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Wow š®!!! Whatās going on at PFC. This was once very nice earner for me few years ago especially after SFO final outcome, then sold, moved on and absolutely forgot about this.
Takeover
while it is hiding results?
while it is suspended?
Half a year has passed while they had thai losses of 100+ million. That hole is still there.
Not very positive
1. Petrofac is insolvent.
2. They have not passed an audit.
3. They have defaulted on debt payments.
4. The shares are still suspended.
5. They have made no indication whatsoever that any of this will ever change.
The next step is almost certainly going to be receivership. I an as disappointed as anyone but unless there is a takeover we are all looking at tax losses only. Even if there is a takeover we are down 90-99%.
Yes, I was hopeful but things change. The silence is not golden. The BOD will be looking out for the BOD. The employees and contractors will gradually learn about this. When they donāt get paid or there is a āproblem at the bankā is the day itās over. Sadly, this is inevitable.
Again Ivorgrif. You post non factual information on this board. "The company is bust. Game over".
Complete nonsense. You don't know this with any more certainty than anyone holding onto shares here hoping for a good outcome.
And I can also confirm on the PFC floor, it is BAU.
You're at a distance where your perspective/opinion is negligible I'm afraid. PFC carry on with the day to day works.
Hope you're right Mary!
@Ivor,
I'm only repeating what someone who has worked for PFC for a very long time has said. As far as day to day work is concerned nothing has changed it is business as usual. How long that remains is clearly up in the air. I'm fearing the worst. The RNS has all but told us this but as long as the company survives I can wait for a few years and perhaps even average down.
The new crop will soon be ready for harvest and then buy all you can. DYOR.
When Aiden see this through to a satisfactory conclusion before the end of May.
https://youtu.be/EJKOcdVCRak
Check out your previous post below on the 1st May, seems like your posting the most horse dung now:ā
Everyone is wrong, why? They know nothing.
Shares will be worthless? No, they are 10 not 3 or 4.
Bond holders are safe? Not likely. Lost 80 -90%.
Creditors are in control? No. The BOD is.
There will never be a takeover? Now THAT is the question.
DYOR. Most of the posts are complete horse. The ones who post the most talk the most horse****!
Thanks for sharing, hopefully we hear something next week but it looks like itās all coming together
BS letās get some facts first before you post your fabricated narrative. Have a good day
Hi yorkshireblues
When you say:
āUtter nonsense sbout staff bailing. Friend who is a senior manager at PFC says its business as normal.ā
I have to say I find this hard to believe. Others say nothing has changed. Sorry, it has. Petrofac are defaulting, nothing has been said or done to change that. Fantasy nonsense about shares increasing in value when they are suspended is desperately sad. The company is bust. Game over. The BOD will look to gut the company and start again free of debt. They will fail of course and in the meantime prolong the agony.
ā¦.will be essential.
https://www.meed.com/financing-deals-will-be-essential-to-petrofacs-future
They are bustā¦., busting with a huge order backlog and recruiting like crazy to fulfill it. Patiently waiting for this short term liquidity blip to be resolved. GLA.
Utter nonsense sbout staff bailing. Friend who is a senior manager at PFC says its business as normal.
Completely Apothecary. I am still optimistic a good deal can be struck here. What is petrofac without the people?... Not very much. However, the suggestions that employees are jumping ship during this time is just ludacrous (lol). Only perhaps afterwards, once the T&C's have been written in ink might some employees take a "do it yourself attitude".
We wait in anticipation of a positive deal.š
Runner2018
āIām hoping for a re-open around 30-50pā
LMAO: seriously?!!?
I would like that as well, and immortality, but itās not likely is it?
Thanks orange. Usual suspects have returned. According to last rns we are waiting on finance options with note holders taking an equity swap. Am sure they will want their shares to be worth something when that happens. Those are the facts let just wait on update probably wc 27th may.
š„±š„±
Shares suspended. Factual material Information welcome. Extracts from your personal diary... not so much.
Write-off please. Itās just not pleasant seeing this sort of illiteracy.
Silence is not golden. Two weeks and nothing. Default looms, contracts are close to being voided, staff will be panicking and bailing out. Management will be running around like headless chickens. The only hope is a takeover but if all there is left is debt, a hollowed out workforce and sceptical customers looking for an excuse to ditch Petrofac who would want it?
No one. Itās a right off for tax now. Game over. Itās a shame but itās a fact. Once you accept that you will feel better.
Love the positivity runner. Letās see what the refinancing brings- am heavily invested still with a whopper paper loss to stubborn to sell!!
Iām hoping for a re-open around 30-50p
I just got Ā£14.70 for some reason. Didnāt have any to sell, drat! Oddly it said the yield was 5.4% tooā¦
It may be, it allowed me to close out a trade, tough call as I could close all my positions glitch or not, and save myself Ā£10k from where I was at last closing price.