Pcf Share Discussion Threads

[the big fella] 11/3/2019 10:10

Anyone know what the ration of scale back was on the excess application. My broker is completely inept in this respect (well the online broker I have this position with is anyway).

[geraldus] 10/3/2019 09:19

Challenger banks in the news again.This time One Savings and Charter Court in merger talks.

[graham1ty] 08/3/2019 13:15

Anyone at the AGM?

[graham1ty] 08/3/2019 08:51

New Stockdale note today with target price of 60p.......

So why did they not get a better price for PCF ?

[glaws2] 08/3/2019 08:38

Was it that good ? At the of Dec the portfolio was £250m and so has only increased by £5m in two months - at that run rate they are going to fall short of the £350m target by the Sep 2020. However, they do say that the target will be achieved ahead of schedule so I am having difficulty reconciling this.

[fozzie] 08/3/2019 08:35

Agreed. Brainless is the word that springs to mind. With a statement like that i would have thought they could have raised required monies from current investors at prevailing price on the day of the announcement. Just plain daft and that's worrying.

[the big fella] 08/3/2019 08:31

Cracking trading statement, which makes the discount on the placing even more frustrating.

[yupawiese2010] 08/3/2019 08:26

Scott talking to Proactive

[graham1ty] 06/3/2019 12:00

CC I would love to be going but have another meeting that I just cannot get out of. Give them a hard time on the pricing of the issue. I absolutely get that the Placing was needed.....just not at that price !!

It will be interesting what the AGM statement ( if any) says. If it is bullish, the shares will run up on the very day of the votes. If it is bearish, then there will be lots of questions.

It is most likely to be very similar ( if not a repeat) of the Placing statement. Reasonably positive. In which case, surely 30p was not the right price

[cc2014] 06/3/2019 09:34

I too applied for excess shares. It's my view that there will be a large number of PI's who will not taken up the offer as at 1 for 37, if you really didn't want them, the size is too small for many to make a decent profit after trading costs.

I am hopeful I will get an extra 10% but I'd be surprised if it's more than 20%. I suppose it depends how they allocate them.


I'm attending the AGM on Friday. I think you usually go Graham? It would be good to have a chat.

[the big fella] 05/3/2019 09:34

I applied for 50000 excess shares I reckon I will be lucky to get a tenth of them. I did try and see if my broker could get me involved in the bookbuild but it was a closed shop. All a bit frustrating. I was hoping for 50p share price this year but I think we will be lucky to see 40p this year now

[graham1ty] 04/3/2019 22:22

Just reflecting on the Board not taking up their Open offer entitlement to make sure there was more to go around.

Take the FD, who owns 230,000 shares. His entitlement would be ( at 1:37) 6231 new shares, or £1869.

Even Scott, with 1,717,653 shares would be entitled to 46,423 shares, or £13,926.

If you take the current bid at 32p, those shares to Scott, if he took them up, would give an instant profit of.......£928.

For the FD.....£124.

Just shows how derisory the 1:37 Offer is to existing shareholders, notwithstanding the Board forgoing their entitlement, and Somers not taking all of theirs. In fact, with a 2p profit, the entire 2.5m shares under the Open Offer would currently give a profit of £50,000. Not much among all the loyal private shareholders !!

[graham1ty] 25/2/2019 15:12

Thanks Carcosa, good spot.

Sentiment remains positive towards PCF and everyone respects the Board. That makes it all the more surprising that the Placing was at such a horrid discount

[carcosa] 25/2/2019 14:37

May be of interest to some...

[cc2014] 25/2/2019 09:27

I am a bit frustrated with the situation here with the commercial terms of this deal.

It seems the placing has raised £10m with £0.5m of costs. Given Somers took £5.25m of the £10m and I'm sure that was sorted beforehand, it appears the bookrunners have really been paid £500k to raise £4.75m. It seems excessive to me.


I find these OO very frustrating in that time and time again they shaft existing shareholders in favour of new shareholders. I understand the company requires capital in order to expand and that some form of cash raise was always going to happen (and will probably happen again) but I see time and time again that the new shareholders who get in at a great price of 30p have no long term commitment and just flip for a couple of pence.

I had already booked my train to go to the AGM so I guess I have a chance to ask the directors to explain the detail of all this. Sometimes with one large shareholder it's more likely this sort of thing happens.

[topvest] 22/2/2019 19:41

I think I will give the open offer a miss. Happy to hold.

[jpsmithson] 22/2/2019 13:33

I was looking at the forecasts on webfg.

2019-09-30 Rev 21.37 Pretax 8.17 EPS 3.10p
2020-09-30 Rev 27.76 Pretax 11.22 EPS 3.85p

They are looking as though they may be ahead of the target for 2019. Has anyone tried to forecast the 2022 numbers if they reach their lending and margin targets for that year ?

[graham1ty] 21/2/2019 11:05

It is all going very well, and they are way ahead of where they hoped even 18 months ago. I have no worries about that.

Which is why it is disappointing that the sales pitch to instos was not much easier, as it might have been done much closer to par.

It is not the dilution that I am annoyed about. It is just, if I had been offered stock at 30p, in size, I would have grabbed it

[geraldus] 21/2/2019 08:31

Reading through the announcement it seems they are moving forward faster on the bridging loan and another acquisition possible.Will hold but placing could have been more generous.

[topvest] 20/2/2019 21:06

Not sure what all the grumbling is about. Somers think 30p is the right level and are a very supporting and savvy investor. Why would they pay a massive premium to book value which is about 20p. ICM (Manager of Somers) are value investors. Anyway, I think it's a sensible move and keeps the capital position strong without much dilution. Indeed TNAV per share increases, so you can hardly call it dilutive. I may take up the open offer or give it a miss. Happy to hold this, but not really that interested in adding more as my remaining shares are now zero cost, not that this should change my decision making!

[wanbissaka] 20/2/2019 15:51

My point being there shouldn't be a massive over hang for us to stay at these levels for too long. Hopefully not many in the placing that will flip them short term. Given the lack of traders in this share those that do take up their allotment (which I would assume most will), are investors, not traders.

[graham1ty] 20/2/2019 15:39

At 1:37 a holder of, say, 100,000 gets an allocation of 2,702 shares. At 32p bid, they can take a turn of £54.

Meanwhile, the underlying holding has fallen by 3p, or £3000.

Those participating in the Open Offer, lose appallingly

[wanbissaka] 20/2/2019 15:01

On the positive side there would seem to be little point in selling and buying back cheaper in the placing. The number of shares we are talking about wouldn't cover the commission!

[graham1ty] 20/2/2019 14:55

I do not understand the 1:37

If you take Somers and the Directors out of the Open Offer (they say they will not subscribe) that leaves holders with 71m shares ( Somers have 139m and the Directors about 4m)

That means the shareholders stuck with the Open Offer hold 71m shares, so it should be 2.5m on offer for holders of 71m, or one for 28 held.

And that assumes that no other existing institutional shareholders took any shares ( and voluntarily excluded themselves from the Open Offer) which is extremely unlikely. Even 1:28 would have stitched up small shareholders, but would have been better than 1:37