Time Finance (TIME)

[monabri]

Morning all

On Friday evening it appears that someone with deep pockets bought 17,796,173 shares in OPM at a cost of £4m which is approximately 20% of the company's value. This wasn't reflected in the share price at the time, but has boosted the share price this morning up to 20p.

There is no rns regarding the purchase, so I'm not too sure what to make of it!

Cheers, OLTB.

That wasn't an Uncrossing Trade figure (UT) was it?

[OLTB]

That wasn't an Uncrossing Trade figure (UT) was it?

I don't think so - I've not seen it before on OPM, but I could be wrong...perhaps someone wants to buy it and put me out of my misery

Cheers, OLTB.

[OLTB]

Well, the rns dropped in late this afternoon - it was a new buy from Cloverleaf 374 Ltd which looks to be linked to Wellesley Group (an alternative finance firm). The purchase was 19.99% of 1pm shares. I know nothing of Wellesley Group aside from their website here https://www.wellesley.co.uk/about-wellesley/ so we'll see what happens from here in.

Cheers, OLTB.

[WickedLester]

I'm still holding these but sitting on a stonking loss at the moment. I haven't given up on them and recent news appears quite promising for a recovery.

First the results were out and they remained profitable for the year despite the disruption although profits were a long way down.

https://www.investegate.co.uk/1pm-plc-- ... 00106516Z/

Secondly the AGM statement was out yesterday and it suggests that the company is recovering from COVID quite well. Arrears have fallen and the business is still profitable.

https://www.investegate.co.uk/1pm-plc-- ... 00088498C/

Finally one Viscount Dangan has taken a 20% stake in the company. I don't know anything about him or what his plans are for it.

All in all i'm happy to hold as they don't look like going broke and could prove to be very cheap in a couple of years time.

[jackdaww]

I'm still holding these but sitting on a stonking loss at the moment. I haven't given up on them and recent news appears quite promising for a recovery.

First the results were out and they remained profitable for the year despite the disruption although profits were a long way down.

https://www.investegate.co.uk/1pm-plc-- ... 00106516Z/

Secondly the AGM statement was out yesterday and it suggests that the company is recovering from COVID quite well. Arrears have fallen and the business is still profitable.

https://www.investegate.co.uk/1pm-plc-- ... 00088498C/

Finally one Viscount Dangan has taken a 20% stake in the company. I don't know anything about him or what his plans are for it.

All in all i'm happy to hold as they don't look like going broke and could prove to be very cheap in a couple of years time.

=====================

i am tempted to dip in ...

[OLTB]

Morning all.

Still holding here and as well as a welcome share price rise recently, it is reassuring to see three directors buying shares in this morning’s rns.

Cheers, OLTB.

[WickedLester]

I'm still holding too and bought some more a while ago. My average price is now around 35p so still a long way underwater.

I'm not sure that the Directors' buys were anything to get excited about, they weren't particularly substantial.

[WickedLester]

These are now Time Finance but I don't see any point starting a new thread.

There's been some interesting news recently.

Firstly a very generous option package for the board with a hurdle that looks easily achievable. That's not something I like to see but it seems to happen all the time.

https://www.investegate.co.uk/1pm-plc-- ... 00095472D/

Secondly a trading update which seems to show that their fortunes have improved considerably from the height of the first lockdown and they have returned to profit. It remains to be seen how the current lockdown affects them.

https://www.investegate.co.uk/time-fina ... 00049891H/

Thirdly it looks like the new major shareholder is flexing his muscles and there are changes at the top.

https://www.investegate.co.uk/time-fina ... 00057323K/

I remain a shareholder and this is my largest paper loss at the moment but I feel confident that the company has excellent recovery prospects and doesn't seem to be in any distress so I will continue to hold.

[OLTB]

Morning WL

As a long term holder as well, I was a little unsure how to read into the two rns announcements this morning.

It looks as though Cloverleaf 375 Ltd have transferred ownership of their 19.99% holding of TIME to Wellesley Finance Ltd. Wellesley Finance Ltd started a company voluntary arrangement in November 2020 and I'm not too sure why Cloverleaf would transfer shares to Wellesley. There is a common link in that Garret Wellesley is both a director of Wellesley and Cloverleaf.

Will Wellesley start to sell the TIME shares as they are now an asset he hold in order to meet their liabilities? Could put pressure on the share price if this is the case.

Cheers, OLTB.

[jackdaww]

i have negative vibes from somewhere on Wellesley .

[UncleEbenezer]

i have negative vibes from somewhere on Wellesley .

There's an association there. Something about filling ones boots.

[Heinous]

These are now Time Finance but I don't see any point starting a new thread.

It would help if the thread were renamed, however: "Time Finance (TIME) [previously 1pm (OPM)]

[jackdaww]

i have negative vibes from somewhere on Wellesley .

There's an association there. Something about filling ones boots.

=============================

was he involved with ratesetter ?

[WickedLester]

Time reported their interims today and they are not too bad.

https://www.investegate.co.uk/time-fina ... 00050987M/

EPS of 1.2p and NTAV of £27.8m.

Considering the pessimism that many were showing towards this company I don't think they have managed too terribly through the pandemic.

I am still sitting on a considerable loss but am happy to hold at the moment.

[WickedLester]

Is anyone still holding these? I have mine and am still sitting on a loss as my average price is about 35p.

The year end trading update was out the other day and I was reasonably pleased all things considered although the market didn't seem to like it.

https://www.investegate.co.uk/time-fina ... 00060646C/

Profit has held up and NTA are up to around the market cap. Provisions are up but are not huge and I think they take security on all their loans so as I understand it they usually recover a lot of the money from bad debts.

The biggest negative for me was the fall in new business origination which may hit future profitability but there are ambitious plans to grow the business organically and if they can realise these the shares should look cheap at today's price.

Cash was also strong, probably due to an unwinding of the loan book. It would be nice if they paid a dividend but I don't think they are going to.

I'm happy to continue holding these, they seem to have weathered the COVID storm very well and I am hopeful of better times to come.

[OLTB]

Is anyone still holding these? I have mine and am still sitting on a loss as my average price is about 35p.

The year end trading update was out the other day and I was reasonably pleased all things considered although the market didn't seem to like it.

https://www.investegate.co.uk/time-fina ... 00060646C/

Profit has held up and NTA are up to around the market cap. Provisions are up but are not huge and I think they take security on all their loans so as I understand it they usually recover a lot of the money from bad debts.

The biggest negative for me was the fall in new business origination which may hit future profitability but there are ambitious plans to grow the business organically and if they can realise these the shares should look cheap at today's price.

Cash was also strong, probably due to an unwinding of the loan book. It would be nice if they paid a dividend but I don't think they are going to.

I'm happy to continue holding these, they seem to have weathered the COVID storm very well and I am hopeful of better times to come.

Hi WL

Yes, I still hold TIME and the average weighted price paid is 39.16p (when they were 1pm) so, like you, I am still underwater. I was pleased with the update as well, as cash was up and assumed defaults down. I am guessing, but I think that investors weren't pleased with the declared dividend being pulled and I also think it has weathered COVID well considering its client base. If they can get all the internal businesses working together to generate this organic growth rather than spending more on business acquisitions, I agree that the shares should improve - I'm sure that I recall a fair value of these pre-COVID to be about 85p or so, but I may be mis-remembering that figure. Anyway, if TIME can get back to pre-COVID levels or better, then hopefully the share price will improve.

Cheers, OLTB.

[WickedLester]

Yes, I still hold TIME and the average weighted price paid is 39.16p (when they were 1pm) so, like you, I am still underwater. I was pleased with the update as well, as cash was up and assumed defaults down. I am guessing, but I think that investors weren't pleased with the declared dividend being pulled and I also think it has weathered COVID well considering its client base.

Thanks for pointing out that the dividend has been pulled, I hadn't read that far down the announcement. I just hope they put the cash saved to good use.

The only thing that worries me about their growth plans is that they may end up relaxing lending criteria to achieve them.

[WickedLester]

Is anyone still holding these? I notice there has been substantial change on the register with Wellesley selling their stake to these guys:

https://www.arenaco.com/

https://www.investegate.co.uk/time-fina ... 30554164J/

I wonder what their plans are?

[OLTB]

Is anyone still holding these? I notice there has been substantial change on the register with Wellesley selling their stake to these guys:

https://www.arenaco.com/

https://www.investegate.co.uk/time-fina ... 30554164J/

I wonder what their plans are?

Still a holder here! I think that as Wellesley are in (and have been for a while) financial straits this may have been a lifeline for them. As to what happens with the new holders - they may see value and hope that fortunes turn for the company. I just hope that default rates don’t increase given the interest rate increases.

OLTB.

[WickedLester]

I'm still holding these shares and sitting on a considerable percentage loss but I am wondering if now may be an opportune moment to buy some more with the price at lows, the company trading at a significant discount to net current assets and net tangible assets and profit seemingly improving.

I guess the worry is that rising rates and a recession will cause an increase in bad debts but I understand they take security on their loans so they should be able to recover at least some of this.

I would be happier investing more of my own money if the board would do the same instead of buying pitifully small amounts of shares very occasionally.