Member Info for PFCvetran

Interesting.

Who knows what it means…..good or bad?

BUT it does mean something is happening.

Have taken the plunge and dipped back in with 50k shares.

It won’t make my £120k loss back, but it’s a start.

It looks like Fridays jump was possibly 1 short offloading.

No real press interest over the weekend.

The 20% pullback this morning wasn’t as bad as I thought it might be and there seems to be resistance at the 17p floor for now.

My take now is that the retention of the contract might lessen the severity of any D4E, but I still think it’s coming.

Hopefully for all concerned we’ll start to see things move quicker now rather than this death by a thousand cuts approach.

Still holding off jumping back in, although I would have loved a slice of that 60%+ spike on Friday!

Yep now showing 22p. Does that make it a pump, dump, pump? 😊

I might not currently own shares Janbo but I 100% intend to re-invest if they survive. My view is it’ll be post a D4E, others disagree……who knows which of us will be right? It’s a coin flip.

I’m also personally invested. I’ve spent 10 years of my investing life getting emotionally hammered by this share (and financially). It’s hard to let go

I just read the RNS again. It really isn’t good news. What they are saying is that they have come to an alternative arrangement as the couldn’t front the performance guarantee on the contract. The client isn’t going to do that for free so whatever has been agreed is going to materially impact the value of the contract.

The 47% is what really worries me. They are actually going backwards in getting people on board with a solution after 3 months of negotiation…..and remember this is just for a D4E agreement that releases a small amount of short term funding.

THIS. BLOODY. COMPANY!! 🙄

Back 13.5p on close? Either a short buying back or yet another bit of market manipulation. Sorry to anyone who bought in at 16p+……..the company, Jesus!!

Great news on retaining the contract. It’ll be interesting to see the price that had to be paid for that concession though?

Terrible news that those in favour of a funding solution to the cash flow problems is now only 47%.

Doesn’t that still make D4E a near inevitability?

Good news overall that the can is kicked down the road.

Can’t see the short jumping on this news though.

I wonder if 16.8p will hold?

I’m still holding off getting back in for now.

Dragging on a bit isn’t it?

With not even the hint of a rumour doing the rounds, I won’t be surprised to see an update later this week that’s essentially the same as the last one but with the percentage bumped up or not.

It’ll be interesting to see if getting more than 50% of bond holders / interested parties makes a difference in terms of likely outcomes? Does anyone know?

I still can’t see any alternative to D4E unless the board have been knowingly deceptive with their updates.

Trading through it would be fabulous but there was no real news in the last update of an accelerated payment route from the legacy contracts.

At least none of the new contracts have been lost which is very encouraging, although no new business at all since the original D4E update which will start to hit the medium term prospects if they do survive.

Let’s see what the update brings…..

The reference to deadlock is new (if the author and source are to be believed). It was implied before due to the RNS confirming a date slip to July, but this is the first explicit reference to it.

With only 49% of “interested parties” signed up to the proposed deal in a best case scenario to date, it’s hard not to feel that any deal here is looking less likely.

Share price seems to agree post publication today.

Sounds like there have been some loose lips speaking to Bloomberg.

If the article is to be believed then even a D4E solution is sounding like it’s at risk.

I hate to see it but I see no cause for optimism here.

I stupidly bought back in at 14.3p on the back of the last RNS thinking there was a spike coming. Sadly that was the spike!

I only put £15k in but I’ve lost £2k of that already. Getting out again before I drops under 12p

Here’s the article.

https://www.bloomberg.com/news/articles/2024-07-11/petrofac-s-restructuring-talks-in-limbo-as-debt-deadline-nears/

With tomorrow being the last trading day of the month, the quarter and indeed the half year……. I wonder if we’ll see an RNS?

30th of June was a key trigger date in the last RNS so ongoing silence will only deepen the speculation.

I guess any D4E discussions will take a while to reach agreement post a default which could explain the silence to date. Equally as some have speculated, we may see a miracle and the company trading through the crisis with cash inflows from completed work….somehow(?)

What’s certain is that shorts are still holding at 10% and there is no sign of a takeover knight riding to the rescue.

Could be an interesting morning?

Hi Amers, no I’m still firmly out for now. My reading of it is that some sort of dilution is all but inevitable.

I’m still intending to get back in when the dust settles once it’s clear that PFC are still a going concern.

If they can get over the liquidity issue then I still think there’s money to be made in the medium term.

I’m reading the Fitch re rating as a “f**k you” response to the BoD’s arrogance in not updating the market after the passing of the extension date on the 15th.

The analysis is pretty brutal.

How the Investor Relations team at PFC still have jobs is beyond me.

Does anyone know when the Petrofac AGM is being held? It must be soon.

I strongly suggest that as many of us as possible try and attend. The Q&A will be legendary.

Looks like no RNS again today.

Are we to infer therefore that the payments due have been made as required and that the guarantee for the new contract has been secured?

Surely if they had been missed, or if new amended deadlines had been agreed, then an RNS update would have to be issued?

Possibly the game is still on then?

Paul

Where are you getting an equity value of £25m from? Current market cap is circa £75m.

Note your point around D4E but it’s not being forced on BH’s / Lenders. Currently only 41% of @interested parties” are signed up to a solution that includes D4E and even that has strings attached. By definition the majority are likely to favour administration or liquidation if another solution cannot be found/ probably not right therefore to say that lenders are being forced to accept D4E. It’s an option. Albert and option from a list of sh*t solutions!

This is where I struggle in understanding the mechanics of a D4E. In my mind the issue is dilution. Creditors will be expecting share equity equal to the debt they are owed. This surely has to be based on current market value?

Therefore whatever the current SP, this will automatically be diluted by a D4E eg if the total value of debt owed to creditors is equivalent to 1 billion shares at current market pricing then 1 billion shares will be added to the mix, BUT the market cap has to remain the same. This is where the dilution of current shareholder value happens. Eg if each share you own is worth 15p pre dilution, if the dilution ratio is 10 to 1, that share will be worth 1.5p post dilution and you lose 90% of the value of your holding.

Is that right? The other bit that I don’t understand is how the market cap value changes. The current debt is obviously much higher than the current market valuation of the business.

Can anyone explain how it works?

So……if there’s no RNS, does that mean that the payments due by mid month have been made by the company?

If that’s the correct interpretation we could see a lift on opening.

One last pump and dump to rub everyone’s nose in it for the final time? B**tards!

Interesting take on it Pokerchips.

I’m beginning to wonder if we’ll see another holding RNS tomorrow with a further extension being granted by creditors while negotiations continue.

If so, we could see another SP spike as day traders see another pump and dump opportunity in the interim.

Hi Apothecary, it looks to me like we’re in a pattern of decline this week with significant dips at the end of trade each day, so I’m staying out.

Thanks for sharing the article. I can’t see why anyone would offer £1 a share along with the debt that needs to be covered as well as part of any takeover. Let’s be honest, most of us would have been delighted if someone had offered 60p a share back in December before all the D4E and short term liquidity issues had been fully exposed!

Everything is still pointing towards administration or a significant D4E unless the BoD are barefaced lying to shareholders via RNS.

If they survive I’ll get back in once the D4E is executed. If no contracts are lost and the liquidity is sorted, I still believe that the long term recovery will be a positive one.

I’m just not prepared to lose any more money based on trust and faith alone. Still feeling the real world impact of losing so much money on this damn share lol!