Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Hahaha, SCB.
This is the only board on LSE where even the self-professed holders hate the SP rising!
All IMHO DYOR
Happy
Not gloating.
Some of the comments are plain silly.
All IMHO DYOR
Happy
Ha ha ha ha.
Loving the optimism.
But think Interserve and Carillion..
All IMHO DYOR
Happy
MaryBr190
I hope you are not serious.
You would treble at 10p based on THAT RNS?
All IMHO DYOR
Happy
They win contracts because they probably bid too low. On this evidence, customers will decide they can't deliver and will exercise their right to walk.
No-one will take over the equity given the historical liabilities and baggage. Better to pick off individual customers and contracts, which an acquiring competitor can renegotiate.
All IMHO DYOR
Happy
Opening price: 12p
All IMHO DYOR
Happy
That's exactly what I thought.
He has his eyes on Debenhams. It's a brand he has always coveted. I think he will launch a takeover bid, but not sure I want one at this price. Price is too low and I don't us sold on the cheap.
All IMHO DYOR
This is not priced in. The equity is probably worthless. They continue to be stubbornly cash flow negative and have just torn up previous guidance, which wasn't exactly brilliant. Banks no longer supportive: "Banking and surety market appetite for the provision of these guarantees in support of the contracts won by Petrofac has reduced".
Next, they will start losing contracts already won because they can't provide agreed performance guarantees.
Awful, awful RNS.
All IMHO DYOR
Happy
Https://www.londonstockexchange.com/news-article/BOO/notification-of-major-holdings/16235537
Price movements over the last 48 hours make little sense. My bullishness hasn't ebbed one bit. So excited about Christmas trading. We shall see. We shall see.
Have a fabulous weekend everyone.
All IMHO DYOR
Happy
Something has obviously leaked and those in the know are trading on it.
The treatment of PIs is truly shameful. We are always in the back of the queue.
How is it possible for the board to get away with not issuing an update to the market? If there no reason, say so. If there is a reason explain it so that all market participants have the same information.
All IMHO DYOR
Happy
I can't see an RNS.
All IMHO DYOR
Happy
Interesting posts and thanks to the original posters for sharing the Retail Gazette article.
I don't think it's easy to make inferences about sales data purely from web traffic. And, of course, we know Boo and Asos sales have declined significantly over the last year, therefore I would question the usefulness of the year-on-year comparison in this case. The change from the previous month might be more interesting but it would not adjust for seasonality.
That said the Debenhams figure is very encouraging. It seems the "old" brand could be the jewel in our crown. Is it inconceivable that we might partner with Frasers and opens Debenhams stores in future?
I'm not sure the Retail Gazette article was the reason for the fall yesterday afternoon. What do others think?
All IMHO DYOR
Happy
Emerald
I don't think it's illegal to divulge inside information one might know. Of course, if one works for the company, it could be breach of employee contract. Journalists leak inside info all the time with exclusive scoops. It's illegal to trade on it though.
I am not saying the poster really knows anything but the post is very specific. I certainly don't know anything.
All IMHO DYOR
Happy
Thanks MaryBr190.
Good luck. Same to all holders.
Best
Happy
"Tormenting underwater investors is never for me and it is sad to see it happening on so many boards here. as I said, only invest what you are content to do without."
I don't think I tormented anyone. I own WG. so interested to see what happens here.
All IMHO DYOR
Happy
MaryBr190
You are good and knowledgeable poster. We seem to hold many of the same investments.
I wonder, do you think it's wise to buy more? This fall doesn't look like it's PI-driven. Someone is dumping large amounts of stock regardless of price and it suggests a significant leak.
If there is no reason for the fall, they will bounce but there would still be opportunities to buy at a reasonable price with much less risk after any reassuring update. The underlying cash performance of the business has been poor for a quite a while. Therefore, it is hard to imagine very good results or a rapid SP recovery in the short term.
Just my thoughts. Fascinating situation. Hope it works out for existing investors, but it's wise not to be sucked in. The company needs to make an urgent statement.
All IMHO DYOR
Happy
I own WG. but not PFC right now.
The fall here over the last few days has been astonishing. They said following at interim results:
Cash flow and net debt
In the first half, there was a free cash outflow of US$225 million, which resulted in a net debt of US$584 million at 30 June 2023 (31 December 2022: US$349 million). This movement reflects both the operating loss and a net working capital outflow. The net working capital outflow was principally in the E&C operating segment due to delays in the settlement resolutions required to secure cash collections. Progress on these resolutions was made in the first half however, with corresponding receipts expected during the second half. Alongside cash advances on the new contract wins, we expect that this will result in a broadly neutral free cash flow for the full year. Liquidity(8) was US$253 million at 30 June 2023 (31 December 2022: US$506 million).
In the short term, the Group is reliant on a small number of relatively high value collections in respect of the conclusion of historical contracts, settlements and new awards. The expected timing and realisation of these collections reflect management’s assessment of the most likely outcome. However, the resolution of these matters is not wholly within Petrofac’s control and, consequently, there remains a level of uncertainty which is disclosed within note 2.4 to the interim condensed consolidated financial statements.
I draw your attention to the last sentence and reference to note 2.4.
Note 2.4 to the interim accounts contains a Going Concern qualification because of a material uncertainty. It is a very long note that describes a series of stress tests of solvency under certain plausible conditions. This concluding line caught my attention.
"Until such time as these near-term collections have been secured, therefore, there is a material
uncertainty that the Group can maintain covenant compliance and positive liquidity throughout the
Assessment Period."
Source: https://www.petrofac.com/media/i4khgz50/hy23-group-accounts_final.pdf
Therefore, the likeliest reason for the falls is that cash collections have not met expectations, and the there has been actual or potential covenant breach.
All IMHO DYOR
Happy
SCB
I think you are wasting your time with them.
It's quite obvious by now they don't really own any significant shares. Frankly, I doubt they own any at all. It's just negativity for negativity's sake.
All IMHO DYOR
Happy
Agree SCB and others.
Figures look highly encouraging.
Also, this is the first Christmas season in a while that we have got everything absolutely A1: product, price, merchandising and marketing, costs, gross margins, logistics, inventory, website.
Everything is fantastic and bang on trend (according to my far better informed nieces and nephews). I would be disappointed if we didn't have a strong Christmas.
All IMHO DYOR
Happy