Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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This is an object lesson in how things can go from bad to worse.
In the RNS on 12th April the company said they were in discussions with certain major shareholder regarding potential further investments. These were the only people who might have had any interest in keeping the share price higher. They have clearly either walked away or been unable to raise required funds.
The fact that bond holders are even considering putting in new money in return for more equity - on top of the D4E swap - tells you all you need to know. That they think this is the only way they can prop up the company in order to salvage something from their investment. And if they are having to do this - when even major shareholders cant or won't - then clearly existing shareholders are going to be as good as wiped out.
Going forward they have to ensure that 'New Petrofac' are well capitalized enough to progress the order book - and to give confidence to customers - otherwise there will be no new orders.
The risk is that they will put in just enough to keep them going in the short term.
The price of the D4E swap and capital raise is almost irrelevant. Whatever it is this is going to generate a huge number of new shares which are going to be held by people who really don't want them. Its going to create a huge overhang of shares which will take a very long time to clear. Some will no doubt exit at the first opportunity - others will wait and sell into any price rise in the 'new' shares.
We haven't seen the details yet - but it doesn't look like 'New Petrofac' is going to be an attractive investment.
" Whatever it is this is going to generate a huge number of new shares "
well, you can soon solve that problem ....with a consolidation ... seems a likely next move IMO
All we will see tomorrow if shorters have managed to reduced their shorts. That will indicate, how they think things will turn out. Have almost 200K shares and not selling any. Risk/Rewards are in holders favour.
You will lose a fortune....MAD
Well yes - who knows - the £1 party might be closer than you think!
The game isn't over yet and quite a few of us are in no rush to sell shares to shorters to cover their positions.
Love this share, only for the brave and long termers.
Shorts - unlimited losses, holders limited if any. Only a loss if you sell!
Only people lost money is those who sold out and current holders have lost nothing, but carry a paper loss.
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
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
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.
Looks like 15p is the price then?
GLA, stay sane
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
Sold too! what a mess! time to short FTSE 100!
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.
Looks like Yorkshire Blues has moved to Cheshire. Not sure why he’d have done that but oh well.
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.
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.
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.
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
Ah, Mr. Cheap. You’re definitely getting towards you objective here!
I have sold and invested in STG this morning see this multi-bagging so can recoup losses there
Bid is going to climb running into the close……some big orders will fill - same again tomorrow
BY my calculations there is about 48-52m shares that need to be purchased……..so will see where that takes us.