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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.

Hi Paul,

This delay and radio silence has been the biggest contributor of why we are where we are, along with the incompetence of the BOD.

I think you are right with what you have said - the deal is so close - it could be that what the ad-hoc group want is excessive and greedy which PFC's advisors need to assess how much of a back-lash it would have, along with implications.

One of the many things we don't know is the details of the specific payments they need to pay by calendar dates. We know they are paying critical and obligatory ones, but information is still missing here.

They tried to one hand say, the financial restructure will sort everything out, and then at the same time say, we are waiting for updates.

I think the payment is likely to be made tomorrow as they claimed they have funds for this, but its what is going to happen from next week that is the key.

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.

That is a very interesting idea Mav, and if that means PFC need to give a bigger share or deal cut to Hitachi from TenneT, that is totally fair in my view. We don't need to make profits, the survival of the company is key and of course not putting us in ridiculous situation as per the options on the table.

All we need is a partner that appreciates our situation and will get a fair deal on their end, without screwing investors.

Thanks, Mav.

I'm curious, is there a formal forum/ consortium for PFC retail investors' voices that can influence material changes in PFC?

I've listened to the whole end of year podcast again: minutes 12 to 13 and then at the end minute 31 to 34 is key information. The lenders and Banks are being supportive.

Getting the guarantees and the corporation of the senior noteholders, has a significant upside for them - there is money in the hands if they play this right.

I honestly believe a lot of people have bailed out in the last 2 days simply because of lack of news, but PFC did say, they are not obliged to provide a running commentary, which I have disliked their attitude on this.

PFC requires some serious nerves and it has been testing us for years now. Considering the whole industry and markets have eyes on PFC, I am not convinced that PFC will just go under. A deal has to be cut - there is money on the table.

As mentioned below, a Fund Manager could just come in and cut the line for everyone else. It only takes one good move to make everything right.

agree, ivor.

i also read 'could' and also similar words, terms etc., as more of options (possible actions) from parties who are ****ed off with how pfc is being run.

all -

correct me if i am not mistaken, but during the end of year podcast, i heard the cfo say they are preparing to pay the £29m by due date - 14th june of course as the last working day, and are sufficiently funded to do so by the end of the grace period (16th june).

i also think bod/ pfc are not abligned to announce when the payment is made, because it's considered as bau. however, if they are defaulting, then it will most likely be known by terms of enforcement being taken and probably not by pfc news. although, i am sure they have to do an rns on this due to the implications.

let's face the facts - pfc has been winning awards because of it's potential as an entity (equipment, assets, set-up to execute), which is not directly linked to people. it simply means, if a company, ie. pfc do the right thing, they will do well. and if that means getting rid of dog s, then that is what needs to happen.

Thanks Ivor.

I just cant believe how PFC managed to allow this to happen over a long period of time. Since PI are c.49%, didn't we have the right to vote BOD out long time ago?!

Hi Ivor,

You made some very valid and good points. I might be mistaken but I recall Azvalor and Hambro got in around 70-80p so for them £1, and especially £2 is dream come true. They have around 52.4m shares between them and around 10-11% of the company stake, so I don't think they would have invested.

They are also no preferential shares either so no liability protection. They must have seen something in PFC, like many of us. I think the recent news flying around has caused this major volatility with PFC. It's normal operating range should be in the 20's at the moment.

I think a buy-out would be the best for everyone as long as there is no form of dilution. The creditors need to be paid and orders need to get done - that is what all the other engineering companies are doing. I am hoping for a takeover, as that seems like the best. A lot of holders are already so why make it worse for them.

BOD need to go after the deal.

Hi Apothecary - yes, I am.

This 'D4E' has been on my mind for weeks now, but I was reading the year end report again earlier and there are a few caveats, and may variables in play. Have PFC actually done a filing to the Court yet - not that I have been, and where is the portal for 'Approval'.

"As announced on 29 April 2024, an ad hoc group of senior secured noteholders, holding approximately 41% of the outstanding notes, made a non-binding proposal to provide up to US$200 million of new funds and US$100 million of credit support to help secure performance guarantees. The proposal is dependent upon, amongst other things, the Company securing certain performance guarantees and is expected to include the conversion of a significant proportion of the Group’s existing debt into equity."

I use to say in the past the PFC having c.49% of public investors causes a lot of volatility as people become anxious a lot quicker than the Corporates. I was looking to selling in the upper 20's plus.

How about yourself?

As mentioned by some, there is a too much speculation that has been left build up around PFC.

Honestly it makes no sense apart from many have brought on mixed messages and many are selling without knowing.

I was just thinking - this whole debt for equity is making me quite annoyed.

Why can't PFC make a separate deal with those helping us and say, give them a fixed fee/ cut from profit of future work.

Many analysts are saying PFC are returning to profit this year onwards, so surely we should be able to tell the sharks, "thanks for helping out, and we will give you this much in return, once we have done the work".

Clearly PFC need to get back on their feet and deliver orders/ work, otherwise there is no point in being greedy about stake!

What would happen is Thai Oil was written off? If it's a nuisance, then call it a day with it - it's old crap.

They bigger fishes to fry right at the door stop - focus needs to be on TenneT and all the other prime deals/ pipeline.

Very well put Ivor. The BOD will get a pay-out anyway - I am sure they have been thinking about their own skin all these years. I agree with you again, BOD is and always was the issue.

I hope for a takeover at a price that everyone can start over a fresh chapter. I know how much frustrated our original investors are.

I don't know what academics these BOD have but in all my years of working, I have come to know education doesn't really mean too much. It's the people with common sense and logic that make success time and time again!!

Thanks, NHill, HereKittyKitty and ben10_.

Appreciate your input. It does seem like a lot of uncertainty - BOD need to restore faith.

Hi All,

I would like to understand if we know for CERTAIN that D4E is going to result in 100% dilution? Where did this rationale come from please? I don't recall seeing anything from PFC or RNS on this?

Is it assumed that will be the case simply because of past companies?

Also, the idea of takeover, I did see the article from 'The Financial Analyst', but again, how is it that one single site got such incredible news but no one else is talking about it?

I am only trying to get to the bottom of what is realistically happen in PFC and likely to happen by end of this week and by 30 June.

Thanks!

Is a takeover more likely than this D4E?

Are we likely to be diluted on a takeover too? I am not seeing why, does anyone know - thanks.

Thanks Mav. Hope so.

If we can get to 30p then I think there will be a lot of confidence back in this; with or without 'news' I think it could start to stabilise in the upper 20p and low 30p range...

Glad to see it go up, but comes down pretty quickly too...

Hoping we break the 26p/ 27p barrier!