Petrofac (#PFC) – shares cancellation following the appointment of administrators

Petrofac (#PFC) – applied to appoint administrators to the holding company

Petrofac: Wipeout confirmed, we bears vindicated ( yet again), ouzos all round

To think that four years ago this was a high flier with a share price of 172p and an order book of hundreds of millions of dollars. Sales = vanity. Even today, at just under 4p and suspended, there is a c£20 million market cap but there is also official confirmation that shareholders will be wiped out. For Lucian Miers, Evil Banksta and myself a final vindication. For the BBMs who knew better another lesson that they don’t. 

Petrofac (#PFC) – Gotcha!, “confirms that the Restructuring will result in no residual value being retained by existing shareholders”

Petrofac (#PFC) – “Restructuring Update” including “routes include those which may result in no residual value being retained by existing shareholders”

Petrofac (#PFC) – “Restructuring update”, agreement in principle reached with Samsung E&A and Saipem re. Thai oil project

Petrofac (#PFC) – “Restructuring and business update” including “Lock-Up Agreement” extension to 30th November

Petrofac (#PFC) – “financial restructuring” court process update, 2024 results delayed to now expected “shortly after the restructuring effective date” after 30th April

Petrofac – it gets worse and worse for those who knew better than the ShareProphets "gang"

Once again it is ouzo on cornflakes time for a number of us on this website as Petrofac has provided an update on its restructuring and the news for those cretinous enough to ignore our advance and who remain on the shareholder list is ever more grim.

Petrofac (#PFC) – “financial restructuring” update, for existing shareholders now expected just 2.2% of total shares

Petrofac shares slump to 8.5p on restructuring, Evil Banksta says worth 1.5p

The cost of borrow went to 500% and Evil Banksta had to close out a profitable short some months ago. So his Christmas swans are not being financed by Petrofac (PFC) but I am sure that Adam Reynolds will ride to the rescue of Liverpool’s greatest numbers man since Ken Dodd. Still, a refinancing today shows that, as ever, Evil Banksta was right and has good reason to be smug and conceited.

Petrofac (#PFC) – “financial restructuring” agreement including leaving current shareholders with just 2.5% of the equity

Petrofac (#PFC) – senior secured notes interest forbearance extended to 13th December, argues progressing a ‘financial restructure’ “at pace”

Is Petrofac Worthless? Evil Banksta does new sums

Previously, Liverpool’s greatest numbers man since Ken Dodd had suggested that shares in Petrofac (PFC), currently 13p, were worth 4p. But in light of recent developments I asked him if he was being too generous “is the stock worthless”. The great man opined:

Petrofac kicks can down the road again but shareholders will still be screwed in the end

Petrofac (PFC) has announced yet another can kick on its financial restructuring. It still looks as if a restructuring to deal with its mountains of debt and urgent need for cash will go through but just not yet. But when it does the shares, now 13p giving a £68 million market cap, will collapse.

Petrofac (#PFC) – senior secured notes forbearance agreement extended to 15th November, continues to work to conclude a “proposed financial restructure”

Petrofac (#PFC) – senior secured notes “forbearance agreement” extended to 18th October

Petrofac (#PFC) – “extends forbearance agreement” on senior secured notes interest, though only to 20th September

Petrofac unsuspended, shares soar: its all technical, don’t get caught long or short with your trousers down

Shares in Petrofac (PFC) are back from suspension with its annual report published last week and they have rocketed by almost 70% to 17.5p, a market cap of £76 million: don’t get caught with your trousers down. Remember the auditors “disclaimed” their opinion such is the mess the company is in.

Petrofac (#PFC) – 2023 increased loss, “auditors have disclaimed their audit opinion”