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Read the Key Words for the Stupid........
"Update Strategic and Financial Options 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", ........
"a proposal"
"non-binding proposal "
"dependent upon,"
"Company securing these performance guarantees, "
Put them all together and what has PFC got.....NOTHING.....Its A "non-binding proposal "dependent upon,"Company securing these performance guarantees, "
Its called Fine Print......
Total PETROBUST.......
Don't Forget what the Accounts say about the AVO's....
And ANY PERSON PUTTING UP A ...APB or PGB will want total Clarity on this ISSUE........
The Recognition of assessed variation orders (AVOs) pending customer approval: an AVO is a management estimate of payment due from the customer resulting from a customer-instructed change in the contractual scope of work or for the reimbursement of costs not included in the contract price. The assessment for contract modification is based on discussions with the customer and a range of factors, including contractual entitlement, prior experience of the customer and of similar contracts with other customers. When such modifications or changes to contract are approved in writing, by oral agreement or implied by customary business practices including where the parties have yet to reach final agreement on changes in scope or pricing (or both) but where the Group believes it has an enforceable right to payment, the Group recognises revenues and profit from AVOs using the expected value approach. It assesses/reassesses AVOs at contract inception and at each reporting date where it is considered highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the AVO is subsequently resolved. In performing the assessment, management considers the likelihood of any such resolution being made by reference to the contract, independent specialist advice, customer communications, past experience with the customer and other forms of documentary evidence. At of 31 December 2022, AVOs of US$378m
were recognised in the consolidated balance sheet (2021: US$338m), of which US$372m (2021: US$337m) was included within the contract assets; and US$6m (2021: US$1m) was included as an offset against contract liabilities; see note 20.
Accountan Speak............Important Bit.......
“Where AVOs pending customer approval are not subsequently resolved in the Group’s favour, this could result in reductions to, or reversals of, previously recognised revenue. The AVOs recorded in the financial statements are in respect of a number of contracts, with AVOs relating to two contracts representing approximately half of the total balance recorded. "
On paper there is a lot of Money Not Settled or approved with Clients……..At of 31 December 2022, AVOs of US$378m……Outwith Legacy Contracts
Auditors will be holding PFC Feet to the FIRE on this as this is the Basis of the BIG BLACK HOLE.........
And as the Auditors stated PFC have a History of Fraud and Bribery and Corruption do you blame the Auditors for being Diligent
Have we reached full capitulation yet? maybe a lunge down to 10p?
I imagine the Money Boys will play with this all Day making a Killing 9p share sold at 12p is not a bad return......back to 10 up to 11
........
There it is 10p to buy
And in the 9s to sell.
8.90p sell spotted. geez
10.70p buys. U-turn?
Surely the MMs can't be loading up?
Can’t get a buy in!! Crazy
Some people seems to be buying........i may be crazy but i also added modestly this morning
Apothecary - what's crazy is you're trying to buy, you wanna lose all your money?
Capitulation in?
Was thinking double down or leave……that was at 11p and we now are in the 8’s. Well scary times
Out at 12p this morning, 87K loss. Lesson learnt. Onwards and upwards. Good luck to all those still holding. Scary times.
The company should have released the rns today after close and suspends the shares from 1st of May, this will give the company a bit more headroom when comes to D4E. It is too late now, it will be less than 5p if the D4E does go ahead.
Oh dear rats leaving a sinking ship.
Don't invest in this if you don't want to lose your shirt !
Again, this company is run by morons.
Still can't get my head around the BOD saying
"we are in financial trouble boys, so we are going to suspend the shares in a couple of days"
They must have gone to the Humza school of forward thinking
Don't tell the Mrs
PFC =W⚓and complete 🛎Ends
🤣🤣🤣🤣😄
The suspension links to the reporting of accounts which was delayed…….trading would be permitted yesterday and today. Well lets see what happens after the dust settles
Maybe ask the Receiver ....
How many of these Paragraphs are in the Draft Accounts.....I Wonder.....Still to Be Published...
Misstatement of financial information as contained in Petrofac Limited results for the year ended 31 December 2022
"During the year, a review on the Thai Oil Clean Fuels contract was conducted by the Group’s Internal Audit function as part of its 2022 audit programme. This detected that indications of a material growth in the bills of quantities volumes had been identified during a periodic engineering scope review prior to the approval of the Group’s consolidated financial statements for the year ended 31 December 2021. These should have been evaluated and reflected in the 2021 financial statements. This data was identified and available to the project management team but was not shared with the E&C divisional senior management team, the Group’s Executive team nor the Group’s external auditors until after the approval of the Group’s consolidated financial statements, in contravention of the Group’s established policies and procedures. A thorough investigation concluded this reflected poor judgement rather than any intent to mislead."
Its called FRAUD.....
Snapper,
While you are very excited may i advise you that some of your statements could be seen as libel.