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Petrofac Limited (the "Company" or "Petrofac") announces that today's sentencing hearing at Southwark Crown Court in relation to its plea agreement with the UK Serious Fraud Office (SFO) has been delayed due to Court scheduling and has been re-scheduled to commence on Friday, 1 October.
The Company will make a further announcement following sentencing or any adjournment.
Interesting free article (please find link at bottom) valuing Petrofac at £1.93
https://uk.finance.yahoo.com/news/petrofac-limited-lon-pfc-shares-134106700.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuYmluZy5jb20v&guce_referrer_sig=AQAAACvle92YOoF024S5GbUZrnWRZNeIxCqlsRqdwwnbXRLuCSO46NMYoPubbyVostArY7KnzYhEHXQxVeXoxCpmC_ekDqO5UhStig55oemK_Zq5qK_ZO5inq1m8Sld53eJttv28xnGahKGrHUt3L_XFmoErgB3onLA6rsBZPqTraCln
https://www.petrofac.com/en-gb/media/news/
Petrofac will build on its 18-year tenure supporting the Kittiwake platform in the UKCS, following the award of a one-year contract extension from EnQuest.
Seriously.....who on earth thought this was aimed a company like PFC by7 Nations that despite best efforts will never implement it? Think Starbucks/Amazon and Microsoft....not sure PFC even qualify for the plus 10% profit margin, I wish they did....we’d certainly be looking at more than a miserable 1.30p a share!
Disclosed Shorts now below 3%.
Last time it was at this level was March 2015 with a SP in excess of £8.
Today, SimplyWallStreet have the fair value SP at £3.08 whilst MorningStar have the fair value SP at £1.93, this gives an average fair value from these two of just over £2.50
The below is taken from the SFO webpage: It states that they don't have cover the Channel Islands and Petrofac is based in Jersey, Channel Islands, so how come they are investigating?
SFO What we do
The SFO is a specialist prosecuting authority tackling the top level of serious or complex fraud, bribery and corruption.
We are part of the UK criminal justice system covering England, Wales and Northern Ireland, but not Scotland, the Isle of Man or the Channel Islands.