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YorkshireBlues please note as per correspondence with Investor Relations in previous thread. We are awaiting a response to question 1.
1. The title for Friday's RNS was "Update on Strategic and Financial Options," what NEW information was given to shareholders that wasn't already communicated by Petrofac in the past?
Once we have received a response I will gladly pass on the detail. But until then understand the bigger picture here please...
Incorrect information Yorkshire Blues ... it has been stated before on more than one occasion.
"Every Option would have been going on for a while, of which a D4E would be one of the Options..... "
That may me the case but the first time it has been explicitly stated was in last Friday's RNS.
Tis like last december. 20p to 40s. same again?
Johny there is a lot more that will come out in the wash this you can be sure of... Our primary focus is to remove the existing board and replace it with one that is capable of turning that 8Bil plus pipeline into profits.
However I am pretty sure that a few of the longer term Investors like PFC Veteran would prefer to see this lot put behind bars...
On a more positive note... The dog days are almost over!
I buyzee some at just under 21p.
1 code at 21.00p if you believe in mumbo jumbo
Of course you're dead right Poker - "it is not their business or concern as to how anyone buys and sells shares ,moving prices up and down", however the issue here is what prompted the BOD to issue the RNS of the 12th. What regulatory pressure were they conforming to?
It was an issue for a lot of PI's over the last week, it is still an issue and they are 'swerving' any sort of sensible response.
Perhaps it will all come out in the wash, who knows? We can but wait with fingers arms and everything else that's crossable, crossed
Lol... Johny I would love to take credit for those such eloquently put words you are referring to but when it comes to legal jargon I leave it to the experts.
Our legal team has been building a case against the Board of Directors at PFC for sometime now and if there is one thing I have learned in the world of corporate law never believe what it says on the tin...
Nothing wrong with same reply being pasted out, but is it asking too much to show even a modicum of respect to shareholders of the company by actually answering perfectly reasonable questions?
Is it asking too much to have some sort of repect for the many PI's who have, in some cases "lost their shirts" in placing their faith that a board of directors of a publicly listed company could act with just a tad more understanding of their responsiblities?
I know where you're coming from Poker, but unfortunately it just demonstrates the level of professionalism that Investor Relations operate at within PFC, and how our expectations of them have become.
"I still think the timing of the RNS was terrible as it suggested D4E negotiations have been going on for a while "
Every Option would have been going on for a while, of which a D4E would be one of the Options..... and I suspect..as other Options become less plausible, D4E becomes a more plausible Option ..
The BOD will release any RNS at a time that they think is appropriate... it is not their business or concern as to how anyone buys and sells shares ,moving prices up and down
" Looks like they are copying and pasting responses....... "
what did you really expect ?... I would have done the same
Nice Talies, well said, more probing and far more eloquently put than myself. Need to keep the pressure on IR
Looks like they are copying and pasting responses.......
From:
Sent: Wednesday, April 17, 2024 3:06 PM
To: IR
Cc: IR
Subject: RE: Question for Petrofac Investor Relations
Excuse our ignorance but we are all struggling to understand your response to the questions we put forward.
- noting that a significant proportion of the Group’s debt could be exchanged for equity.’”
Are you implying that this is the NEW information that was given to shareholders that wasn't already communicated by Petrofac in the past? Please confirm your answer to Question 1.
Please be advised that you failed to provide us with a response to question 2?
Once again I would like to remind you that the information you provide us with is under legal review.
From: Lynette Otiti on behalf of IR
Sent: Wednesday, April 17, 2024 1:55:48 PM
To:
Cc: IR
Subject: RE: Question for Petrofac Investor Relations
Dear,
The Company and its Board consider that it is appropriate to keep the market informed of the status of ongoing negotiations as part of the Company’s review of strategic and financial options.
The announcement of 12 April 2024 provides such an update, following the earlier announcements made by the Company (most recently on 05 March 2024), noting that a significant proportion of the Group’s debt could be exchanged for equity.
The Company will make further announcements as it considers appropriate.
Best regards,
Petrofac Investor Relations Team
From:
Sent: Wednesday, April 17, 2024 8:49 AM
To: IR
Subject: RE: Question for Petrofac Investor Relations
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.
Good morning Investor Relations,
I am still waiting on answers to the questions below??
Please note that we are in contact with both the FCA and the SEC regarding our concerns and your time frame of reply is being monitored.
From:
Sent: Tuesday, April 16, 2024 1:06 PM
To: ir@petrofac.com
Subject: Question for Petrofac Investor Relations
Good morning James,
I am a shareholder of Petrofac and I am emailing you on behalf of a group of Private Investors who currently own shares in Petrofac.
Please be advised that for legal reasons I need to disclose that all comms will be monitored by a legal team.
Following the release of Friday 12th April 2024 RNS please could you provide answers for the following questions.
1. The title for Friday's RNS was "Update on Strategic and Financial Options," what NEW information was given to shareholders that wasn't already communicated by Petrofac in the past?
2. Who was responsible for the decision to release the RNS?
We look forward to a timely response.
FWIW I've replied to IR:
"Not to be too negative, considering you have responded, but you were already due to update the market in a week or two’s time, I was therefore more interested in what was the prompt for the RNS of the 12th just as the share price was gaining some momentum from the dire performance the BOD of PFC have produced (I was going to say “managed to” ) for its many PI’s over the years, however what has been ‘produced’ is about as far from ‘management’ as the distance from here to the far ends of the universe!
Could I ask that you also pass on to the Board of Directors our honest regards for disregarding us!
Fingers crossed Jonny!
Not really sure I agree with you there Yorks. They have already pencilled in an update to trading so surely that would have been the time to lay out what negotiations have been taking place, and I question whether the "chance" of a D4E going ahead is enough reason to warrant an RNS.
Why specifically PFC chose the 12th April to issue an RNS is IMHO an issue and I find it hard to accept that this was done out of some sort of act of benevolence to shareholders as you infer.
Let's face it they didn't see fit to issue any sort of RNS when they were awarded a contract extension by BP a couple of days ago, so what really gives?
I'm with you on your hopes, but......
If there is a chance of a D4E going ahead then the company has a regulatory obligation to inform the market. I still think the timing of the RNS was terrible as it suggested D4E negotiations have been going on for a while but at least they didn't let the SP get back to the 40s and then shock everyone with such a revelation. Along with all LTHs I'm hoping they don't need to go down that route but if they do then so be it as long as they can commit to the contracts already won and hopefully win more work.
Wow, actually received a reply from IR at PFC to my question yesterday - that was pretty quick. They also copied in FCA contact I have been intouch with, see below:
"The Company and its Board consider that it is appropriate to keep the market informed of the status of ongoing negotiations as part of the Company’s review of strategic and financial options.
The announcement of 12 April 2024 provides such an update, following the earlier announcements made by the Company (most recently on 05 March 2024), noting that a significant proportion of the Group’s debt could be exchanged for equity.
The Company will make further announcements as it considers appropriate.
Best regards,
Petrofac Investor Relations Team
Note the word "could" - interesting or what?