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I'd be happy if we just survived and were in profit by 2026!!
Are we looking at 2026 for a possible re-commencement of dividends? What’s everyone’s thoughts?
@George,
Neither, I'm a huge Tigers fan!
Yeah, not alone on that one.
I sold 15% of my holding on 30th. Not sure which direction this will go.
Oil, 100000 would cost £9k not £900 but I feel your pain, I’ve sold elsewhere for a huge loss and it’s absolutely sickening.
Relax.. you are not alone.
In answer to the question as IG will not admit he bottled it an sold out before the suspension, when others are fearful is the simple answer from me, best of luck to all genuine holders and don’t listen to the boiler room antics of some low life posting on here.
Already realised and liquidated 20k loss, on the last day.
So much trust i had for this company.
it was heart breaking to see i could buy 100000 for 900quid...when it cost me arm and length 2years ago for the 10k shares.
I wonder how many are with me on this journey!!!!
Done with "
Cheers YB
( Huddersfield Town or Sheffield Wednesday??)
Something tells me that this is far from "Over and
Hopefully it will come out of suspension at 30.00+
George, its a massive shame the Malaysian asset sale hasn't been completed yet. If the figures PFC would receive for those assets are correct a D4E perhaps wouldn't be on the cards.
Is it me or does this news from the companies web site come across as very encouraging
Thanks Android maybe light at the end of the tunnel
Cont.
'Good progress is also being made with non-core asset disposals, with non-binding offers received for the Group’s share in the PM304 Production Sharing Contract (PSC) in Malaysia, the process for which could be completed in Q3 2024. Offers are in line with the value of anticipated cash flows (subject to oil price and oil premium assumptions) over the remaining term of the PSC which expires in September 2026.'
https://www.petrofac.com/media/news/delay-to-publication-of-2023-results-update-on-restructuring-and-trading-update/
From the company website
'The Company expects a short delay in issuing its audited full year 2023 results, which it now expects to publish by 31 May 2024. Although the audit is substantially progressed, the Company and its auditor require additional time to complete the annual report.
As a result, in accordance with the Financial Conduct Authority’s (FCA) Disclosure and Transparency Rules and Listing Rules for the publication of audited financial statements, the Company has engaged with the FCA, and trading in the Company’s shares will be temporarily suspended from 7.30 a.m. on 1 May 2024 until its full year 2023 results are published.'
'As part of the Group’s ongoing financial restructuring, an ad-hoc group of senior secured noteholders have made a proposal to provide further credit to the business of up to US$300 million, comprising US$200 million of new funds and US$100 million of credit support to help secure performance guarantees for certain of its existing contracts. This non-binding proposal is dependent upon, amongst other things, the Company securing these performance guarantees, and would require the conversion of a significant proportion of the Group’s existing debt to equity.
The Company is in active discussions with credit providers to obtain the required guarantees, which would also release over US$200 million of collateral and retentions, and will provide an update on the outcome of those discussions as appropriate.
This development comes as the Company continues to manage its payment obligations to preserve liquidity whilst progressing the other components of the restructuring with other stakeholders.
The Group’s upcoming payment obligations include amortisation payments due on the Company’s bank facilities and the coupon payment due on its senior secured notes on 15 May 2024.
The Company’s lending banks have agreed to a number of rolling short term deferrals of contractual amortisation payments while the Company progresses the financial restructuring. The Company continues to engage with its lending banks on extending these deferrals as required.
The Company does not expect to make the payment of the bond coupon on the due date of 15 May. The payment has a 30-day grace period. The ad-hoc group of noteholders, representing approximately 41% of the outstanding notes, has entered into a forbearance agreement with the Company, which provides an assurance that those noteholders will not take any action in respect of the non-payment of the coupon until at least 30 June 2024, in order to provide time for the Group’s financial restructuring to be progressed. The Company will seek to engage with other noteholders in the coming weeks.
Managing these payment obligations is of critical importance to the Company’s ability to maintain sufficient liquidity in the short-term while it is working to implement the financial restructuring.'
The article doesn't mention anything new. Talks about how the legacy contracts are mainly to blame for PFCs woes and that a non core asset sale is on the cards. As has been reported they're looking at flogging the Malaysian assets. Also talks about the D4E and the $300 million injection. Nothing else.
Sorry Got no access. The only thing i can see is "'breaking' of parts seems likely as firm suspends trading".
So 2 points i can collect from here
1. Breaking and not mentioned non core assets
2. Breaking likely as it has suspended trading
My negative approach tells me that it is talking about administration.
If it was worth the value of the debt the secured lenders would not be doing what they are doing and would wind it up. It was a good buy six weeks ago and will be again. But today it is literally worthless as the shares cannot be traded, they are about to default, the bonds are junk and the “security” is valued at about 0-10% of the actual debt. See? The only upside for anyone is that they are still trading and are a fundamentally sound business saddled with huge paper debt that seems to be secured on fresh air, hope and an order book of uncertain value as regards profit. That’s why. Worth a punt though, eh?
Barclays cuts Petrofac price target to 10 (85) pence - 'equal weight'
IG
Can you please explain how you have gone from thinking PFC a great buy only six weeks ago, despite $850m of debt, to worthless now when all that debt can all be switched into equity?
Barclays cuts Petrofac price target to 10 (85) pence - 'equal weight'
Can you post article if you can as unable to read it.
PC
It is not my fault you are stuffed and holding junk bonds secured on a Hail Mary of “pari passu” worthless security. Maybe if you stopped ramping worthless junk bonds and considered matters objectively you would not be so angry that you are skint. Your predictions are 100% wrong, every time. You quote non existent sources and seem to believe that if you keep spouting nonsense it will, like magic, come true!
When someone like me tells it how it is you can only resort to insults.
You were sold a pup and now you’re stuffed.
Tough.
I agree.
Again, media influence has played a bigger part here than it should have. Shock horror.