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That’s correct although on the short tracker you won’t see anything under 0.5% in the calculation so it looks a little different. But because Capital had to declare the change from over to under 0.5% we know how much they still have.
Capital Fund still have 0.41%, it's just now they don't register on the list as they have passed below 0.5%. Just two remaining over 0.5%. Capital Fund will probably reduce further but we might not get notification. Definitely an obvious pattern that shows the big funds now think the SP will go up from this position, and I think everyone who has any common sense would agree.
It's already been established that they have completed any actions against Petrofac. All that remains is a review of the whole process and how they conducted it, which is the final part of their 'investigation'. See the court outcome if you're unsure!!
They have clarified it. There will be no further action on Petrofac. That is done and dusted. They went to court! You can't be tried again on the same charges. It is simply an administrative process that the SFO are talking about - they continue to 'investigate' to see why it happened and to check that Petrofac are sticking to what has been agreed. Also, until the SFO's costs are paid the case remains pending.
Someone’s panicking!! Apparently the reason for the rise in to close was due to reporters in court updating contacts within the big Funds on what had gone on. Shorts started to close, self explanatory what will happen on Monday and it won’t be £1 SP!!
You can bet the shorters will jump on the refinancing angle but this ain’t no AIM tiddler who is going to do a big discounted placing with loads of warrants attached. Banks will be queuing up to lend them money on good terms.
Following the announcements issued on Friday 24th September and Monday 27th September 2021, Petrofac Limited (the "Company" or "Petrofac") announces that the sentencing hearing at Southwark Crown Court commenced today and sentencing of the Company for historic offences under Section 7 of the UK Bribery Act 2010 is scheduled to take place on Monday 4th October 2021.
As announced on 24th September, the penalty will be determined at the sole discretion of the Court. The Joint Submission to the Court by the Company and the SFO details a potential penalty of US$240 million prior to the application of any adjustment to the level of fine ("step back"). The Company has made a submission to the Court for a substantial reduction based on alternative approaches to sentencing and its ability to pay. The Court may also take into account the SFO's recognition that Petrofac is a changed company with transformed leadership, personnel, compliance and assurance processes.
The Company will make a further announcement following sentencing.
Petrofac is currently undertaking a comprehensive review of refinancing options to create a sustainable, long-term capital structure with appropriate leverage, liquidity and duration to support the delivery of the Company's strategic plan. This process includes the assessment of all available options including but not limited to revolving credit facilities with the Company's lending banks, accessing public debt capital markets, and additional equity capital, to best position the Company to take advantage of its strong presence in its attractive target markets.
Petrofac has a well-developed, comprehensive compliance and governance regime. This is supported by a dedicated compliance and investigations team, new systems and technologies, mandatory training and a company culture based on ethical business conduct and transparency. Its compliance regime is championed, supported, and overseen at local, divisional and Board level, and supplemented by regular independent audit.
Talk me through how a 7am RNS works on this occasion. VELA don’t have control of the result announcement timing and will need to compile the RNS after the announcement. Just can’t see that being possible at 7am. Good luck to those who panic sell at 8am if no news!!!