Member Info for OrangeMoon

Could it be Sidara who have been biding for Woodgroup... perhaps have decided PFC fits their portfolio better than some might of thought.

There was always a risk for funds of a takeover here.

Ivorgriffiths,

PFC have given notice that they will be defaulting and requested a subsequent grace period for this to be paid, 40 odd % have agreed not to take action prior to end of June when this issue could likely be resolved by then.

Yes, PFC are cutting it fine and have missed this payment date but it doesn't mean they are insolvent, it just means they regard this payment less of a priority than the day to day runnings of the company until STF is resolved - which seems imminent.

It would be nice however IMO not a high probability in current situation, perhaps after the fog is cleared.

Recommencing of trading on the 31st May is going to happen. The share price will go one of two ways. (IMO it will go up due to the over reaction before suspension and still no resolution on STF) The double barrel RNS has thrown a few minds here to thinking of insolvency. It's not. The only reason for suspension is due to delay in full year audited results.

IMO Deals will be struck to secure short term financing and security garentees gained, with such a good reputation with clients, a little helping hand to get through the hard times may be given (in one way or another). Bearing in mind the UK has just exited a recession while PFC has been in suspension 👍 good news - yes.

Petrofac is here to stay, so I wouldn't listen to the fear mongers. Especially during suspension.

Again Ivorgrif. You post non factual information on this board. "The company is bust. Game over".

Complete nonsense. You don't know this with any more certainty than anyone holding onto shares here hoping for a good outcome.

And I can also confirm on the PFC floor, it is BAU.

You're at a distance where your perspective/opinion is negligible I'm afraid. PFC carry on with the day to day works.

Completely Apothecary. I am still optimistic a good deal can be struck here. What is petrofac without the people?... Not very much. However, the suggestions that employees are jumping ship during this time is just ludacrous (lol). Only perhaps afterwards, once the T&C's have been written in ink might some employees take a "do it yourself attitude".

We wait in anticipation of a positive deal.👍

🥱🥱

Shares suspended. Factual material Information welcome. Extracts from your personal diary... not so much.

What a load of boll*cks that's just been spouted.

Nothing material has come out since the last RNS to justify your post other than your own thoughts and emotions. Reading back your history you have been quite erratic in your positions here IG.

The pre-suspension RNS stated that a bond payment would be missed, no one knows anything else other than we will possibly start trading again on the 31st May (after results).

Even then, there still might not be a resolution to the short term liquidity in this time.

PFC have given themselves a months grace to the now exposed bond payment delay and as stated before, alot can happen in a month.

Debt holders can take 'the biscuit', perhaps a larger chunk of the buisness from shareholders, that is a probability Paul, we dont know what deals are being struck or T&C's... However as some of the shareholders are also employees through share schemes / remuneration packages, this may leave a bitter taste in some mouths, and if those such people are essentially the cooks in the kitchen, I'd get ready for some sh*tty meals being made afterwards.

A deal may be struck to the benifit of debt holders, but if it's at the complete detriment of their own employees (and share holders), I can't say its the best foundation for a strong buisness going forward - regardless of the attractive backlog. A sort of capitalists poison.

My bets are on a good outcome for both shareholders and debt holders, for the scenario you have described with debt holders taking everything does not sit well with me. Should the debt holders make unfavourable terms, may they reap what they sow. Remembering that petrofac is a 'people buisness'.

Exactly Apothecary.

Atleast some alternative views from other posters have some context to read into. Couldn't help but laugh at these 3.

All day yesterday there was peace and quiet here... in terms of sharing thoughts or info on how things may turn out. No real bumf or niggling.

Then... the 3 bot muskateers Tony, KPA and Dogger come in the last 3 comments as if nothing better to do with their Friday night. Name a better trio... ill wait. Haha. What's your game play here lads, if it's a game of life and how to use your time with distinct purpose and value... you have all but lost.

Directors who have shares (through remuneration package or not) will also be subjected to any D4E terms.

I take a little bit of satisfaction from this...

If we go down in this plane, I'm glad they have no parachute.

Hoping for the best outcome here for all parties.

"Petrofac Limited results for the six months ended 30 June 2023 -

We remain focused on closing out legacy contracts, with five of the remaining eight contracts expected to be completed(5) during the second half of the year or early in 2024"

5 out of 8 to be completed in H1 2024.

Interesting that the Thai Oils Clean Fuel Project has been mentioned stand alone in pre-suspension RNS.

Legacy projects were essential for PFC to get work during the SFO investigation period however if this is sole remaining legacy to be completed, it doesn't look good for Thai Oils reputation as a partner.

Perhaps being a little uncooperative during negotiations?

Yes, Petrofac have clearly been incapable of pricing contracts correctly, and thus are running off fumes and reputation, but their demise shouldn't be exaggerated by the actions (or inactions as it may be) of partner/client if it can be helped.

Just an observation.

The other 2 reasons were actually articulately justifiable... but I feel leaving that sole reason is good enough.

Trading will resume 'on or before' 31st May. Could be in 2 weeks, who knows...

We may or may not get a resolution to short term financing In that time however PFC have stated that a bond payment on 15th May will be missed anyway which could pose problems going forward after suspension. Seems like our NED Aiden has had his fingers up his ar*e since October. Rookie mistake that one. Prove otherwise Aiden...

Administration doesn't look likely so you will keep your shares, at what price no one really knows until D4E has been delivered (place your bets).

Take over offer would be best option for holders here, followed by all board members getting a swift boot up the hoop and shown the door, (except those who have done a great job in securing future work). It's not out the question.

This is my own summary of what to expect and may be corrected by others on here.

Although I was rather p*ssed at the way PFC single handedly prevented a short squeeze and sold up, I did take a position coming into suspension, for 3 reasons:

1) I have massive conkers

I agree.

Again, media influence has played a bigger part here than it should have. Shock horror.

No it won't. Just alot of over-reacting assisted by the LSE FUD brigade (Usual Suspects) and in-part to PFC Investor relations team. Easy enough to do with the ratio of PI's. Year end results should give SP some more clarity, and there is no option to buy/sell until they have been delivered. Could go either way. Between now and then, FUD brigade here to do their thing.

*Not a chance I would be taking, given the opertunity.

Interesting... Those funds that were reducing in the 20s last couple of weeks also worth pointing out.

They could have waited a week or 2 and been quids in! Those that didn't reduce in the last couple of days may be kicking themselves if this month proves to be an effective one for the holders here.

What's stopping a take over offer being made to the Board during this closed period... a chance I would be taking giving the opertunity that was provided by this 2 day window prior to suspension.

Alot can happen in a month. GLA