Member Info for Cuban_Cigar

If PFC has had more uncontrollable , unrepayable debts since Jan 24. Who in the right mind would to offer them $300million (£239million) in fresh credit ?

If PFC does not have any valuable asset, will not able to repay the current debts and is going bust. Who would be so stupid to lend them money now ?

The share price @ 4.30pm tomorrow will determine the D4E dilution ratio , takeover/ RTO or MBO price ?

Dan22 - This is not the first time PFC delays publishing results. Previous occasions (including extra time for the auditors to finish the works), the share suspension did not take place

Please remember request to suspend can be withdrawn anytime before the suspension takes effect. Normally, the suspension kicks in less 24 hours or even with immediate effect not 48 hours. Something fishy is here .

In the hope of a takeover , RTO or MBO.

That usual practice is for a normal company but this is PFC

If Tues 30th Apr was 22/23 FY result release date and for updating details on its operational and financial performance then the BOD and auditors would have the final draft by now for review and sign off by Mon pm.

Petrosaga - No need to say sorry as I am the one should say that. I should have read the article carefully and double check before dissemination , instead of just looking at the date (18th Apr 2024)

Https://www.meed.com/petrofac-awards-sub-contract-on-adnoc-carbon-capture-project.

Solentskier - As of 17th Feb 24 PFC still has a finger in the pie. https://www.offshore-technology.com/data-insights/oil-gas-field-profile-cendor-west-desaru-conventional-oil-field-malaysia/?cf-view

Ivorgriffiths - Not only that ! In general - buy and sell any asset/ company => profit/ loss statement, filling in tax return and bonus calculation. During the negotiation, the buyer/ investor would try to get PFC at the lowest price and they would welcome any help if it looks innocent/ legal.

Ivorgriffiths A baseline / reference share price is needed for profit/ loss calculation and tax return.

Have you ever come across the announcements along the lines of - the offer / discount price is x times, x % of the share price on dd.mm.yy"

Pokerchips - Suppressing the share price so that PFC can be bought/ taken over on the cheap ?

Tuan6 - It implies PFC have good, long standing, trusted relationship with their partners/ clients and/or PFC operates in a niche market and it does not have many competitors. Also, where PFC' s involvement / contribution begin in the project plans which will dictate when Payment guarantees must be paid (subject to negotiation)

Cheapsharesboy -

The offer price will be mainly based on the forecast EBIT of the estimated total revenue of $12B (between Dec 24 to Dec 26) , a multiplication factor between 3 and 6 and an estimated profit margin of 6%. As PFC is in distress , 3 is used to calculate the value of PFC = > $2.16B or £1.7B

PFC currently have $850m debt with the banks and bondholders, say $150m debt with trade creditors. The debts have be to repaid / taken into account by the new owner. This will leave $1.16B or £930m for ordinary PFC shareholders . Therefore, the ideal offer price would be £1.7 (based 550 m shares currently in circulation) but the PFC ordinary shareholders will never get that ! I £0.5 to £0.85 is the likely cash offer as the buyer needs to have a safety margin , make a profit/ have good ROI and massive bonuses.

Looking at the history of corporate downfalls it can be seen that bad news (I,e CEO / FD leaving with immediate effect, contract cancellations , breaking covenants ) came in one after another repeatedly and quickly. So far no such thing has happened @PFC. As PFC has survived Q1/24 and still in business now, enough for me to hold. Between today and 26th Apr, RNS about Extension of bank facilities, new contract awards, re-structure plan agreed with the lenders will be enough to put the rocket under the share price

Joe80 - https://www.meed.com/latest

The Janbo - MEED customers pay a fortune $3K +/report and IMHO, MEED very rarely got wrong business intelligence