Petrofac Share Discussion Threads

[topazfrenzy] 12/4/2024 08:50

At least you still have idiots like Whites who are willing to buy your shares as you dump this POS lol

[topazfrenzy] 12/4/2024 08:48

FOR LEMMINGS AND MUSHROOMS ONLY

[neo26] 12/4/2024 08:47

How much debt do they have?

[brut winky] 12/4/2024 08:46

Added 25%, good as saying something is close and if they didn't want today they wouldn't of said anything.

[bc4] 12/4/2024 08:44

NY Boy12 Apr '24 - 08:35 - 39526 of 39529

D4E killer blow, no way back now, nasty but always have guaranteed stops in place.

Definitely don't be investing here, no emotion, just move on.

I will leave the reckless gamblers for scaps, high risk of more trap door events..put your stood in place as always

YOU SAID YOU WERE A BUYER LAST WEEK!! ARE YOU ONE OF THE GAMBLERS LOL

[blackhorse23] 12/4/2024 08:44

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. The discussions with lenders and other stakeholders continue at pace and further announcements will be made as appropriate.

[noramping] 12/4/2024 08:43

It will not be at 22p, you are deluded if you think it will be.

It’s not nice to see, and I feel for some, the rampers sucked some in.

I do not have a position in PFC so no skin in the game

[blackhorse23] 12/4/2024 08:42

Petrofac bond is crashing today

[whites123] 12/4/2024 08:40

bc412 Apr '24 - 08:32 - 39524 of 39527
0 0 0
23.5p to sell what was it last week?

23.08p
Approx 0.8% down on a week ago.

Todays news offers release for some and opportunity for others.
You pays your money you takes your chances.
One thing for cast iron certainty, watch for short closures.

If Societe Generale are to be believed the D4E will take place at 22p.
Perhaps, just perhaps the stumbling block was that the board wanted a higher price, hence they will have to settle at 22p.

For Societe Generale to go on paper with a price means they have inside track.
Their reputation would be in tatters if it wasnt at 22p now.

[dealy] 12/4/2024 08:37

Suggesting D4E is really "last resort" type fire fighting. How did the management end up in this situation?

[loglorry1] 12/4/2024 08:37

"Today's RNS was a little bit naughty as they avoided saying the obvious - that any kind of debt for equity swap would be at a price far below the current levels."

Agree but anyone with a calculator can see when you have c$1bn of debt and a "significant" amount has to be swapped to equity say $500m the current equity is going to be diluted to oblivion. I would expect current equity will get £20m (c4p/share) with a right to participate in putting new money in at whatever term is agreed new money goes in at.

If I was a bond holder I'd be worried that sale of assets is taking so long. Enquest said in their update they were looking at Malaysia but the longer it takes the lower the price as all buyers know its highly distressed.

I'd buy the bonds at 32-34c (today's indicative price) if the accrued wasn't on top which will no doubt not get paid in May. Even then buying bonds could be very risky. If work has ground to a halt because no perf guarentees in place then the company will be haemorrhaging cash this year and these situations often result in a lot of skeletons rushing out of cupboards all at once when the truth finally surfaces.

Big round of applause for JN for holding through this squeeze as despite what shorts say publicly I can tell you it's not pleasant.

[wshak] 12/4/2024 08:36

PFC bonds are indicated 32-34c after today's announcement.

If anyone believes this will come good, the bonds offer a YTM of 68% so surely a much better bet than the shares?

[ny boy] 12/4/2024 08:35

D4E killer blow, no way back now, nasty but always have guaranteed stops in place.

Definitely don't be investing here, no emotion, just move on.

I will leave the reckless gamblers for scaps, high risk of more trap door events..put your stood in place as always

Next to go bust TRP, MIN, THG etc

[wallywoo] 12/4/2024 08:35

This should be trading 15 to 18p imo. And I still wouldn't buy. The risks of sooo many new shares at say 5p d4e are too great now.

[bc4] 12/4/2024 08:32

23.5p to sell what was it last week?

[topazfrenzy] 12/4/2024 08:28

Whites, you are beyond saving now lol

You will lose the lot and some will say deservedly as you really cannot fix stupid

[noramping] 12/4/2024 08:27

Still in denial regarding D4E, rampers will spin it as not a possibility, the company mentioning it makes it clear.

[blackhorse23] 12/4/2024 08:27

Probably need placing

[whites123] 12/4/2024 08:26

I have added,

And quite substantially.

The Societe Generale note suggesting D4E at 22p must be the mark.
Hence the rising share price needed to be halted before it ran away.
The hoovering up we witness is now the accumulation, and watch for shorts closing out.

We are still sitting "Higher" than we were last week and the week before.
Once the "Must bail out as I have not digested the news" crew have left I suspect this will pull back a lot of todays initial losses.

[wshak] 12/4/2024 08:26

Hi Paul,

I agree with you on all points.

It's impossible to say where the shares will go in the short term as it's only a small market cap. (£140m at 27p) and easily moved by retail buying. I remember Afren spiked to £500m market cap just before the rug was pulled - it means nothing.

I don't see how they can possibly pay the coupon on the bonds in May, which will be an act of default but won't matter if they announce a restructuring before then.

Today's RNS was a little bit naughty as they avoided saying the obvious - that any kind of debt for equity swap would be at a price far below the current levels.

The key thing is that new money beyond d4e is needed, and those funds will want too screw everyone over, including debt holders if they aren't willing to put in money themselves. That probably explains why the bonds are where they are.

[kirk 6] 12/4/2024 08:23

Have people not read the news why are there so many buys?

[lodgeview] 12/4/2024 08:21

It's OVER for PFC

[wallywoo] 12/4/2024 08:21

Surprised this hasn't fallen further. Have never seen d4e result in anything but disaster for ordinary share owners.

[mirabeau] 12/4/2024 08:20

EdmondJ

What's your reading of the situation here? I know you called Ashtead when it was 2p way back when it was facing bankruptcy

thanks