George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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SFO case been around forever and wont go away.
But I have held this share for years and remember it around £6 then £4 and then covid hit and I think it got below £1.
Point being even with SFO it could rise significantly later this year with Covid Vaccinations seemingly to be very effective in UK. Stop waiting for SFO news, the economy and end to lockdowns is the one to watch.
Yes SD, Price/book is always one of the first things i look at before investing anywhere. It's not foolproof. e.g. intangibles are just that-intangible. Highlights where a clear correction is due in my experience!
So, on current net assets alone, we reach a share price of £2.46
Let that sink in for any doubters as to the value here.
Net Assets £857m (June 2020), current Mkt cap £452m
Hi Paddy, can you give us a bit of colour regarding the price to book with perhaps the calculation....
Thanks
yes Bladey, was my thoughts yesterday. nice top up @126. If it drops back down again, i don't care too much. Risk of maybe at worst 25% downside against 200%+ upside here. the fundamentals of this business are so well sound. Price/book is ridiculous!
Relax and put your feet up.. there's no point in worrying about daily fluctuations. This will do well in the longer run.
Neversell.
A "red hearing"? In the context legal proceedings unwittingly funny I guess!
The Guardian article doesn't exactly paint a rosy picture of the SFO with allegations of misconduct by Osofsky and other officials and the unfair sacking of a prosecutor.
If it was a private organisation heads would roll but as it is a Government Dept.????
I think the latest court ruling about foreign evidence is possibly a red hearing otherwise Paul Bonds case would surely also have been affected.
https://www.theguardian.com/law/2021/mar/01/briton-jailed-over-plot-to-pay-bribes-for-iraq-oil-contract
Its worth remembering that the SFO have now prosecuted 4 people and won every case.....
The tie in between Unaoil and Petrofac is likely criticial but we have no idea what it is and whether there vwas corruption directly or indirectly involving Petrofac.....
One thing very clear is that its 4 years going and no prosecution issues against Petrofac have been issued so far. We also know there is a rumour our top man is in discussions with the SFO so will a no blame type fine be agreed.
What would be good is a bit of news about some new big contracts.....
The deferral of sentencing could be due to any number of procedural matters which we simply don’t know about, Paddy, as the reasons have not been reported. So it seems a bit wild to assume that it is due to admissibility of evidence - simply because of the recent unconnected KBR ruling in the Supreme Court.
All we know is that Lufkin has pleaded guilty to a total of 14 charges in a very complex case. The court may well need more information in order to carry out sentencing, hence one possible reason for a directions hearing in order to set out all the information needed. There could be other reasons, of course, but we simply don’t know do we? The courts move at their own pace and following procedures largely unfamiliar to the rest of us, so it seems a waste of time speculating.
Boyo, ok i see. Surely though the deferral of sentencing stuff seems to indicate the US ruling of admissability of evidence casts the whole case into doubt!
Paddy: 'I really never understood the dip...'
I think January's fall in sp was the market reaction to Mr Lufkin's new admissions of guilt in relation to matters not previously reported plus the fact that the SFO confirmed that their investigations into PFC are ongoing and that it is a'live case'. The SFO statement therefore eliminated any prospect of the case being closed in the near future, whilst the twelve month gap between revelations means that new evidence is still coming to light or being assembled at a painfully slow pace. The market was bound to react to the ever deepening uncertainty and the possibility that worse news is to come.
In the near term the only thing that can happen re SFO will be good news. i.e. case closed/not enough evidence etc. Any bad news would be protracted over years i.e. charges against PFC. Anything like that would just drag on for years. Lets face it the SFO stuff was all known in October/Nov, vaccines hit & this zoomed up into the 170s. I really never understood the dip to be honest as it was nothing new to the investigation at all!
Couldny agree more. Its very very complex.
As long as Petrofac keep winning the contracts and making money all is good...
Lots and lots of upside......
New energies, Biden stimulus, Super Cycle, low valuation, etc etc.....
Neversell, there's good reason why this share price is undervalued even when there is strong company fundamentals and general O & G market sentiment. This SFO stuff has a good bit to go in my opinion. I'm happy enough to sit with my PFC stock for a while yet but the sluggish recovery will continue at a relatively slow pace.
I have spent a couple of hours trying to get my head around the investigation but the more you read the more people are involved. Some who were involved may even be dead.
Some people and Petrofac may have even been involved 15 years ago..
https://www.theage.com.au/interactive/2016/the-bribe-factory/day-2/the-dirty-execs.html
What is very very clear is that the SFO have been extremely successful, in that in the Unaoil case which is indirectly connect to the case against us they have successfully prosecuted everyone they believed.
They have also been very clear in that do not believe that Petrofac has cooperated with it and therefore they have a acore to settle....
https://www.petrofac.com/en-gb/media/news/update-on-sfo-investigation-and-board-change/
So the 2 conclusions I can draw are that.........
This could still run for a long time yet and secondly that Petrofac may not get a clean pair of heels. It is in my opinion beyond reasonable belief that Petrofac didnt know what was going on....Whether they can prove it is the key ?
So a deal with no blame between Petrofac and SFO looks possible.
Then you have to look at the other unknown....Why didnt Lufkin get sentenced in January and a directions hearing in June was advised instead.....
Very complicated........And I am certainly no further forward.....