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Thanks, kilman. It's always nice to hear another's viewpoint. As you say, 4 years is more than enough. The re-scheduling of the hearing and delay of several more months just for a mentions hearing is unacceptable in my view.
Has the wording changed on the SFO website? After the charges are listed, it goes on to say "The matter has been listed for a mention hearing on 21 June 2021"
Then it goes on to say "The SFO's investigation into the activities of Petrofac, it's officers, employees and agents for suspected bribery, corruption and money laundering continues. This is an active case and the SFO can provide no further comment at this time"
"Page published on 12 May 2017 / Page modified on 17 May 2021"
I thought that Lufkin had pleaded, and been found guilty, the case was concluded, and that the last court hearing was for sentencing, but then got changed and re-scheduled to 21st June for a mention hearing. But it now says that the case is active and investigations are continuing. The page was modified on 17 May 2021. I am confused !!
Buy-high-sell-lo
Here you are:- https://www.sfo.gov.uk/cases/petrofac/
It seems at the moment to be alot of 'might' 'could' 'possibly' 'discussion', taking place. And the Jersey spokesmen are hinting at co-operation rather than compliance. So, we'll see. It is a change that has been lurking for some time, and JB is wanting to do things to make his mark on the world, and to get pats on the back.
Jersey are self governing, with their own financial and legal systems. They are not part of the United Kingdom, they are a British Island. They are therefore not in the G7 or G20, as they are not part of the United Kingdom. Guernsey and the Isle of Man are in the same position, not part of the United Kingdom.
hTTp://www.tradearabia.com/news/IND_382888.html
Thanks to ‘Knowing’ on ADVFN
Nicely summarised, Paddyboy1. Yes, regarding the degree of manipulative shorting here at one time, I have to admit I have had times of despair at the sheer scale of the power it can have over a share price! So naturally I’m hoping you are right, in that they have reduced for a reason.
Thanks for the reply, Paddyboy1. Please be reassured that I have observed and researched PFC for some time now, and have always had a holding of varying sizes. I am fully aware of the Lufkin case details, but haven't actually read the official document regarding the change of hearing date until a few days ago. I had understood previously that it was described as a 'Direction Hearing', but spotted on the official description that it is a 'Mention Hearing', which can represent a different procedure. Something much more simple just so that proceedings can continue. I only mentioned the fact, as I have noticed that many participants here are expecting and hoping for an end to the case on the 21st June, and since reading the official court document, I feel that possibly that might not be the case. Anyway, as is always the case.....we shall see!
I have been encouraged by the drop in shorts, quite significantly. And I do like the professionalism of the company and new board members. So yes, I will be holding on to my recent large top up for better days, which I feel will be definately coming.
Having read through this SFO report, can anyone here explain why it’s thought that the case is likely to go kindly towards PFC? It seems to me that the sentencing hearing that was postponed to 21st June to be done instead as a Mention Hearing / Directions Hearing, is because of the change of circumstances due to the fact that Luftkin pleaded guilty to further charges? And therefore the case is likely to be ongoing after that?
I sincerely hope that I’m misconstruing this, as I’ve recently loaded up!
hTTps://www.sfo.gov.uk/cases/petrofac/
https://twitter.com/TouchstoneExp/status/1383060550033174528?s=19
hTTps://twitter.com/TouchstoneExp/status/1383060550033174528?s=19
Thanks to homebrewrush
Bully1985..........exactly! Canaccord Genuity are NOT saying it is a sell. Neither are any other brokers or analysists. There's a serious overreaction going on due to one blip, and the fear there may be others, which is what CG are alluding to. But, a target of 140p by them says it all for me. As you say....that's 62% higher (not 80%).
Mickey2, I feel it's more a case of the market FEARS that Cascadura Deep test is not going well. Rather than it actually is. The market thrives on fear and greed, as I said earlier. TXP shares are in fear mode at the moment as before that last RNS everyone thought that PB and his team and all the projects were 100% perfect. Nothing is I'm afraid.
tidd83, I totally agree. Those who have reviewed their assessments and risk profile of TXP seem to be omitting much of the ongoing positives that have already been established. Canaccord Genuity have today downgraded their views of things since the last RNS, and have now got TXP listed as a 'Speculative Buy (down from top pick), and price target of 140p (down from 185p). They have completely omitted that Coho is about to come onstream, and the Cascadura proof of concept. They describe the Chinook well test result as "disappointing and confusing", and go on to say that the result "confirmed geological complexities of this part of it's licence"
A very out of proportion and downbeat summary I feel. But then, I'm never sure if I'm wanting to feel that because of how much I am invested!
Agreed, aligator. Market manipulation at it's worst going on here. The news was really not as bad as a 50% drop! The bid is now 88p, down from 178p in February. Seriously crazy. It's like a vicious circle. Overinvested retail investors, many on extended settlement deals, go into panic and sell. Then others see all the sells, they also panic, and then they sell. Seriously a situation of follow the lemmings over the cliff top.
The overriding ruler of the markets these days is fear and greed. If we think we're onto a good thing, we get greedy and buy far too many as we get blinded by all the optimism and lack of emphasis on risk. And then, just one sign of things not going as we thought, and the fear kicks in, then panic, then selling. Rationality is destroyed, clear thinking seems impossible as we watch the share price plunge. Suddenly, all that optimism and euphoria about what wonderful prospects and riches we've got coming just disappear. The markets have become very oversensitive with the pendulum swinging wildly as the rampers and derampers take hold and command.
Along with all that going on, we've had the other two factors kicking the TXP share price. The IG Index debacle, and also the end of the tax year. I'm trying to stay rational, and hold on to the belief that just because Chinook was a blip, and a bit of a shock due to the consensus belief that PB and his team could do no wrong, it really is just a speed bump in the road. I cannot believe that all the remaining prospects will also be speed bumps. Plus, Coho is about to start producing lots of cash.