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HTTps://www.upstreamonline.com/finance/petrofac-aims-to-sell-upstream-and-vessel-stakes-amid-cash-crunch-and-performance-bond-issue/2-1-1570104

And there will have to be a lot of short closing

A LOT of short closing.

Nice progressing assets sale update on the 20th and this one leaps up.

Plenty clues being given.

Ignore any bulletin board noise. read what's there and formulate your own view.

What the company said in RNS.

"Management has been making progress in organic actions to unwind working capital, collect receipts on ongoing and new contracts and to unlock long-outstanding commercial settlements. In addition, Management is considering the sale of non-core assets, and is actively engaged in discussions with financial investors to take a non-controlling position in certain other components of the business portfolio. As part of an overall plan, these transactions would result in a material improvement on the balance sheet. The Company is also exploring potential new financial options across all its classes of capital."

and that's the 2nd suggestion today of asset sales.

hTTps://www.upstreamonline.com/finance/petrofac-aims-to-sell-upstream-and-vessel-stakes-amid-cash-crunch-and-performance-bond-issue/2-1-1570104

and

https://twitter.com/baroninvestment/status/1731648852761960715

Nice leap in volume as people start to realise the undervalue here, the fact that there are no postal strikes that completely ruined online last Xmas in the UK and whilst everyone waits for Kelso's next move (Sec 303 of the Companies Act my guess) or THG giving a value enhancing strategic update.

So much other optionality here...

Couple of 200k at 86p just gone through and accounting for the tick up and the volume is already over the whole sum total for the full of yesterday (comfortably)

2023-12-14 10:44:56 86.00 200,000 £172,000

2023-12-14 10:44:51 86.00 200,000 £172,000

They were already in talks with special situations funds re sale of assets.

The article puts a lot more optionality on the table than other recent commentators had been thinking.

But why stop at the assets - you can have the whole group for around a cut price £100M right now.

Got some catching up to do with Ocado and other online stocks. dyor.

Https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html

Wowzer to the share price.

Markets are back to "risk on" and it looks like this years Santa rally might just be starting.

Creates a better climate

https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html

Might be the news that MM has been waiting on for a seperate US listing of Myprotein or relisting of the group.

Certainly won't hurt our US business that's for sure.

Who mentioned the Fed. Good or bad for markets?

https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html

Might see some risk on emerging with markets. I expect nothing other than the BoE to mirror the Fed.

https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html

Https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html

Might start to see some risk on appearing in the market. UK has been mirroring the Fed since pre-covid so expect similar.

https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html

Hopefully sets the tone for some risk on and a nice Santa rally. UK will hold also and tbh we just play copycat with the US. Well at least that's how its looked since pre-Covid.

https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html

Https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html

Https://www.energyvoice.com/renewables-energy-transition/ccs/europe-ccs/543504/neptune-kicks-off-l10ccs-feed-work-with-petrofac/

PFC drop their RNS and the share price climbs to over 25p

Plenty of commentary since but absolutely no change in the PFC situation.

22p only a couple of days back. Yes really!! Similarly no change in circumstance since that either.

Just the MM's dropping the share price by a point or more early doors two days in succession to trigger and hoover up stop losses and to keep churning the same traders shares over and over, of which not many of them can be making

any money. Definite switch off of buy algo's also. Twist the knife a bit more as the day goes on and pick up a few more.

But it can all change in a flash on the flick of a switch or on slightest piece of progress or other good news.

Somebody though is sitting quite contritely on a nice amount of shares acquired at a low average over the last few days.

Here was the last position and on which I still think this is a game of two halves. Quick fix now and further measures 2 to 4 months down the line.

"Management has been making progress in organic actions to unwind working capital, collect receipts on ongoing and new contracts and to unlock long-outstanding commercial settlements. In addition, Management is considering the sale of non-core assets, and is actively engaged in discussions with financial investors to take a non-controlling position in certain other components of the business portfolio. As part of an overall plan, these transactions would result in a material improvement on the balance sheet. The Company is also exploring potential new financial options across all its classes of capital."

Switching shares between Institutional shareholders doesn't6 affect or impact the day to day business and they were willingly picked up en masse at only a 3% discount.

The 3rd November update imho is the reason for that.