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With all due respect, thank god you are not in charge! Why would you give it out for free when you can invest it in obtaining a competitive capability or product that in most likelihood with IFRS 3 accounting, result in earnings accretion
Who said I wanted to run PFG? And, with respect, your opinion is irrelevant.
You've completely missed my point. Speaking personally as a significant and long term shareholder in PFG and, based on demostrable track record of preivous and current management over the past few years (unusual economic events excused), I do not believe the current management are capable of investing that cash to deliver products of an accretive-value in the future. It's constant promises of 'meeting internal expectations' and delivering value 'in the mid to long term'. I've been wiating and continually topping up in the mid-term and whilst I see improvements in liquidity I do not see any improvements in transparency or ability to general new business in their pillar biz stream - Vanquis credit cards.
Rewind not too far and see what investing many £100ms in to efficiencies and new products achieved for PFG. I would therefore welcome anything the management can do in the short term to get some positive momentum into the share price - this would include share buy backs, special divis from provision wind downs and M&A activity. Hence my prior comment that PFG being acquired would be a positive step.
Maybe we revisit this discussion in 12 months and see what management have done. I'd be delighted to be proved wrong.
Don't let your ego get in the way of my substantive point.
City announcements are full of boilerplate prose. There are scenarios where giving less detail to the City is helpful. In this case management are spending heavily on sales/marketing/commissions for personal loans but are not admitting that because they want to be seen to be able to grow
I must admit to feeling a bit dejected at rests and SP drop today. I've been in this share a LONG time, and have suffered some big losses. Trying to keep a clear head and not let emotion sway your decisions is really damn hard when it comes to investing.
But, put into perspective, we are through the CCD / Home Credit / FCA debacle. We are back into profit and we have a divi being paid again. It's a bit improvement on where we were! Gonna sit on my hands and wait.
Ego? I simply don't agree with your substantive point. I'd agree in relation to other businesses where I trust the management teams to deliver value from investment, but I'm past that point with current PFG team.
They've already spend heavily on marketing / sales / systems for the past 18-24 months and at present have next to zero customer / loan book growth to show for it. We were promised results by now previously and they've not arrived.
Like I say, I'd love the management to prove me wrong in the coming 12 months as I'm significantly out of pocket as things stand.