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Clearly not as last week it was fairly settled around 25p.
Anything could happen but what will happen is suspension tomorrow! Mad gamble right now, there are simply too many factors in play. Why suspend? Why are lenders putting up $300m for a business that appears on the verge of bankruptcy? Hostile takeover perhaps or de-list and take it private Asfari could do a julian Dunkerton.
Paul
Whilst I agree with you to some extent, why did the SP open at 15p then rise to 19p? Some will say “shorts exiting”, why would they exit now given your scenario which would put the shares around the 4p mark.
I’m holding very nominal amount as I diluted heavily some time ago now. I’ve said recently that if the business can put a lid on the debt, clear the loss making legacy contracts and move onto profitability then it can secure a future. The last couple of years have been torrid and full of empty promises hence the current situation. I will keep my nominal holding as a marker or a lesson, we shall see
Apothecary
Are you actually being serious?
Kicking ourselves for not holding when the SP hits 10p on Tuesday?
If you’re happy to loose over 50% then so be it, I’m not!
Knowbody knows for sure but a lot know what’s most likely hence 10% shorts and the SP in the toilet. If news is good the SP will fly but it’s one hell of a gamble from here and I’m not prepared to take that chance.
Thomas
Administration Is the one possibility that hasn’t really been considered yet as whilst the debt requires urgent attention and the loss making contracts need finishing, if they can manage to control the debt and make a profit from the contracts awarded in the last 18months or so then the business has a future. Although administration would create an easy way out of debt and allow someone to pick off the valuable parts of the business on the cheap and continue with the business under a different guise. It’s all to common recently. ESKEN and SDRY spring to mind. I really hope the update is satisfactory and shows a clear recovery path without destroying shareholders but am expecting the worst.
Paul
You may well be correct.
Personally, I’m as good as completely out. However will jump back in after the big day as long as it paves the way forward for the business. If 4p is reached it won’t be for long as the shorts will be fighting for the exit.
Also, as stated, the shares were sold to institutional investors so todays drop is solely on the news release.
Simply that they’ve made their target and are moving on. Not a reflection on the performance of the business but a good opportunity to purchase on a quick drop for PI’s.
The Company has engaged and remains in discussions with its lenders to restructure its debt which would result in a significant proportion of the debt being exchanged for equity in the business. It also continues to be in discussion with prospective investors and certain major shareholders in relation to potential further investment in the Company and remains in negotiations with prospective purchasers regarding the sale of non-core assets, as set out in recent announcements. All options remain under consideration.
Still exploring options, I’m pretty sure D4E is what the shorts were expecting so that begs the question, why start reducing now? Although still over 10% so very significant level of shorting activity. Without any more news from the company the shorts are free to manipulate this back towards 23p then clear more. Who knows?
So the shorts a choosing to exit at 23-25p when the company has indicated D4E? Very interesting can’t believe they’re simply bored. They must suspect that D4E will place the business in a strong position going forward given the backlog etc.
Cheshire lad
Probably low volume because the shorts want a lower exit. Their departure seems the only thing that moves the SP. Latest RNS was a kick in the teeth for PI’s. The sp does however seem to want to hang around 25p give or take. Update will need to be good, stating legacy completion, debt solution etc. Order book should value the business a lot higher than 25p if it survives, which is question able atm.
Oh yes dan
I put far too much into Superdry and got seriously burned.
Far too much in PFC same happened.
Now trading smaller amounts in much bigger companies.
Lesson learned, never trust in the management
Dan
Knowbody knows what’s going on with all the latest RNS’s but the last paragraph looks like a disclaimer. In other words they’re increasing the backlog but have no cash. D4E is going to happen but at what price?
Last paragraph of the RNS needs some thought.
For the latest update on Petrofac’s review of strategic and financial options, please refer to the Group’s announcement dated 12 April 2024.
Nothing has changed until they actually announce the D4E deal.
Badvoc
The RNS landed Friday at 7am, by close on Friday the SP had dropped from 32p to 26p. The attack on Israel wasn’t until Saturday night. But you are roight in some sense, if the unrest escalates in the ME it will have a negative impact On PFC as the UAE is positioned dangerously close to Iran.
Not so long ago, PFC diluted shareholders to pay off the bribery fine. That time it was at 115p and look where we are today and still with over 10% short. Personally during last December when the SP dropped to 16p I couldn’t fathom why the shorts didn’t exit. They knew this was coming. I’m surprised it’s holding 20p for now. Probably 15p by Friday.
The recent rise to 32p was cruel and without any news looks very suspicious, some poor souls would have been sucked in as the rise looked to break the normal plus 10% then drop. Genuinely feel for LTH’s this has been a disgrace for a company with $8 billion of business on the books but without a huge debt it might just recover. I’m going to be watching the short action very closely as let’s face facts, they are the pro’s with deep pockets.
GLA