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Audit may well be progressing but it certainly doesn’t mean the auditors will give a clean opinion (including on going concern). Don’t expect the suspension to just magically go away at the point they say. Kicking the can down the road basically.
$200m additional puts the share price at around 5p. I'll be buying whatever I can when it comes out of suspension.
Other sites now reporting suspension including Hargreaves Lansdown
If there is no going concern, then there is no need for shorts to return shares. That is the end game, not to exit quickly.
Wouldn't like to be in the shoes of the 1%shorters who bought back there positions last week. I Fancy they could be being told there fortunes this morning
Mary
Have you added this morning.
Thanks Dan22 - what you said does make sense - due to delay.
However, as Cuban was saying, this is not the first time. If PFC management are up to something malicious, we need to try and find out sooner.
Stay safe lol
From 1st May, according to Proactive.
And all those fools with comments about Shorts burning a few weeks ago. I recon shorts may well get out now and shares will rise a few pence as they escape.
Never forget it....same applies in your personal life as it does to a company.
I may close in green today!
Cheshirelad
I agree a takeover is more and more likely. Also the Algerian contracts reported by Meed are huge but maybe not quite finalised. The non core asset sale is positive, the fact the lenders see no mileage in a liquidation is positive, a move towards profitability in the short term is positive. The massive new unannounced contracts in Algeria are game changers for Petrofac and the lenders appear to agree. All in all takeover, for what would be small change for a hedge fund, does seem more likely but DYOR as always. Looking ahead a month then sell, six months and bought in sub twenty hold. Looking ahead more than a year buy but DYOR.
Dan22 - This is not the first time PFC delays publishing results. Previous occasions (including extra time for the auditors to finish the works), the share suspension did not take place
It does look as the best option is a total breakup and sale of Petrofac businesses.effectively liquidation..Shorts have made millions on correct assumptions
Yes Amers, fee is payable right up to borrowed shares being returned, or until liquidation if that is the case
The funny RNS recently and today's appears on the face of it a pre-emptive warning to the Shorts, FWIW.
Possibly a leak the other week regarding advantageous terms or takeover approach, fits with the "possible" suspension. Have to say a takeover at 50p looks good at this time.
Best of luck all, I've trimmed and sold 50% of my holding to preserve cash. Will watch with a keen eye for the remainder of today and tomorrow. Could go either way, company being robbed from shareholders my bondholders/shorters, or, set-up for a very low ball "acceptable" to all offer, vey fishy indeed.
GLA, stay safe (mentally)
I wouldn’t pay a penny more for a small punt
Oh dear
What a sh*t show
They are simply following the listing rules, that the shares are suspended if results are not published in time. The delay is due to the audit not yet being complete, as per RNS.
Shortere being allowed out.
Paul - question for you when shares are suspended on Wednesday, will the shorters would still have to pay the borrower...i.e weekly or monthly
Please remember request to suspend can be withdrawn anytime before the suspension takes effect. Normally, the suspension kicks in less 24 hours or even with immediate effect not 48 hours. Something fishy is here .
Paul
Thanks for your explanation.
Will be interesting to see the declared shorts position after suspension.
The saga continues
25% down today early doors low 14.5p , spread 2%
90 posts here to 9am.
Some pointing at MaryBr190 a bull in recent weeks here , after concerning 7am RNS debt for equity .
Apothecary: your posting history here suggests that you forgot to post when you sold, before this 15p repurchase.
Excellent timing though and looking forward to your sell notification, lol :)
I remain on the sidelines, although watching the SP action with interest.
I had (and still have) no idea how this is going to play out prior to suspension; watching to see what the shorts list looks like this evening.
Good luck to those still here and those adding/trading it right now. Hope you make some good money.