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We were having such a good week last week. For holders of this share - that is sadly a rare event.
Since the pfc announcement of course - sentiment has reversed badly.
So my question is a simple one. There was nothing new in the RNS and given they will shortly be releasing numbers - surely any update of financial issues could have waited till then. I do not see the legal need to have said anything last Friday.
So can anyone clued in on the legalities enlighten me. Why on earth did they see a rising share price and feel the need to pop the balloon? Was there legal compulsion? And if not - what other reason could there be?
Not being difficult - just having a really hard time understanding it.
It has been a very expensive lesson for me.
All the 'buy into the dips' - and the 'gaps to fill' nonsense we have been fed here. Even to the point of being told to block those warning people as it fell from 100 to 80 to 60 to 40. Look where it is now.
I have no idea how it will play out. And obviously hope that at least something will be saved here. But there can be no doubt at this stage - that those bearing bad news on this board have - until now - been right all along - and those 'buying into the dips' have been wrong.
Those going on about the shorts as if they are engaged in some type of conspiracy are just intellectually challenged. We know that the shorts dropped recently- therefore the fact they increase now has nothing to do with them BELIEVING the share is in trouble - but rather a part of their fiscal responsibility to offset risk. It just means they are as nervy as we are - not that they know something.
Agree with this. Makes much more sense than suggesting they think PFC is overpriced. More than likely they are just as confused as we are - holding PFC stock that has fallen badly - are worried (like we are)- and have taken up a short 'just in case' to at least partially protect investors from any further hits.
I can't stand the conspiracy rubbish that circulates on this board. Most things are not conspiracies - they are normal and rational events driven by humans who are mostly blind, overconfident, arrogant and incompetent.
Heavily invested optimist here.
IMHO, the share price is in Limbo. Good news sees a temporary spike, but the silence that follows drags it down again. This is a share that from the outside looks high risk. It is a company that hasn't made profits in years, carries heavy debty, pays no dividends, is involved in an industry with PR issues, has suffered investigation, scandal and even after the smoke cleared - one of the largest funds in the world suddenly decided to place the company on a 'watch list'.
If -as I obviously expect - the company has turned the corner - balances the books - starts turining profit, begins paying dividends and manages to maintain a large pipeline - each of these steps in turn will see a solid rise and hold at a higher rate... cumulatively - however long it takes - we are talking about the share price being in a different world altogether.
But that is it. The idea that this share will go into the stratosphere in the current circumstances isn't based on reality. If you believe the future is bright - this is an awesome long term investment. If you don't - then you wouldn't go near it. But this day to day commentary is just pointless. I am as frustrated as the next guy - and even though I think all this I still check every day - but deep down - I know this is a waiting game.
This isn't
https://www.nbim.no/en/the-fund/news-list/2023/decisions-on-observation-and-exclusion/
The Executive Board has also decided to place Petrofac Ltd under observation for a period of three years due to unacceptable risk of gross corruption or other serious financial crimes, ref. the conduct-based criterion in the Guidelines for Observation and Exclusion from the Government Pension Fund Global § 4 g. The decision is based on a recommendation from the Council on Ethics of 3 April 2023.
OSLO, July 6 (Reuters) - Norway's $1.4 trillion sovereign wealth fund said on Thursday it has excluded Power Construction Corp of China Ltd from its portfolio.
The Chinese company was excluded due to "unacceptable risk of the company contributing to or being responsible for serious environmental damage," based on the company’s hydropower development in Batang-Toru in Indonesia, it said in a statement.
The fund, one of the world's largest, also said it had placed London-listed oilfield services firm Petrofac Ltd under observation for three years, citing "unacceptable risk of gross corruption or other serious financial crimes."
It added that it had also decided to end the special exercise of ownership in UPL Ltd.
Norway's wealth fund operates under ethical guidelines set by parliament and excludes investments in companies that it says does not respect the guidelines.
The Norwegian sovereign fund, formally called the Government Pension Fund Global and set up in 1996 to save petroleum revenues for future generations, owns about 1.5% of all globally listed shares.
It holds stakes in more than 9,200 companies globally. (Reporting by Victoria Klesty; editing by Diane Craft)
https://www.lse.co.uk/news/norway-wealth-fund-excludes-power-construction-corp-of-china-n4rqcnajcwunoew.html
I am real, you are not. I have no interest in engaging with a troll and merely pointed your blatant contradictions out so others could see. There are others - the convenient retroactive 'selling' you announce after the price has dropped etc. Yet not a single example of you caling it right in advance - all your claims are *after the event*. I am too experienced to waste my time with you.
Have a nice day.
Your post - 23 March "defo going into the 40's"
Your post - 24 March "Defo share dilution coming in the next update"
EVENT on 30 March - price spikes to 80p+ on Hitachi news
Your post - 30 March - I've bought in £100,000 at an average of 57p last week, I'm up $$$$$$$$
So I would be interested in knowing why you invested 100k in a share you thought would drop 20% and see further dilution. Once I understand I will be happy to congratulate you on your gains.
Posters like you make this board unusable. You claimed that the price was going to drop back into the 40s - and you said there would definitely be a dilution...
When the price sppiked on good news you suddenly claimed you had bought 100k a week earlier - yet that was the week you spoke of the dilution and the drop.
Can you explain why you would have invested £100k in a share you thought would drop 20% and would see further dilution?
Asking for a friend.
You should. There is much PFC need to do and prove before it returns to profit and dividends. Long term investors believe the corner has been turned and sunnier days are ahead. But none of that is yet on the balance sheet. The market also wants to see that PFC can still bring in big contracts from the Gulf. All of this is waiting for us. For now, the PFC share price is in limbo and an opprtunity for day traders and shorters to play with. It really isn't that relevant for a long term holder whether this share goes up or down a little today. *IF* PFC have turned the corner, then this period will end and sunnier days will come. I wouldn't expect major changes in this price before the PFC performance has answered the questions needed of it. I have confidence, which is why I have a lot invested here. I get this can be frustrating - but if I (and others here) are right - our day will come. Stop watching a kettle boil and relax.
Isn't some of this a little bit conspiratorial. I mean invisible hands playing in rooms we cannot see that manipulate us poor folk down here. Not saying that there aren't some people involved in the dark arts - but my gut tells me (as I hate conspiracy theories) that most of this is just imagined.
People here have bought more PFC shares as the price has dropped as a way of 'lowering their average'. This gamble works if the share price recovers somewhat, as their losses will be reduced. I cannot short, but if I could - and I was holding PFC shares with a loss, it would be a way of me reducing my exposure in a manner more balanced than just buying more that could potentially ofset the damage done.
Surely the big question with those who hold shorts, is whether they also hold PFC stock as we do? Can anyone answer that?
Yesterday's news was game changing. On so many levels. All of the doom mongering that has been posted here in recent months has now been exposed as tripe. For those like me (someone who intends to hold long term) who have been battered and hiding under the bed since november, whether it drifts up today , or goes down - is not that important. The fear has gone.
It is the biggest order in the Company's history
It dwarfs those that were expected
It is European based
It covers multiple years
An unsustainable spike?
Run for the hills mate....
I am holding 'a' lot' of this stock. I bought under foolish assumptions and then added when the price dropped. I have always been bullish. What seems absolutely clear now is that the change at the top was to address a problem. The lack of any major orders is evidence that the problem exists. This is how the CEO change would have been read by the market, which is why the price tanked when it happened. Which means that PFC have a problem and they hope that installing someone who gets the culture and speaks the language will be able to do what money under the table used to do. This is their hope. The price is where it is for a reason.
PFC will either get a share of the big deals in the next few years, or they won't. And in the end this is the determining factor. Can PFC play with the big boys without brown envelopes changing hands. That question will be answered. And the yes/no answer will drive the price. Everything else, the shorters, the daily increases, the daily falls - all on the back of rumours, feelings and so on - are nothing but distractions. I am invested. I still have trouble believing that the price is lower that it was before the skies were clear- before the fine - before the lifting of the ban - yet lower it is. My hope is that this is a seriously undervalued company and their mid-term future is bright. But only time - rather than the daily guesses of posters here - is going to tell us the truth.