I was just acquainting you with the standards which the law...

First 13 Last

Share
Profile

Follow
spider5

1,880 Posts.

386

17/03/24

11:17

Post #: 72926237
Share

Originally posted by rosencrantz: ↑

losses relating to the 2018 debacle
and what about the losses incurred by Pioneer Credit?
If, as you suggest, that Nomura is the sole funder of the $280m+ debt facility then I'm sure they have assessed the prospectivity of the claim in negligence against PwC.
There are 5 main actors in the subject debacle:
Pioneer Credit and its plenipotentiary Keith John, the Carlyle Group, PwC and ASIC.
ASIC have chosen not to prosecute an action against Pioneer Credit nor its plenipotentiary... that I suggest is significant.
The merit in the claim brought by Pioneer Credit is sufficiently clear. PwC's defence will emerge in due course.I anticipate that it will be sufficiently weak for their insurers to advocate for settlement.
So, I'm willing to bet that there is a plenipotentiary at Nomura who recognises the career making opportunity to lead the jumbo senior debt syndicate. I think that her Japanese masters will accept her submissions that the fair and commercial value of the net assets in Pioneer Credit exceed $44m by at least $100m ...$20m for the upcoming PwC settlement and $80m for the embedded value in the $661m ascribed by Pioneer Credit to remaining collections. And, she will have no difficulty in persuading her masters in Tokyo that their PNC exposure will be readily syndicated to other commercial banks who recognise the role of Pioneer's plenipotentiary in steering the company onto a sure and very profitable footing.
I feel the need to re-acquaint you with the FY18 metrics.Cash receipts of $105m and NPAT of $17m and a PNC share price of $3.50.
From the understandable discomfort of a losing position you may be over analyzing this spider. I say don't look a gift horse in the mouth.

Expand

I was just acquainting you with the standards which the law applies to PDP reporting. It has little to do with what I think the company is worth. The fact is that no matter what you or I think the company must report their PDP values to the market according to those standards and those figures will be the way the market judges them. That judgement unfortunately reflects in the share price. I still hold a small parcel in the hope that eventually they can rebuild their balance sheet in much the same way that CCP built theirs after a similar debate over what their PDP values were.

PNC Price at posting: 40.0¢ Sentiment: Hold Disclosure: Held
4 Upvote

1 Great analysis

Reply