Member Info for shamI89

Recapitalisation as it can wipe out equity.

Looks like market is factoring in a complete equity wipe out here!

They have to pay 1.2 billions in October 2026, they have half of that money.Problem is they wont make money during 2025 and they have to find money to meet day to day running costs.

Think Oil &G sector could not recover from 2014 melt-down and covid was fatal blow.Them two years took their toll on a lot companies.I do think that this and Petrofac would have been in better position had it not been covid.

Can we call that "update" a lot of brown stuff but nothing serious!

A few posters were positive until 8 and then turned bearish/bullish/bearish/bullish

Alternatively they walked away because they did not like what they saw!

These mug punters are about to learn hard way!

Shorted heavily from here as shorters know company is in need of money and rights issue is likely to land soon, so there is no incentive to decrease or close shorts.Company is disposing off its assets to keep things going for a short while, however cash position is getting dire after every update.

Order book means nothing in this sector I am afraid, Carillion had a huge order book when it went bust.Petrofac had a backlog when it effectively wiped out shareholders.There are some very profitable divisions but some divisions are not doing really well.Time will tell but they are short of cash right now.

Hint lies is word financial restructuring.When it comes to that there is only one way of doing it.This update is worst than previous update.Net debt has gone up and cash flow has decreased, how will company repay debt in 2026?

Who are hoping to exit with a profit through bs.Interesting!

Review is taking longer than usual and BOD is not helping things either by releasing this sort of updates which raises more questions.One thing is certain some sort of financial restructuring is being planned and that does not tend to bode well for shareholders I am afraid.

Some of these contracts are not profitable, however as long as company keeps on winning new buisness it can absorb these losses.This company cant go wrong with "O&G" contracts it is new green energy contracts that they are struggling with.There is no clear line here and managenent seems to be clueless.

Nobody would trust an internal review I am afraid they had to bring in external auditors to restore confidence.

Being trapped here, market would chew them and spit them out.

Majority of debt matures in 2026 and that is what market is worried about.It looks like market has lost confidence in management and anything ut has said can be taken seriously.

We cant tell until review comes out.Having said that net debt has gone up and that is worrying.No company would want to touch it until everything is clear and market would dictate share price.In my opinion they need to raise money.

It means one thing sadly another placing is due and BOD is realsing these teasers to excite mug punters.

And they will likely increase their shorts now.It reminds me of Petrofac where shorters kept on increasing shorts after every update.Hard to predict which way it will go from here.