Hi @Faramir
I exited Pnc as soon as it restarted trading. Wasn't prepared to risk deal completion then, certainly wouldn't risk it in this market. Not following developments in this company, many better opportunities in this market.
Hi @FaramirHi @craft
Things are looking bad. Today it dropped to $0.31, that's 39.8% from yesterday. Things have been going not too well over the past couple of months. Recent market turmoil has not help.
Today, this announcement looks like it put a nail in their coffin. Maybe I am being too alarmist.
https://www.asx.com.au/asxpdf/20200324/pdf/44gbdpg44yw08l.pdf
This is not an update. This is saying that Carlyle might want to back out??? I think they got a raw deal??
I may as well pick PNC for the tipping comp. A4N have not served me well in terms of tipping, so I am going to choose PNC.
Trading Halt.... has all the hallmarks of Carlyle pulling out (as per the denial in response to media 25/3).... and, then, CFO moving on (06/4), mmmm? ......Red Flags (up the pole)this Trading Halt happens:
https://www.asx.com.au/asxpdf/20200408/pdf/44gt653gt5lmpp.pdf
Their “White Knight” could have picked a better looking damsel to rescue.
@Dona Ferentes I am really worried about this business. I feel sorry for its clients and front line staff. I use to believe in its ‘ethics’ about how PNC helped its vulnerable customers. Maybe I was fooled by my naivety. There seems no way out.
Pioneer Credit has denied the claims..The Australian Financial Review understands Carlyle Group is livid the company was offering large discounts to debtors in 2019 to get money in the door and is yet to appoint permanent replacements to the chief risk officer, chief operating officer and chief financial officer roles.
- well, der."The Company is generally disappointed with Carlyle’s actions and is considering this further letter and its proposed response. Pioneer believes that it has engaged with Carlyle in good faith continuously throughout the period since the SIA was signed, providing extensive information, analysis and data and has responded to all enquiries with vigour and detail. It seems clear to the Board that Carlyle are intent on exercising maximum pressure on the Company, including using the potential impacts of COVID-19, to move from their original commitment under the SIA and either withdraw from the transaction or attempt to gain control of Pioneer for a very low price. "
A cleansing notice is a statutory notice a company must issue after placing new shares on the market. They are usually accompanied by appendix 3Bs. Their purpose is to tell the market that the company is in compliance of its continuous disclosure obligations and is not relying on any carve outs under the continuous disclosure regime. In other words the market is fully informed. This means the newly placed securities can then trade with no restrictions. Hope this helps. Above is my basic understanding but I am no lawyer.
The cleansing notice would not have caused investors to sell. It could be a few knife catchers selling to grab some profit or other holders taking the opportunity to sell after the recent rally.
PNC looks to have been in big trouble during the past year.
Thanks PeterThe cleansing notice would not have caused investors to sell. It could be a few knife catchers selling to grab some profit or other holders taking the opportunity to sell after the recent rally.
PNC looks to have been in big trouble during the past year.
@coolcup I quoted your explanation of a cleansing notice as I thought it was a good explanation.
Knowing what a cleansing notice is would make it an unlikely reason for the recent price fall in PNC. Hence my response to James5890.
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