The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
If PFC does not have any valuable asset, will not able to repay the current debts and is going bust. Who would be so stupid to lend them money now ?
Cheshire is a great place Tony, everything you could ever need right on your doorstep. I count my lucky stars that I live in Cheshire, there are a lot worse places to live and work. I mean imagine living and working in London and having to deal with Sebastian, Henry, & Tarquin in the bars & restaurants frequented by the aforementioned Shorters.
GLA, whatever you decide between now at COB tomorrow.
Bonds taking a bath too . . .
What a fustercluck . . .
Petrofacked 🙄
No, still in God's country Tony9s!
I'm still holding. My average is around 40p. I can wait for a few years and hope for a recovery. No pressure for me to sell.
Looks like Yorkshire Blues has moved to Cheshire. Not sure why he’d have done that but oh well.
Short the FYSE100! PMSL. I’ll really miss this board when it disappears. Hopefully they’ll keep it on for a while like the Sirius one.
Sold too! what a mess! time to short FTSE 100!
My D4E at around 6p is looking optimistic. Prepare to lose everything. Badvoc’s summary should be read by the blind-blocking-clownfools. But they only want to hear their own desperate prayers.
Actually convicted for failure to prevent fraudulent transactions because that's all the bean counters at SFO could dig up after nearly 5 years of trying to smear Petrofac and failing.
If the sodding Australian media hadn't poked their grubby little noses into this in the first place we wouldn't be where we are now. In the meantime for other contractors to the Gulf it has been "business as usual" if you know what I mean!
As to what is going to happen lenders are between a rock and a hard place: pull the plug and lose billions or continue to support to facilitate the working through of contracts in the hope of lessening the blow
Might be mental, but I'm HODL'ing.
Only in for a penny (they already spent)! Lol And a low 20p average on my punt so just getting the popcorn out and waiting to see how scary the horror show is.
2 days...just long enough to not see how much the shorters reduce at this 15p level it is bouncing off.
Comments still crack me up. This should really not be a surprise
What people forget is that Petrofac never make any money from their contracts anyway, mis-managed company!
Think most will be at loss here but I am backing a bounce as I am sure shorts are closing and that is evident from the reporting last week - the risk is an offer coming in and the wont want that. 15p is good risk to reward in my view - others wont see it like that
Did say if i remember. PFC have such a bad rep they cant even recruit now. Hows that going to play out. No point getting snappy because your sitting on a loss. Its been obvious to anyone to see the last few years that Petrofac are spent. Never recovered since the SFO. FACT.
I actually think Administration this Week
lol snapper --- truely petro'fecked ..... jesus $8 billion ??/
so happy to be out, but ****ed at my loss, but still time to make back ............... whats happened to all the mouth pieces on here today? where ever-twat ? oh wait you blocked me ... **** head
Badvoc
The Blak Hole the auditors are aware of os 0ver £2 Billion.......This has went on for years and the Fat Lady sang at least 5 years ago......
• Loss in its E&C division of approximately US$130 million –-----------So what about 4 months this year ?? more losses,
• 31 December 2023 was US$583 million ------------– How much now??
My worst experience since Carillion. Down 20k in 6 years and only worth £500 ish now, have sold today to get rid of this disaster company, fortunately my other energy shares can subsidize this disaster. Good bye PETROFAX AND GOOD LUCK, YOU. NEED IT
• Expects to publish by 31 May 2024 –--------- 2 months to cook the books more??
• US$200 million of new funds –---------- More Debt,
• which would also release over US$200 million of collateral and retentions, --------- Pay above Debt back,
• dependent upon, amongst other things, the Company securing these performance guarantees, ---------- good luck won’t happen???
• 41% of the outstanding notes, has entered into a forbearance agreement ---------- Other 59% can start legal proceedings,
• non-payment of the coupon until at least 30 June 2024 –----------- Then what, can’t pay now why then???
• ability to maintain sufficient liquidity in the short-term –---------- Had 6+ months and still can’t pay so whats 2-3 month going to do nothing?
• non-binding offers received for the Group’s share in the PM304 –-----------means feck all “NON-binding” waiting for a fire sale??
• Loss in its E&C division of approximately US$130 million –-----------So what about 4 months this year ?? more losses,
• 31 December 2023 was US$583 million ------------– How much now??
Administration in 3-6 months ------------- so glad I bailed even with a 138K loss, least I got out without a further 36k loss today
Good luck all but get out whilst you can and run for the hills... this thing is worthless any profit on the 8billion if they continue is for the debt.
Looks like 15p is the price then?
GLA, stay sane
I’m out, sold the last third of my shares , was going to ride it out but after this mornings RNS I don’t see any point in holding, the dilution will be to much.
The SP fall would be much greater except for shorts buying back their shares,and making millions of profit for themselves.. Petrofac is technically insolvent
Rip 🙏
PFC were convicted by the SFO.......
If Auditors accounts are covered with words stating "Financial Mismanagement" after getting convicted for Fraudulent Trading....... Do you think any serious lenders are willing to fund these Crooks........
Its not just 2023 Accounts that are late.......Even Management Accounts which the lenders will want will be at odds with the Draft Audited Accounts they are flogging like a Dead Horse will be conflicting the auditors....
They PFC know the problem......
And this morning Clients with whom PFC have Contracts will be preparing to issue Contract Cancelation Notices as we speak....
IMHO
Nice to see some people in no rush to sell shares. Sorry to those who have sold at a big loss. Am down 60% over all and will continue to average my position. Nothing is over yet!! Get them cheap when you can, buy the dips. Chart showing 20p +close
Only people lost money is those who sold out and current holders have lost nothing, but carry a paper loss.