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In 20/21 Astari launched a similar shortattack on a beleaguered Hurricane energy. A ‘suppliant’ Board agreed a debt for equity swap which would have left shareholders with virtually nothing .Major shareholders stepped in and a court order rescued the company from Astari and the Board. Hurricane was recently sold to Prax at a 12p price ( fair value) having been brought to a fraction of a pence. Parallels are uncomfortable. We need our big shareholders to get involved.
https://www.insider.co.uk/news/activist-investor-attempts-remove-hurricane-24138697
Janbo,
Curse of autocorrect
https://www.boerse-frankfurt.de/bond/usg7052taf87-petrofac-ltd-9-75-21-26
Jambi,
https://www.boerse-frankfurt.de/bond/usg7052taf87-petrofac-ltd-9-75-21-26
The sad state of the PFC share price has brought you and Snapper out simultaneously. I wonder why. As a former shareholder, as you say, you can call it as you see it. However your gloating at the theatre of it all is poor form. Filtered
Https://www.skadden.com/insights/publications/2023/09/the-informed-board/how-to-guard-against-a-short-attack
Perhaps PFC need to read this.
Realitbites/RealityBytes, I have to say I am confused by the change of gear in your posting since adopting your newer posting name. It seems to be tied in with a new found appreciation of Snapper’s post. When the facts change it is everyone’s prerogative to change an opinion, of course, but Snapper’s bile doesn’t seem that reasonable.
For all the negative spin here, ADNOC has decided to go with PFC on the basis it can do the job. MCDermott lost a contract with ADNOC on the basis its banking bonds weren’t robust enough. In this investing climate PFC is marked down on poor sentiment and the ongoing machinations of shorters, which is not to say that headwinds have evaporated. The fact that they are winning contracts is good and I doubt ADNOC want to bankrupt them on margins.
Https://uk.investing.com/analysis/boohoo-a-latest-update-that-offers-some-glimmers-of-hope-200590710