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Petrofac: Evil Banksta stays short, still targeting 4p after today’s dire news & share suspension tomorrow night

By Tom Winnifrith | Monday 29 April 2024

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

In an admission today we learned that shares in Petrofac (PFC) will be suspended tomorrow night as it cannot get its results out on time. It seems to be making progress on a refinancing but it is one that will see existing shareholders diluted to kingdom come. The shares have slumped to 16.75p but could they fall more? Evil Banksta is still targeting 4p but understands if some bears want to bank gains and close. Liverpool’s greatest numbers man since Ken Dodd writes:
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