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I agree, could be a good indicator if the larger ETF's start increasing. There is a regular poster on the THG board who posts the same ETF detail for THG, it can/could indicate the direction of travel if referenced regularly.
In order to keep the foot on the throat of the Shorters, I would like the company to officially add more context to ongoing activities at much more regular intervals than they have previously done. It would be great to get a further update before, during, or in the New Year, in order to give those short something else to think about. It would be great if directors decided to buy more, however, I understand that they are more than likely still in a closed period, which should be remembered, which means positive discussions are ongoing regarding financial restructure and new contract talks. My Christmas wish list being in the following order:
1) New RNS contract win announcement
2) Short-term financial concerns put to bed
3) Director buys
Thereafter, announcement of intended sale of non-core assets.
Incidentally, I've bought more today after trimming some more of my WG holding and moving here. That is my last top up for this year for PFC, and I expect great things both from PFC and WG in 2024.
Merry Christmas and hold for the Christmas pudding with a cherry on top!
GLA
I've been able to add just under an additional 10% to my holding today, and as before will be holding long-term, for me that's another 2 years.
I may or may not be online later this week and next, but will be keeping an eye on the SP movements, although as stated be prepared for pullbacks, stagnation, etc, but for now and moving in to next year, the trend should be our friend.
Well done Tareq and the wider leadership team for delivering a great update this morning, you genuinely did and are putting the shareholders front and centre with your stewardship to date.
GLA and have a great Christmas & New Year
After hours, or even tomorrow or the day after might be some interesting very large trades that pop up as off the book mates rates.
GLA
They are going to have to up the Bid, I don't think they can keep it at this level for much longer. Now the shoe is on the other foot, it's time to swallow their pride, and suck it up.
GLA
IMO, looks like it's drying up.
GLA
Can't believe after today, I'm looking at the WG SP more than PFC, strange times.
GLA
Transparent, now vanish or cover, the ball is your court.
Looks like the possibility that some profits taken here and shifted to WG.
I have no spare dry powder, and my EPC exposure is 4/5 here an 1/5 WG, but I'm risk tolerant.
GLA
Looks like the Loony Tunes are waking up in readiness for the opening across the pond.
GLA
My opinion is they didn't but hoped they would. There now appears to be many justifiable reasons why the trading update was penciled in for today, rather than earlier in the month, COP (which was a given), Tennet 2, contractual settlements & guarantees in place. I have a sneaky suspicion that ADB was brought in in some capacity to stop a leaky ship, certainly worked.
GLA
FYI if you haven't already read whilst taking a breather from today:
https://www.cityam.com/the-hedge-fund-problem-too-many-billionaires-and-too-few-returns-for-investors/
Good summary of where hedge funds are at, and how they now operate versus the past.
GLA
Whether you want to concentrate on the debt or not is up to you, even the negative equity value that PC mentions. However, going back earlier this year and to now, and a little further in the past, the value gap here at PFC versus WG should close. Rule of thumb for me is PFC SP trades at 1/2 to 2/3 that of WG. WG currently sits at 160p, in the short-term there is value to be added to the PFC SP, at least another 100%, based on WG peer SP. Therefore, there is a lot of scope for all traders, whether daily, short, or long over the next few months. I hope, and it is purely a finger in the air, that we should be back to those WG SP ratios by 2024 Q1 end.
There should be reason that a 70p - 80p SP should not be the case, hopefully sooner, but with the attack the past few months going by so quickly, 2024 Q1 end will come around in a flash, macro political events may even be better by than, financial indicators should also start to be better with inflation, hopefully, and in general continuing on the downward trend. But we all know nothing happens in straight line, so be prepared for minor setback and stagnation, however, moving forward remember the old favorite, the trend should be our friend.
GLA
I think it will be fluid, and that's why Management have to keep the pressure on. It could be done levels and I agree for the next few months it might feel a little like two steps forward and one back. But there is always the unknown, and possibly that's why ADB was brought in, all done a bit more confidential and stop a leaky ship? If truly PFC are going to majorly pivot I would also expect some further leadership additions/changes in the next year, just going off what's happened/happening at WG.
GLA
Restructuring is underway, as disclosed, and reduced losses but no profit, that is a slight contradiction, as higher margins are then obviously generated, and over time....
How's that cross-disciplinary research going?
Everyone taking a breather at the moment, volume has slowed. Those that are in are in, and those that are short need to get in to cover, not immediately, but will try for an orderly exit over the next few weeks, they will have to have covered by the middle of January 2024 would be my guess?
It's going to interesting to see how they work and massage this one on their way out. PFC now have form for dropping two massive, and unexpected at the time, contract wins, imagine if a non-core asset agreement is in place by the middle of January 2024 (sale finalized by Easter 2024). PFC have shown when it really matters, it's a tight ship, but an agreement for a non-core sale, albeit not made public, will be known by more internal staff than a contract win, so watch the movements closely in the New Year, there will be no sudden spike, just a slow gradual increase, which, unfortunately is useful for those that are short.
GLA
Spoke to a colleague in a different part of WG, who knows some old colleagues now at PFC, their take was TenneT 2 was never in doubt, proven correct.
GLA
Well done PFCvet and I hope you have a lovely Christmas, New Year, and beyond. If we took emotion out of it, we'd all be bots. It's ok to get emotional, it just goes to show you care. I'd rather speak to someone who wears their heart on their sleeve, at least you know where you stand, and like a few on this board we have stood tall.
GLA
That would be risky, as the balance sheet can be corrected in other ways. Things change, and what was might not be in he future. I still think O&M will go, it's just not the correct time at the moment (meaning not needed due to their great work over the past few months). As PFC pivots I have no doubt it will be offloaded, watch out next year when the M&A season is upon us.
NB: 15 Million already before 10am
GLA
Time for more fuel...Petrotoast
GLA