The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
If they are not available for potential Investors......
They will be Draft.......
Do PFC expect investors to commit on information that is effectively 12months old already.....
PFC are flogging a Dead Horse......
Its over and its time for PFC to come clean......
Petrobust
What a confusing response, so they confirm they have stated a update on FY results and operations will come in April while simultaneously saying they have not confirmed they will give an update. does that mean we are getting results in April?
No offence intended Snapper but you're filtered HOWEVER, i messaged IR regards updates, and the reponse wasn't great.
1st Reply.
Hi Dan,
Hope you’re keeping well.
The FY 2023 results date has not yet been published.
Once published, this will be available on the financial calendar on our website.
You can also register here to receive alerts from our website.
Best regards,
Petrofac Investor Relations Team
My response.
Thank you for your response
They're due this month though right?
Kind regards
Dan
Their 2nd reply....
Hi Daniel,
The Company guided that it would provide further details on its operational and financial performance within the Full Year Results announcement in April.
As indicated below, the FY 2023 results date has not yet been published, and once published, it will be available on the financial calendar on our website.
Best regards,
Petrofac Investor Relations Team
Do people think investors will put up any Further Funding without being in possession of Auditors Accounts....
With a picture clearly showing the true picture of the Companys Financial Position....
Do you think Auditors are willing to risk their reputation for PFC....
The Auditors will caveat everything that is in any way not 100% kosher.......
And any potential Investment will reflect this....
I would imagine they will politely decline the opportunity.......
The End is here.......
Ivor Grifter swung from strong buy to absolute disaster in one month. Biggest fool on here.
The BoD will claim that current problems are all down to legacy issues and now hopefully fully provided for. They will cite the full order book as proof of their credibility. I’ll be surprised if new equity (ie predominantly debt holders) would change the BoD.
Paul Curtis - If so much new money comes in, who then runs the company, the management that dug the hole, or a whole new team ?
In the meantime, in other news, POLB is on the runway for a vertical takeoff
It is like groundhog day here - take a chill pill and come back in 3 months.
Prudence would suggest sitting on the sidelines!
IG
Read page 225, Note 26 of PFC’s accounts
‘Both the Senior Loans and the Senior Secured Notes are secured obligations of the Company and rank equally in right of payment with each other.’
That is pari passu! Explain why it isn’t if you can!
Worst case BH’s and Debtholders take 99% of the equity less the c $150m new cash to be raised.
The big question is what haircut is forced on debtholders.
The bond price is indicating say a 60% D4E and 40% haircut.
That’s a $400m D4E plus say $150m of new equity.
It will be the new money that forces through any haircut in order to give new money a greater % of the EV.
If BH’s take a haircut then they will make sure that existing equity are ******. Rule One of capital hierarchy. Massively diluting existing equity means more of the cake for them
If the shares are in the toilet should we be selling them to get 24p/ 25p at least?
PC
Just accept it. Your bonds are junk and you are just trolling talking nonsense. You have no idea what pari passu really is or the fact that in many cases it definitely doesn’t mean what you think. If the company folds no one gets paid apart from mortgagees of real property and even then only if it is worth enough. RCF/TL will be renegotiated because the banks need Petrofac to keep trading to get paid, Petrofac needs liquidity to keep trading so the banks will give them it. But if the order book and new contracts are just chasing turnover they will pull the plug and no one gets paid. D4E? The shares are in the toilet dude. No one wants them or the junk bonds. Given the total lack of any takeover interest the lauded order book may well be pants and you could well be stuffed. That’s the game dude. If you can’t afford to lose don’t play and then cry like a baby girl. And stop trolling.
Maybe an update either tomorrow morning or Friday but like I said knowing pfc they will do it on the last working day.
IG
You are spouting nonsense. Look at GKP. Something very similar likely to happen here. The business is good, it’s the excessive amount of debt that’s the problem.
A D4E eliminates this problem. PFC keep winning new orders because their clients know this
No one will get any court orders to cover bonds as everything beats in the trustees and junk bond holders are lucky to get next to nothing after employees, the receivers, accountants lawyers, valuers and all the other vultures. No one is going to court over this small change outfit. In a fire-sale it is worth nothing. Certainly not six or seven figures for lawyers to go chasing after worthless paper “security” that is pari passu with dish water.
There is no free lunch as if he wrote very good post only for his intend make peoples believe something not true. If he really like to share what is goid to make money on market he never post anything in here . Remember that is life in here many people have been trap or lose money as they too scare or greedy mis the time point to buy and sell . . The time frame buy or sell more important than all of this free post . He post to convince one thing but again he do opposite that is nomal.
Let say he predicted share in D4E from low 4p to highest 20p the shorters must bought 25 to close . What ischarge when shorters closed and he appears in here to convince people sell now as share will 20p or 4p ? That is extract what he did for living.
Shorters closed more yesterday and they report today down more . That is why share on hold as they try to scare peopls . Market try to price in any advance on news so share hold on 23 to 25 mean that expected on this range. Remember D4E is optional and they got other options too. Then what we don't like is CEO of this company should fired and can find someone who can lead this get over this time.
Duqm Refinery wasn't just about constructing one of the Middle East's largest oil refineries; it signifies our deep-rooted commitment to Oman's economic and social advancement.
Learn how Petrofac played a pivotal role in Duqm's evolution 👇
https://www.petrofac.com/services/our-work/transforming-duqm-an-engineering-marvel/?utm_source=twitter&utm_medium=social&utm_campaign=opes_2024&utm_content=transforming-duqm
Ivor
This has been done many, many times before. Check out Gulf Keystone. The bondholders convert 100% and take 99% of the Company, leaving a small stub to maintain the listing. They get a Court Order SoA to ram it through. With no debt they will be able to raise fresh equity for working capital.
Oops, the systems at it again. Immortal read immoral !
IG An interesting view. I am not as knowledgeable clearly as you and Paul Curtis but I cannot see Pfc shafting the bond holders in the way you suggest. One thing you have forgotten, if in business you shaft the hand that feeds you one day it will be cut off. If the bondholders are given nothing how can pfc go to the bond mkt in future to raise finance as surely they will need to. I am rather old fashioned re ethics and believe if possible some integrity ought where possible be maintained. Although at times circumstances prevent loyalty in business, when conducting your business dealings being too clever for a short term benefit as you suggest is in my view immortal. I am a Lth but hope you are wrong
Totally Petrobust.....
Who in there right mind will lend money when the auditors warnings include "Continuing Financial mismanagement "
Its not exactly rocket science......
FFS wake up....
The bonds are worthless as at the end of the day the security is the company. The company folds the bonds are toilet paper. To convert D4E the creditors own the company. The company is an order book, its personnel and reputation. The banks have to keep it going to get paid and they want fees for arranging facilities. The bond holders have no power in the present scenario. There is no default, the hedge funds are closing their short positions and everything will be fine for LTH of shares. The junk bonds will be shaved to the bone. Tough potatoes that’s business. The only other possibility is a takeover but there is no rumour of that. D4E ppffttt.
‘ Exactly, the lenders won't want equity’
Agreed, we don’t but equity is clearly being forced upon us. What does this tell you?
PFC are saying to bondholders ‘we are insolvent, we have too much debt. So much debt that we can’t raise fresh cash because new money not stupid enough to come in behind $860m of debt that’s due to be redeemed by end of 2026.’
So we are all ****** unless you agree to a major D4E.
Bondholders will obviously want the D4E price to be as low as they can get it.
The ONLY other factor is what price/terms does New money want. This is existing equities best hope to avoid horrendous dilution. As in will they demand haircuts