Member Info for Snapper10

Looks like a vist is on the cards from the SFO again......

" we are unable to determine whether proper accounting records have been kept by the Company in this regard."

Any a Potential Bank or Investor is going to look at funding this Mob......

WTF Your having a Laugh......

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Article 113A of the Companies (Jersey) Law 1991. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

DANIEL TROTMAN

for and on behalf of Ernst & Young LLP London

31 May 2024

In other Words its Worthless........

Any Financial institution is going to chase these Chancers......

READ AND WEEP......Latest Accounts

"Not withstanding our disclaimer of opinion on the financial statements, we have nothing to report in respect of the following matters in relation to which the Companies (Jersey) Law 1991 requires us to report to you if, in our opinion:

• proper returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the company’s accounting records and returns.

Arising from the limitation of our work in relation to going concern referred to above:

• we have not received all the information and explanations we require for our audit; and

• we are unable to determine whether proper accounting records have been kept by the Company in this regard."

BN56

Highlights what a loser is......In the world of PFC....

Do you remember this post....

"Like you Johnny, I too am a long holder. I have 130 000 shares bought over the last 8 years. Its been a “nightmare” watching what’s happened to this company with negativity ramping by the aforementioned chatters, especially Snapper. I ve resorted to not reading the chats especially last 3 months. I have no doubt that these guys are professional rampers and employed by the shorts traders!

Mine was a punt that I could afford to lose, but I held on as the intrinsic makeup of this company is solid.

Let’s hope we get to 100 p within 3 months, which would really make it shine further for future contracts.

Snapper et al aside, I have never understood what the authorities gained from the protracted drawn out bribery case. All it did was nearly ruined a multimillion pound company: thankfully only nearly!

Onwards and upwards please."

A loss of half a million at least and he thinks its negativity.......Maybe if he had listened to facts and the truth instead of Delusional Drible like some of the rest of the losers who think PFC are going to survive.....

Stick to facts the SFO did and the Auditors finally woke up to them.......I knew the facts I worked there and saw coruption first hand......I never lost a Dime......Whos the stupid one?........

Since 31st May the Issued accounts have not been signed off by the auditors.......

How big is the Black Hole £1 to £2 billion is being mooted......

Do you think that any auditor woulf entertain a outside undertaking "Due Diligence" while accounts are still not resolved......

Do you think any potential "Investor" is going to invest cash in business with the latest set of accounts covered with a health warning........

PFC is only going in one direction and that is bust..........

HMRC SFO and Creditors are not going to wait for ever and be made to look stupid when the Recivers are called.

And in the meantime Supplires want only cash positive contracts.....How does that help to solve cash flow difficulties.......

And the idiots on this chat still claim to have made money on a share that was £17.45 in 2012 hand since then has fell week in week out...

Talk of Asset Sales what assets do they PFC have of Value that the Current bankers would release under there current security....Nothing....

Loss Makers continue and PFC still can not get Performance Bonds and Garruntees.....

No Change There then.....

Party Over....

IMHO......

Https://www.petrofac.com/media/kayox0ma/petrofac-fy-2023-financial-statements.pdf

PAGE 173

Notes to the consolidated financial statements continued

For the year ended 31 December 2023

PFC EPC Turnover 2023 in millions

United Kingdom 13

Algeria 374

Lithuania 159

Malaysia 1

United States of America –

Oman 233

Thailand 255

On Thailand they lose over 160m 0n a 255m job

If that does not highlight the incompetence I don’t know what does

“With respect to the Thai Oil Clean Fuels project, good progress continues to be made on the construction stages. While the estimated costs to complete increased during the year, as outlined in the Group's April trading update, discussions with the client and our partners are ongoing in relation to the reimbursement of a portion of these additional costs. In the absence of a resolution to these discussions, an incremental loss in the year of approximately US$190 million is included in the E&C EBIT loss.”

Its only PFC Spin propaganda allowed on PFC chat....

Anything that resembles the truth is revoked as untrue......

Its because of the loses these losers have with a share that was £17.47 and now trades at 0.12p

And the strange thing about the self same losers none of them admit too losing money.....

Its called being Delusional and in Self Denial.......

PFC are insolvent and the Auditors continue NOT to endorse the annual report ...... I WONDER WHY.........

without a auditors signature nobody will advance PFC a Dime.....

The only people knocking on the PFC door are HMRC,Creditors and The SFO again......

Its wake up time.....

0.14p a share or nothing thats reality......

IMHO

It also could bring the charge on a Client that they are in fact assisting a company to continue to trade while insolvent and make them compliant in the wrongful and fraudulent trading........

I would imagine this has been reported to the SFO already......

IMHO

PFCDirectors should be familiar with the dangers under the Insolvency Act 1986 (“IA 1986”) of trading whilst a company is insolvent. In the case of trading whilst insolvent, there are a number of offences that can be committed resulting in personal liability for the director, the two most well-known being wrongful and fraudulent trading..........PFC by its own admission has NOT been able to meet its contractual obligations to provide performance guarantees in support of certain of the EPC contracts awarded in 2023, and consequently there is a risk that one or more of these contracts could be terminated. In particular, the Group has received a notice of default from a key customer requiring a performance guarantee to be posted by 16 June 2024. Failure to do so would entitle the customer to terminate the contract, which could have a detrimental impact on the liquidity of the Group and the Group’s ability to proceed with the Financial Restructure. The Group has made arrangements to provide the performance guarantee, but requires bank lender consent for the posting of the required cash collateral. Discussions are ongoing but this consent has not yet been provided.

SFO beckons methinks

I decided to help PFC for once and Drafted the next RNS....

The Company has been in negotiations with representatives of the convertible loan note holders over recent weeks on a potential restructuring of the outstanding convertible loan notes and the provision of additional working capital, which depending on the terms may require agreement from shareholders and certain creditors Discussions are not concluded as yet, and there is no guarantee a positive conclusion will be reached in which case the Board will need to consider its limited remaining alternatives, being mindful of its fiduciary duties to protect creditors. The Board remains hopeful a solution will be found and expects to provide a further update in this regard over the coming week or so...........

Its called kicking the can down the road and not facing reality.....

Dream on Losers.......0.12p a share or nothing thats reality......

Most sensible investors have hit the lifeboats the rest rearranging deckchairs on the Titanic.....

IMHO

Its only PFC Spin propaganda allowed on PFC chat....

Anything that resembles the truth is revoked as untrue......

Its because of the loses these losers have with a share that was £17.47 and now trades at 0.12p

And the strange thing about the self same losers none of them admit too losing money.....

Its called being Delusional and in Self Denial.......

PFC are insolvent and the Auditors continue NOT to endorse the annual report ......

without a auditors signature nobody will advance PFC a Dime.....

The only people knocking on the PFC door are Creditors and The SFO again......

Its wake up time.....

0.12p a share or nothing thats reality......

IMHO

LookBothWays

Spot On !100%

PFC have also constantly in the past overstated contract profits....Which when audited were massive loss makers...And PFC were paying profits when in reality they were losing Money hand over fist.....

Corruption is a byword in PFC.....HMRC are all over them......£150 m at the last count.....

Auditors report in the accounts that Financial Reporting is continually found to be inaccurate.....

And Financial institutions are expected to believe that now PFC are profitable......

PROFIT and TRUTH are not 2 words used in the same sentence as PFC.......And having been convicted in Southwark Crown Court doesn't look good on a credit report either.......

And any suppliers currently will now be on Cash Positive Contracts unless the are totally stupid....Hence Cash Flow is Negative every month.......

So I would love to see the spin on presenting monthly management accounts........No Legitimate organisation will buy anything presented by PFC without a Auditors Report ......

Furthermore, the Group has NOT been able to meet its contractual obligations to provide performance guarantees in support of certain of the EPC contracts awarded in 2023, and consequently there is a risk that one or more of these contracts could be terminated. In particular, the Group has received a notice of default from a key customer requiring a performance guarantee to be posted by 16 June 2024. Failure to do so would entitle the customer to terminate the contract, which could have a detrimental impact on the liquidity of the Group and the Group’s ability to proceed with the Financial Restructure. The Group has made arrangements to provide the performance guarantee, but requires bank lender consent for the posting of the required cash collateral. Discussions are ongoing but this consent has not yet been provided.

If you read the RNS it states:improve liquidity and secure performance and advance payment guarantees to support current and future engineering, procurement and construction (EPC) contracts.......

That mans theAdvance Payment Guarantees are not in place and the contractor who is treating to pull the olug is now able.....

As referred in the previous RNS.....

Having given the Due Notice under the contract......

IMHO

Has some if the Mentality Deranged investors not heard of a process called Due Diligence........Who would takeover Pfc when the legacy contract losses are still

unknown!!!!!The Accounts are not fully issued or signed off.......

And the £2billion black hole is not even bottomed......

The liquidator is Primed and Ready......

I am not paid deramper....

I think it well published that my agenda is to see PFC in the gutter.....

But paid no....

You get my twopence worth for free....

If you dont like it move in....

Its called Freedom of speech ......

Its my interpretation on a company who are no more than a bunch of Crooks ....

As was determined by the judgement in Southwark Crown Court.......

In the last set of figures issued by PFC with no Auditors sign off....

It is clear that the ........

HMRC are about to pounce they have a duty of care to the tax payer to recover debt... £130m debt and growing...... HMRC Will Rank above all other Debts.....

So If any one even thought of putting Cash up they would want the HMRC settled.... because 300m in less 130 leaves 170......And they still don't know the full extent because there no Auditors signature to sue when this goes BANG......

No Financial Institution will entertain PFC and the Clown they hired to do the Refinancing....... With a acknowledged Preferred Creditor outstanding this amount of money ........Do the Due Diligence on the accounts that PFC want you to see and its finished ......

https://www.petrofac.com/media/1w4p25q3/petrofac-fy-2023-segmental-performance-and-financial-review.pdf

Look at reported progress.......Nothing being achieved......4% on TennT means cash flow is nothing coming in all going out........

Lithuania 50% progress look at this works due date for completion......A total Disaster......

And to cap it all nothing on Legacy work as they caveat this with its over 95% complete so they don't report anything.....Any one in EPC contracting will tell you the last 5% of any contract is the hardest part to achieve......

And the Mills &Boon piece about Thailand........Any potential Investor or White Knight would walk solely on that type of information........PFC are finished and the Con Men are kidding nobody......

And in the meantime investors see hope while the City boys play day trades getting 6 and 7% mark ups while it continues to trade........

DYOR

False information

Can you not read the links direct to the PFC website....

Apothecary your extent of stupidity is incredulous......

Your the one who indulges in false information......

Now do one you total bell end......

No more indulging with your fantasy regarding investment take over or investment....

No

FWEL Halliburton Fluor Shell PFC BP Chevron

Clue is in Snapper10....

I bite and have always been like a attack dog....

And best description is I am a nasty piece of work....