Petrofac Share Discussion Threads

[fuji99] 05/2/2018 14:03

Chelsea - If they don't update the market and investors, how do we know the end and the outcome of this investigation ? Shall we just watch the share price ups and downs in a total uncertainty, not knowing what's going to hit us on the head one morning ? To me this is pure stupidity.

[keithlemon] 05/2/2018 13:47

Had my finger over the sell button on Friday. NUTS! should have followed my gut

[chelsea81] 05/2/2018 13:42

Fuji99 - A contract win RNS will get this back to where it was a few weeks ago knocking at 600p. I don't think there is anything to worry about with today's RNS release, it's simply an update on the SFO investigation. Simple.

[bouleversee] 05/2/2018 13:34

The market is horribly down generally today. PFC no worse than many others.

[lodgeview] 05/2/2018 13:29

So we are looking at circa 38 cents for final divi at a x3 cover. Also this would tie in with the interim divi being a third of final divi?

[fuji99] 05/2/2018 13:29

chelsea81 - The market is following logic: It hates uncertainty and this is what the RNS brought to the open. In addition the tone was very arrogant for ignoring the investors waiting for the result of the outcome by saying "we will not update" without telling us why not ? I think this PR fiasco will only accelerate the share price erosion.

[chelsea81] 05/2/2018 13:12

The market doesn't seem to like this RNS update even though this is simply regurgitated news. We all know PFC is still under investigation, and as part of the investigation, a few senior management will be questioned. The market are overreacting today over nothing.

[garycook] 05/2/2018 13:06

The PFC Dividend was rebased by 42% at 12.70 cents for the Interim,and 25.4 cents for the Final.You will be getting around 18p for the Final dividend. DIVIDEND

The decline in - and weaker outlook for - commodity prices has had a significant impact on capital investment in the industry, impacting our cash flow. At the same time, we are committed to maintaining a strong balance sheet and credit rating to ensure that the Group remains competitive in current markets. As a result, the Board is declaring an interim dividend of 12.70 cents per share for the six months ended 30 June 2017 (2016: 22.00 cents), a reduction of 42%. This rebasing of the dividend is part of a range of measures being taken to deliver a sustainable reduction in net debt.

The Board recognises the importance of a sustainable dividend to our shareholders. Consequently, the Board intends to target a dividend cover of between 2.0x and 3.0x business performance earnings as we transition back towards a low capital intensity business model. It is further proposed that the interim payment each year will be approximately 33% of the prior year total dividend.

[lodgeview] 05/2/2018 12:45

Does anyone know what final divi payment is going to be?

[pete123456] 05/2/2018 12:42

I was expecting 31.2 pence..43.8 cents same as last year.

[garycook] 05/2/2018 12:14

timmy11,Explain please why 21p ?

[salpara111] 05/2/2018 12:13

Curious statement.
The board is obliged to release any material market information on a timely basis but they have already broken that listing requirement by not disclosing that the CEO was in fact arrested and it is for that reason that I wont invest here.
The fundamental problem is that there is a still a very large family holding and they are behaving as if they are a private company as opposed to a publicly listed one and it is clear that other large investors and the Chairman are not intent on holding the board accountable.
There is undoubtedly a decent business here but this statement is just another reminder of why it is a risky punt.

[timmy11] 05/2/2018 12:07

re dividend approx .21p

[lodgeview] 05/2/2018 12:04

Where do you get that info from GaryCook? Seems a low figure to me.

[cinquepercento] 05/2/2018 10:57

Re:dividend:

Thank you,Garycook.

That will come in handy.

[garycook] 05/2/2018 10:25

5%,Around 18p Divi at GBP/USD 1.41

[pete123456] 05/2/2018 10:20

Could it be that pfc want the sfo to speed things up and by this rns the UK press are going to get involved.

[cinquepercento] 05/2/2018 10:17

What dividend amount per share are we expecting for April 2018?

[edmondj] 05/2/2018 09:03

"but PFC must update on any findings to come out"

I think this is the expectation they are quite warning, they are not going to adhere to.

Not to make an issue out of it! ;-)

[d1nga] 05/2/2018 08:59

the ball is always in the sfo's hands but PFC must update on any findings to come out and state that they do not anticipate further updates suggests to me this thing is just going to fade away in the boards opinion with no updates to the market required.

then again wtfdik

[edmondj] 05/2/2018 08:53

Not at all, in my view. The ball is in the SFO's court.

[d1nga] 05/2/2018 08:51

reading between the lines 'we do not anticipate further updates'

nowt to worry about chaps its going to come to nothing

thats the way I see it

[edmondj] 05/2/2018 08:50

Their prime duty is to manage the company situation - including potential liabilities - than the share price.

Markets turn on a whim; who knows if the US market ends the week up?

[midasx] 05/2/2018 08:45

Why release it when the market is in sell off mode?

[edmondj] 05/2/2018 08:41

Probably it's a shrewd legal move, by the company's legal not PR advisers.

In a scenario where there is any kind of impending charge/fine constituting 'inside information' and an investor bought during the kind of lengthy period it takes the SFO to come to a conclusion, they - especially if US - might sue the company, i.e. ultimately other shareholders, for not disclosing this promptly. But the company can't give ongoing updates on the matter, partly because some investors would complain about putting out a 'negative narrative'.

Today's announcement closes the door on the risk of potential investor litigation.

At least that's my opinion.