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Redheadedrager, I'm in a similar situation, mate. Personally, I plan to hold until the 20th. The market capitalization seems ridiculous for a global company that secured billions in contracts this year with payments expected in H2. If they choose to strength their financial position with strategies like D4E or rights at this share price level which is heavily discounted to the average of all its institutional investors , it might echo the Aston Martin scenario, experiencing a significant drop within couple of days, raised @30p then rebounded massively within short period of time . Petrofac, unlike Aston Martin, in much more stronger position in the market. It also has survived serious m challenges, such as the SFO scrutiny with a share price rebound post-decision. With the upcoming trading update, I anticipate Petrofac either reinforcing its financials before December 20 or reassuring the market on the day.
“FreidasBoss: 9:00am this morning on I.B it PFC hit less than 40,000 shares available to short . Down from 400k 24 hours ago. If this pops, don’t cash in at the first rise.“
Any update mate? Thank you
“FreidasBoss: 9:00am this morning on I.B it PFC hit less than 40,000 shares available to short . Down from 400k 24 hours ago. If this pops, don’t cash in at the first rise.“
Any update mate? Thank you
Right at the bottom of your conversation with BRAD AI , it says the following:
“Bard may display inaccurate info, including about people, so double-check its responses.”
The following never took place and it’s a misleading information, therefore I will report your posts which you have quoted from Brad ai:
“In October 2023, Petrofac announced that it would be taking a $1.5 billion impairment charge on its oil and gas projects. This news sent shockwaves through the company's share price, and it also raised concerns among its creditors. As a result, Petrofac's lenders agreed to waive certain covenants in its loan agreement.”
I mentioned this information yesterday: approximately 50% of the total shares are held by Asfari and Institutional Investors, leaving only half of that available to the public. Additionally, there are Private Investors (PIs) like myself who are unwilling to sell at a significant loss, further reducing the overall available shares to roughly one-third for shorting and day trading.
If Petrofac issues a statement, announces new contracts, provides a positive trading update in December, or new investors join in, then we can expect a substantial rally as shorters scramble to cover their positions.
Since the market opened this morning 1.5 hours ago, about 2% of the company's freely tradable shares have been exchanged. Massive massive volumes has been threaded over the past 96 hours !!
@CaptNemo: “with 522m shares available”
Actually around 50% of the overall shares are held by Asfari and Institutional Investors. So only half of that figure is available for public. You also have some PIs who refuse to sell (like myself) for substantial loss, this leave I’d say one third of the overall shares for shorting and day trading.
If Petrofac releases a statement, new contracts or positive Trading update in Dec or even new investors with deep pockets joining the club then we’ll see a monster rally by the shorters to cover
Approximately 5% of Petrofac's total shares were traded today. Considering that about 50% of the shares are held by major shareholders, today's trading volume represents approximately 10% of the freely available shares!!