Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Do people think investors will put up any Further Funding without being in possession of Auditors Accounts....
With a picture clearly showing the true picture of the Companys Financial Position....
Do you think Auditors are willing to risk their reputation for PFC....
The Auditors will caveat everything that is in any way not 100% kosher.......
And any potential Investment will reflect this....
I would imagine they will politely decline the opportunity.......
The End is here.......
Made in IRA
Simple Carillion was winning work right up to the Recivers arrived ......
And PFC are simply buying turnover contracts at the cheepest margins.....
Loss Makers
And do I give Flying Fu#k what others think....Not really
DYOR.....
Last Weeks RNS
"While the Company continues to face challenges in securing new performance guarantees, it is progressing discussions with credit providers and clients to find solutions with respect to the guarantees required for its recent contract awards."
For some reason PFC can not get APB or PG bonds.... Why Credit History... Bonds History being called....
APB and PG are the tools of a contractors trade......
PFC WILL BE IN BREACH OF CONTRACT FOR FAILURE TO PROVIDE THE REQUIRED BONDS UNDER CONTRACT AWARDS......PFC OWN ADMISSION ......UNTIL IN PLACE CLIENTS DONT PAY CONTRACTORS.......ITS HOW THE EPC BUISNESS WORKS...
FFS WAKE UP......
So if you had not maxed out thr credit facility.you go to a bond Company ask for the requred APB and PG anf pay the arangement fee...
For some reason PFC can not get APB or PG bonds.... Why Credit History... Bonds History being called....
APB and PG are the tools of a contractors trade.......
Its Bad Very Bad
The 10% $750 million upfront payment TenneT that acts as the "Magic Pill".... And convinces Clueless Investors that the Cash Flow problem doesn't exist......
In realityTenneT could be the ultimate nail in the coffin for PFC.......
The TenneT Sub Contractors see the state of affairs that PFC are in and will only mobilise on Cash positive Contracts and Upfront Mobilisation Contracts.....Instead of Cash Coming in its going out with the same Tide..........
In the meantime PFC are trying to refinancing on a issued Auditors Report that highlights "Financial Mismanagement " who's kidding who.....
On top the Black Hole shouts even louder.....
PFC Don’t have any assets to sell only other Parts of the Business and any case they are so crooked the company’s are inseparable…You cant unpick one because they are banking at the same well…and Everything else is Pots and Pans…No Multi Story Properties worth Billions…..Its Leased…..
The BOD can spout Propaganda about New Contracts……..
But when you have Legacy Contracts Which are costing your company money then you are not addressing the fundamental’s…
PFC has a history of major losses on these contracts……….and lied about the same losses in the past.
If the Alarm Bells are not ringing now... Investors must be Deaf and Blind.......
Its all contained in the PFC Accounts......
Https://www.petrofac.com/media/i4khgz50/hy23-group-accounts_final.pdf
If there is no Black Hole...But there IS... Believe ME…..
There would not be a Problem because PFC would continue to Fleece The Banks and Shareholders......
The Black Hole stops any returns and exposes the Bankers to losses whose fall back was always the over inflated Security of the pledged Shares....that’s why this will now fail........ The Shares Pledged to the Banks at £17 each is a worthless pledge.
And the Auditors realise that the Black Hole will potentially get bigger..........December trading Update will have been compiled so Auditors will have had there say........... And the End of Year Results fully will reflect this......So something has leaked along the way......IMO
They have drawn down US$252m , due October 2024.... there "may" be an option to extend the facility beyond that date... no decision has been made I suspect, at this stage. But its fair to say the answers NO…..
I don't think "May" is a option ..........The Banks like the Shareholders have been promised "Jam Tomorrow" and its never materialised so its over with the banks.........
The "Black Hole" of £3.0 billion is in my opinion conservative.......Its what PFC have hidden from the Auditors that should be your worry.....PFC have a very recent history of Financial Mismanagement as stated in the 2022 accounts by the auditors.......
On LT PFC convinced the Auditor that they were in Profit of £50 million in 2012.......... Yet everyone on LT new the shortfall to be at least £500m I certainly had put that in Writing.........It is how PFC work.... and the same BOD was there in 2012......Again The Auditors don't add statements like "Financial Mismanagement " to a PLC lightly.........I certainly don't think it came from PFC....
And the words "Financial Mismanagement " protect the Auditor when he advises the further discoveries about to be announced in the in 2023 figures IMO........
Your kidding yourself on if you are waiting on a bid for PFC........
The Accounts supports a Black Hole of at minimum £1.2 billion...... last year
And come 2024 PFC have to repay the banks so there is another £500 million.......or find other banks.......
And the legacy contracts continue........
So the spiral down is accelerated..........
It's all in the accounts you only have to have half a brain and be able to read........
And there will be New Legacy issues IMO........
Loss making contracts will only accelerate the inevitable......
DYOR
Failure by contractors to provide
performance security documents and
collateral warranties is a common
concern for employers. The recent case
of Liberty Mercian Ltd v Cuddy Civil
Engineering Ltd and Cuddy Demolition
and Dismantling Ltd demonstrated the
remedies which are available when a
contractor has breached a contractual
obligation to provide a performance
bond and procure collateral warranties
from a sub-contractor.
Background
This is the second case brought by
Liberty Mercian (“Liberty”) against
Cuddy Civil Engineering (“CCE”) and
Cuddy Demolition and Dismantling
(“CDD”). The first case was a dispute
about whether Liberty was in contract
with CCE or CDD. Liberty had entered
into a contract with CCE for civil
engineering works. However, CCE is a
dormant company with no assets, so the
works were carried out by CDD and
payment was made to CDD. Liberty
ultimately terminated the contract due
to defects. Liberty argued CDD was the
correct party to the contract, but the
court found that Liberty had clearly
intended to contract with CCE. The court
also decided CCE were in breach of the
contract because they had failed to
provide a performance bond in favour of
Liberty and two warranties from a sub-
contractor in favour of Liberty and
another beneficiary.
This case concerned Liberty’s claim that
CCE should be compelled by the court to
provide the missing documentation.
Remedies for breach of contract
Where a party fails to comply with a
contractual obligation, the most
common remedy is damages. The
purpose of an award of damages is to
compensate the claimant for his loss by
putting him in the position he would
have been in if the contract had been
performed properly.
However, damages are not always an
adequate remedy for failure to comply
with a contractual obligation. In such
cases, the court has the power to order
specific performance, which means the
party in breach is compelled to fulfil his
contractual obligation instead of paying
damages.
Please Remember the Auditors clearly stated,,,,,,,
“Where AVOs pending customer approval are not subsequently resolved in the Group’s favour, this could result in reductions to, or reversals of, previously recognised revenue. The AVOs recorded in the financial statements are in respect of a number of contracts, with AVOs relating to two contracts representing approximately half of the total balance recorded. "
On paper there is a lot of Money Not Settled or approved with Clients……..At of 31 December 2022, AVOs of US$378m……Outwith Legacy Contracts,......... A massive BLACK HOLE THATS GETTING BIGGER EVERY DAY........
Include the Fact that the $7.5 billion contract is a smokescreen on the Propaganda war .....
No 10% $750 million upfront payment TenneT that acts as the "Magic Pill".... Thats likely to be the poisoned Chalice when the Penalty Clause start to role in for failure to get the Finance requirements in place under the contract.....
Then you have the delusional idea that someone wants to Takeover this Toxic Mess.......
8 BILLION BACKLOG COSTING 10 BILLION TO COMPLETE........ARE THEY PFC CALCULATING IN THE SNP CURRENCY THE SCOTTISH SCOBBIE.......???????
OR HUMZA HANDSHANK GOING TO STEP IN AND RESCUE HIS BROTHERS ???????....ITS THE ONLY HOPE......
THERES NOBODY ELSE STUPID ENOGH....OR A MAYBE A MERGER WITH FEGUSONS SHIPBUILDERS AS A RESCUE PLAN.....
TOTALY BUSTED FLUSH
"The simple truth is this company at this moment in time are loss making with serious cash flow problems......"
That is conservative to say the least.......PFC are burning millions on Legacy Contracts Thai Oils is over a 200 million alone this year.....
over the years these loses add up and the true figure is in the £3 billion Black Hole.......iTS NOW OUT THERE.......
If the Banks think the Black Holes is £3 Billion....
What is the Auditors going say?????
Letters of Termination on all contracts being written as we speak by the Clients.....
Possibly some in the Post........
Carillion 2..........
How hard do you think it is to place Advanced Payment Bonds and Payment Guarantees......
My Experience working for the likes of FWEL and Simon Carves was within 48 hours of a initial request.......
Petrobust this has been going on for at least 12 months.......
Wake up smell the coffee......the writing is on the wall........