Member Info for PFCvetran

So it looks like that’s it then.

At least it won’t drag on any more and we can all be put out of our misery.

So sorry to all of those who were still invested.

I genuinely hope the Board struggle to sleep for the foreseeable future and that they ultimately face some financial sanction for the car crash of a job they’ve done in killing the business.

Equally I hope those at the SFO who started the downfall with their protracted investigation reflect on how they’ve indirectly created this outcome.

I’m sure we’ll see Snapper and Tony pop up to flat at some point if their mums haven’t cut off internet to their respective basements.

To those of you who’ve been here on this board throughout the last 10 years plus…..I salute you, and may your subsequent investments pull back what we’ve all lost on this dog of a share.

What has happened to Petrofac is a salutary lesson in what is wrong with the way business is managed in our country.

The seeds of this failure were sown with the SFO case that dragged on for years, crippling the company and devastating share value.

Stupid loss making deals were agreed that have been a massive drag factor in driving profitability (Thai Oil being the worst example).

Inept management botched the recovery plans with huge deals mismanaged (remember the total value of the Tennet deal was £7bn + !!)

The courts then block the only viable restructuring plan using Petrofac as an opportunity to set a new precedent in corporate refinancing, effectively a death sentence for the business and 7000 jobs.

Hindsight is a wonderful thing but I wish I’d never made that first PFC share purchase back in 2014. A crippling mistake that grew to a £120k loss by 2022/3 when I finally pulled out.

Feeling sorry for those who stayed in until the death. I hope you get to sue the Board into oblivion….

I wonder how different things would have been if the re structure had gone through as originally planned back in April?

If it had opened at say 1.5p a share and we jumped in would we now be sitting on 100% profit thanks to a surging bull market pushing the SP up to 3p a share? One can but dream lol. Looking at Wood, I suspect not anyway…….

So basically, the existing shareholders holdings get sacrificed in order to subsidise the compensation to Sapiem and Samsung. Shocking.

Aidan de Brunner. It was in an RNS a couple of months ago. He came in, made everything worse and then f***ed off again, presumably with a chunky pay packet. The long departed contributor on this board Mary B used to call him the saviour lol.

The company announced an extension to the forbearance agreement with bond holders and other creditors until November. It’s an uphill struggle to reshape the deal following the appeal judgement I suspect. They let the architect of the deal leave the business as well so I’m not sure who is running the restructuring plan now.

Still no sign of the previous years final accounts. The share cannot be relisted until the accounts are ratified and published.

Let’s see if they can pull something out of the very very hot fire by November……..

Announcing the appeal result but not any indication of next moves, strategy, reassurance……

It says everything about the inadequacy of the current Board that they’ve not even bothered to issue an RNS.

From what I can gather from the articles I’ve read and the court case, Samsung and Sapiem are of the view that they are disadvantaged by the deal that’s been agreed. They argued that it favours new investors with guaranteed returns over what they believe they are due (and their resulting exposure to the Thai Oil disaster of a deal).

If Petrofac go under it’s also one less competitor bidding for contracts.

Massive blow for the restructuring deal as Sapiem and Samsung are successful in their appeal.

A number of key new investors said they would walk if the appeal was successful and led to worse terms. That seems inevitable now.

Good article about it here…

https://www.upstreamonline.com/finance/petrofac-restructuring-plans-hit-by-appeal-court-decision/2-1-1840476?zephr_sso_ott=V7u53V

Fingers crossed they can pull something out of the bag but I have to say that this looks like it could be it……

Snapper is back!

You’ve changed your tune though old boy. I distinctly remember you being bullish about Petrofac for years and ramping the stock at every opportunity.

You’ve always been touting it as a well run business that was ready to bounce back at any moment.

Frankly I’m shocked at your sudden negativity towards the company .

😂

The appeal was actually broadcast live on YouTube which is surprising. I’ve included the link below for the final day of the appeal but all days are available.

A bit painful to sit through the whole thing but there are some interesting sections especially regarding the terms that the new investors have secured at the expense of bond holders, debt holders and of course retail shareholders. It’s clear watching this that if the appeal is successful then the restructuring deal falls apart and liquidation is inevitable. Fingers crossed that doesn’t happen…..

https://m.youtube.com/watch?v=8l2QrRJDcnw

The appeal against the restructuring deal is due to be heard this week but I can’t find anything about an outcome yet. This is a good article that explains the context of the appeal and the stakes. It’s safe to say that if the appeal is successful then PFC will go into liquidation. Interesting comments about Tennet as well….

https://www.energyvoice.com/oilandgas/573588/petrofac-restructuring-court-battle-samsung-saipem/

I’m guessing that they’ll have to wait until the appeal against the approval is heard between the 2nd & 4th of June. The shares also can’t be relisted until last years accounts are published but you would assume that they’ll have those ready to go.

Reading Meed and other news clips, I suspect they have a few contracts to announce as well which will hopefully give a boost to the re launch.

I suggest you re read what I wrote and then take your own advice with regard to maturity.

Good to see the plan approved but there’s no point in pretending it’s good news for existing retail shareholders. It’s a bit like having a crumb left after someone steals your cake.

Still subject to the reserved judgement as well, now to be heard between the 2nd and 4th of June……

https://www.petrofac.com/media/news/high-court-sanctions-financial-restructuring-plan/

Thanks for posting. PFC are hanging on by a very thin fraying thread now……

They had to agree to the dilution of the company would now be in administration. If you look at the RNS you can see that the Bondholders and senior shareholders have a slightly sweeter package as part of the restructure. As always, it’s the retail shareholders who get shafted the hardest……

Sorry to be the bearer of bad news Bull but you need to read the series of RNS from this year on the Petrofac website.

The restructuring is bringing a huge dilution with creditors swapping debt for equity. Existing shareholders will be massively diluted when the company re-lists.

Yep. All covered in the April restructuring RNS.