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Sorry Got no access. The only thing i can see is "'breaking' of parts seems likely as firm suspends trading".
So 2 points i can collect from here
1. Breaking and not mentioned non core assets
2. Breaking likely as it has suspended trading
My negative approach tells me that it is talking about administration.
Someone has thrown the spanner
https://www.energyvoice.com/oilandgas/north-sea/552529/petrofac-asset-sale-on-the-cards-over-debt-challenges/
I see no possibility of a takeover until there is a clear picture. One will only buy this if they have clear idea of what they are buying. PFC is not transparent about results so far. They clearly knew results were not coming but instead of being transparent they kept it hiding until 29th. My view is simple they are doing it to stop a potential bid. If there was a bid, majority until a few weeks ago were PIs. Not sure how much ownership has shifted recently.
They are closing all options.
At the end it could be
1. full control by some
2.parts given to some
Bondholders/debtholders/shareholders (clearly All are losers as of now )
One lesson. Be careful on companies where PIs are in majority
Just had a review thought and its just my thought.
PFC has delayed results by plan. Kept people thinking that results are due at end april. Did they not know a week or 2 before 29th that there is a delay. Ofcourse it was known to them.
If the results are out it makes a potential buyer to think if this can be bought. But by delaying results they have made it impossible for someone to look into this company.
Plot is clear .. This whole game is on to shift ownership.
Also when company is trading there is a chance of shares going up and down. They have made sure all options are blank and now if they only want profitable portions then administration is way forward(this is what i think).
Other options is to hand the whole bit to bond/equity holders. In this case they will have to give little bits to existing holders and take legacy with them.
As already mentioned while all this mess, no one will even think of buying this.
Not sure what management is doing. non core assets are worth 400+ (give away will be more than 300+)if valued correctly.Company will make money from there but how many losses they are hiding is the question now dec onwards.
Just a review
I think no one will invest in this company with out looking into results. even the debt holders will look into results before investing. But if it happens along with the results , it is all known to them. Massive D4E means current major holders will be minors and will have little influence unless same people are debt holders.
It is next week as per yahoo not monday.
Earnings date 29 Apr 2024 - 05 May 2024
https://uk.finance.yahoo.com/quote/PFC.L/
Does anyone know the results date apart from end April?
Just checked website and there is nothing yet
https://www.petrofac.com/investors/results-and-presentations/
2024 it was the last Thursday of April.