Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Hard to predict shareprice as D4E would determine the price.It can be 1p,2p,4p,6p or 10p nobody knows.But bondholders would leave. little to no value for existing shareholders.Anyone taking a position now is gambling and can effectively lose the lot.
Looks like the shortest were spot on. They will have to close out at some point after the D4E, then it’s game on.
Downbutnotout
Yes, there was fraud involved. Two directors were prosecuted by the SFO. I also worked on the case for the administrators afterwards to recover some money!
Anything below 10p is safe in my opinion, 10p is the magic number.
Well said Evan. Am holding with huge loss but am willing to see how this unfolds. Lots in here I really wonder what their agenda is. Spouting a pile of nonsense rubbish about administration etc. if ur not invested then why are u posting!!
Yes, there was fraud involved. Two directors were prosecuted by the SFO. I also worked on the case for the administrators afterwards to recover some money!
Am with you Mav. Sell now and risk a huge upside - lots more to come here. Am down huge amount but will hold - my prediction there will be many who wished they had never sold. GLA
I should have listened to PaulCurtis. 😔
Sold on 25/4 at 24p (or there abouts) after chasing this down from 80p.
I know that £10k is not a lot to some, but it is a huge amount for me.
I guess dinner is a large slice of humble pie.
Buy, hold, sell. Investing is - unless you’re on the inside - a mugs game.
FFS
A nibble at 11.4p is a hell of a lot better than what many in here are in for…….good luck we deserve it
Fortissomo, Great POST X
If bonds are trading at 15% then rest assured that equity is worthless, they will inject the cash and convert most of debt into equity to take advantage of future gains to recoup their money.Problem is it has fallen from 750 after bribery fiasco and has not recovered since then.Problem is they have been slow to gain new buisness and this sort of buisnesses operate on paper thin margins and it takes very little to turn a profitable contract into loss-making but as long as you keep on winning new contracts they will even out books.Covid was real culprit here which ground everything to halt and company has never recovered from there.In my opinion we have a bunch of gamblers who are gambling on "bigger fool" theory however they have chosen wrong company here and that will cost them heavily.
The owner of pfc does not seem to have sold any shares,
well what i can see, so talk of a wipe out maybe not so true
he could have sold out ages ago, but as is now, his wealth has seriously shrunk
so does he know some thing that others dont!!
Remember bondholders have already allowed a slip in repayment. Suggests there is little appetite to push into administration. That would be a scenario where everyone loses.
Maverick,
i feel you may have a point here. There remains a massive risk of near zero return for shareholders but there is also a reasonable chance that the large shareholders may engage in some sort of PE backed takeover at these prices. This is not quite game over. I sold all my holding - 50% at 27p and the rest at 22p. Took a big haircut. But on the basis now that there is a slither of a chance, iv'e taken a nibble back at 11.4p. Perhaps a fool and a hopeless cause. But here it is. ATB
Remember reading a double page spread in Investors Crapital re Afren before I invested.
Not sure why I don't buy that thing anymore
Interesting view there Fortissmo
Ask the auditors what they thnk?
Have some dry powder waiting😀👍⬆️
Didn't Afren still fail after a rights issue? not the same though as I believe there was fraud going on somewhere in the mix at Afren.
Great post and my thoughts too.
Play nice or everyone loses.
Looking at the Bonds trading at 15% value suggests there might well be a mexcian stand off here and the threat to greedy bondholders seeking hefty d4e is ADMIN. They really don't want this to go into ADMIN or they'll lose everything as well. That fact that debt sits higher over equity does not necessarily mean that shareholders have to carry the can on this one. At end of the day, the Thai project sunk this business along with high inflation etc. It's a viable business and order book strong. But if debt holders want to leave shareholders with zero... ot close to it... then shareholders can just pull the plug and debt holder go down the tube as well.
So there has to be some fair deal for all involved or there is zero point in continuing.
Now, with Ayman Asfari and AzValor Asset Management owning almost the key 29.9% these guys might be looking at a private deal post admin. That would certainly be a middle digit finger to the SFO by Asfari.... and perhaps his middel east backers will come to save him... but not everyone else if you follow. So in effect, Asfari gets the business back, takes it private for a while, gets mega contracts from MENA region and then relists 5 years down the line etc.
Ugly stuff... but if the bond holders play fair and leave shareholders 20% to 25% then this could rise like a phoenix and be back in the 30's and 40's based on potential $1bln+ markt cap and half debt burden.
Not a holder myself (was in the past) but genuinely can't say which way this will go apart from the fact that survival is in interets of both debt and equity holders and despite debt ranking higher... it's the shareholders that can pull the plug first via admin and bondholders know this.
Weren't PFC in discussions with the likes of Shell and BP lately...Blue Chip Companies who would surely have carried out Due Dillgence before any form of commitment.
I just don't get it ..
I lost my shirt with Afren ...hopefully not again ...but am going to stick it out even though I feel letdown
🤣🤣🤣🤣
We all of us (buyers and sellers) have no idea what the future holds. I have added all the way down I am currently 50% down, however I believe this is being played out to make an attractive acquisition for someone. Apollo or Asfari are likely to find the money or perhaps with the security guarantees some of the contracts we have will see forward payments being made to provide the liquidity required. My view - I appreciate others have their own perspective
OPINION is one thing.
Dishonesty is another.
Does anyone TRULY believe PFC is a "BUY" ?
THESE shares are at all time lows ànd haven't YET been diluted, a dilution that will wipe away a sliver of DEBT.
RISK vs REWARD ?
brave