Member Info for Redheadedrager

PFC is traded on FTSE main listing.

It is NOT an AIM share or “essentially an AIM” share at all.

AIM operates under completely different listing rules and governance / oversight by the regulators.

Honestly what utter tosh.

I don’t think that we will hear much about the refinancing before then either.

In the interim, bar something exceptional (another Tenet contract win?) we are at the whim of the short position hedge funds . . . Could get choppy out there. Hold on tight 👍

“Hello James,

Can you advise when Petrofac will be updating its Financial Calendar for 2024?

We are over halfway through Q1 ‘24 and for the 2024 financial calendar to remain completely blank is inconsistent with your peers and smacks of unprofessionalism.

Regards”

. . . just wondering when the stampede for the exit will start . . .

🔥 🩳 🔥 🩳 🔥 🩳

😈 😂🤣

The markets are a mechanism for transferring wealth from the impatient to the patient . . .

That was the date of the trading update in 2023. I wouldn’t expect anything before then. The work that Aidan is doing takes time and patience for a sustainable outcome. Fix once and move on is the objective here. I expect something of substance to be announced in April, but not before.

Patience is required here.

Not priced to go bust. That would be SP of 0p.

Priced for high likelihood of debt for equity swap.

2 entirely different things.

They paid the security in the first Tenet contract. You don’t know what cash has been recovered since then from other contracts. They are not in breach of covenants.

There will be an asset sale. There may be a strategic investor. I view D4E as unlikely, or at worst case very limited.

Hence I’m invested. I take it that you’re not and / or are holding a short position?

OP

PFC can meet the terms of its bond debt.

What has found more challenging is finding the cash to poace as security on the contracts it has been so successful in winning.

But if you read the RNS, you’d already have garnered that intel and factored it in wouldn’t you?

Nah - don’t buy it. I don’t think we’re going to get a squeak out of management until end of April. Going by historical update timings.

Don’t trust those projected dates at all.

@DarkKnight - can you point me in the direction of the intel which says that and update is due tomorrow? Ta muchly 👍

I’ve blocked you all - don’t bother trying to talk to me.

It’s an exercise in futility. A bit like your lives.

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@Dan

It is old, old, old news. This has been dealt with following the conclusion of the SFO case against PFC. The market cares not one jot about this, I assure you, as PFC has sorted itself out and new management team is in place. It is done, finito a non-event from PFC angle.

Criminal cases against the individuals who committed the actual offences take bloomin’ ages to come to court. Hopefully they get the book thrown at them.

If this is a genuine document, then it is dynamite.

THERE IS NO WAY ON GOD’s GREEN EARTH THAT MORGAN STANLEY WOULD ADD IF THE EQUITY IS GOING TO BE WIPED OUT BY D4E.

Shorters should take note and quietly exit stage left.

Great day for the longs.

@PaulCurtis

Every post you write defends your rationale for investing in the bonds - i.e. that they are indestructible against equity.

Can I refer you to the below.

https://www.wsj.com/articles/credit-suisse-bond-wipeout-threatens-250-billion-market-10be7d04

Happy reading 😊👍

@PaulCurtis

Conversely, why if PFCs finances are so parlous would any customer place work with them - they would fail even the most basic financial due diligence tests.

Could it be that the bonds are going to take a hair cut and there is nothing that the major bond holders can do?

Or are the bonds being shorted in order to support the equity short positions being held by the hedge funds . . . ?

Whatever the outcome this is a very interesting conundrum - who is right? Longs or shorts? Long on bonds or long on equity? Time will tell, but my money is on equity winning out and bonds recovering to almost par.

GLA

@PaulCurtis

No mate. You’re wrong.

That view was as welcome as a shart in a spacesuit.

How are the bonds doing?

Never in my life have I seen such a scam of a company.

Sucker people in with promises of finding massive volumes of oil.

Never do. Issue literally billions of shares to fund SS’ lifestyle.

No chance in heck this will survive the year. It will be wound up.

Best off out. No revenue, massive expenses, negative shareholder value.

Shocker.

. . . that today will end up blue

33.08 to sell, 34.44 to buy.

MMs stifling volume. Wonder why that is . . . 🤔

OMG

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ANOTHER 1 POST WONDER 🙄