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Petrosaga, I'm going to do the same and pick up another 15k tomorrow, think it's the first time I'm averaging up on this share:-). I did manage to get 45k at around 20p to bring my average down over the last couple of weeks, so to say very pleased with RNS today is an understatement.
Reuters, focused on the negatives, didn’t even mention Tennet.
https://www.reuters.com/business/energy/petrofac-sees-higher-debt-year-cash-flow-issues-mount-2023-12-20/
Yes Stockbuster, I saw that too, I didn’t really expect a resolution on Wednesday but I’m pleased they do seem to be getting some specialist into to find an optimal solution that will favour shareholders and clients.
So doesn’t look like they will have sorted by Wednesday
https://www.consultancy.uk/news/amp/36140/petrofac-hires-moelis-and-teneo-to-advise-financial-restructuring
@SuperMooseXL
More like sell the assets to restore cashflow without major share dilution so they can get on with making money from lucrative multi billion pound contracts. Seems sensible to me and offers a glimmer of hope.
Apologies for bad link
https://www.fitchratings.com/research/corporate-finance/fitch-revises-petrofac-outlook-to-stable-affirms-idr-at-b-27-09-2023#:~:text=Fitch%20Ratings%20%2D%20London%20%2D%2027%20Sep,Recovery%20Rating%20of%20'RR3'.
Https://www.fitchratings.com/research/corporate-finance/fitch-revises-petrofac-
These guys didn’t help with their analysis in giving shareholders confidence in Petrofac financial position. Takes me back to GFC days.
outlook-to-stable-affirms-idr-at-b-27-09-2023#:~:text=Fitch%20Ratings%20%2D%20London%20%2D%2027%20Sep,Recovery%20Rating%20of%20'RR3'.
Thanks Pat2014,
That not pleasant reading but a good summary of what’s happened and probable outcome, my optimism is dwindling especially when I factor in the people who have been running the business and the continual promises of “jam tomorrow “ but often falling short.
For me is hardly worth selling with a 80p average, so preparing for the worst but hoping for the best.
Seems for a short window after the release of the RNS the PI's have the same knowledge about the situation as the big boys, then only a couple of days later you get the feeling that the PI's are behind the 8 ball again. Hope I'm wrong and it just took the Shorters a couple of days to figure out RNS to make then increases, but suspect they just used connections to get more detail than the RNS gave.