Provident Financial Share Discussion Threads

[porsche1945] 17/5/2019 12:13

I agree, everything Woodford is involved in turns to sxxt. Huge illiquid stakes, interfering with management, look at what has happened to Stobart, another " Woodford Winner " with a share price more than halved in six months, he is an absolute menace and Hargreaves Lansdown should be called out for punting his awful funds ashard as they did also. That idiot Barnett seems to be Woodfords bixxh as well.

[fenners66] 16/5/2019 12:14

Just catching up

So they reckon lowest cost of advice is £19m
Then "explain"

Broking advice £13.9m
Accounting advice £0.4m
Other £0.4m

Total £14.7m

When "other" generally covers all of the rest .... no wonder they cannot run a business when they cannot properly report where the £19m is spent !

What is the point of attempting an explanation if all it does is create more questions ?

Wasn't this once a FTSE 100 company ?
Releasing that RNS is pathetic.

[gregsc] 16/5/2019 11:01

Woodford is to blame for this debacle (met him once at a Fidelity meeting)

From "This is Money" this morning.

John van Kuffeler's battle to buy the doorstep lender has been backed by investors who own just 53.53 per cent of its stock, a stock market filing revealed last night. Although it technically puts him in control, he will not be able to cancel the Provvy's listing or merge it with his business, Non-Standard Finance (NSF), as planned.
NSF last night said it will give other shareholders time to reconsider. If it can get to 75 per cent or above a full merger between the two businesses can go ahead. This is well short of the 90 per cent backing van Kuffeler initially aimed for. But if this level is not reached they will have to remain separate with their own management teams, undermining NSF's main argument for doing the deal.
The result will be seen as particularly unimpressive because when NSF launched its takeover bid in February it had already won the backing of three major investors – Invesco, Woodford Asset Management and Marathon – which controlled 50 per cent of the company's stock.
It means that despite a bitter takeover battle which has raged for months, NSF has only convinced another 3.5 per cent of Provvy investors to come on board.
NSF now needs to secure support from regulators by June 5 for the deal to be approved.

[cantrememberthis2] 16/5/2019 09:31

Tradejunkie why lol no?

they got their 50%?

[jas0701] 16/5/2019 06:32

It's a legal way of robbing a company. I can fully understand why PFG are spending 19 plus millions to fight of this ridiculous takeover. It will be worth every penny if PFG can succeed in avoiding this ridiculous takeover.

[cantrememberthis2] 15/5/2019 19:00

Its game set n match..gone unconditional so they dont need the other votes?

[jimbobs147] 15/5/2019 18:55

It's not over until the fat lady sings, 92% of independent investors have not accepted the offer (it's worse than May's deal!), the FCA, PRA & CMA still have to approve it.

hxxps://tools.euroland.com/tools/Pressreleases/GetPressRelease/?ID=3609920&lang=en-GB&companycode=uk-pfg&v=

[richardbrook1] 15/5/2019 18:21

8.88 nsf shares for each pfg if I remember rightly

[jas0701] 15/5/2019 18:14

What price are NSF offering per PFG share for takeover. It's very confusing. Not sure whether to sell up with a loss or stay in until dust settles. Any thoughts will be most appreciated.

[richardbrook1] 15/5/2019 17:21

They got 53% acceptance

hxxps://www.ii.co.uk/news/non-standard-finances-hostile-bid-for-provident-now-unconditional-al1557936969768575300

[tradejunkie2] 15/5/2019 17:03

Shareholders being rogered up the botty you mean?

[pictureframe] 15/5/2019 16:57

been stitched up here

[jimbobs147] 15/5/2019 14:28

They couldn't simply tell them to FRO as NSF had already received irrevocable assurances from more than 50% of shareholders that they supported the takeover prior to submitting the hostile bid. The fees are astronomical but necessary to fight off the bid, it's Woodford who is to blame for this.

[dexdringle] 15/5/2019 14:05

Fees and expenses of GBP19.0 million to GBP21.0 million to do what exactly ?

The board could have just called NSF and told them to FRO and that would have cots precisely £0

[pictureframe] 15/5/2019 13:19

I fail to see how they incur such high costs when someone else is making a offer. Something stinks here.

[dendria] 15/5/2019 13:14

'The total fees and expenses expected to be incurred by Provident in respect of the Offer are in the range GBP19.0 million to GBP21.0 million'.

It's a staggering amount with no value added to the business. What a waste of money. Still Woodie seems to like blowing other peoples cash so little wonder he supports it.

[minerve 2] 15/5/2019 13:06

"(i) Financial and Corporate Broking advice is expected to be in the range GBP13.9 million to GBP14.1 million"

Unbelievable. Is this sort of expenditure really necessary?

Here is to hoping PFG never get another bid again, ever.

Hope it fails.

GLA

[jas0701] 15/5/2019 12:34

PFG just we'd to say we don't accept your bid. Business as usual. Unless this company really is in trouble.

[jas0701] 15/5/2019 12:32

Why is it falling

[rimau1] 15/5/2019 08:32

Yes, decision due at 1pm, i unfortunately expect NSF to extend the offer timetable and reduce the acceptance level but if they are forced to pull out we should see a strong rise. Not heard of any white knight rumours so PFG must be confident of winning. I’ve built a position here over the past 6 weeks based on the offer ultimately being rejected, i think this is low risk because NSF shares will rise if they are successful and PFG will rise if NSF fail so isn’t this a double headed coin? fingers crossed.

[richardbrook1] 14/5/2019 23:28

The nsf offer is up tomorrow at 1pm I think so we’ll find out more then I think. Looks like the price has gone down to equivalent of the offer price

[jas0701] 14/5/2019 22:11

What's going on with PFG does anyone know?

[wad collector] 13/5/2019 15:45

Down 4% suddenly this afternoon , don't like the look of this new low - cannot see any new news.