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" SP goes down by the amount of the divi on Pay Day but it doesn't work in reverse it seems"
Goes down on ex-div day.....tends to go up on Pay Day as investors buy shares with the pay out
Any SP movement right now is somewhat sentiment driven , and quite likely in a bit of a pause scenario, because buyers and sellers are awaiting the upcoming OPEC+ meeting
Petrofac Limited (the "Company")
Notification of Transaction by
Persons Discharging Managerial Responsibilities
Pursuant to the Company's obligations under Market Abuse Regulation 19, the Company hereby notifies that, Alastair Cochran, Chief Financial Officer, has today purchased 37,749 ordinary shares ("Shares") of US$0.02 each in the Company at 213.1732 pence per Share. This purchase is in line with the Company's remuneration policy, approved by Shareholders in May 2017. Following this transaction, Mr Cochran now has a disclosable interest in 132,267 Shares, representing 0.0382 per cent of the total voting rights of the Company.
The Company's issued share capital consists of 345,912,747 Shares with voting rights. Each Share carries the right to one vote. The Company does not hold any Shares in Treasury.
For further information contact:
Alison *****, Group Head of Communications
alison.*****@petrofac.com
+44 (0) 207 811 4913
Jonathan Yarr, Head of Investor Relations
jonathan.yarr@petrofac.com
+44 (0) 207 811 4931
Tulchan Communications Group Ltd
Martin Robinson
Tel: +44 (0) 20 7353 4200
petrofac@tulchangroup.com
LEI 2138004624W8CKCSJ177
Cancelled divi worth 20p-shares up 8p.
SP goes down by the amount of the divi on Pay Day but it doesn't work in reverse it seems
Ooops! Pressed the wrong buttons
All we need now is for the SFO to come up with something unpleasant!!
Additionally we are now told the Chinese are reopening their disgusting wet markets, said to be the source of our present global pandemic. You couldn't make it up
All we need now is for the paper clip counters at the SFO to put the boot in. We have that to look forward to but nearer the present we are now told the Chinese are reopening their disgusting wet markets, said to to be the source of this Pandemic.
You couldn't make it up.
look at the layoffs in Texas
I agree with you pokerchips
Personally I dont think Russia and Saudi Arabaia are in a spat.....they are actually working together ...but the aim is to suggest they are in a spat
Yes, they are working together to get the US to either be part of the solution..or..be blown out of the market..
Trump is a naive bully , with a very limited bag of negotiating tricks ....which to date havent actually got him very far..and have actually cost the farmers and Oilers a huge amount of lost income
Trump's day of reckoning is coming....
and plenty of people will pay top dollar for a front row seat
it all depends on your view i guess if your are just holding then the dividend cancellation is not good for you. but in the long term it's good for the company. but if you are holding and trading it's not that bad take today high of 215p so sell part of holding or all even at at lose then buy back cheaper. my main problem is the markets are forward thinking so a lot of any oil cuts have been priced in but if that don't work out oil back at $27-29 pfc 170p-180p who knows? i just don't like it when a tweet from trump pushes oil up 30% now if he would of said he is going to tell america to cut 20% of oil output that would of been i different story because Russia is wanting an even playing field from america.
Yes Lee, some of us having the suspension of the Divi and the 10% pay reduction to look forward to.
" I and I suspect many others will not be happy at this news "
Company had to decide
A. Save the dividend during an unprecedented worldwide situation and receive Govt wages assistance
B. Pay the dividend and receive no Govt wage assistance and then ..look for more cost cutting and redundancies to offset all that extra loss of cash to the business
Wasnt a difficult choice at the end of the day....there was only 1 choice....
I and I suspect many others will not be happy at this news
Finally. good move by PFC, well done, better late than never . At least this will help the company to Survive.
If you want to furlough staff then one of the conditions is to not pay dividends during that period.
It was an obvious decision but I cannot understand why they put it on the AGM agenda last week.
The dividend has been suspended, which, to some extent means that the dividend money has been ringfenced and awaits the next 6-12 to see how things go.
I think that is the best and only way to play it, right now
What is positive is the credit rating held as "investment grade"
Right now I think what matters most right now, is having a good BOD at the helm to steer the ship into calmer waters.
very hard to try and work it out wg cancels and reacts very positive. oil up pfc cancels and is pretty positive but no fireworks the day is young but on the hole glad they have sorted this now.
So far
But it does look like the SP is reacting positively?
Another Divi down the pan!!
Not that I’ve been living in a cave for months, but damn this is painful
Dear Subscriber,
We have just published the following press release:
Actions taken in response to Covid-19
Petrofac Limited (Petrofac) is today providing an update on the actions it is taking to respond to the unprecedented market conditions affecting our industry, clients and business. These decisive actions include the following:
Protecting the health and wellbeing of our people, clients, suppliers and communitiesReducing overhead and project support costs by at least US$100m in 2020 and by up to US$200 million in 2021Conserving cash and liquidity by reducing capex by 40% and suspending the 2019 final dividend
You can find the full press release here
heads up the meeting of opec scheduled for the 6/4/20 has now been pushed back to the 8-9/4/20.
https://news.yahoo.com/putin-says-russia-ready-cooperate-cutting-oil-production-203243929.html
Of course the money for that dividend compensation can be taken from the proceeds of selling the loaned shares, in the first place.
and of course if the dividend is 4p and the share price has dropped 100p since they sold them....then..they really arent going to care too much with regards to that compensation
gfcd
The shorter doesnt get a dividend because they dont have any of the shares...they have sold them into the market
but..they do own the responsibility to compensate the original owner of the shares to the value of the dividend.
Whoever now has bought the shares in the open market will get the actual dividend.
The shorter has the div amount taken from their account on ex-div day.... well before the date the company would pay out any dividend ...but..the SP has gone down on ex-div day...so in theory..the shorter is no worse off....and..in a falling market will benefit if the SP continues to fall after ex-div day.
Of course the money for that dividend compensation can be taken from the proceeds of selling the loaned shares, in the first place.
Shorters do not own the shares so do not get the dividend, they are only on loan, until the shorting transaction is completed by the purchase of shares to "settle" the short. The individual or company which actually OWNS the share is entitled to the dividend. This is why "Ex Dividend and record of share ownership is so important.