Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
RNS Rebuttal just published...
https://www.londonstockexchange.com/news-article/DARK/response-to-short-position-in-darktrace/15817959
https://www.reuters.com/article/britain-oil-tax-debt-idUSL8N32W2VS
Probably a typo. Seen many typos on Broker Targets. Probably meant to be 420. A Target of 320 makes no sense whatsoever.
Berenberg cuts Harbour Energy price target to 320 (480) pence - 'hold'
Thanks, Tornado. Worth reposting this for the doubters… https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1109679/PR-2317-0.pdf
I agree with deepjoy. This is all NASDAQ related, non-specific to Darktrace. So much silly speculation. For example, look at AWE (Alphawave), which fell almost exactly in tandem with Darktrace today.
Fill your boots at these levels!
I can see Ayman Asfari’s Venterra - or even Petrofac snapping up Tekmar. Great fit for either.
Stop being a silly Sourpuss, Sauerkraut the Deramper.
continued...
Energy tax increases “would disincentivize additional production, decrease supply, and subsequently increase energy costs for families at a time of historic inflation and record-high gasoline prices," Anne Bradbury, CEO of the American Exploration and Production Council, told the Houston Chronicle. "For these reasons, members of both parties have consistently rejected attempts to target energy producers with new taxes and fees.”
This'll explain it...
Windfall tax
The UK introduced a 25% windfall oil and gas tax on Thursday. Prime Minister Boris Johnson’s Conservative government became the first to put into action an argument that the energy industry has profited too much from a surge in commodity prices that are stoking inflation. About 5 billion pounds is expected to be raised, which will finance a one-time payment of 650 pounds to about 8M of the poorest households.
Statements: “The oil and gas sector is making extraordinary profits,” Chancellor of the Exchequer Rishi Sunak said in Parliament. “Not as the result of recent changes to risk taking or innovation or efficiency, but as the result of surging global commodity prices.”
The tax “sends the wrong signal to the whole sector, against a backdrop of rising business taxation elsewhere,” Rain Newton-Smith, chief economist at the Confederation of British Industry, told the BBC.
How it works: Details of the final legislation remain vague. There will be a sunset clause; however, the clause will be price dependent, with no specified date. There will be an investment tax incentive; however, the incentive appears lower than existing incentives. And there may or may not be a "baseline" profitability measure which determines the quantum of the “windfall" profits. Furthermore, investors are left guessing at exactly who will pay the tax.
The UK has a somewhat complicated tax and royalty regime for North Sea producers. All UK resident companies pay corporate income tax on worldwide pre-tax profits. If BP (BP) earns a profit refining oil in Whiting Indiana, it will pay tax on those profits to the UK Treasury. However, the UK also charges North Sea producers a "ring fence" corporate tax, a "supplementary charge", a "petroleum revenue tax" and a "value added tax." Deloitte estimates the effective "government take" on pre-tax profits for UK North Sea producers at between 62% and 81%.
And although the Chancellor did not specify who will pay the incremental 25% tax, it's likely to be imposed on UK producers, rather than UK-domiciled entities alone. That is to say, BP (BP) is unlikely to be charged a windfall tax on profits earned in Indiana, but Total (TTE) will bear the higher rates on UK North Sea production.
Start of a trend? Could the UK’s decision spur movements in other countries for similar taxes? The Wall Street Journal described the decision as “Boris Johnson Goes Bernie Sanders.” Undoubtedly, proponents of windfall taxes will point to a right-wing government embracing such policies as a starting point.
President Joe Biden has called for eliminating tax breaks for oil and fossil fuel companies, but a windfall tax seems remote. While it is a literal Conservative Party, the UK Parliamentary majority has a track record of tax moves that U.S. Republicans would consider as extremely left-wing. In 2011 Tory Chancellor George Osborne put a “supplementary charge” on oil and gas production to the tune of 2 bil
PS. And it’s UT not U/C btw.
No, peterlowen, a U/C trade is an “uncrossing” trade from one Marketmaker to another. It is neither a Buy nor a Sell and therefore U/C trades should be ignored completely for the purposes of measuring the volumes of Buys and/or Sells.
You have to wonder on the timing of the RNS. Surely could’ve been issued at 7am yesterday or today. Then additional ones for ASX & NYSE before their Opening Times. Nevertheless, I’m surprised not to see this tick up to 2.80-2.85p range.
So many bargains around this week, I suppose investors are spoilt for choice. But there aren’t many double- & triple-baggers around like this one.
Hi Paddyboy1, hope you're keeping well?
The 115p here on lse PFC Share Trades:
12-Nov-21 16:50:48 115.00 12,106 Sell* 126.80 126.90 13.92k O
is a Sell, maybe delayed from around 12:15 today.
HL is showing 115p as today's Low on its At A Glance page but when you check on the 1D Performance Chart, the Lowest is: 124.82p, so it may be an error or someone Sold £14k at just the wrong time.
Whatever, it's a blip and there's no way that PFC could be Bought today at anything less than around 124.50p today.
This will be PFC soon…
https://www.energyvoice.com/renewables-energy-transition/360795/former-petrofac-ceo-asfari-snaps-up-scots-offshore-wind-business/
Love it, Colonel Drake! If your predictions come true, I’ll be recommending that your CO promotes you to Brigadier! But I’m hoping for better than that - I certainly think it’ll swing Higher but then settle down a bit - unless good news keeps flowing.
I’m also invested in Tekmar Group (TGP) and am also looking at Hunting (HTG). In addition to your predictions, I do think PFC ought to be looking at Acquisitions of these sorts of organisations in order to diversify itself into the Renewable Energy space. Obviously through Ayman Asfari, an Acquisition of Venterra Group could well be on the cards anyway.
https://www.offshorewind.biz/2021/10/28/new-company-established-by-former-petrofac-ceo-acquires-three-businesses-serving-offshore-wind-industry/