focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Nearly every company in the UK rents its office space.
It’s by far the most tax and Opex efficient method of operating the Head Office requirements of any large business.
Since 2000 the majority of trading companies holding freehold commercial property have disposed of these assets, with many leasing back the space from the new landlord.
Not sure what point you’re trying to make here?
It’s still a way off, but one way of registering our discontent with the current wall of silence from the company might be to submit questions for the upcoming AGM.
Here’s details of how to do it from the company website ……
“The Annual General Meeting (AGM) for shareholders of Petrofac Limited is scheduled to be held at 10:30am on Friday 12 May 2023.
The AGM is an important event for the Company, providing Directors with the opportunity to meet with shareholders and key stakeholders.
The Board is keen to hear the views of shareholders, so if any shareholder has questions they would like to pose to the Board, these should be submitted to the Chairman in advance of the meeting via agmquestions@petrofac.com. If a response before the deadline for appointing a proxy is required, to enable shareholders to make a fully informed voting decision, questions should be submitted by 2 May 2023.”
Not selling, but really concerned.
Small top up yesterday at 54p to take my holding to just over 100k shares.
My average is now 124p so I’m circa £70k in the hole.
My biggest concern is the radio silence. We could slip another 10-15p at this rate by the 1st of April when presumably we’ll get some kind of statement from the new CEO.
Any business that I’ve ever worked for would be putting out something / anything NOW to steady the ship. What if there actually is no good news and all the preferred bidder contracts have fallen away?
It’s strange isn’t it that you can feel the fear building and you know it’s part of the game….but you still hover over the sell button lol.
Holding. It’s all or nothing now.
Great to see the pro activity on the board over the last couple of days.
I’d also recommend that as many investors as possible email Petrofac Investor relations to raise your concerns about the lack of investor updates. James Boothroyd is listed as Head of Investor Relations with Lynette Otiti listed as Investor Relations manager.
I must admit even my iron strong resolve to hold firm whatever on PFC was starting to twitch when it hit 55p.
I haven’t topped up as I’m in too deep and being honest have gone all in on PFC winning those contracts.
I definitely would be filling my boots though if I were starting afresh.
Let’s hope the bounce holds, and that the new CEO brings tidings of great joy …..quickly !
Good to see 60p holding…..so far!
Somewhat regretting my chunky top up at 83p, although it averaged me down to 123p for break even. My 200p for paying off the mortgage target is looking more and more ambitious but I’m still holding on!
My worry is that if good news drops while we’re down at this level that the bounce upwards will be muted. Not much joy in jumping to 80p from 60p when it only puts you back where you were a week ago.
I’m hoping we see a repeat of the previous dip and climb organically back towards 80p + before any big contract news drops.
However, if we drop into the 50’s, I’ll be REALLY starting to worry…..
As someone else said earlier on here today, the doom posters are out again after a couple of bad days.
I’m not going to pretend that this share has been anything other than a disaster for us long term holders (I originally bought in at 900p+ !!) BUT you would have to be mad to exit now after so many years of pain.
I’ve averaged down to a place where if we hit 200p, I can pay off my not insubstantial mortgage.
With between £30bn & £50bn of new contracts on the table this year and preferred bidder status already highlighted for £1.5bn of this, it’s a medium term level of risk vs reward that is currently hard to match in other sectors .
I’m staying in, although I think it might be H2 before we really start to see the corner being turned.
Thanks Pokerchips.
It’d be great to see some beautifully stage managed announcement of a big contract between the 1st and results day on the 25th. Should get us back on track.
I fear that without it, we’ll see a now traditional SP tank post announcement, even though everyone already knows that the results for 22 will be pretty awful.
After months of being depressed about my holding here I’ve decided to spend the day reviewing my position and the potential risk reward for 2023.
My assessment is that although the sky may not be as blue as when we came out of the SFO investigation and we hit £2 briefly, I think an upside from the current position is a good bet.
83p is a dramatic undervaluation.
The drop from 120p post Sami’s announcement was overdone and the price has been manipulated down by those who feed on this type of uncertainty.
My view is that unless we’re being fed a complete fabrication by the board, £1.5bn worth of business should be in the bag for hopefully late Q1.
With all this in mind, I’ve gone in hard today and significantly increased my investment.
This has brought my average down to £1.35 from £1.55.
After 7 years of mostly awful news, I choose to believe that 2023 is the year when the tide turns.
I smell profit at long last before the summer is over!
Anyone else with me, or have I just finally gone mad?
Ouch, my sympathies Dave. I pumped a lot extra in over the years to get mine down to £1.55 but I’m massively over exposed. £2.50 pays off the mortgage…..but I’ll probably have paid it off anyway by the time PFC gets to that level!
Getting absolutely killed here but not selling.
Wishing I’d sold at 125p but I know I would have just bought back in as soon as it went sub 120p.
Not selling. Can’t risk it. Although every trading update for the last 5 years has been followed by a dip.
Never thought it would break 100p for more than a few days, couldn’t see 90p and 80p was impossible.
Now 70p will be gone before the close today.
Who knows where it will land by close tomorrow.
I’ve invested way too much in this share over the years.
It was going to be my mortgage killer.
Still holding, but even if the announced a 1bn contract tomorrow, it’ll take another year to get back up to my break even point, let alone my aspirational exit point of 250p
Merry Christmas :(
Not sure what’s going on here but after years of getting killed on this share but progressively averaging down, although this latest dip has me 50% down on my overall investment.
Not adding any more, even at these levels, but I am sure as hell NOT selling.
It’s an all or nothing bet now. Either the contracts come or they don’t, but pulling out now is madness when on the face of it nothing has changed other than the CEO news.
I’m hoping for at least some optimism in the trading update next week though to stem the bleeding.
I’ve been buried in this share since the first pre SFO drop back in 2016, investing more and more to leverage down a huge average to a c150p break even.
It’s been a miserable 6 years but I don’t think at any point sentiment has been lower than it is right now.
Wish I’d checked out with the £2 spike post SFO completing their hatchet job.
Can we expect any awards ahead of the CEO change next April? 6 months with a lame duck is a long time if the cupboard really is bare in terms of big contracts. Even then it will be months before the new guy has set the direction and hopefully driven new business. 2024 before the turnaround?………aaaaaaaarrrrrggghhhh!!!!
Against my better judgement I’ve topped up again at 100.5p.
My average is now down to 150p after all these years of progressive averaging down and adding.
My target sell figure is now 250p……will that day ever come?
The strange thing is even with the SFO a distant memory, the promise of big contracts and the new management team……I feel less confident now thank at any point since I first got on this PFC rollercoaster in 2014.
If this one doesn’t come off by the end of 2023 I’ll be working until I die!
After all the optimism last autumn that this year would finally be the turnaround year for PFC’s long term long suffering shareholders…… it looks like we can pretty much write off 2022.
I hope it comes sooner and that there are a couple of huge contracts in the offing, but from this low base it’s not likely to give us the returns we’ve so long fantasised about.
I’m in deep and I’m not adding any more. I’ll hold until Q3 2023 at the latest.
So demoralising to see it this low again.
Sorry for the moan all!