Petrofac Share Discussion Threads

[terminator101] 01/5/2024 07:39

Suspension huh. What horrors await.

[topazfrenzy] 30/4/2024 21:56

The biggest con operation since they were fined, just a cash cow for over paid rubbish management

It's going to ZERO as no one will touch it with its current liabilities

[investtofly] 30/4/2024 19:27

I'm thinking Asfari will have some say in this outcome.

[dealy] 30/4/2024 19:09

You can only pay bills if you can pay ALL your bills when they come due. Else it would be preferential treatment of creditors. It has to be viewed in the context of the amortisation of the financing facilities. If they cannot meet both of those payments then they are effectively insolvent and have to bring in the administrators

[dudishes] 30/4/2024 18:38

12p, Closed short too early? Bah. Day we traders take their money and run! Yes.

JakNife/Bondies like WShak, options etc....GL you guys!



4p or nought?

We day traders have much more pressing business, Like VCP for instance.

Who flagged that up, but did not follow until today?

cheers

[hojjat] 30/4/2024 18:07

Thanks JakNife
That's not much.I am surprised they cannot pay.

[jaknife] 30/4/2024 17:58

hojjat,

"How much is due to be paid by 15th May to bond holders?"


From:

It's $600m x 9.75% / 2 = $29.25m

JakNife

[hojjat] 30/4/2024 17:54

How much is due to be paid by 15th May to bond holders?

[wshak] 30/4/2024 16:54

Dear Log,

£21m, actually.

There are currently 525.4m shares in issue.

[wshak] 30/4/2024 16:52

Bought a few #PFC 2026 bonds today at 21c flat (no accrued)

One third chance bondholders refuse to inject more cash and it's a zero.

One third chance, I double my money.

One third chance, I treble my money

(No, there is no factual basis for the probability calculations above)

[loglorry1] 30/4/2024 16:52

>I would let equity holders have 4p/share to speed up a restructuring.

As a bondholder I'm not happy that WShak wants to give shareholders £29m when he doesn't need to. I'm sure much brainer people are in charge tho.

[jaknife] 30/4/2024 16:50

WShak,

"I would let equity holders have 4p/share to speed up a restructuring.

A slower restructuring (via administration) would necessitate a 0p offer."

Thank you, you have highlighted the one thing that shareholders can offer in a negotiation - cooperation!

If shareholders cooperate they get 4p, if they don't cooperate then it's 0p and bondholders do it without them.

JakNife

[halfpenny] 30/4/2024 16:44

AMEN
AMEN
AMEN!!!!!

[wshak] 30/4/2024 16:40

JakNife,

I've bought a few bonds.

I would let equity holders have 4p/share to speed up a restructuring.

A slower restructuring (via administration) would necessitate a 0p offer.

[bones698] 30/4/2024 16:31

Shareholders will get wiped out here so anyone buying should think twice. Just look at what happens in most d4e swaps shareholders walk away with next to nothing.
All the management decisions to chase contracts on the cheap leaving very little margin and costs spiralling mean this would probably be better off in admin so the few good bits can be picked out and the rest left to rot

[loglorry1] 30/4/2024 16:26

Lowest price I can get away with obviously but I suspect fresh money will get more of the new company than I will. It will be something like new money gets 60% of the company and 40% is provided to bond holders/banks. Some debt will remain but probably for the new money. Current equity will get way less than 1%.

EDIT: my main fear is that new money will go in as debt at some nosebleed interest rate and I'll be stuck in useless equity which has no hope of ever seeing any free cash flow after the bondholders are repaid. My bigger worry - but less likely is bondholders walk away an they get zero in admin.

[jaknife] 30/4/2024 16:23

loglorry1,

"I bought some bonds today at 21c without accrued."

As a bondholder, at what price are you prepared to swap your debt for equity and put fresh equity into the company?

JakNife

[loglorry1] 30/4/2024 16:21

I bought some bonds today at 21c without accrued. It's a fine company with a great future. But seriously I half expect to get it wiped out but if not I will be happy to be its new owner after you bulls are washed away. I intend to hold the new shares for about 10 seconds.

I'm still short the shares but I did cover a few today because borrow costs were obscene.

[kirk 6] 30/4/2024 16:20

Would rather short but cba paying interest for 24 days

[kirk 6] 30/4/2024 16:20

Just closed my long over 11 not holding this now

[shinnas] 30/4/2024 16:10

bought 800k at 8.76p and sold 500k at 11p... will hold my 300K till results. No probs, this company is big!