George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Buy vol on level 2 is 1.5 mil vs sell of 400k lol - no wonder they were delaying till the 20th for the trading update because of the deal to sort out the re-finance. Orginally the trading update was scheduled for the 4th of dec.
Oh yeas me I will be watching thanks
Don't forget to say thanks DK
Petrofac Bonds Slump on Plan to Raise Cash With Asset Sales
Company is talking to financial investors over portfolio stake
Petrofac won’t meet full-year cash flow guidance anymore
By Giulia Morpurgo
4 December 2023 at 08:35 GMT
Updated on 4 December 2023 at 12:37 GMT
Petrofac Ltd.’s bonds plummeted after the oil-services provider said it was considering a sale of assets to raise cash ahead of bank loans becoming due next year.
The London-based company, which has been struggling with loss-making legacy contracts, is in talks with parties to take a non-controlling stake in a portion of its business portfolio, Petrofac said in a statement
Monday.
Petrofac and its advisers have held talks with a US special situations fund about a possible deal, according to a person familiar with the matter, who asked not to be identified because the details are private. The completion of a deal might need bondholders’ consent for a waiver on certain contract clauses, said the person.
A spokesperson for Petrofac declined to comment beyond the statement.
Petrofac’s $600 million of notes due November 2026 lost 11.5 cents to below 39 at 12:32 p.m. in London, according to CBBT data compiled by Bloomberg. Meanwhile, the shares rallied as much as 37% as a possible asset sale would help solve the company’s short-term cash-flow pressures and ensure business continuity, raising the group’s market valuation to £108 million ($137 million).
Petrofac said it was making progress with other efforts to boost its liquidity, including the collection of receipts on ongoing and new contracts. Still, delays in the receipt of advance payments mean that the company doesn’t expect to meet its full-year cash-flow target.
The group has a $162 million revolving credit facility and two $45 million term loans coming due next October, according to results published in August. It had $253 million of available liquidity, of which $136 million was restricted in specific geographies or in joint ventures as of June 30.
Petrofac will consider other options to boost its liquidity in the short-term if the asset-sale process fail, with a debt restructuring as the worst-case scenario, said two people familiar with the matter.
While the company has been struggling to curtail losses on older projects, it has been able to grow its pipeline of projects, which stood at $6.6 billion as of June 30, almost double the level of six months before.
It also announced that Aidan de Brunner has joined the company as a non-executive director.
(Updates with bond, share move in fifth paragraph. A previous version of the story corrected the maturity date of the bonds.)
I am glad slapper managed to role out of his unchanged bedsheets for the last year or so around 11am lol more than likley had a bottle of vodka or buckfast which he was saving up for lol
I think the financers/lenders will be keen to get a solution put into place soon as. Hopefully a postive update on the 20th will calm the fear and give us a insight into the future strategy plan.
Unfortunately there are too many clowns on here who think this board has power and owns at least 90% of the companies shares and these clowns spend so much time scaring people into selling so the can ramp lol news flash morons. This board has a tiny wee % of investors. On level 2 there are more buyers than sellers still. Hopefully it might last. I am hoping this will hit 28-30p by end of this week. if slapper was better with his delivery then maybe some would have listened. He and others are after their own selfish agenda. Yeah, he is on here spending all his time with 100 cut and pastes per day warning us out of charity lol come on !!! get real.
EC i think you are right some shorts must have cashed in. So many idiots here have no clue. Thick as. Gamblers. hopefully stay abover 20p and who knows might move up higher in the next few weeks to 30s or 40s
I wonder if any shorters closed out this morning and took profit
People who are not ramping but want to make serious money like 3X tweet !!!! also we need to get this past 25 and then 28 to start putting pressure on the shorters.
Looks like the shorters have stopped selling lol well they will need to start buying back soon. or heavy losses. only we can make it move back over 50p..
Good for people who have made 50% already but great opp to go all the way to 40-50p IMHO. I hope it holds and keeps moving everyday. Be nice to see a steady increase everyday till the 20th and after the 20th a further increase
Realistically this should be sitting at 40-50p with the current news - 14.5p is just mental. No wonder these FFaces closed some of their shorts (Astaris Capital Management Llp) They clearly had inside information. Will they be investigated ? No. Big club and we are not in it.
All what happens to the shorters who have taken shorts out around the 20s ?
Mary and other spread the message on every platform if you want a gamestop because that is what is possible here. Nothing dam well changed from what we already knew. Get on X and others and spread burn the shorters. #PetrofacBets
Gary so was wood tullow enquest lots of companies. Bank want their money and won't let it go bust. It will only go bust if they stop winning contracts and default and can't pay anymore. Has that happened? No
Good they invested in someone who knows how to deal with the negotiations and even if it does go to 10p as the doomsday cult is presching, it isn't going bust. Long as the refinancing happens it's still a good long term hold. If they win more major contracts then it will move up. Once refinance is done it will jump and jump everytime they win. All bad news out and move into 2024 with positively
Good buy more at 10p company ain't going bust end of. It's like that quite a few here had bets on that this would drop low but guess you guys might get burnt
Exactly doomsday cult clarity has been provided nothing has been breached. Massive backlog of orders. Company still in business and expected to win more. Hopefully a bounce in to the20s maybe
Janbo lots of companies have rhe same issue. Anyway mate we will see. The main thing is they are not going bust as was getting reported all of the place.