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Dear Dharmendra,
Thank you for your email.
As I’m sure you can appreciate, I cannot speculate on the drivers of the share price movements we have seen in recent days and weeks, but I do understand the frustration this volatility creates for our stakeholders.
Please be assured that Petrofac takes its market reporting obligations very seriously. We have a scheduled trading update for the 20th December 2023, where we will provide an update to all shareholders on the Group’s performance. In the meantime, our Group continues to be committed to keeping the market informed, via the Regulatory News Service, of any updates, as appropriate.
Thank you for your understanding.
Best regards,
Lynette
Petrofac IR Team
Capricorn energy published RNS on 06/01/2022. So I assume they must have submitted form 3 on 05/01/2022. 30 days from 05/01/2022 is the maximum time for GOI to issue form 4 which is 04/02/2022. I am not sure but believe once form 4 is issued GOI has to pay the Capricorn within 10 days(can anyone confirm it?), which means payment must be made by 14/02/2022. Of course, it can be paid earlier but 14th is the deadline. Does anyone have any thoughts about it? DYOR.
Hi BasylHope, Great analysis. Thank you for your input in this matter.
Basyl, you are right and have been telling it for a long while but now it's evident. The writing is on the wall and when the price did not shoot off today post RNS, it was clear that there is going to be a bid soon. T1.06 billion is as good as being in the bank and it is still trading below cash is nothing but a clear indication that something is brewing.
This message board is populated by 3 kinds of people 1- Day traders. They change their tune so often based on if they are in or out.2. Short ( They talk total nonsense always and all the time and very easy to spot as they are not invested and if not short why would they hang here and waste their time dishing out unsolicited advice). 3Long with long term outlook ( silent watcher and post message once in a while )and long with short term outlook( myself).
And then some outright ****** and Bigot.
Anyone with even below average IQ can figure out which members belong to above- mentioned category.
Now assuming that cairn has already submitted Form 3, GOI will have to pay by 05/02/2022 no if and but.
However, I believe it will be taken over before that IMHO DYOR.
Hi Baysil, My understanding is that GOI is legally bound to refund within 30 days once the cairn submits form 3. As some other members have already posted a link of economic times that all the case has been withdrawn. Cairn can submit form 3 today and GOI has to pay by 04/02/2022 unless the board agreed otherwise. I am clueless why do they need to do it in person. Having said that I don't know how trustworthy this informist media news of delay is. DYOR.
Baylis, I am losing hope with GOI and Cairn. They agree to delay in payment this is really bad.
https://www.informistmedia.com/tax-refund-to-cairn-may-get-delayed-due-to-covid-spike-says-source/
DYOR.
+33144325151 is the phone no of the court who passed the order of seizure of Indian property. I am not sure if we can get an update if there is any order that has been passed for dismissal?
If the Paris case has also been withdrawn, which is what I was trying to find out but could not find any news about, the last date of refund is 15/01/2022. There can not be any more delay.
I just wanted to put across that the increase in the short is not huge, if there is one at all, as some people were trying to make out.
Marshall Wallace short is due to buy back in my opinion.
share in issue before buyback roughly 500000000x0.49%= 2450000
share in issue now 492000000x0.53% =2597000
So there is no s real increase a rough increase of 150000 share or £250000 is nothing and most likely due to my rough calculation I did not take the exact share in issue.
please do your own calculation and research though. happy to be corrected.
I think Thunder explanation is the most likely scenario regarding the short position of MW.
Both CFO and COO should be sacked. What a piece of b.... are these guys !! What are they trying to do? Is this really tax planning? Are they really confident in this company? In tandem with this short from MW has spooked me a bit and I have sold half of my holding here. I think, these basta are playing with our fear but can not take any more pressure. Cairn board has been up to something from the beginning as they have taken maximum times allowed in legislation to file undertaking and other legal aspects of the requirement. These things could have been done in a matter of days from Cairn. I feel like they all wanted to get this refund in the next financial year. GOI has been absolutely unreasonable and I believe the whole saga has done severe damage to the image of India. They think it is interest-free money so it's ok for them to delay in paying as long as they want but it will bite them back really hard when their purpose of trying to get FDI will go nowhere. I am really annoyed with this BOD though.
Timeline is this -
The initial submission of an undertaking to withdraw all pending legal proceedings has to be done in 45 days. Thereafter the relevant Principal Commission of Income-tax has to give a certificate accepting or passing an order rejecting the claim in 15 days from the receipt of the application.
After the grant of the certificate, the companies will have to fulfil the condition of indemnity by all interested parties within 60 days. After this, the order granting relief has to be made within 30 days and only after this the refund will be initiated.
So if one believes this is the last case that has been withdrawn. GOI will only issue a refund after 15th January I believe. GLA DYOR.
Fair value in my opinion is £3.50 so there is a 75% upside here.
My Pleasure TLP.
GOI accepted the Undertaking. Refund shall be anytime now.
https://www.cnbctv18.com/business/govt-accepts-cairns-offer-on-retro-tax-co-to-withdraw-cases-now-refund-to-follow-11511932.htm
@TheFCA
I believe if there is ever a clear- cut case of fraud and share price manipulation then this is the one. However, like we small investors forced cairn to update us we should write and tweet to FRA and bring this in the public domain rather than discussing it in this chat forum. Maybe someone would take notice and act upon it. Let's spread word on
Reddit as well.