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Clungeseeker
I agree. I tend to study how the market behaves and I just cannot and could not, when I bought in, believe that the market would not firstly fire the BOD and takeover Petrofac and secondly reflect it’s true value. I think £1.25 - £1.75 would be a bargain and in years to come much much more. The market will not let Petrofac disappear, it is technically bust now according to the going concern statement. Next week should see real movement. The volumes are massive as they were for the ADR which is now adjusting as shares can be bought in the UK.
It’s all about the intangible worth not what’s on the screen here. One bidder would be good but bring in two and its current value is a nonsense.
It’s not like they’re selling milk or gravel, this is a specialist company and you can’t get staff to service that order book at the drop of a hat so watching them go bust probably isn’t a wise choice for a competitor
Now now
I guess that huge profits are all relative to the person that made it’s lifestyle so, I hope you’re now able to put the deposit down on that south sea island you’ve always wanted or those limited edition Nike trainers.
The rumour mill is in full swing which I can only be good for the majority of shareholders here that may have nearly lost their shirt.
For me, I’m going with the buyout theory as a company that has nearly secured an £8b order book, if it went bust, is not easy to absorb for any company or group of companies. Disregarding current book value, petrofac comes with thousands of trained staff with a wealth of experience and a global reach. Staff with rapport with current clients and a wealth of experience. Not easy to recruit anyone at any level these days so I see more worth in that and the existing order book than just counting the beans.
Best wishes
Europhil
bought in at 35 and sold out at 15? That’s not a profit dude it’s called a chicken run and losing your balls as well as your shirt. If nothing happens by the 16th they will be bust. I realise you are not the sharpest chisel in the box and are very cross at mossing on the takeover news and change in status to strong buy, but if you had made a profit (we know you haven’t dude, you were ramping away at 30) you would buy back in. Losing is painful I imagine. Never mind just keep insulting people who haven’t bottled it, eh?
I would agree with that Eurofil, however there might be a debt restructuring. For the share price this would be something like D4E to a fraction of a penny, then consolidation back up. I note the Industries housekeeping took place this week, ahead of this.
This reminds me of GKP. Anyone aware of what happened with that ?
Some years ago it was trading at £1 & fell to a penny. Market Cap devalued to satisfy it’s debt. Then there was a 100 to 1 consolidation & back to £1. For new Traders it was game as usual, unaware of what had happened but disastrous for previous holders.
You have to laugh how some people change like the wind on here, personally I’m now fully out of this with a huge profit and not prepared to take any risk with this.
The best change like the wind post goes to Ivor, here’s a recent post from him:-
If nothing concrete develops before 16th June Petrofac will be bust and the creditors will proceed to wind Petrofac up.
10 days before a wipe out. Sad, but true. I won’t sell but then again I wouldn’t buy either.
Among the contenders, the names that have surfaced include Schlumberger and Halliburton, both of which are global giants in the oilfield services industry. Acquiring Petrofac could strategically enhance their service portfolios and expand their market reach.
https://thefinancialanalyst.net/2024/06/07/petrofac-shares-surge-amidst-takeover-rumours/
https://www.petrofac.com/media/news/petrofac-and-schlumberger-take-over-the-panuco-operations/
https://www.slb.com/news-and-insights/newsroom/press-release/2017/pr-2017-0818-petrofac-sells-stake-in-pannuco-to-schlumberger
There is much evidence of an outside interest. A takeover will be for cash. The new owner will have a new BOD, significant liquidity and a mountain of cash. Lenders want to lend and earn fees doing that. They will simply renew the credit facilities. A takeover will involve a cash offer for the shares, paying off the existing BOD - who have recently and unnecessarily contrived a share suspension - as well as renegotiating credit facilities. They could do all that for £500,000,000 easily and acquire a company with significant long term value. A takeover explains a good deal of activity that has occurred. The BOD would view it as hostile which also explains a good deal. Between £1 and £1.75 in my view. We’ll find out next week. The BOD are the problem now.
Last week virtually everyone here thought PFC were toast. PFC has just warned the choice was insolvency (equity wipe out) or a highly dilutive D4E (assuming the ad hoc BH’s can cough up $300m cash).
Results were worse than expected and perhaps, most worryingly, there appeared to have been no progress (since the restructuring since the 12th April update).
The Going Concern statement was nightmarish.
So aside from the share price rising, which could just be shorters closing, what has changed to give the Bulls new hope? Nothing material?
This looks like self fuelling PI group think.
The bonds are still stuck at 25 cents. Not a whiff of an impending takeover.
And most revealing of all, no update from PFC regarding the dramatic price rise. Only 7 days ago they clearly said equity was ******, now if they are talking to someone re say a 30p bid they would have to tell the market. The FCA will be involved after the near 150% rise to check there is no false market. ie blatant insider trading.
I was looking for some substance through these posts and here is my conclusion and by the way i am still holding.
Current ramping is on the basis of an article of a site not with top credibility(not saying its fake).
If i am a corporate investor and willing to buy this company today
==>1 billion+ is like par i will be paying to get the show going(800 debt/bond + low ball 250 million to share holders)
==>D4E comes and bondholders control the company (would new owners be willing to take 800/900 million at that time.. why not?). In that case buyer will save a 100 million +
==>In case it goes into administration then no one is winner but whoever gets meaty part cheaper(if nothing is decided by 30th of june)
However whatever is the case
if there is a takeover
if bondholders get majority equity
if administration
where would this current bod stand?
If the shorts have not reduced then they must have taken the call option out, basically it acts like an insurance for them.
I think we lost a lot of price action because EUA went on 1 this afternoon.
Indeed so the short crew are still expecting a share price less than 10p - interesting 🧐 someone is gonna loose big time- hope it’s them!!
Would have been nice to see a reduction in shorts. A little concerning that they haven't.
Perplexing arnt shorts supposed to have the inside knowledge?
No change in shorts which means the increase in SP is due to someone else accumulating.
Nice little uptick at the end to almost 23p which bodes well. Fingers and toes crossed!
I am hoping next week, we will get the news we are all hoping for and need.
A good deal for the shareholders without the BS
Have a good weekend all.
Im sure some have been averaging up today
Day traders cashing out profits .. keep eye on short tracker, it’ll be a speculative weekend. Then we find out Monday exploding up or smashing down
Should seee some volume into the close
Meant to say "I wish everyone well"
I sold out around 23p before the suspension as I could not take it more, on restart of trading I decided not to get back in as I could have around 12p, and as usual when you not in it goes up, I am sure if I had decided to risk it it would have dropped to 5p. So I wish everyone who held on prior suspension and the ones who bought this week and are now in profit, you deserve it, if you are prepared to believe this company will still be around in the next few years. I for one will sit on the side lines for now and see whatever is the out come and only re-invest if it seems they have now got their debt problems sorted and the future based on all the orders will make a profit. Take care.
I think she was quoting the website Apothecary.
Mary did you get this information from a source?/quote?