Member Info for Paddyboy1

I looked at this in January when it was 6p & was going to take a punt then. Can anyone explain why it's holding up @8-9p. It looked a better prospect in January than it does now. Must be getting propped up by one of the big holders ready to offload i think!

Galveston, It's perfectly fine (& probably advisable) to cut & run if you have doubts about where the investment is going. A profit is a profit & there are many good value opportunities elsewhere. Personally, i've sat & watched £000s of paper profits evaporate before me in the last few days & it is very frustrating this share. But i do believe the current dip is just a temporary pullback so am not overly concerned. The shorters bailing out of here en masse gives me added confidence here. Anyway GL whether you choose to stick or sell!

& let's face it if they now have evidence against anyone. Well they've all now left the building anyway!

Well, yes this has been discussed on here before too. He's the proverbial 'Dead man walking'. will say anything, as has nothing to lose. If he had stuff to implicate others, surely we'd know about it by now in the form of prosecutions etc.

Part of the British Isles yes. Part of the United Kingdom no. It is a Crown dependency. It has it's own Legislature & executive. It's not represented in UK Parliament. It's not part of EU. Essentially it's a foreign country but i think the key here is where the evidence against Lufkin came from. It may have come from a UK source in which case KBR has no relevance.

was typing that response while Poker answered. Yes, the core question is what evidence were they using against Lufkin. If obtained from companies outside UK jurisdiction then KBR ruling would make it inadmissible. Us humble shareholders don't know where they got the evidence. We will though in a few weeks!

Galveston, i've read the full SC Appeal judgment. I'll keep it short, SFO were after KBR (UK) a subsidiary of KBR(US-the Mother company) They wanted to compel documents from US company to pursue UK based subsidiary. Hence court contest. How does this relate to Lufkin/PFC? Well, maybe not at all. However i believe Lufkin's lawyers will be arguing in the light of KBR that PFC is a non UK company (Jersey Registered so not accountable to UK Parliament). Yes, they are active in the UK but their main activities are overseas. The alleged bribery stuff has all gone on with Gulf state companies. The lawyers will say that because of this the SFO had no legitimacy in pursuing him in the first place. Making his admissions of guilt irrelevant as the prosecutions themselves were illegal. All will of course come out in due course but lets assume i'm completely wrong & on 21st June he is pronounced guilty & due to be sentenced. Well, so what? he's still an ex employye who had his hands in the till. Still no other charges against PFC. Where does it go from there? In my view in that instance i can only see 2 alternatives: 1) Charge other employees; 2) DPA arrangement with PFC. We wait & see!

Well said Poker mate,
Slift is another CHR1SS, just comes on boards to deramp when he bailed out at a low price. He done this massively on HUR but ramps up Enquest. The typo was my error as a lot of the others are newbies so my apologies for that. It's a case i read back in February & i believe will be pivotal here. You only have to look at the dates involved to realise there can not just be a coincidence. 15th Jan Lufkin pleads guilty to 3 extra charges & is committed for sentencing on 11th Feb. 4th Feb, KBR appeal allowed in Supreme Court. Sentencing adjourned at last minute to become Directions Hearing. Coincidence my ar5 e!!!
Oh BTW Slift i bough £1k worth of HUR @0.70 so done OK there. GLA

R (on the application of KBR, Inc) (Appellant) v
Director of the Serious Fraud Office (Respondent)

Should be KBR not KKR.
This judgement was made on 5th Feb2021. For those who have the time or patience please read the judgment (which i have read in full). Item 50 is the bit relevant to PFC.

Just like those who say Hurricane Energy is dead & gone then the SP doubles the next day Slift???

John Wood Group. Looking a bit of a bargain atm, although couple of shorts in there too!

Hyve, that's the events company isn't it? was on my radar a few months ago. Looked ok then. Have got a few possibilities circling atm. Some good value stuff around at present!

Just a positive thought for the coming weeks. This share was shorted more prior to all the SFO saga starting than it is now! i really believe the pullback in last few days has been on sentiment & nothing more. As said i got a few Wood shares at the YTD low on Friday. That company is about the closest comparator we have to PFC! GL

Galveston, i think we're actually on the same page or at least similar here. Personally i don't want to sell any shares whatsoever at least until after the 21st June when we'll all know where we are going. My original target price (i set one on every share) here is 170 at which stage i may slice a few as tbh i'm really quite overweight here & would like to explore some other opportunities which may arise. I fully intend to hold a large chunk for the long term, post SFO as this could do very well once that saga is behind us. I'm fairly convinced that the SFO stuff will be concluded sometime later in the year but hey who knows, it could go on for years yet!

Galveston, i share the frustrations & i have a very large shareholding here. I think you miss the point about KKR though which i believe is why a sentencing has become a directions hearing. You dismiss Cochrane's leaving as irrelevant. I disagree & i also believe that he was probably coerced to leave. Iskander wants to be seen to be running a slick, above board show & skeletons from the past will not help. I also do not believe SFO have anything extra beyond Lufkin. We surely would have heard about this after 4 years if it were the case. What is your explanation for a short reduction to lowest levels in 7 years? this can only be a positive. GL

Worraps, i believe that anyone who thinks the SFO case will be done & dusted on 21st June is rather naive. Personally i believe & hope that things will start to draw to some sort of resolution thereafter. I believe Lufkin will be absolved due to KKR ruling which would deem his original prosecution invalid. I also believe in the light of this & the SERCO debacle that SFO will want to have closure here. The company has moved forward & now with the departure of Cochrane, no executive board members were involved during the alleged bribery stuff. I was impressed with Iskander's outlook statement on results day & the company is now well financed by their bankers moving forward. Blackrock & other shorters have been mauling this share for years. They haven't pulled out for no reason. Something is going on behind the scenes & my belief is it will be positive for those of us holding here.

Worraps, welcome to the rollercoaster world of PFC. I'm slightly bemused that you've chosen to do your reading after loading up here rather than before as investors really need to be aware of what is quite a complex investment & very volatile. The issues you refer to have been raised & discussed many times on this BB so i would suggest taking a bit of time & reading through a few pages of this BB. The Lufkin stuff was discussed fairly recently within the last few weeks so you don't have to go to far back. On a positive note, if you got in here at Friday's prices i believe you have made a good purchase if you're prepared to hold for a while. They can go lower rest assured (40% drop in 2 days in March) but this is a solid company with a new management in place & short sellers have now largely given up here. We'll see. GL

This has been a disappointing week & as per usual i end the week bemoaning not slicing a few here up @147/148. Drops have been on no news though so i'm confident that with the shorts now down to just over 2% we may see a bit of normal trading activity here. Market rubbish all round really so hopefully can only pick up. Bought myself a few J Wood shares at 251 which is lowest this year so hopefully that will pick up too. GLA

251, wishful thinking. LOL

Bought a tranche here at 151. Looking oversold here!