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Charts are pointing to a run higher……..RNS helps and what we would like to see is more short closing.
Looking good, more contracts, onwards.
This contract win still needs performance guarantees, with the distressed debt restructuring situation, in the company, these guarantees will not be available.
Yeah, I mean a company is going to waste their time piecing together a deal together for the past however many months, to the tune of 100k + (corporate lawyers fee's etc), to gift 350mil to a company that's supposedly going bust. The oil game doesn't work like that fella
If petrofacs circumstances were that terrible, not a single OnG comp would waste their time with them and risk losing millions as a consequence. Especially when there's numerous other service companies whose services they could acquire
PFC is not going bust, but it will be diluted for D4E, the question is at what price and how much debt will be converted. These questions are putting people off buying at this price. I will be waiting for the news to buy more and I do think PFC has a bright future once they sort out their finance in the long term.
It will be a mix of solutions. I agree that once it is done it will improve.
" These questions are putting people off buying at this price."
It is comical that some of you seem to want to be spoon fed all "the answers" and yet still have a very low share price with which to buy the shares
Fantasy thinking in full swing this morning
This is probably the best post Ive seen in a long time...
'I mean a company is going to waste their time piecing together a deal together for the past however many months, to the tune of 100k + (corporate lawyers fee's etc), to gift 350mil to a company that's supposedly going bust. The oil game doesn't work like that fella
If petrofacs circumstances were that terrible, not a single OnG comp would waste their time with them and risk losing millions as a consequence. Especially when there's numerous other service companies whose services they could acquire'
It is a contract within Asset Solutions which is arguably the strongest part of the company ....and ... if the company itself were to get to severe financial situation ...the Asset Solutions business could relatively easily , and quickly, be sold as a separate business and continue as normal
so... a $70m a year contract (...that doesnt necessarily run 5 years if circumstances changed things ) .... within Asset Solutions isnt as such an issue as it would be if it was a E&C contract
Cons
I've been in OnG nearly 20 years (unfortunately) so my post comes from experience. If clients are giving Petro 350mil contracts, it's for good reason. There is no chance in hell a company would gift such a contract if the company was believed to be going bankrupt. They've performed due diligence and have insight to data that we aren't privy too. Petro would of had to have proven that they'd be still be operating the duration of the contract
Anybody getting on under 20p will be laughing in a years time....maybe sooner
These are fair points, joe80, but none of that changes the fact that, as far as common shareholders go, bankruptcy is not the only thing that could potentially wipe them out (or almost as good as) from this current share price point.
None of which matters from the perspective of those who give out the contracts to PFC, necessarily.
As long as the business is a going concern, operating with the law, and the work gets done, so what? From their position.
As pokerchips rightly said earlier though, shareholders are basically at the bottom of the food chain here.
And until we get specifics on what the finance deal is going to involve, then it is something that everyone needs to base their decisions on.
As to your final opinion. That very much depends on what happens with said finance.
A D4E around 10p? Maybe. An II backed raise at 15p or more? That would start to look appealing for a potential trade again, IMO.
Or something much, much better for shareholders might be agreed upon, and those of you inside the tent right now can look forward to your rewards for the risks you have decided to take. GLA.
" There is no chance in hell a company would gift such a contract if the company was believed to be going bankrupt. "
The reality is...if... the company went bankrupt ( not suggesting they will) , then Asset Solutions would end up in the hands of the creditors , and the business would more likely than not,carry on as usual....it is a business worth investing in
Right now...the lenders basically own the assets , as a result of the debts against the assets, and Asset Solutions is a business that is doing well and would carry on as such...but ..merely in the hands of the lenders ..... in that scenario .... until a point when the lenders decided to sell that business, if they wished