The Lemon Fool

I may have mentioned this factor before, but Friday's IC reported that short interest has INCREASED to 8.8%.

Near the top of the leader board now ...

Dove

Dove21 wrote:
I may have mentioned this factor before, but Friday's IC reported that short interest has INCREASED to 8.8%.

Near the top of the leader board now ...

You can track short interest using the link below if you'd prefer not to have to rely on the Investors Chronicle -

https://shorttracker.co.uk/companies/

Currently showing Petrofac 3rd in the shorting table -



Cheers,

Itsallaguess

ReallyVeryFoolish wrote:

Dove21 wrote:I may have mentioned this factor before, but Friday's IC reported that short interest has INCREASED to 8.8%.

Near the top of the leader board now ...

Dove

What do they know? Anything?

RVF

When you say they, do you mean the shorters or the IC (reporting known figures from the FCA's public short positions list)?

"Former senior Petrofac Ltd executive David Lufkin pleaded guilty at Westminster Magistrates’ Court on Thursday to three further bribery offences in relation to oil deals in United Arab Emirates (UAE), Britain’s Serious Fraud Office (SFO) said in a statement. These charges are in addition to 11 charges of bribery already brought by the SFO, to which Lufkin pleaded guilty in February 2019. The case has been committed for sentence to Southwark Crown Court on 11 February 2021, SFO added."

https://www.reuters.com/article/uk-brit ... SKBN29J2M6

ReallyVeryFoolish wrote:

feinmann wrote:"Former senior Petrofac Ltd executive David Lufkin pleaded guilty at Westminster Magistrates’ Court on Thursday to three further bribery offences in relation to oil deals in United Arab Emirates (UAE), Britain’s Serious Fraud Office (SFO) said in a statement. These charges are in addition to 11 charges of bribery already brought by the SFO, to which Lufkin pleaded guilty in February 2019. The case has been committed for sentence to Southwark Crown Court on 11 February 2021, SFO added."

https://www.reuters.com/article/uk-brit ... SKBN29J2M6

Oh dear. PFC stock pretty much hammered as a result.

RVF

Oh dear. PFC stock pretty much hammered AGAIN as a result.

The Board's statement doesn't seem to have stemmed the downhill flow of shareholders' money. Last time this happened I bought more but fat lot of good that did me so I won't repeat. No idea how this is going to pan out.

They should have employed the same legal defence team that BATS did!

I would think that they must be quite an attractive takeover target at this price. A new owner could get what's basically a very good company at a bargain basement price, and as they wouldn't be tainted with the sins of the current / recent management they should be able to revive PFC's fortunes quite quickly, particularly on the back of a strengthened oil price.

I must say I'm tempted, though the image of a falling knife is very much present.

19.39% owned by Asfari.

19.39% Ayman Asfari
7.53% Schroder Investment Management Limited
6.72% Toscafund Asset Management LLP
3.96% Caisse de dépôt et placement du Québec %
3.73% J O Hambro Capital Management Limited 1%
3.01% Ntms Investments Limited

monabri wrote:19.39% owned by Asfari.

19.39% Ayman Asfari
7.53% Schroder Investment Management Limited
6.72% Toscafund Asset Management LLP
3.96% Caisse de dépôt et placement du Québec %
3.73% J O Hambro Capital Management Limited 1%
3.01% Ntms Investments Limited

And you, RVF and I own most of the rest, don't we, Mon? OK, it just feels like that.

Bouleversee wrote:

monabri wrote:19.39% owned by Asfari.

19.39% Ayman Asfari
7.53% Schroder Investment Management Limited
6.72% Toscafund Asset Management LLP
3.96% Caisse de dépôt et placement du Québec %
3.73% J O Hambro Capital Management Limited 1%
3.01% Ntms Investments Limited

And you, RVF and I own most of the rest, don't we, Mon? OK, it just feels like that.

The precentage doesn't change...it just feels like it does !!

An interesting view, and one I tend to concur with - https://www.ii.co.uk/analysis-commentar ... 60121%20(1)&utm_content=newsletter&spMailingID=11962798&spUserID=MTQyNzM1ODUxOTY5S0&spJobID=1675490449&spReportId=MTY3NTQ5MDQ0OQS2

I've been in and out of PFC for several years, and it's been very good to me overall. I think that the upside now outweighs the downside, so time for another dabble.

Bearing in mind that poor old PFC is one of the most heavily shorted stocks in the UK I wonder if there's any hope of interesting our friends on Reddit ...!

I've just received the following in an email from Petrofac via its financial PR people:

COVID CORPORATE FINANCING FACILITY

Petrofac has today issued £300 million in commercial paper with a maturity of 12 months under the Covid Corporate Financing Facility, the maximum amount it is eligible to issue under this facility.

I wonder what the s.p. will do tomorrow.

Just received an email with the following information:

15 March 2021


UPDATE ON UAE

Petrofac Ltd announces it has today been notified by ADNOC Group that it has been suspended from competing for new awards until further notice. This follows the SFO's announcement of additional pleas in January by a former Petrofac employee under the Bribery Act 2010 in relation to historic contract awards in the UAE in 2013 and 2014.


Petrofac will continue to execute two EPC projects for ADNOC currently under construction. ADNOC has stated that it recognises the long-standing nature of its relationship with Petrofac and has confirmed that its decision will be reviewed on a periodic basis.


Petrofac is committed to operating at the highest standards of ethical business practice. No charges have been brought against any Petrofac Group company or any current officer or employee.


ENDS


This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

Share price down over 10% today. Very disappointing.

18% down...in a day....business as usual for PFC.

It wouldn't surprise me if the company who sparked off today's drama puts in an offer via a back door. Surely someone will seize the opportunity of getting a bargain.

Another one I'm losing a large amount on. I kept topping up as the FCA didn't seem to be getting anywhere and I understood PFC had reserved for any likely fine but hadn't expected this to happen when the employee was no longer with the firm. It took them long enough.

Pretty well everything seems to be up today, though, so may not signal anything in particular. Still an awful long way to go to recover my large percentage loss.