20 February 2019 – placing and open offer
The company has announced details of a proposed placing to raise a minimum of £10.0m and an Open Offer to raise up to £0.75m. The price at which this is done is likely to be 30p per share. This reflects the fact that PCF Bank is on track to achieve a £350m lending portfolio ahead of schedule, this year rather than in 2020. In order to achieve its next target of a £750m lending portfolio the company intends to acquire and invest in additional complementary businesses. The fundraising may cause a drag on share price performance in the near term but prospects are solid so the shares are a LONG TERM BUY.