Member Info for johnychainlocker

Love that to be right Ivor, but with the way sells having been showing as buys and vice versa ALL day, I wouldn't get too carried away with the idea that those large trades were all buys

Hats off to you Emerald, not just for the nice little profit but for having the cojones to buy at 15p - seem to remember I was hidden in a dark spot somewhere, out of sight my missus, thinking of ways I could appease her. I knew chocolates were a non-starter, flowers nope. Came to the only conclusion that self-flagellation with a strap full of nails was the only way out!

Sorry, dead right in that my buy of 9:55:32 of 16.404 shares is indeed showing as a sell and not a buy

Just confirmed you're dead right there Evanescent. Most people are aware like you say, sells/buys can't be relied upon , but today virtually EVERY trade is showing as sells - probably 'cos spread is so tight?

Strange you pick that up @bro.

Checked that PFC had indeed updated their website from showing Schroders at 9.46% this am and indeed they have - Schroders now not showing AT ALL, not even to the 3.4%'ish figure in TR-1 notification of 10th Jan 2024.

Probably because under 5% doesn't count as 'major' shareholding?

'spose in the sense that all the trades showing red, are not in fact sells which paints a slightly different picture, or should I say 'snapshot' .

- not very scientific granted but I like it as just a quick view of how things are shaping up in buy/sell dept. in absence of L2 info

Or as Janbo/JamesH say, could be filling a large buy order

(and you ain't at all thick Dan- one of top posters here! Now you want thick, go no further than yours truly here!)

Just done couple of dummy trades and bid/ask was exactly the same!

Somethings afoot !

Just added another 5k myself 16,404 @30.4p - will look also as to whether blue/red

Agree Dan/Janbo - Bizarre.

On a different topic, (just out of interest) posting an interesting thread to HL article which when you read it all, would seem to be ideal white knight for PFC (if one is needed at all that is - personally - I think we'll march our own steady way, onwards and upwards)

"https://www.hl.co.uk/shares/share-research/202401/baker-hughes-solid-growth-in-revenues-and-profit"

Quick look at the shares trades page and it's a sea of red, HOWEVER price refusing to go below 30p - some peeps having to work REALLY hard today to keep lid on. Hope it keeps above, even better hope pan boils over!

Haha Mary - got him on filter so have missed out out on all the fun posts from him/her/it/they/them, thanks

Have to keep above 30p today for next leg up

Can understand that PFCvet, thought the same myself about even more selling although most of angst was caused by total blackout on what was happening and why the all the shorts suddenly dived in.

(Line 7 of my first email by the way should have read "You were notified as Issuer (Box 1a) on 1st December 2023 not 1st Jan 2024!)

I'm mainly just concerned about the way we as small PI's are always sh.t on from a great height, and keep these 'donald duckers' from riding rough shod over regulations. Can't help but believe 'something' went awry here.

Nothing will come of it of course but at least gets it off my chest, and on reflection, some hours later, apologies again to all and sundry for bothering all with it.

Whilst I'm on a roll here I would explain that I refer SPECIFICALLY to Box 6 of the TR-1 Form, and fully realise that the TR-1 Form was received by PFC on 9th Jan and RNS'd on the 10th, in line with Regs.

As far as I can make out by looking at Regs it doesn't appear to be specific about what constitutes a 'notification'

I may be completely off rails with this but I personally would like to know in more detail what actually happened at the beginning of December (please no clever remarks about the obvious!), and whether we should have been more informed.

Also, even if this is the only result, I feel PFC Investor relations need to feel some 'pressure', and that we are not going to sit idly by with their 'radio silences' and insincere responses to genuine concerns.

Anyone else has had, any concerns with the timing of the TR-1 Notification from PFC on the 10/1/2024.

I have been in contact by email with IR at PFC.

Apologies for lengthy post, but I think it is important in light of the sell off beginning December and the number of emails that were sent to IR for comment and their total blank responses

1st email from me:

"On your website you still show Schroders Plc as holding 9.46% of PFC stock.

You were notified as Issuer (Box 1a) on 1st January 2024 that Schroders had reduced their holding from 9.46% to 3.748%.

Although you were notified on 01/12/2023 (Box 6 on TR-1 Form) of this major shareholding change, TR-1 Form was not ‘received’ until 09/01/2024, almost 6 weeks later.

Can you explain the delay please – is this down to yourselves or Schroders Plc?

Can you also explain why PFC website has not yet been updated to reflect this major change. This is misleading.

I am concerned, as a shareholder, that PFC are not showing MAJOR shareholder changes accurately which of course leads one to believe that there may be other changes that are not being notified in a timely fashion.

I am copying this email to Andrew, Supervisor/Supervision Hub FCA under Ref: [ref:!00Db00K8yP.!5004G02cL8tY:ref]

REPLY received thus:

Thank you for your email.

As indicated in the major shareholding notification, the TR1 was received by Petrofac on 9 January 2024, and was subsequently made public on 10 January 2024, in compliance with DTR 5.8.12.

The website has also been updated.

Best regards,

Lynette

Petrofac IR Team

Reply by me to this response from IR:

Hello Lynette,

Thanks for the reply and the confirmation of date of receipt of the TR-1, however you have not answered the question about the delay.

Can you confirm that you were notified on the 1st December that Schroders had substantially reduced their shareholding please.

Furthermore can you confirm that PFC complied fully with DTR 5.8.12 in that this regulation states:

1)An issuer not falling within (2) must, in relation to shares admitted to trading on a regulated market, on receipt of a notification as soon as possible and in any event by not later than the end of the trading day following receipt of the notification make public all of the information contained in the notification.

2)A non-UK issuer and any other issuers whose shares are admitted to trading on a prescribed (but not a regulated) market must, on receipt of a notification, as soon as possible and in any event by not later than the end of the third trading day following receipt of the notification, make public all of the information contained in the notification.

I am obviously not a professional here but it would appear to this layman that the date when PFC were notified of Schroder PLC’s share sale, that is 01/12/2023, and the subsequent RNS issued on the 10/01/2024 almost 6 weeks later is NOT in ‘compliance with the above ( highlighted in red) and repectfully request

Taken me a while @Redhead, but perhaps the following helps answer the question raised by Clickit, which has unfortunately turned into a bit of a 'tiff'

Just because you don't fully understand the workings of MM's (and I'll join you on that Redhead!!), doesn't make people "fking clueless"!

TAKING ON INVENTORY

The other big way market makers earn money is through taking on inventory. When there is a supply or demand imbalance in a stock, market makers will often accumulate a LARGE position in an equity. When there is panic selling following a negative news announcement, for example, market makers are often the people buying as the crowd rushes to get out of the stock. Once things calm down, the market maker can slowly unload the inventory at more favorable prices, earning a profit for their willingness to absorb the risk during the panic selling.

Note: Market making is not a form of arbitrage. Market makers take considerable risk by being willing to buy and sell in volatile market conditions. Sometimes, if a company's stock plunges and then continues to decline, for example, market makers can suffer outsized losses holding inventory of a rapidly falling equity.

Source "seekingalpha.com"

@redhead - don't want to enter into any mudslinging but you're not right and like @Clickit said no need for being fking rude!

All Market Makers maintain an inventory of the stocks their firms have underwritten, continue to trade, or make a market in. They buy and sell these inventories for profit.Market makers usually carry an inventory of any securities they make a market in.

Let's keep it 'nice' eh?

When I say former @Click, I'm not sure about "to allow", it might "allow" shorters to buy, but I don't think the 'purpose' is to allow shorters an easy exit. I don't hold with all this 'mates rates' and similar stuff to do with MM's. They're here to make money just like the rest of us.

@Clickit

Thoughts - I'm with the former