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Kpal - Just looked at your recent posting history. What a little ray of sunshine you are turd - or rather filTURD
@shahz, how would you suggest that he sells his 16%? He can't just stick a sell order in, the price would completely collapse. I'm sure he has a lot more info than we do in any case, but if it's bad news, he wouldn't be able to get out.
We will know tomorrow I recon. Either through an rns at 7am or by lunch time if this starts selling off or doubling… One things for sure - it’s gonna multibag from here or drop like a stone off the Burj Khalifa.
Maybe he can't find anyone to buy his 16% but then maybe he knows his 16% retains value based on news not yet released
People should just be careful and limit your exposure. If the company with its creditors, banks and other interested parties can come to an agreement regarding the company's finances then great but if not then you're gonna lose your capital...
I am still not clear on the following if someone can have a better answer please.
Why on earth Mr Asfari not selling his 16% of assets now and buy later when d4e has arrived?
If current equity is going as low as @Paulcurtis is claiming why would Asfari still hang on with this useless entity?
He is in this sector for good 40+ years and knows it inside out.
I can only think of following options
==>He wants to take profitable portions of pfc when it goes into administration
==>He owns debt
==>He knows something we dont (i.e. takeover)
Oh jonny come lately now a expert on pfc
To be fair to Ivor he’s not discussing the fundamentals that he previously did and his belief that they were rubbish, he’s talking about a takeover that is since last week a genuine possibility and he’s now positive on this. Nothing wrong with backing a different set of circumstances is there?
Different discussion topic altogether.
Posted by Ivor, please check back on his posting history to see what a turn coat fake he really is :-
Hi europhil
The fact they have more time to do stuff does not mean they will do it. The urgency is real. My view was and is that they has maybe a week to get sorted or they are bust. My biew is that they are now bust. But, lime I say, miracles happen, aliens might be real and some people might have fairies at the bottom of the garden. But you suddenly levitating is far more likely than Petrofac finding a way back now. Defaulting on debt in business is fatal. Never say never, but not likely now is it?
It’s a simple case of when Ivor u turn shouts buy you should definitely sell and when he screams sell it’s definitely a buy.
Ivor U Turn
Read the results from only last week.
Page 153, part of the Going Concern Statement . PFC are saying that selling off the assets leaves equity with nothing! The interesting question is whether Debtholders will prefer this option to a D4E. It’s unclear whether this is contingency planning or whether debtholders think it could be preferable?
And the BoD currently have minimal control of the restructuring, it’s all in the hands of the debtholders who are offering the only rescue option.
In light of these risks, as part of the negotiations of the Financial Restructure, the Company’s secured creditors have required the Board to work on various contingency plans including making preparations for alternative outcomes to a successful restructure. This includes changes to the Group structure to create a single point of enforcement.
In addition, work has been required to evaluate which parts of the Group, if any, could be separated and continue to trade independently. These assessments are ongoing and expected to be completed prior to the implementation of the Financial Restructure.
Such contingency plans, if enacted, in the absence of a successful implementation of the Financial Restructure, would likely result in the Company entering an insolvency process.
The future intentions of Lender Group stakeholders in this regard cannot be known with certainty by the Board. In the event of an unremedied default by the Company, the lending group could exercise their security rights which would likely result in the Company entering insolvency proceedings
Also we note that René Médori, Non-executive Chairman has been quiet of late- very interesting Ivor.
The accounts did not need to be late. The BOD knew the shares would be suspended if they were. The going concern statement is incredibly negative and talks about a break up, stress testing this scenario, that scenario, talking about insolvency and how close to that black hole they are .
Why? To create urgency. What sells? Benefits. What closes the sale? Urgency.
The BOD are out after a takeover so it will be hostile. Any direct approach is informal at the moment; it may be informal. If no one with inside knowledge is trading it is not insider trading. Although the ADR price went up 1000%. To me that is more likely insider trading and if it is it is not because a D4E is likely, especially when they need 75% of creditors and have 41% and even then they need a court order. The BOD need a D4E to keep their jobs. Everything they have done since December has pushed the price down. Why? because they need a D4E to keep their jobs.
Petrofac is a prime takeover target: massive order book, niche business with decades of life in it (not tech n other words) and it is massively undervalued because the BOD need a D4E to keep their jobs.
The BOD ate the problem. The problem is solved by a takeover and so that is what the market will get.
It’s a tough break for many rampers on here lime europhil amd Omars, but mary, me and others have backed a takeover all year and we are right. There is no other solution so if you have an average under £2 hold bit as always DYOR.
The bond price is a red herring. If a D4E was the only solution it would have happened by now.
@clungeseeker I was talking about the rns on 12th of april which was not needed and led the drop.
@Apothecary It just reminds me matrix when Smith was trying to put Neo under the train and said "So you hear that Mr Anderson. That is the sound of inevitability".
It’s Saturday evening guys - away and grab a pint- all will be revealed next week. It’s gonna drop like a stone or it’ll be one of the biggest profits I have even made in trading. Hopefully the latter!
Hi shahz,
The board didn’t say much or anything at all if I remember rightly when the share price fell from 80p into the twenties between September and december last year. I guess it works both ways.
Very frustrating for all
Another set of thoughts.
Last time when SP touched 33p, BOD were quick enough to tell in RNS that nothing has changed and price went down.
Now It is 120% up in a week and these guys are shut.
Are they waiting to come up with another RNS when it touches 33 again?
Ramping bit
Are they quiet now because there is something cooking?
To be honest i have no faith in this bod, hence no comments. Also If and when they publish an RNS with d4e, SP will drop very low straight away.
What’s your point mate?
We were at 10.5p and it’s risen to 22p with no change in short holding.
Shorts have been from much higher price still got huge profits
With all the effort snappy put in, his posts were very convincing, why are we not sub 10p?
This share isn’t following the fundamentals the word is out and it’s not pi’s driving the rise
However, we’re 130% up with shorts unchanged so how does anyone explain that?
Also, quoting previous RNS regarding bonds, performance, debt etc etc is totally pointless unless there are no interested parties wanting to bid.
The media sniffs a bidder so May the 31st means nothing unless they’re wrong
Ivor
Dry your eyes I will get you a new dummy out of my profit from my latest petrofac trade, hope that cheers you up.
If you disregard the fundamentals. We are up on rumour but then, there’s no smoke without fire
People talk, even if it’s in the pub. Once agreed there is a mutual interest then it has to become public
Not if there was a non disclosure agreement which is pretty standard across all business transactions.