

[knowing] 22/4/2010 23:50

Agree with you NY B and have never seen the spread so tight here. Will take a look at GRI but MFX also worth looking into.

[ny boy] 22/4/2010 16:25

UK Car new car data was very good, hopefully this will show signs of life soon! Knowing take a look at Grainger Trust (GRI) when you get time, looks attractivily valued.

[knowing] 22/4/2010 16:17

Hopefully they have done well out of this crisis as Bnaks tightend money lending companies had to look for alternative sources.

[knowing] 22/4/2010 14:50

BUY 5K SELL 75K

[knowing] 22/4/2010 14:47

Making a market at last.

[knowing] 18/2/2010 15:32

Simon will you be adding to your holding as these are so undervalued?

[knowing] 15/2/2010 22:14

Is this the new CR thread?

[bones30] 11/2/2010 10:28

Simon: would appreciate any updates on Sunkar too - if you want any ideas for the diary. Kind regards.

[argy2] 11/2/2010 07:19

Simon

Would be interested in your current view on Nexus and has your daughter been adding to her already sizeable holding?

[simon cawkwell] 11/2/2010 03:38

Gentlemen,

I am probably just thick. But I have not worked out why PCF is so cheap.

I agree that dealing volumes and so forth are pitiful. But, even so, one would think that at current levels, say 8p, this is a put it in the tin job.

Separately (in a sense) I mention that, as I listen daily to the tales of woe from UK banking in practice, I rage (internally of course) that such an incompetent bunch of grasping bozos are in effect given an exclusive licence to take deposits from the public and, let us not forget, the BoE at 0.5% and are then free to shaft the rest of us at any rate you care to dream up.

That is not all: most of these licensed bozos can barely read or write. And we all have to pay for them. Truly, I loathe Brown, the architect of this disaster.

Simon Cawkwell

[ny boy] 07/2/2010 23:42

Nice find Knowing!

[solarno lopez] 29/1/2010 08:12

and I was a loan stock seller for obvious reasons

[knowing] 29/1/2010 07:59

Just on the back of this one

[knowing] 28/1/2010 16:10

Don't know if there will be any update on the above note but will do a little checking.

[knowing] 28/1/2010 12:57

Broker recommendation full details
Date: 28 January, 2010
Broker: Daniel Stewart
Company: Private & Commercial


Recommendation:
Retain Buy price target 15p


Buy

Over all Intermarket Stock rating for
Private & Commercial
Buy


Historical recommendations for Private & Commercial
First Last
28 January, 2010 Retain Buy price target 15p Buy


Private & Commercial in the news

[grlz] 28/1/2010 01:51

@30/09/09 PCF had £1.07m cash or cash equivilants - now they have spent £115,192 of that before fees to save £11,968 pa and £34,408. Near term it doesn't help liquidity and clearly demonstrates that PCF are still running the loan book down, as they don't need the liquidity for new business funding.. so the share price falls.

Longe-term, its self-financing but the numbers are tiny, only adds £100k(ish) to the balance sheet spread over 4 years.

I'm surprised PCFBs still are 77 given PCFs moves to buy.

all imho DYOR

[crawford] 27/1/2010 16:38

RNS Number : 2121G Private & Commercial Fin Group Plc 27 January 2010

PCF.L / Index: AIM / Sector: Speciality & other finance

27 January 2010

Private & Commercial Finance Group plc ('PCFG' or 'the Group')

Repurchase of Loan Notes

Private & Commercial Finance Group plc, the AIM quoted finance house, announces that on 27 January 2010 the Company repurchased 100,000 8% Convertible Unsecured Loan Notes 2013 of £1 each in PCFG at price of 77p per loan note plus interest accrued and due to date. The loan notes purchased will be cancelled. Following the cancellation, there will be 2,415,411 8% Convertible Loan Notes 2013 in issue.

Enquiries:

Private & Commercial Finance Group plc
Robert Murray / Scott Maybury 020 7222 2426


Westhouse Securities Limited (Nominated Adviser)
Tim Feather / Matthew Johnson 0113 246 2610


Daniel Stewart & Company plc (Broker)
Martin Lampshire / Graham Webster 020 7776 6550


St Brides Media and Finance
Felicity Edwards 020 7236 1177


Notes to Editors:

[solarno lopez] 23/1/2010 10:25

PATERSDW can you point me in the direction or better still name some of the convertibles that are at a significant discount. Unfortunately my ability to find these is very limited thanks

[grlz] 22/1/2010 16:29

nah knowing pb's don't earn anything unless you win - I think I will stick with converts as they guarantee me a yield plus i'm hedged should the share price surprise cos' I can convert ;) Its called win win investing. I win cos the assests are enough to pay me out at par in 2013 and should I be wrong about the company's survival prospects and the shares soar as you dream about. I still win cos' I can convert, although they will have to soar some way to put them in the money lol

DYOR

[knowing] 22/1/2010 16:22

Invest in Premium Bonds then.

[grlz] 22/1/2010 16:20

Pater - you miss my point. The ordinary shares are the straw of the basket. I have made no secret in the past that I prefer + hold the notes, I even used the redemption payout from my PCFAs to purchase discounted PCFBs. I have no faith in the equity, as shareholders are last in line and there is barely enough in the pot to cover the bonds should PCF fail. Past actions of the Management also demonstrate they care little for the 'ordinaries' as they have diluted them with give away placings to pay off the PCFA holders, plus to pay any fees their advisors charged along the way.

The math is simple if PCF fails even selling the Loan Book with a 10/15% discount will cover the banks, redundancy and administration fees leaving a decent chuck of the unearned income to pay off the bond holders - ordinary shareholds along with the trade creditors can share between them the proceeds from the sale of the photocopier, desks + chairs and coffee machine ;)

[patersdw] 22/1/2010 01:28

The loan note buy out is discounted at an annual 18% to redemption value - good play by PCF. But the 23% discount to par actually quite modest - there are plenty more convertibles out there at significantly greater discounts. Nothing there is saying that PCF is a basket case, despite grlz knocking.

[ny boy] 22/1/2010 00:14

This will probally will go up tomorrow as most other stocks will no doubt be a sea of red!