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Reply to Mr Charlie
Plus who would be a supplier to this 8 billion order book. Cash up front or insurance (if you could get it).
Mobilisation fees to supply would start start at cost plus a percentage of the supplier profit would be minimum for me.
Credit Limit - What on earth makes you think the creditors are happy to take the equity. They are probably far from happy about it but its most likely a choice between doing that or writing off their investment! Its not just the fact that the company needs to convert the existing debt to equity - its the fact that the company needs a new capital injection just to keep going. If no one puts in the new capital the company is finished irrespective of any D4E.
The reality is that the situation is deteriorating rapidly now - if they cant get this through - and bear in mind that this is only an agreement in principal and dependent on the company being able to obtain to obtain the required guarantees - this will go under.
8 billion order book . . . I can't believe big organisations like BP would be allowed to issue contracts to PFC without a high level of due diligence . . . very interested to see which way the shorts have gone today . . .will they have to close out anyway before suspension anyway?
Nearly 50% of creditors happy to take equity. The company has convinced them. Probably not to hard with an 8 billion order book.
Equity already at 96% discount to 5 years ago. 80% to a year ago. 65% to 6 months ago. 40% to just a month ago.
Shorts have already pushed this in to creditors hands at bargain level. Creditors saying thank you very much. Can shorts make any more?
Climbing……I do believe we are going to see a good squeeze
I'm just hoping it is insider shorties trying to find the door. Probably completely wrong though.
This is multiples posts appearing today from someone pointing all the unfortunate PFC investors at a great opportunity....why are they so desperate for you to let go of your shares?
Someone is buying . . . pump n dump day traders? . . . any thoughts on a close price
BY my calculations there is about 48-52m shares that need to be purchased……..so will see where that takes us.
Bid is going to climb running into the close……some big orders will fill - same again tomorrow
I have sold and invested in STG this morning see this multi-bagging so can recoup losses there
Ah, Mr. Cheap. You’re definitely getting towards you objective here!
I'm not sure it's a good idea to short FTSE100.
The select best 100 likely to go up whilst the rest will be destroyed by shorts and poor management
Small caps are therefore more sensible short
You’re both quite right! I live in an East Midlands City so can’t match your places. I do have a massive Edwardian house behind a wall though so can live a period lifestyle in denial.
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.
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!
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
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.
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