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Sadly it might take quite some time to get the accounts signed off by the auditors.
Best of luck bailing tomorrow. We are suspended until EOY accounts are formally signed off by the auditor and published for the Exchange.
Apothecary 🫣🫣🫣🤓🤓🤮
Nothing lost yet unless you perhaps have sold on??
My losses amount to about 90% by far my biggest loss in 10 years. Thinking this will go the way of amigo or solo oil so maybe bale tomorrow and buy a few good bottles of wine with what's left...Cheers
So very much like Carillon.
They had to pay suppliers pro-forma i.e. upfront towards the end and also put alot of there supply chain on 90 to 120 day payment terms.
PFC I believe are finished
This made me laugh the most out of all posts today 👏🏻👏🏻
What PFC dont understand is they dont employ Construction Professionals with expertise.
The price work using people only experienced with Asian markets.
But Clients employ Western experience Engineers to verify what PFC have priced.
9 times out of 10 PFC have priced a EPC contract and the Clients are looking that PFC are 25percent under budget....
But PFC think they will recover losses using claims....
But because the Client is alerted to the cheap price from PFC they are combative from Day rejecting variations and claims from the start....
Hence PFC are behind the 8ball from the start.
Hence the loss making projects.....
I honestly feel bad for every retail investor here. The fact is this horse is dead!! Why? Because:
1. Management can’t price a contract before they offer it. So it’s loss making from day 1. This is the reality I see every day. Long term contract are horrible to price up. Especially on low margins. Even with a new Petrofac these problems will continue until they hire suitably qualified finance personnel.
2. Ethics - Petrofac are rife with bribery. Senior management were/ are not committed to ethics and compliance - simple stuff but very Japanese and US company I’ve even worked for makes it mandatory for new employees to sign that they’ve received the code of conduct.
Shorters were on this since October- I wonder how much knowledge transfer happened before this took place. People think the markets are honest but they really aren’t. So much corruption and the FCA do not have the resources just like the HMRC don’t have the resources to investigate every Turkish barber that only accepts cash!
Well, my loss in this one, while thankfully quite small, was nevertheless in a tax free wrapper, so no offset opportunities for me here!
I wish it had been free money. Where can I get some of that, short of becoming a politician? :)
Any self congratulatory comments, should incur a 12 month exclusion.
I know @sharefall. Let him have his fun.
Whats amusing on all share chat talk, are the people that go into detail about how they did this, and how they did that, which means im basically risking free money, arent i clever. No one gives a td$$ about them. Theyre just feeding their own egos. May as well wear a neon sign advertising their low self esteeem.
A few people backslapping here today and all will be well in the garden after the haircut and results.
Well down only another 28% today .
Tax dodger
Im afraid i didnt have the proverbial steel balls. I bailed out yesterday, having held some 90000 shares. Big loss, but can offset against cgt second property. 10 K in the bank.
Nevertheless i wish all existing steely balled individuals the very best over the next few weeks. I really hope that pfc comes right. Mary certainly feels that, and i do value her opinion.
When??
I’d hope we get the terms announced well before the end of next month because PFC can’t risk losing business over the ‘going concern’ uncertainty. It appears that the principle hold up is sorting the Performance Guarantees and this has been WIP since December. They must know what hoops they need to jump through so I assume the $300m new cash plus D4E achieves that, hence we are just waiting for sigh off.
Interesting post from Stas20 on 88e board .
15 Apr 2024 at 18:39
All the derampers
Anyone who thinks bulletin boards do not have bearing on shareholders needs to read more. In particularly those of nervous disposition who may not have not been investing / trading long, or that might be a little undecided in their purchase or, who admittedly, have not done as much research as perhaps they should, oh yes these people can be swung by the influence of others you don't have to convince the bigger fish, enough little ones in illiquid stock is often enough.
You should realise that bulletin boards are in effect, for the shorter's in particular, the PI's Carson block report. You need to learn a lot more about thought psychology, in fact its pretty hard to convince someone to buy, but its far far easier to convince someone to sell, indeed it is all part and parcel of why winners often sell out too soon and never realise the big gains of some risers and yet many, indeed most will hold far longer than perhaps they should, you can read the psychology of trading in many places, but interestingly people are often more fearful of losing gains than they are of racking up losses! Bulletin boards do hold influence and as such it stands to reason that if they hold influence over investors then ergo they hold influence over prices.
Ripley,
Are you that one in Alien who stripped down to her knickers?
Or a bot.
X
Kept them , despite majority here saying shares will be worth nothing .
Closed 9.5p , 300 posts here to 5.30pm .
Petrofac Ltd, down 28% at 10.58p, 12-month range 10.05p-87.50p. The stock slides again after a 34% slump on Monday. It warned at the start of the week that a financial restructuring could see a chunk of its debt converted to equity, resulting in dilution of existing shareholders. The energy infrastructure company also flagged an extra USD130 million charge in its engineering and construction division and said the release of full-year results would be delayed. The stock hits this 52-week low on Tuesday, and shares are down 86% over the past 12 months.
They didn’t buy. It was part of their remuneration package. This has been discussed many times.
*Not a chance I would be taking, given the opertunity.
Interesting... Those funds that were reducing in the 20s last couple of weeks also worth pointing out.
They could have waited a week or 2 and been quids in! Those that didn't reduce in the last couple of days may be kicking themselves if this month proves to be an effective one for the holders here.
What's stopping a take over offer being made to the Board during this closed period... a chance I would be taking giving the opertunity that was provided by this 2 day window prior to suspension.
It was a crossing trade. Don’t you know how to buy after the main market has closed? Jeez