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Short the FTSE100 and buy this crock hehe, haha, lolol
IG
āThat answer makes you pretty thick as well as wrong. Mindlessly ramping bonds and shares in Petrofac is definitely unintelligent at this time. The fact is that the company is today technically worthless and insolventā
LOL!
PFC is only insolvent because it canāt pay its Debt holders but debt holders have now given them a period of grace to sort out the debt position. Hence PFC is not currently insolvent! The Debt holders are pulling the strings and the impending D4E led restructuring will remove this insolvency risk. Debt holders may be forced to take haircuts as well, the bond price is implying this. New restructured PFC could look very solid if most of the debt has gone, $300m of new cash, $200m of performance guarantees, the non core sale proceeds and possibly the Thai $130m or part of it
What donāt you understand about that!!!
Directors who have shares (through remuneration package or not) will also be subjected to any D4E terms.
I take a little bit of satisfaction from this...
If we go down in this plane, I'm glad they have no parachute.
Hoping for the best outcome here for all parties.
"Petrofac Limited results for the six months ended 30 June 2023 -
We remain focused on closing out legacy contracts, with five of the remaining eight contracts expected to be completed(5) during the second half of the year or early in 2024"
5 out of 8 to be completed in H1 2024.
Interesting that the Thai Oils Clean Fuel Project has been mentioned stand alone in pre-suspension RNS.
Legacy projects were essential for PFC to get work during the SFO investigation period however if this is sole remaining legacy to be completed, it doesn't look good for Thai Oils reputation as a partner.
Perhaps being a little uncooperative during negotiations?
Yes, Petrofac have clearly been incapable of pricing contracts correctly, and thus are running off fumes and reputation, but their demise shouldn't be exaggerated by the actions (or inactions as it may be) of partner/client if it can be helped.
Just an observation.
30K, sigh. Cost me the dough plus a few nights' sleep since then. Fully sold out.
Sometimes I feel like the only one invested here, thanks for sharing. Hopefully ābetter days are comingā. But this has been a shambles from the BOD. They need to pull off a blinder so gain some dignity back.
The other 2 reasons were actually articulately justifiable... but I feel leaving that sole reason is good enough.
Trading will resume 'on or before' 31st May. Could be in 2 weeks, who knows...
We may or may not get a resolution to short term financing In that time however PFC have stated that a bond payment on 15th May will be missed anyway which could pose problems going forward after suspension. Seems like our NED Aiden has had his fingers up his ar*e since October. Rookie mistake that one. Prove otherwise Aiden...
Administration doesn't look likely so you will keep your shares, at what price no one really knows until D4E has been delivered (place your bets).
Take over offer would be best option for holders here, followed by all board members getting a swift boot up the hoop and shown the door, (except those who have done a great job in securing future work). It's not out the question.
This is my own summary of what to expect and may be corrected by others on here.
Although I was rather p*ssed at the way PFC single handedly prevented a short squeeze and sold up, I did take a position coming into suspension, for 3 reasons:
1) I have massive conkers
š I was just trying to be up beat but yes if my 80% paper loss gets much reduced thatās all I am really hopeful for in the short/medium term.
Wish your dance () was worth dividend. But alas.
Thatās hilarious, the day this starts paying Dividends again I will dance naked in the street! Lol.
Hi morning OZ, i missed a zero. sickening indeed.
What happens with the company now? Have we all lost our investments?
Any approximate timelines, would be greatly appreciated.
Thank you.
I'd be happy if we just survived and were in profit by 2026!!
Are we looking at 2026 for a possible re-commencement of dividends? Whatās everyoneās thoughts?
@George,
Neither, I'm a huge Tigers fan!
Yeah, not alone on that one.
I sold 15% of my holding on 30th. Not sure which direction this will go.
Oil, 100000 would cost Ā£9k not Ā£900 but I feel your pain, Iāve sold elsewhere for a huge loss and itās absolutely sickening.
Relax.. you are not alone.
In answer to the question as IG will not admit he bottled it an sold out before the suspension, when others are fearful is the simple answer from me, best of luck to all genuine holders and donāt listen to the boiler room antics of some low life posting on here.
Already realised and liquidated 20k loss, on the last day.
So much trust i had for this company.
it was heart breaking to see i could buy 100000 for 900quid...when it cost me arm and length 2years ago for the 10k shares.
I wonder how many are with me on this journey!!!!