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Worraps, as for why have PFC, not been charged!!!!., thats surely not to suggest they won’t be!!!! All the continuous talk of the SFO taking too long!!, and damaging PFC!!!, rubbish!!! A senior employee paid the bribe , he was representing the company., the company benefitted massively!!!! As with all these protracted cases, the devils in the detail!!!, it takes as long as it takes!!!!
Worraps, it was a question that I put!!! If it was lufkin and only lufkin.!, I’m sure you’d agree this would be over!, I put the question back to ., where did an employee, get the £45m to pay the bribe???, petrofac benefitted from the winning of the contracts!!!!, just posing the question!, would genuinely be interested in your view !!!!
Exactly, what’s the matter with people!!!, take the rose tinteds off!!!, don’t look at the share price , look at the company !!!, fundamentals, new levels of debt, a good company with a good reputation and position in its sector!!!!, there’s a difference between trading and investing!!!, just have to decide what strategy your adopting on any given stock!!,
Paddyboy1, that’s my point, and I guess why I’m playing devils advocate., seriously considering getting out, on the basis the upside following the hearing may take a while to come, as opposed to a significant drop if there’s any bad news for the company!!!. Just getting those dark thoughts, that haunt you when your heavily invested..!, appreciate your detailed response.!
Paddyboy1, jersey is part of the British isles, and the company is based in London, and does business within the Uk,. In my mind surely that means they the SFO are entitled to pursue all lines of enquiry.,Again why do think the overseas rule apply!!!!
Sorry your point is what!!!, it’s not relevant to PFC!!!,
The Supreme Court ruling held that the SFO does not possess power to compel a foreign company with NO BUSINESS or NO PRESENCE in the uk!!!!
Petrofac is a British provider of oilfield services!!!, it is registered in jersey!!, and has its main office in jermyn st London!!!
Paddyboy1, Good to hear your views., I’m gonna have along hard think on this one! Don’t want to be out when it fly’s, but don’t want to ride it back down, If I can take some profits, ., not one to give tips on but I quite like Hyve, different sector, events!, risks there too, more to do with companies debt rather than anything else, hit by COVID severely, but upside looks good if they can weather the storm!!, have a good rest of your weekend
Paddyboy1, i too have a large holding here and believe me I want a positive outcome!!, as you can see from my posts I’m new to petrofac, the right time to get in for me came at 96, as you’ve said could and probably should have taken some profits !!, but my particular strategy is to take calculated risk when the upside potential warrants it!!!, I believe it does. Without getting too much into the detail which I thank you for your summation of, you said I dismissed Cochrane leaving !! I didn’t dismiss anything, !!!, I acknowledge here and now that it’s positive he’s gone and I’m also very confident in the board in place and I put it back to you, why do you think the SFO are still pursuing it if they have nothing!!! You mention the sentencing hearing became the mention hearing !!!, ive not read that the hearing was ever going to be a sentencing hearing!!!!, I understood the mention hearing was determined following the outcome of the jan/feb hearing upon lufkin pleading guilty, determined as outlined in my earlier message to raise a procedural issue ., never sentencing!, sentencing was as I understood always to be determined at a final hearing, date not set,!! I can see your across this and I respect your view, as from what I’ve seen so do most posting here.,
Worraps, I’m inclined to agree with you regarding no charges to date brought against other board members or the company., absolutely would have thought they would have been brought by now ., but unlike others I don’t believe the SFO will be pressed to conclude this if they believe there’s a link in any way to the company!!, which in my view they must do!!!, it’s just the degree of success they believe they can achieve by pursuing it to the bitter end, over and above the existing success they’ve had charging lufkin!!
We know what he mention is for., It’s to address procedural or administrative points, likely to be the issue of bail, for lufkin.!!!!, there’s nothing alleged at all about bribery in this case!!, it’s a fact!!, and Lufkin has plead guilty to it., not at one hearing but two hearings!, the second of which he was no doubt advised to do in the interest of accepting his part in all the would later be proved.! The other point made regarding no current board members being there when the alleged bribery took place (again not alleged!, proven and plead guilty to in court!!!!!) is irrelevant!!!!, the reason this is still where it is is because the SFO think they have evidence to go after the company as well as the individuals they already have!!!, I’d be surprised if lufkin takes the rap for this if he was acting on behalf of the company and with knowledge of the directors/board whatever you refer to them as!, why would he??? .,
I’m a shareholder and as frustrated as the next man!, but I’m not going to lie, I’m concerned!!!!!,
Pokerchips - I’m not defending her at all, and yes accept it seemed as though as was (sometimes you respond in haste and I’m guilty of that !!!, I do believe it is and was unconventional to pursue the directors after the company as an entity have accepted liability and the associated penalties., didn’t mean to come across so blunt , I’m new to this so I’ll concede !!, we’re all here to make money, I’m behind Sami his team , he’s strategy., and like you no doubt very keen to benefit from the risks we’re taking, albeit calculated., I believe the upside to Petrofac far outweighs the downside!, I’m fully committed mate!!!