TFC big mess

rainmaker · 1 TFC big mess Fri Feb 22, 2013 5:57 pm

rainmaker

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Why is the interest expense so large in the last 3 months?

The revenue reserves are now almost more negative than the market cap of Seylan Bank. - 11 Billion is crazy. What is the future plan - equity injection???

Dr Senthi must be furious. He invested 500M/= and also took a board seat - he should never have done that because he has to disclose everytime he sells.

Slstock · 2 Re: TFC big mess Fri Feb 22, 2013 6:09 pm

Slstock

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Think about FD to equity convertion

N at Rs 45 now Rs 15
X at Rs 20 now Rd 5.

I am sure there might be so many cursing the management for several generations worth. Instead of earning possibly 25% for 2 years, they lost 66% to 75%

Wonder how the Bishop of Galle is keeping his composure over this ;-)

balapas · 3 Re: TFC big mess Fri Feb 22, 2013 6:37 pm

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Bishop of Galle has actually bought more, he has increased his stake from his original stake of 1.9mn shares to just over 2mn. I am sure his broker must have said to average lol. Between June and September of 2012 he has bought 129k shares. Aiyo salli.

traderathome · 4 Re: TFC big mess Fri Feb 22, 2013 7:44 pm

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slstock wrote:Think about FD to equity convertion

N at Rs 45 now Rs 15
X at Rs 20 now Rd 5.

I am sure there might be so many cursing the management for several generations worth. Instead of earning possibly 25% for 2 years, they lost 66% to 75%

Wonder how the Bishop of Galle is keeping his composure over this ;-)

Dont underestimate TFC...although i am not owning ATM, technically will be a MT to LT opportunity ....going by the PA and certain reports coming out from the bigwigs.....especially CBSL Neutral

imo price should fall a bit to be attractive once again....

TAH

traderathome · 5 Re: TFC big mess Fri Feb 22, 2013 7:46 pm

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For me TFC is beaten down badly and investors and traders alike running out of patience but still NOTOUT for me Basketball

Redbulls · 6 Re: TFC big mess Fri Feb 22, 2013 7:49 pm

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http://forum.srilankaequity.com/t26057-losses-mount-at-the-finance-co-profits-tumble-8000-percent

The Alchemist · 7 Re: TFC big mess Fri Feb 22, 2013 7:52 pm

The Alchemist

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balapas wrote:Bishop of Galle has actually bought more, he has increased his stake from his original stake of 1.9mn shares to just over 2mn. I am sure his broker must have said to average lol. Between June and September of 2012 he has bought 129k shares. Aiyo salli.

Maybe thats why His Holiness The Pope is resigning ! Smile

Slstock · 8 Re: TFC big mess Fri Feb 22, 2013 8:06 pm

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TAH,

You are talking about trading a beaten down stock at low prices NOW.

I am talking about investor who converted FD to shares several years ago and lost 66- 75% now.
2 completely different things.

traderathome wrote:

slstock wrote:Think about FD to equity convertion

N at Rs 45 now Rs 15
X at Rs 20 now Rd 5.

I am sure there might be so many cursing the management for several generations worth. Instead of earning possibly 25% for 2 years, they lost 66% to 75%

Wonder how the Bishop of Galle is keeping his composure over this ;-)

Dont underestimate TFC...although i am not owning ATM, technically will be a MT to LT opportunity ....going by the PA and certain reports coming out from the bigwigs.....especially CBSL

imo price should fall a bit to be attractive once again....

TAH

worthiness · 9 Re: TFC big mess Fri Feb 22, 2013 8:21 pm

worthiness

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what is the guarantee given for Fixed Deposit holders. The amount of fixed deposit should be enormous as the TFC offered the highest interest rate to attract more cash six months before.
Is the TFC capable of repaying the principal plus interest on maturity for the deposit holders now?

Slstock · 10 Re: TFC big mess Fri Feb 22, 2013 8:28 pm

Slstock

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If anyone is not familair with what I am talking about, see below

http://www.cse.lk/cmt/uploadAnnounceFiles/841286336345_449.pdf

FD holders where issued TFC.X shares at RS 20, 2 years afo.

Now am not sure whether 10% of FDs were converted to shares or whether they were given free (bonus)? Does anyone know?

If FDs were converted to TFC.X then those people are at 75% loss now.

balapas · 11 Re: TFC big mess Sat Feb 23, 2013 7:13 am

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What happened was TFC converted the whole deposit of those applied to non voting shares. Thats why you see Bishop of Galle is holding 2mn shares. Although they said 10% of deposits will be converted to non voting shares they took the whole amount without the consent of the depositor. I do not think anyone bothered about legal action. I do not have these shares but some friends do and they are stuck with it. So in actuality loss is more than 75% if you consider the opportunity cost of interest income forgone for the past couple of years. Only hope is that there is lot of GOVT interest and support so it will not end up like vanik. However I do not know what kind of plan they have to recover. I guess management should be changed since they could not turnaround the company as promised.