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Petrofac Limited (PFC)

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ReallyVeryFoolish
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Re: Petrofac Limited (PFC)

#363748

Postby ReallyVeryFoolish » December 7th, 2020, 4:50 pm

A nice blue day today at PFC whilst many firms are shares in the Brexit doldrums. Hope to see PFC stock closing in on 200p soon. Still well under water here but it's still a quality company. If only SFO would come clean on them having no case now against PFC.

RVF

PinkDalek
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Re: Petrofac Limited (PFC)

#366620

Postby PinkDalek » December 16th, 2020, 7:58 am

Petrofac issues the following pre-close trading update for the year ending 31 December 2020

https://www.investegate.co.uk/petrofac-limited--pfc-/eqs/trading-update/20201216070012EQTSR/

ReallyVeryFoolish
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Re: Petrofac Limited (PFC)

#366655

Postby ReallyVeryFoolish » December 16th, 2020, 9:41 am

Mr Market is unimpressed this morning. Desperately need a decision from SFO here. Good or bad news would be desirable. But I doubt they have a winnable case.

RVF

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Re: Petrofac Limited (PFC)

#377299

Postby feinmann » January 14th, 2021, 11:00 pm

"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
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Re: Petrofac Limited (PFC)

#377349

Postby ReallyVeryFoolish » January 15th, 2021, 8:47 am

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

monabri
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Re: Petrofac Limited (PFC)

#377406

Postby monabri » January 15th, 2021, 11:00 am

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.

Bouleversee
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Re: Petrofac Limited (PFC)

#377427

Postby Bouleversee » January 15th, 2021, 11:27 am

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.

monabri
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Re: Petrofac Limited (PFC)

#377429

Postby monabri » January 15th, 2021, 11:31 am

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

ReallyVeryFoolish
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Re: Petrofac Limited (PFC)

#377444

Postby ReallyVeryFoolish » January 15th, 2021, 11:48 am

Such a shame when the company's only crime is being caught. What's the betting that who ever first blew the whistle was a disgruntled official who felt hard done by because either he was excluded or felt his "commission" was less than he deserved?

However, it seems to me that apart from ex-employees, there is still no action against Petrofac itself, just against individual ex-employess?

It's doubly frustrating because this company is actually pretty good at what it does.

RVF

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Re: Petrofac Limited (PFC)

#377491

Postby Clitheroekid » January 15th, 2021, 1:42 pm

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.

ReallyVeryFoolish
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Re: Petrofac Limited (PFC)

#377518

Postby ReallyVeryFoolish » January 15th, 2021, 2:52 pm

Clitheroekid wrote: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.

I quite agree, but I started thinking of a hostile bid at about 300p. It will be more probable when Asfari steps down. I am not certain how much his family own these days though.

RVF

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Re: Petrofac Limited (PFC)

#377539

Postby monabri » January 15th, 2021, 3:54 pm

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

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Re: Petrofac Limited (PFC)

#377541

Postby Bouleversee » January 15th, 2021, 3:58 pm

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. :lol:

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Re: Petrofac Limited (PFC)

#377544

Postby monabri » January 15th, 2021, 4:03 pm

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. :lol:


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

ReallyVeryFoolish
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Re: Petrofac Limited (PFC)

#377551

Postby ReallyVeryFoolish » January 15th, 2021, 4:29 pm

I am afraid I am guilty here of believing quality would win out in the end. I don't think I am wrong about the quality of the company, I know it well. There's little doubt that almost four years into an SFO investigation, it has turned out far more damaging than I had thought it would be.

RVF.

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Re: Petrofac Limited (PFC)

#380975

Postby Clitheroekid » January 26th, 2021, 4:21 pm

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.

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Re: Petrofac Limited (PFC)

#380982

Postby ReallyVeryFoolish » January 26th, 2021, 4:43 pm

Clitheroekid wrote: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.

Thanks, the first positive piece I have seen about PFC for a very long time. I hung on way too long thinking it was just too cheap. But it kept getting cheaper. I am massively underwater here. There have been positive noises from the big service companies in the US too recently. I hope 2021 sees something of a turn round for Petrofac. They are still a sound company. A long haul from here, but I am hopeful.

RVF

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Re: Petrofac Limited (PFC)

#381788

Postby ReallyVeryFoolish » January 29th, 2021, 7:44 am

Small beer really, but every little helps. As they say -

https://www.rigzone.com/news/petrofac_n ... 8-article/

RVF

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Re: Petrofac Limited (PFC)

#382830

Postby Clitheroekid » February 1st, 2021, 4:30 pm

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 ...! ;)

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Re: Petrofac Limited (PFC)

#382858

Postby Bouleversee » February 1st, 2021, 6:54 pm

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.


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