Member Info for Jxp101

Is this a case of current management residing over mistakes made by past management? Kenny was COO since 2021, i wonder how many of the legacy contracts he was involved in - not many. The CFO is relatively new.

I suspect Kenny will have to write to employees re: the share plan investments (like the one in November - assuming that was legitimate). Apologizing for the company wiping out employees investments and for not getting a pay rise or bonus all in the name of cash preservation.

All the signals point towards being cash strapped now for WG:

- Asset sales

- Unprofitable

- Legacy contracts

- Debt pile

- Bonus/pay freeze

- Debt not shifting

- Cashflow

- Directors not buying

- etc etc.

AND people keep saying this is not like Petrofac. Petrofac has a huge order book BUT many of the aforementioned symptoms were present in PFC even before the SFO investigation and subsequent fine.

They are not in comparison to last update. However, LOOK at the debt pile. How do you expect that is getting paid off? When you make repeated losses debt doesn't go down. That is now the concern

Debt pile. Zero profit. All profit into the future type fluff. If they couldn't account for or cost price contracts in the past what's to say they can with the order book going forward.

All becoming a Petrofac type situation.

Not the worst outcome at least. Some impact on cash but not expected to be material. Would suggest initial work by Deloitte has identified controls issues and incompetent accounting treatment.

Yes keep buying low in the 60s and exiting high in the 60s - free money in this range. That's all the SP has done since November.

I should also add the CFO needs to fired. He's not even an Accountant, has a weak resume for such a high profile role.

Hahaha 😂

My issue is have they learnt from their mistakes? Like do they know how to price up contracts properly, do they know how to ensure there is sufficient compliance and oversight on the bidding process, do they know how to ensure shareholder capital is used efficiently? I don't know the answers to all of these questions - but they are all valid. That Tennet deal there is no guarantees that it has been priced up correctly. This requires strong leadership and I'm not convinced it exists at Petrofac, too many legacy management personnel are still walking the corridors.

Next stop 750p then 800p

Making a comeback

Does the pipeline not need cleaning before being restarted? Lol

We could see 29p for the first time in the history of this stock. From there dilution / wipe out anything is possible. SMS doesn’t think its cheap.

If anyone is interested :

Jefferies - £11.40 - Reiterated Yesterday (Buy)

Bank of America - £7.50 - Reiterated Yesterday (Hold)

Berenburg - £10.35 - Reiterated Yesterday

Citi - £10.50 - 7 days ago

Barclays - £8.00 - 7 days ago (Hold)

What gap are you looking for?

The BP scenario is a reality here. Possibly next year. GKP are in a strong position right now and the juggernaut of BP won't be able to resist GKP £5-£10.

It’s like a new dawn. Finally waking up. A good update is required here

Of course, because any CEO will do right now. When people speak highly of CEOs he sure to trust them with your money. Most are lame sitting ducks that are more interested in being heavily remunerated and then fired for a pay off. If mutual agreement was used to oust the CEO then that is what it is. Some can't hack it, best to move on. Too much riding on the CEO as if this is the only thing that matters.

I couldn't resist but sell JD Sport and enter this with £20k.

Makes sense for this to move back up