Provident Financial 6% Sept 2021

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Comments

  • hmm. That makes sense because someone has been soaking up PFG shares against the flow since the AMGO ruling.

    I'm not sure what it means. Must be good for PFG equity and bond holders though.
  • Thanks dandigirl and JD, hope this is good news and that they know something more than we do. I also saw that Schroders have around 15% as at 29/4 and Coltrane , Grand Caymans around 5% as at 20/5. Given the RNS normally takes a few days/week to publish major shareholdings we are running behind the leaders of the pack. On the face of it for us mere mortals it looks goodish.
  • 21's being quoted at 98.5p to buy. Might be of interest to someone here with more risk appetite than me.

    23's being quoted at 95.7p so doesn't look like a general sell-off.

    I haven't looked at the 100k 2023 issue.


    I'm surprised there hasn't been a bit more selling on the 23's given AMGO lost their court case.

    Please note. I am bringing this to the Board's attention but I''m not buying and I do not hold either the 21's or 23's, having sold mine as these schemes worry me (perhaps unnecesarily)
  • Not sure I'd want to buy the 21s at that price. Not enough time left to make it worthwhile unless you're investing multiple times what I could afford but I do still own quite a few of them purchased aabout a year ago.

    My understanding is that, assuming they are still around come the end of September, then there isn't anything they can do but pay up or offer a carrot to roll over (but in that event it's the holders decision whether to take the money or the carrot).
  • Think that the 21's are okay although terms of the "carrot" should be interesting.

    But the 23s? £250m to be refinanced plus £60m.

    Must be hoping that the rump of the business is strongly performing by then to facilitate this.

    There is probably some regret that they raised such a big amount which now has to be refinanced in one go. [I haven't reviewed the prospectus for partial redemption].
  • See the ords down 4.5% or so this morning-it's going to be a helter skelter ride over the next few months.
    While a substantial sweet carrot sounds good and tasty not sure about chewing on a wurzle.
  • Redwood now above 11%. Nice to see someone has confidence.
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