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That's it , folks!
Got the news we have all been waiting for...will top-up next week...prospects and sp will rise into October and beyond...pfc changes it's name to something less eco-offensive...sp almost £3...time to sell and tidy profit!
Let's all remember, the fine is decided by the court, not the SFO.
My take
Seems Monday is about PFC being the defendant, the pleas already agreed need entered and sentencing of PFC may be handed down Monday or adjourned for consideration. (Never underestimate another 4 days at court so legal teams milk more money).
I am not reading Lufkin case progressing on Monday at all, to me it is just mentioned in passing so as to flesh out relevance aa to why PFC is pleading.
My hope is it is done and dusted Monday at least as regards PFC, the initial share swoon at the headline fine is momentary before the relief rally resumes and realisation that it is over.
Re Lufkin
In line with my post on Friday I do not expect a custodial sentence.
"Of course plea agreements offer discounts and incentives to defendants, if they did not, they would not be entered into.
That is the very purpose of any plea agreement - leniency in exchange for a guilty plea. And
whilst a defendant is not ‘required’ to assist the prosecution, doing so ensures far greater
concessions and the likelihood of avoiding a custodial sentence."
The inference seems to be that Lufkin will get his sentence on Monday, but PFC have to hear their pleas heard first, both at Southwark Crown Court. And PFC will get their penalty after that. But I have no idea how long these things take. So it looks like we may have to muster a bit more patience if we don't get to hear of the PFC verdict. They've already pleaded guilty to the seven charges, so who knows. I get the feeling it's all pretty much sorted between them and the SFO. All discussed and agreed. It just needs the court's approval.
Algos!!
Worraps
You're probably right though, how often do you find a defendent sentenced at a plea hearing, unless it's all been fast tracked from Westminster on Friday and pre- determined that both Lufkin and PFC will be sentenced together.
And PFC have already mentioned in their RNS possible adjournment.
We may have to wait a bit longer for absolute clarity on the financial impact, and knowing the b----y markets if its Lufkin only sentenced Monday, the argos may knock the SP back down a bit.
Whatever happens Monday, its got to be a medium term hold now.
JG68, yes you're right in the sense that the statement by the SFO is only referring to the new charges and plea agreement between them and Petrofac. There are several press articles covering the whole scenario today, in which it's said that Monday will be sentencing for Lufkin, and plea hearing for PFC. So we'll see what evolves. I've read so much about it all in the last 24 hours, I'm a bit 'over read' on the subject! I was really caught out on Friday, certainly wasn't expecting an RNS mid afternoon on a Friday. I was tied up with other things at the time which was frustrating.
Let's hope Monday brings relief, satisfaction, and conclusion.
Worraps
I read that statement as PFC being the defendent, Lufkin has already pleaded guilty and his sentencing hearing was adjourned twice.
This is from the PFC RNS.
A sentencing hearing is scheduled to take place at Southwark Crown Court commencing on Monday 27 September 2021. The Company will make a further announcement following sentencing or any adjournment.
https://www.sfo.gov.uk/2021/09/24/sfo-charges-petrofac-with-failure-to-prevent-bribery-offences/
Reading the wording by the SFO, they have already accepted and agreed the pleas by PFC themselves, and David Lufkin's pleas will be heard on Monday. These procedures can drag out, so I wouldn't be surprised if it cannot be concluded on Monday.
I have to say, I think this result is the best that could possibly be achieved. And by agreeing to the charge of 'failing to prevent', PFC have been very astute, but at the same time retained their dignity.
Monday and the forthcoming days and months are going to reward us patient ones I think! And PFC deserve a pat on the back too.