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Started: PaulCurtis, 13 Jun 2024 13:12
Last post: PaulCurtis, 15 Jun 2024 13:16
Ivor
Read the Going Concern statement! They are effectively insolvent right now because they canāt pay interest. Debtholders have given them a bit of time to find a solution. BHās until the end of the month, banks review weekly.
The 41% is the ad hoc group who are offering the $300m rescue. They are all insiders. The rest of the BHās will agree to whatever gives them the best return as in minimal loss. This is probably the D4E but like me, they donāt know the terms and how painful it will be re any haircuts etc.
Itās possible that insolvency offers a better option although this will wipe out equity.
All parties would bite the arm off any sort of a takeover that kept everyone whole but sadly there is no sign of this. Only wildly optimistic group think - share price goes up and you all think someone knows more than you do!
Glad I sold in the high teens to low 20s, if I had taken Ivorās advise I would be seriously risking losing my shirt now.
PC
The end of year accounts and balance sheet tell a slightly different story to PFC simply being insolvent. In English law, a company is considered insolvent when it is unable to pay its debts as they fall due, or when its liabilities exceed its assets. Outstanding contract payments, liquidity and receivables exceed the debt. The backlog and goodwill have considerable value. In addition the security the lenders have and the legal entities that actually owe the money are disparate and not necessarily within the jurisdiction. There is one negotiated default and so PFC are not insolvent. They need to get paid so that they can pay. Itās a liquidity issue and not the same as GKN.
I would be surprised if we have an RNS anytime soon. There will be no D4E of only 41% of creditors are on board. They clearly do not fancy their chances enforcing the security and PFC can string them along for months until they get their paper assets liquid.
The business has far more value than the equity suggests which is why a takeover is likely. GKN is not a fair comparison as it was insolvent PFC is not.
@DestituteBroker - exactly.
To complete: after the 100 to 1 share consolidation, which took the sp back up to Ā£1. And to rub salt into the wounds it gradually fell to around 80p. Before rising to current levels. The UK Stock Market at itās best.
Started: Jsyboy, 14 Jun 2024 16:04
Last post: tony99999, 15 Jun 2024 09:07
And six people actually gave you thumbs up! Barking.
Thatās mad.
Gosh Jersey Boy. Thats crazy.
A modest rise at the end and still no dreaded RNS. Fingers crossed for next week.
Iām a LTH and have a big exposure, but Iām still hopeful of a last minute deal with a major, if there is a white knight in the wings it will be hard to keep it under wraps over this weekend good luck & stay strong to LTHās
Started: ALFIEK, 14 Jun 2024 08:12
Last post: ALFIEK, 14 Jun 2024 09:39
It was up yesterday too, and a lot higher, but it didnāt stop me getting a āblack eyeā by the close!
ALFIEK Stay out then - itās that easy š
Itās up and charts now pointing to a strong move upwards
Bad feeling about today. Another no announcement day. Confidence is low after yesterdayās promising rise, only to then regress. No surprise if PFC continues to fall today to 13p or lower.
Started: shahz, 14 Jun 2024 08:40
Last post: shahz, 14 Jun 2024 08:40
Bid has dropped from 1499 to 1400 in these 5 low transaction.
14-Jun-24 08:18:34 14.25 22,200 Sell* 14.00 14.99 3,164 O
14-Jun-24 08:18:13 14.99 2,900 Buy* 14.00 14.99 434.71 O
14-Jun-24 08:18:13 14.34 134 Sell* 14.34 14.99 19.22 A
14-Jun-24 08:18:13 14.40 180 Sell* 14.40 14.99 25.92 A
14-Jun-24 08:16:33 14.925 66,926 Buy* 14.40 14.99 9,988 O
14-Jun-24 08:16:07 14.94 341 Sell* 14.94 15.29 50.95 A
Started: MaverickD, 14 Jun 2024 08:20
Last post: MaverickD, 14 Jun 2024 08:20
I personally have felt for months that Apollo would show their hand, however I am now thinking Halliburton could well be the peer that will want to come in and take out Petrofac
Started: Ducati2, 14 Jun 2024 07:23
Last post: HereKittyKitty, 14 Jun 2024 08:07
Need to be in it for later so time it wisely š
Fireworks yesterday just before 3pm and sizeable buys were worked through. Letās see where we head today, but my gut is telling me higher with good volume. GLA
Something happened at 15:00 yesterday, was that news of payments had been made so as Apothecary says business as usual nothing to report.
But as usual all a guessing game with PFC, letās see the opening price this may give some indication. I donāt like an RNS on a Friday call me superstitious it the bad news day!
Last post: Apothecary, 14 Jun 2024 07:49
Morning Mary. As I mentioned previously I have sold half my position due to the uncertainty of the finances. Yes I want this to treble or more! Still holding as I believe there is about 50% chance of this getting sorted. No I donāt think il get a chance to quote for 14p this morning as itāll be above šā¦ getting a quote and hitting a buy are 2 different things!!
Apo, take it you are poised to buy in again at your 14p?
So the fat lady has not yet sung and may never. Aiden šŖ may yet strike first.
They issue many intraday RNSs ā¦ā¦
Iām surprised no 7am update but maybe PFC think the 16th June deadline does not warrant an RNS since it was only referred to in the Going Concern statement.
I assume no news by Monday means that theyāve secured the PG for this project but perhaps wishful thinking!
I only hold the senior secured bonds, have no short position (and never have had) and Iām very nervous. I donāt understand how any of you can be holding equity. I think there is a real risk of insolvency, increasing by the day. Read the Going Concern statement re the bit about determining break up in insolvency and in particular how PFC donāt know what the intentions of certain debtholders are. Does this mean they are seriously interested in the solvency option rather than D4E?
And if we swerve insolvency then imo (and Iām 99.9% certain on this!) the D4E will be priced at c. 4p or 5p.
Started: HugeProfitBy2030, 13 Jun 2024 16:33
Last post: YorkshireBlues, 13 Jun 2024 18:18
Be nice Tony!
Yep crazy but I took another 10k at 14.98ā¦ā¦only to see it 2 mins later at 13.5.
Its all bent as F**K dodgy goings on, obviously planned by many
š½ . Even Vretren an isnāt daft enough to write-off his last dregs. Mary, Mary the Apothecary? Well thatās a different story. Ivor Grifter canāt keep up with his hand movements. Maverick is just a Cokehead poster. Yorkshire has gone missing following inexplicably large losses, police are looking for Leeds.
Most amusing.
13-Jun-24 16:29:41 13.90 3,554 Buy* 494.01
Same! Only a small top up with seconds remaining but, yes, that was me. GLA LTH. Something is definitely going on and a lot of positivity today, despite the late dump
Started: ge0rge123, 13 Jun 2024 16:04
Last post: YorkshireBlues, 13 Jun 2024 16:27
Seriously, when are people going to learn with this share. I've literally lost count of the number of times this has happened in the last 8 months. Wait until official news comes in from the company before deciding to buy or sell.
Jesus Christ that swing is mental!
One last pump and dump to rub everyoneās nose in it for the final time? B**tards!
Massive winners and losers in the last hour mental!!!
Wow now 10% down
How did they manage to trap so many in 20 minutes
Started: MaverickD, 13 Jun 2024 16:23
Last post: MaverickD, 13 Jun 2024 16:23
Well something happened just before 3pm that set off all the 20k and 250k buys and then some 450k and 500k ordersā¦ā¦.shaken a few stops in the last 10 mins - thought the mms would rug the bid
Started: MaverickD, 13 Jun 2024 15:20
Last post: Chippyg, 13 Jun 2024 16:18
Yep timber !!! What a shame
I think the shares from yesterday's sells has potentially accumulated. If the short positions change between today and tomorrow then we know what happened.
MM's are being mean, I have stop/loss order to sell 20,811 at 17p and so far no takers
Will the MMs rug the bid price into the last 30 mins
Itās either a leak or
Shorts taking profits
Last post: ge0rge123, 13 Jun 2024 16:06
Whether Shorters are covering and R.I.s are profit taking
Started: Ducati2, 13 Jun 2024 15:51
Last post: Ducati2, 13 Jun 2024 15:51
17+ on the ask; think someoneās been spooked!
Started: schlemiel, 13 Jun 2024 15:25
Last post: MaverickD, 13 Jun 2024 15:46
They make have a shake to get some out
Keep your investment small so that if news is disastrous then the damage is minimal
DO NOT GO ALL IN.
You can always buy back in if they save the company from the creditors
Started: RealityBytes, 13 Jun 2024 15:23
Last post: Solentskier, 13 Jun 2024 15:24
Extension until end of june to confirm bonholders at 60% will be the update tomorrow.
So my best thesis is that the traderd are spiking this to offload before the news drops tomorrow about lost work.
Either that or hey bagged the guarentee and there's a leak.
Your guess as good as mine
Started: ivorgriffiths, 13 Jun 2024 06:55
Last post: YorkshireBlues, 13 Jun 2024 15:18
A little below the belt Ivor. Let's keep it clean shall we.
Snapper and Tony99 are incel trolls with MPD and sprained wrists who look at porn all day, sitting in the dark and have no friends. They hate everyone bust especially themselves as no matter how much they want to they have not got the guts to top themselves. Just filter them.
I am not paid deramper....
I think it well published that my agenda is to see PFC in the gutter.....
But paid no....
You get my twopence worth for free....
If you dont like it move in....
Its called Freedom of speech ......
Its my interpretation on a company who are no more than a bunch of Crooks ....
As was determined by the judgement in Southwark Crown Court.......
Snapper10 and Tony999 have an agenda, both only post on this PFC forum, they have interests in no other stocks.
I believe they are paid de-rampers who job is to instil fear and uncertainty amongst potential investors and shareholders alike. Once the current situation is resolved they will disappear.
"But to call me a lying b*stard to my face wouldn't happen in a month of Sundays if you met me...........Thats a Fact "
š¤£šš¤£š
You are right there ..you would run a mile if you me met me " ThatĀ“s a fact"
13% Swing in 15 mins?
Up 10 million in a minute surely that canāt be piās
16 mins madness
In to auction?
Yes its moved from 14 to 16 in no time
Looks as if something just happened, must be news!
Started: ClearViews, 13 Jun 2024 11:11
Last post: ClearViews, 13 Jun 2024 11:11
I was reading the Financial Statements this morning.
Worst case scenario - PFC enters insolvency, but there is clearly a value in the company alone and so we would need to stand our ground when it comes to sale.
What is PFC worth and how much could be associated to price per share in that share?
I read on here that one asset alone is worth more than the current borrowing need ($300m), so therefore, the company has value, NOT to mention the backlog it has built up.
I feel like because this information is not easily accessible or even easy to understand for most, gut feeling trades are taking place. There are a lot of moving variables and from reading the Financial Statement, I am starting to thinking 'prospective bidders' to come to light once the Financial Restructure plan come to light in July 2024.
This plan is of course KEY along with cooperation from all parties involved. However, this FS plan and other on-going activity is not a 'we will be okay for few months', it is literally saying, 'WE ARE BACK IN BUSINESS', according to what the BOD is claiming.
That to me is so significant and it is all just boiling down to some funding - which is easily possible by many firms/ engineering companies doing well and financial power to do so.
So when and why might they take interests.
It does look like 'best deal tactic' approach sadly - let it look like PFC has no other option and then make an offer knowing there are millions and billions of dollars to be made.
PFC will be brought and plans are being made for this. Why am I saying this, because CEO mentioned they are setting up individual management per each entity, which was on the back of the 'ad hoc' group of demands.
At the moment, I just can't tell how it will impact us shareholders in the above scenario.
Would be keen to hear others thoughts - thank you.
Started: YorkshireBlues, 13 Jun 2024 10:47
Last post: YorkshireBlues, 13 Jun 2024 10:47
The same people posting the same information again and again. I think if anyone wanted to sell they would have by now and if anyone wants to hold they're still holding. Let's just wait for some concrete news from the company and then we can all make an informed decision that isn't based on conjecture because let's face it as someone else posted earlier absolutely no one knows for certain what will happen.
Started: Ducati2, 13 Jun 2024 09:42
Last post: Ducati2, 13 Jun 2024 09:42
So why hold the equity if only rumour?
You know why Paulā¦ā¦ā¦ā¦
'Buy the rumour, sell the news' promotes the idea of capitalising on market movements by opening a position on a rumour, in anticipation of an announcement that could cause a shift in the markets. The trader will then close their position once the news has broken, often at a considerable profit.
Last post: Alexs1966, 13 Jun 2024 09:34
A small increase is short positions
Not the reduction everyone on this chat has been hoping for
Started: ALFIEK, 13 Jun 2024 09:11
Last post: ALFIEK, 13 Jun 2024 09:11
No BOD guidance, no MD conversations, daily share price volatility swings of 10%+ based on rumours. We could see 12p or 18p today. It's a ācatch a falling knifeā stock, great fun to watch if neutral, but a nightmare if your holding stock.
If I had to be pushed either way, I would buy below 10p or after 30p, when this fairground ride has slowed down a bit.
Started: Snapper10, 12 Jun 2024 10:55
Last post: RealityBytes, 12 Jun 2024 23:31
Not shre why my capitals switched off there. Lol
clunge and apoth,
leave snapper be. he was an ex emoyee. and may well have a chip. that chip wasn't from being sacked by the sounds of his previous posts. he just thinks there a bit **** and has first hand experience. like me, he keps tabs.
however, unlike me (who also spent time there and recognised some of the problems he mentions) he has been steadfast in his criticism. meanwhile i was seduced by this drip of pi$h and have traded. every trade was painful and many times i wished i'd listened to snapper. but convinced myself he was exactly as you say and a bit extreme. a couple of years on, he's still here and the share price only a tiny fraction of what it was. exactly as he said, albeit a much slower car crash.
i'm here to see if i was wrong and should have held for a little longer for the recovery....or to catch the pump and dump typical of the lse. or to see if i could vulture a profit on the dieing corpse.
sad really...but treat him as the bad angel on your shoulder...not as the devil
Snappy,
Why the anger?
Youāre not even invested, thanks for your concern though but it does make you look slightly unhinged.
If apothecary wants to invest in pfc thatās up to him. Ranting about him doing so and insulting him, he didnāt insult you, when clearly you have no interest here smacks of agenda
False information
Can you not read the links direct to the PFC website....
Apothecary your extent of stupidity is incredulous......
Your the one who indulges in false information......
Now do one you total bell end......
No more indulging with your fantasy regarding investment take over or investment....
Well I didnāt want say but it sounds like he has been dismissed from pfc or something cos he seems to have a vendetta to smear themā¦. his co worker tony9999 prob got the same treatment and now spend their time trolling online platforms where then arnt even invested. If you not invested here why are you spamming and spreading false information to get people to sell shares in a panic- sad ā¦ very š
Started: MaverickD, 12 Jun 2024 13:19
Last post: PaddiG, 12 Jun 2024 22:24
PFCVet,
You are lucky you did not see the story a few days ago, unfortunately I did and along with the 130% share increase I thought there was substance to it, foolishly I bought back in, have since reduced but regret reading the article as itās looking like it was written purely on the basis of the Sp rise rather than anything concrete. Time will tell but not looking promising.
Happy to hold long term - take over will happen within the year imho
Apothecary
I think you need to visit SpecSavers and then actually read the last update!
"The Financial Restructure discussed below is currently the only option to secure the future operations of the Group and active discussions are ongoing. The realistic alternative to the Financial Restructure is insolvency."
Do you see any reference whatsoever to a takeover?
If any takeover option suddenly materialised PFC would have to update the market immediately since they have said the opposite.
Anyway, I suspect we will get an update tomorrow as very close to the bond guarantee deadlineā¦..
Understand Veteran, I have only been trading in shares about 18 months. But this pfc share has pushed me into just investing in etfs now and index trackers. Feel like the board are too slow to show whatās happening and very good and leaking info to shorters. I remember averaging this by buying at 40p! I wish I could get 40p now. Too much money lost- had my experience of shares - got burned so at the moment itās recovery to get as much back as I can. Odds stacked against private investors like us and a few get lucky and most end up loosing money. All the same an experience.
Hi Apothecary, it looks to me like weāre in a pattern of decline this week with significant dips at the end of trade each day, so Iām staying out.
Thanks for sharing the article. I canāt see why anyone would offer Ā£1 a share along with the debt that needs to be covered as well as part of any takeover. Letās be honest, most of us would have been delighted if someone had offered 60p a share back in December before all the D4E and short term liquidity issues had been fully exposed!
Everything is still pointing towards administration or a significant D4E unless the BoD are barefaced lying to shareholders via RNS.
If they survive Iāll get back in once the D4E is executed. If no contracts are lost and the liquidity is sorted, I still believe that the long term recovery will be a positive one.
Iām just not prepared to lose any more money based on trust and faith alone. Still feeling the real world impact of losing so much money on this damn share lol!