Petrofac Share Discussion Threads

[wellbutpoor] 20/9/2024 13:08

Sweating a little here ------ way too exposed. Hope this isn't a bear trap

[warranty] 20/9/2024 13:02

Wasn’t there an update due today?

[rossifumi] 20/9/2024 12:59

20p incoming very soon !!

[midasx] 20/9/2024 06:51

If I had good news I would release during market hours!

[rossifumi] 19/9/2024 07:45

Short squeeze on!!

[midasx] 19/9/2024 06:20

Unless a guaranteed stop loss, no point!

[owan] 18/9/2024 20:47

Can I put a stop loss on Friday morning before after rns and before open?

[npk2] 18/9/2024 19:19

Is your stop loss set on a spreadbet or CFD?

[wellbutpoor] 18/9/2024 16:34

Firm stop loss of 15p set going into Friday....

Good luck all 👍

[action] 18/9/2024 08:09

Update 27.11.24. Investing.com

[dipa11] 16/9/2024 12:40

hTtps://www.ft.com/content/e4d32fb6-4f42-41bc-adf1-9a10edec4928

[wellbutpoor] 16/9/2024 12:00

Pre-announcement re-valuation?

[mirabeau] 16/9/2024 11:40

News in the pipeline

[action] 16/9/2024 10:34

Buy and sell 17.00 to 17.01 very strange

[midasx] 15/9/2024 16:18

The shorts in the know are rapidly closing their positions at a good profit, the rest are gambling.

Let us hope they lose!

[action] 13/9/2024 15:02

6% up. Wow

[ghhghh] 13/9/2024 12:28

IMO the only canary is the bond price because there are so many different potential leaks = the 47% BHs and the 15-20 RCF/TL debtholders plus all their advisors.

The bonds at 25 cents implies haircuts but also concern re the terms demanded by the new $200m SS bonds and the $100m rolling loan.

I agree that if the debtholders take a loss (and this appears a given) then equity will be effectively wiped out. Especially if equity is not injecting any cash.

However my best guess is that there will be an equity raise and bondholders will be left with junior bonds, D4E at 4p and possibly a haircut. And this is what's taking so much time...

[jaknife] 13/9/2024 12:00

Nothing material has changed from Petrofac's perspective. They still need to do a debt for equity swap to reduce the bond debt and they still need to get the banks to play ball on the provision of guarantees. Perhaps they are finally getting closer to a conclusion?

On the equity side the cost of the borrow is ridiculously high, at pixel it's 170% with IG but it's been over 500% at points in the recent past. Those sort of levels destroy the economics of a short.

Traditionally D4E swaps on the main market are done at around about a £20m market cap for equity, which would be 3.75p a share for PFRC. There have been changes in UK Law to introduce "Restructuring Plans", which mean that that £20m level may no longer be a valid historical example - 0p might instead be the target. Either way, if bondholders are getting materially less than face value then there's very little justification for shareholders to get anything.

The forbearance agreement expires next Friday (20th September):



JakNife

[armbar] 13/9/2024 10:38

Bond prices creeping up 23.50What do the 47% wall crossed know to accept the forbearance AGM the following working day after forbearance expires next Friday , maybe to vote on something ? Potential bidders or JV, takeover adnoc my favourite imo but maybe one of many circling , bonds repurchased at a deep discount probably negotiated when at 15 looks a good deal back then , and equity too based on last year share price 80+ now 16p8bn backlog transformational year plus Tenet contract , In country value Uae , Ayman founder leaves the building saying thank you , for making his fortune worthless, Not sure about that What price ? 300M 60p that will be a bargain , plus bonds at discount all worked for the friendly for some but in reality hostile approach if correct. Offer plus stock more likely would make Ayman and co more amenable imo , that is the way the game is played sometimes, PFC value accretive to many, question is who is interested ? All just speculation and my opinion , probably had to wait for Thai Oil resolution, PM304 $60-70M +sale , JSD6000 10% $20M, before committingcould be totally off the mark maybe they are going bankrupt or as many said D4E 4p ... but an alternate view above ... Bond 52 week high 74 v 23 , share price 80p v 16pCheap as chips for the right someone GL

[rossifumi] 13/9/2024 07:39

https://www.ft.com/content/e4d32fb6-4f42-41bc-adf1-9a10edec4928

[rossifumi] 12/9/2024 12:35

This is going to explode soon, it's bursting!!

[rossifumi] 12/9/2024 11:38

How come this shows the share price as the lowest selling price even though there are far more buys and a few small poxy sells? This is being played......

[dipa11] 11/9/2024 21:46

hTtps://www.shorttracker.co.uk/company/GB00B0H2K534/Further reduction declared. Slowly and steadily. Good night

[midasx] 11/9/2024 06:24

A big reduction in shorts over the last few months with Whitebox going from 1.17% to under 0.5%.

Astaris going from 2.51% to 2.35%.