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Agreed- then 35p by the week after. Exciting times for pfc just hope we’re not taken over cheaply as this is a £1 in a years time. GLA
25p end of play tomorrow.
Hi Snapper do you have any shares? Is there anything that you could recommend?
I’m not sure why they keep running away from this pile of money predicted for them by a few people. 10.33% now. Very confusing???
Shorts appear to be down again
"And do I give Flying Fu#k what others think....Not really "
and do you think anyone gives a Flying Fu#k what you think ?...Not really !!!
😂🤣😂🤣
Made in IRA
Simple Carillion was winning work right up to the Recivers arrived ......
And PFC are simply buying turnover contracts at the cheepest margins.....
Loss Makers
And do I give Flying Fu#k what others think....Not really
DYOR.....
I have a few simple questions in reply snapper…
1. Why don’t the companies placing these contracts wake up and stop placing them with PFC at such risk?
2. Why are the shares continuing to be bought such that the share price has increased over the last couple of days?
3. Why do you spend so much of your time on this board helping us make a decision to sell our shares when you obviously don’t want or have any of the shares yourself. If I had no shares I very much doubt I would be here.
Thanks…
Https://www.meed.com/petrofac-awards-sub-contract-on-adnoc-carbon-capture-project
Shahz
BECAUSE SERVICE CONTRACTS DONT NEED PG BONDS.....
ITS A SERVIVE CONTRACT BUT EPC DO.......LIKE TenneT.........
Last Weeks RNS
"While the Company continues to face challenges in securing new performance guarantees, it is progressing discussions with credit providers and clients to find solutions with respect to the guarantees required for its recent contract awards."
For some reason PFC can not get APB or PG bonds.... Why Credit History... Bonds History being called....
APB and PG are the tools of a contractors trade......
PFC WILL BE IN BREACH OF CONTRACT FOR FAILURE TO PROVIDE THE REQUIRED BONDS UNDER CONTRACT AWARDS......PFC OWN ADMISSION ......UNTIL IN PLACE CLIENTS DONT PAY CONTRACTORS.......ITS HOW THE EPC BUISNESS WORKS...
FFS WAKE UP......
This is what i took from RNS
No performance guarantees are required to be posted in relation to this contract.
Today and yesterday people are buying……
In spite of all this, Petrofac have been awarded a new 300 million dollar contract. They obviously don't read your posts..
So if you had not maxed out thr credit facility.you go to a bond Company ask for the requred APB and PG anf pay the arangement fee...
For some reason PFC can not get APB or PG bonds.... Why Credit History... Bonds History being called....
APB and PG are the tools of a contractors trade.......
Its Bad Very Bad
" it does not immediately mean that they have max'd out the facility limit, indeed they may only be in hock for a small proportion of the total credit limit. "
maxdba
you need to review the H1 Report (page 33) where you will see that the RCF has been fully drawn down at US$162m
Snapper10 - wouldn't it be the case that to get a revolving credit facility that they would have had to give some security, but that the security would have needed to be worth perhaps double the credit facility limit and that said security could not have a charge over it to somebody else ?
Also, as it is a credit facility, so not a loan, it does not immediately mean that they have max'd out the facility limit, indeed they may only be in hock for a small proportion of the total credit limit.
An RCF is quite expensive to run compared to an ordinary loan and are best used to fill a cash flow hole, rather than as a long term loan.
Just imagine this new contract RNS had been released after the price jumped to 32p the management new it was coming without rushing one out about D4E. By now I could have been out at
a profit.
Not sure but this was quite a few years ago they purchased their share of the field when Petrofac were doing good and had a share price of over £10/share.
And how much do you think this is worth?
And dont you think Banks will not have security over it.....
Solentskier - As of 17th Feb 24 PFC still has a finger in the pie. https://www.offshore-technology.com/data-insights/oil-gas-field-profile-cendor-west-desaru-conventional-oil-field-malaysia/?cf-view
As an ex Petrofac employee i think they still have assets in Malayasia to see off Cendor field maybe or has this been sold last year?
The 10% $750 million upfront payment TenneT that acts as the "Magic Pill".... And convinces Clueless Investors that the Cash Flow problem doesn't exist......
In realityTenneT could be the ultimate nail in the coffin for PFC.......
The TenneT Sub Contractors see the state of affairs that PFC are in and will only mobilise on Cash positive Contracts and Upfront Mobilisation Contracts.....Instead of Cash Coming in its going out with the same Tide..........
In the meantime PFC are trying to refinancing on a issued Auditors Report that highlights "Financial Mismanagement " who's kidding who.....
On top the Black Hole shouts even louder.....
PFC Don’t have any assets to sell only other Parts of the Business and any case they are so crooked the company’s are inseparable…You cant unpick one because they are banking at the same well…and Everything else is Pots and Pans…No Multi Story Properties worth Billions…..Its Leased…..
The BOD can spout Propaganda about New Contracts……..
But when you have Legacy Contracts Which are costing your company money then you are not addressing the fundamental’s…
PFC has a history of major losses on these contracts……….and lied about the same losses in the past.
If the Alarm Bells are not ringing now... Investors must be Deaf and Blind.......
Its all contained in the PFC Accounts......
" There is no chance in hell a company would gift such a contract if the company was believed to be going bankrupt. "
The reality is...if... the company went bankrupt ( not suggesting they will) , then Asset Solutions would end up in the hands of the creditors , and the business would more likely than not,carry on as usual....it is a business worth investing in
Right now...the lenders basically own the assets , as a result of the debts against the assets, and Asset Solutions is a business that is doing well and would carry on as such...but ..merely in the hands of the lenders ..... in that scenario .... until a point when the lenders decided to sell that business, if they wished
These are fair points, joe80, but none of that changes the fact that, as far as common shareholders go, bankruptcy is not the only thing that could potentially wipe them out (or almost as good as) from this current share price point.
None of which matters from the perspective of those who give out the contracts to PFC, necessarily.
As long as the business is a going concern, operating with the law, and the work gets done, so what? From their position.
As pokerchips rightly said earlier though, shareholders are basically at the bottom of the food chain here.
And until we get specifics on what the finance deal is going to involve, then it is something that everyone needs to base their decisions on.
As to your final opinion. That very much depends on what happens with said finance.
A D4E around 10p? Maybe. An II backed raise at 15p or more? That would start to look appealing for a potential trade again, IMO.
Or something much, much better for shareholders might be agreed upon, and those of you inside the tent right now can look forward to your rewards for the risks you have decided to take. GLA.