Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Only a matter of time - before we see this bounce
Can't wait for the short squeeze
@Slift - this is old news.
Why are recycling this stuff? Everyone knows that credit rating agencies have downgraded PFC bonds - that much is evident in the price.
Wondering if you have an agenda?
A strategic review normally takes 3-4 months, though sometimes it can take as long as a year. The length of time often depends on the complexity of the company. IMHO, we will have a plan by the end of Apr or earlier as PFC kicked off the review on 4th Dec 23.
Can't wait for the short squeeze
Looks like it could be a right old shag up.
Ashley Kelty, of investment bank Panmure Gordon said: “Overall, tone is bullish, but the paucity of actual detail will frustrate investors at the lack of concrete progress from this review and will do little to alleviate concerns about the poor performance of late.
As we approach end of financial year, there will be a push for most payments to go through and invocies to be paid so that all Petrofac's clients and customers are able to report annual financial reports in a position that is beneficial for each.
Petrofac is no different. I'd imagine there are various invoices scheduled to be paid before the financial end period. This should give Petrofac a little boost.
Nevertheless, it's been 3 months to securing the 2nd TENNET contract, but also performance guarantees for the first TENNET contract and the ADNOC habshan contract. These advance payments are paramount to Petrofac's survival and should hopefully reach (if not already) the balance sheet before financial year end.
The outstanding performance guarantee for TENNET 2nd contract is also crucial to shore up liquidity position via the advance payment.
The question is.. what's stopping banks from providing this guarantee.. and what is required from Petrofac to persuade them to provide the guarantee? There was an article recently about a divide between contracts between fossil fuel related projects and renewal energy projects.
I'm aware that the banks associated with Petrofac are ME-associated. Could it be that the TENNET contract (for renewable energy) does not work for them? Is this them lobbying against renewable energy to keep oil & gas?
Just a Credit Rating from 7th December:
- In the year to date, oil services company Petrofac Ltd. signed contracts that should have supported its recovery and standing in the capital markets, allowing it to deleverage in 2024.
- That said, the company's unexpected announcement on Dec. 4, 2023, regarding its difficulty in securing performance guarantees from banks cast a shadow over the immediate liquidity position and business integrity. This contrasts with our view, until recently, that the company would be broadly free cash neutral for full-year 2023, supporting an adequate liquidity position.
- The company publicly stated on Dec. 4 that the board is examining a range of strategic and financial options, which in our view does not completely rule out a debt restructuring.
- Therefore, we lowered our long-term issuer credit rating on Petrofac to 'B-' from 'BB-' and placed it on CreditWatch with developing implications.
- The CreditWatch placement alludes to a potential debt restructuring, which would likely be tantamount to a default by our definitions in the coming weeks, unless the company addresses the situation promptly and shores up its liquidity position, supporting an affirmation or higher rating.
Be nice Tony9s!
It’s a horror show. Truly and really it’s a horror show.
Beware of the negative comments coming from short sellers who act as if they are holding shares and that they are fed up of holding blah blah it's all fake
Kpa1 is an incel troll.
I couldn't agree more! All my other investments are bouncing while PFC sits idly in the corner like the ugly sister. Unfortunately I'm in this stock with an average of £0.45 and will have to wait it out and keep fingers and toes crossed for some positive news come April! By heck we need it! GLA
This share is the bane of my portfolio, the introvert at the party, wh0re of the streets. But I will wait and hold and hold and hold for all my other shares are rising. 😂
The recent RNS said "good progress was being made" to sort out the liquidity issues and in bidding/acquiring more contract wins KPA1. Stop trying to scare people in to selling their shares at a loss.
How hard do you think it is to place Advanced Payment Bonds and Payment Guarantees......
My Experience working for the likes of FWEL and Simon Carves was within 48 hours of a initial request.......
Petrobust this has been going on for at least 12 months.......
Wake up smell the coffee......the writing is on the wall........
A trading update could fall before the full year results in April like last year.
*two
To more shorts added more ....must be confident no buyout coming or banks queuing up 🤷
Still at it fella :) must break your heart seeing all those people holding on and not listening to you, when all you ar doing is trying to save them, such an evangelical attitude you have, God bless ya
PETROFAC FULL YEAR 2022 RESULTS DATE
Petrofac will publish its Full Year 2022 results on Tuesday, 25 April 2023.
This year what will be share price on 25:4:2024 as the date they will public full year results?
Shorting increased yesterday for petrofac..This is over yet..
The only thing is that Petrobust is not going anywhere......
Assets Non existent
Buy Ouy nonsense
And Banks dont want to know them........
Hello fake bull ivorgriffiths
Really stupid thing to do is short a stock when everyone is buying to anticipate the price will skyrocket due to expected news
Support level is strong ....