Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Indeed.
Guilty plea has been made and accepted.
Thursday is for sentencing only.
This is what so many people failed to grasp when they were opening their gambles (masquerading as shorts, but in truth just gambling on spread bets).
The guilty to 3 further charges has allowed the SFO to essentially close those avenues of investigation off.
I suspect that very soon after the sentencing we will see a statement from the SFO and I would not be surprised at all to see they are no longer pursuing PFC...
www.reuters.com/article/uk-global-oil-hedgefunds-focus/hedge-funds-bet-on-oils-big-comeback-after-pandemic-hobbles-producers-idUKKBN2A70I4?edition-redirect=uk
Oil Services sector will be in big demand.
Dont forget the Oil price as well there Master.. :-)
When the stars align it a positive sign... :-)
Im using the analogy of stars, charts and fundamentals all to create a very strong buy here.
A booming rally in oil markets has pushed crude prices to their highest levels since near the start of the coronavirus pandemic, powered by production curbs and recovering demand.
Brent-crude futures, the benchmark in energy markets, have risen more than 50% since the end of October and are approaching $60 a barrel for the first time since Covid-19 began to erode oil demand in early 2020. Futures for West Texas Intermediate—or WTI, the main grade of U.S. crude—last week surpassed $55 a barrel for the first time in over a year.
The speed of the recovery has surprised some investors and analysts, given that coronavirus continues to curtail demand. It has juiced shares of companies including Exxon Mobil Corp. and ConocoPhillips after a troubled 2020 for oil-and-gas producers, making energy stocks the best performers on the S&P 500 this year.
“The market definitely has some momentum,” said John Kilduff, partner at Again Capital LLC, a hedge fund that invests in energy derivatives. “WTI is going to be targeting $60, too.”
Oil is rising against a mixed economic backdrop, with data published Friday suggesting that the labor market faces a long road to recovery. But the stock market continues to power higher, in part because investors expect a new dose of fiscal stimulus and vaccines to goose growth.
With Oil ticking up nicely then the Oil services sector will face BOOM time.
A booming rally in oil markets has pushed crude prices to their highest levels since near the start of the coronavirus pandemic, powered by production curbs and recovering demand.
Brent-crude futures, the benchmark in energy markets, have risen more than 50% since the end of October and are approaching $60 a barrel for the first time since Covid-19 began to erode oil demand in early 2020. Futures for West Texas Intermediate—or WTI, the main grade of U.S. crude—last week surpassed $55 a barrel for the first time in over a year.
The speed of the recovery has surprised some investors and analysts, given that coronavirus continues to curtail demand. It has juiced shares of companies including Exxon Mobil Corp. and ConocoPhillips after a troubled 2020 for oil-and-gas producers, making energy stocks the best performers on the S&P 500 this year.
“The market definitely has some momentum,” said John Kilduff, partner at Again Capital LLC, a hedge fund that invests in energy derivatives. “WTI is going to be targeting $60, too.”
Oil is rising against a mixed economic backdrop, with data published Friday suggesting that the labor market faces a long road to recovery. But the stock market continues to power higher, in part because investors expect a new dose of fiscal stimulus and vaccines to goose growth.
What an awful shame we have the likes of Ammu changing officially released documents to read as relevant.
What a shame we have people who are still asking "How PFC are going to pay a fine"
What a shame we have people who dont understand the shorting mechanisms used to drive a share price down .. (This could be easily fixed if the authors were to spend an afternoon reading papers which can easily be found using google search)
I have said all along and maintain this...
PFC have not been charged.
PFC are unlikely to be charged.
This has now been made even more unlikely based on the Supreme court motion.
Dave is sentenced this Thursday and my thoughts have always been that the SFO will use this opportunity to announce cessation of the PFC investigation.
Dave has "Not given up any current employee of PFC, because there are none"
Corporate Governance at PFC is as good and strong as you will find at any company, if not better and more stringent.
What a shame I still read silly comments about £30 Million being such a large number that PFC must have known... Dreary me, understand and learn how agents fees and commissions are paid.. Its not brown paper bags... LOL
There is a double whammy here..
Lets just consider for arguments sake that the SFO were making good progress with any investigation, lets pretend that the SFO were on the cusp of charging "EX Employees" (As there are no current employees tied into the debacle... Then now with the Court ruling if they were to rely on foreign obtained evidence then a decent lawyer would have that thrown out as inadmissible..
I have suggested all along that Sami could be brokering a deal to make a payment with accepting no liability..
With the court news I now think if Sami were to be considering that.. (Which in actual fact he has been) then I really think he should now take that offer off of the table... As they say in the trade.. "No Deal"
An awful lot of shorts... (For those that really dont understand I am not explaining... Google it) Still have to be bought back.
As has been mentioned we are on the cusp of an oil boom.
Hold onto your hats as a saying goes, because this is going to get really really interesting...
Onwards, Upwards, and whose for £2.00 by the end of this week?
Ummmmmmm...
This talk of PFC being fined...
You do realise that PFC have never been charged with anything dont you?
Is it not more interesting that Rye Bay have closed out their short position in its entirety??
I do despair somewhat at the constant and continual mention of PFC being fined..
PFC have not been charged with any wrongdoing, thus it is IMPOSSIBLE for them to be fined..
Now... As a previous poster mentioned... The possibility / likelihood of PFC seeking a settlement... ahhhhh, now that is totally different.
It is certainly in PFC favour to make this black cloud of uncertainty go away, and it is that which I think (Hope) people are getting mixed up with... if its not then they are just displaying an arrogant ignorance of the facts.
A couple of weeks ago I told you guys the 3 further charges admitted by Lufkin landed on PFC desk at 4.30pm on a Thursday evening.
I told you that Sami was in UAE at the time and had to push out a response when actually he was looking foi4rward to agreeing and finalising deals.
Now, Sami was only 2 weeks into his leadership of PFC and has lots to contend with. One of these listed items is to resolve the SFO issue.
It may be that he agrees a payment to make it go away... A Settlement, and agrees to accept a public slapped wrist but admitting no liability.
It could be that Dave Lufkin sentencing on Thursday may be enough for the SFO to draw a line under it all and announce they are closing the case investigation.
Its all guesswork and is causing two opposing sides..
Those who gamble with spread bets and CFD's (Shorting.. although they use leveraged positions and actually are only gambling) vs those of us who buy shares as investments..
Either way, the time WILL come when the sp rockets northwards.
That is a given.. Even gambling spread betters would not disagree with that, but in the meantime they are creating fear which is so much easier to disseminate as opposed to positivity.
Malcy got it right... there are HUGE deals to come... (MEGA, if you don't mind me using that term).
What would come as a shock to me, is if the SFO announce they were to charge PFC... That would come as such a massive huge shock because PFC have demonstrated they have governance in place which is enough for auditors and investigators to sign off.
My gut feeling is that the SFO will close the case after Lufkin is sentenced, and what then? A straight rebound to where we were when we fell on the rehashing of old news which is straight up to £1.70, or do we actually propel ourselves to where we fell from 4 years ago which is £9.00...
Of course the £9.00 is not really realistic as we have also had Covid to deal with and decreasing revenues, but certainly £4.00 is very realistic and makes my target.
The SFO have a habit of closing cases.
To prosecute it has to be in the public interest and they have to be certain of securing a conviction.
Last wee the SFO closed investigation into BAT after 4 years as it was not in the public interest to carry on.
After 4 years PFC nor any employees have been charged suggests that the SFO are not confident about securing a conviction and / or that PFC corporate governance was all in place.. :-)
Petrofacs actions since the SFO started...
Add the www before petrofac for the link.
petrofac.com/media/4580/2018-ara-compliance-and-ethics-committee-report.pdf
petrofac.com/media/5263/ce-committee-report-ara-2019.pdf
This demonstrates the action they took after the corruption news broke.
please note that the internal investigation by freshfields bruckhaus and kpmg after the news of corruption broke found no evidence of directors being aware of payments etc being made.
petrofac.com/media/4580/2018-ara-compliance-and-ethics-committee-report.pdf
Corporate Governance.
https://www.petrofac.com/media/4580/2018-ara-compliance-and-ethics-committee-report.pdf
For anyone bothered about the CCFF - there have been loads of takers:
https://www.belfasttelegraph.co.uk/news/uk/taxpayer-support-for-aviation-sector-reaches-72bn-shapps-40046555.html
https://www.thesun.co.uk/sport/football/13915384/arsenal-losses-vip-season-ticket-renew/
https://www.standard.co.uk/business/leisure-retail/john-lewis-partnership-repays-ps300m-covid-loan-b900734.html
https://centreforaviation.com/analysis/reports/british-airways--easyjet-uk-export-finances-new-form-of-state-aid-548577
https://www.dailymail.co.uk/news/article-9180347/Foreign-owned-firms-borrowed-hundreds-millions-cheap-Government-loans.html
I could go on but why bother.
Indeed. Tre Bay are out...
https://translate.google.com/translate?sl=auto&tl=en&u=http://www.stock-world.de/detail/786400-Neue_Nachrichten-12532972-Seite.html
RUBBISH....
Dave put his hands up to 3 further charges 2 weeks ago to draw a line.
The 11th is for sentencing and NOT trial.
PFC corporate governance is squeaky clean.
You are barking up the wrong tree mush.
" Explaining it with covid isnt very convincing "
Are you for real?
This is the kind of thread / post / contribution that ruins discussion.
Have you seen the disruption this virus has caused?
Not just the disruption but the deaths as well.
If this is the level of discussion then very sad.
Todays contract win highlights massive discrepancy between market value of company.
Trash written about "Trials" and "Fines".
Dave Lufkin is being sentenced... there is no trial.
A small number of former Petrofac employees are alleged to have acted together with the individual concerned, although none have been charged. No current Board member of Petrofac Limited is alleged to have been involved.
Petrofac's management is committed to operating at the highest standards of ethical business practice.
Now, Dave has held his hands up to charges... Yes indeed he has plead guilty.. On the 11th of this month he is due to be sentenced..
At a sentencing they do just that... Issue the sentence..
There is no further trial, there is no investigation..
What happens is that the SFO will already have briefed and agreed the sentence..
That is why Dave pleaded guilty to 3 further charges.. It wipes the slate clean..
Now, important to note is that other former employees were alleged to have taken part but not been charged... (Do you understand the importance of that?)
No current employee is under suspicion..
The company has not been charged.
All PFC have to have done... (Note I say "Have done", as this will already have been investigated, is to have shown they had proper controls in place to prevent this.. Corporate governance) Now: (You may wish to clear your head of things to understand this next bit)... If PFC demonstrated they had correct governance in place then the SFO can make suggestions to tighten it, but essentially have to say... "PFC had procedures in place"... Out of it all may come recommendations, but as the event was 4 years ago these have already been implemented...
Honestly... I meet your type all the time..
"I am a rig designer"
"I spoke to my mate who is a top flight QC"
"I chatted to some of the guys involved"
Now... wait patiently and on the 11th you will find out just how long Dave has been given..
Onto shorts...
The shorts are holding us back, and Ray was able to exit by placing orders. The market then works those orders, for every buy there has to be a sell, so load the sells up, drop the sp, add more sells and take them.
No individual here is going to get the same market response as a multi million £ hedge fund.
I have also read crap about the delay of the results being bad news.. For crying out loud, this is industry wide and have these people not noticed the effects Covid has had? (If they answer no, then likely these are the ****s who have spread the virus).
The sum of parts far exceed the share price and its only fear and stop loss triggers that are fuelling the drop.
Do your research, call IR, and then buy buy buy...
Exactly...
Dave is being sentenced, however it provides an opportunity for the SFO to announce they have their fall guy and no longer are PFC under investigation..