The Lemon Fool

Clitheroekid wrote:

Bouleversee wrote:Was the fine more than PFC had allowed for initially?

What are other holders intending to do about this offer?

I don't know what provision PFC had made for the fine, but it was less than I'd expected, and that seems to have been the general consensus.

Having thought long and hard I've decided to accept the risk and take up the offer. From what I've gleaned about PFC they are in technical terms very well thought of, and I'm sure there's a lot of sympathy for them in the markets they service - after all, they simply got caught doing what their rivals have been doing for decades and almost certainly still are doing. I suspect that most people involved in that end of the industry aren't particularly bothered about ethical issues - they just want a company that can do the work competently and competitively, and PFC seem to fulfil those criteria.

I was also reinforced in my decision by this snippet from the Proactive Investor site - https://www.proactiveinvestors.co.uk/co ... 64296.html

I may be proved wrong, and live to regret it, but it's not going to ruin my life even if I am wrong. I'd already written my PFC shares down to well under £1 each, so in effect that's my new starting point and the only way is up!

Bouleversee wrote:Was the fine more than PFC had allowed for initially?

What are other holders intending to do about this offer? I already have a large (for me) holding in PFC, having topped up previously, and, although I haven't done the sums yet, I don't think I dare risk any more, especially as one of my other major holdings (FSJ, also in marine services) has just done a massive nosedive. They will also probably want more money. I hate dilution, however.

Bouleversee wrote:https://www.petrofac.com/media/news/petrofac-secures-lithuanian-refinery-epc-project/?utm_source=news-alert&utm_medium=email&utm_campaign=news&utm_content=petrofac-secures-lithuanian-refinery-epc-project

So that's why PFC's sp went down over 3% today!

Bouleversee wrote:What are other holders intending to do about this offer? I already have a large (for me) holding in PFC, having topped up previously, and, although I haven't done the sums yet, I don't think I dare risk any more, especially as one of my other major holdings (FSJ, also in marine services) has just done a massive nosedive. They will also probably want more money. I hate dilution, however.

Bouleversee wrote:So in the same line of business as PFC? Sounds as though he plans to take it over for peanuts. I really don't see why he should get any more rights under the offer than any other shareholder, do you? This Grandma Doris is bewildered by it all and has come to the conclusion that equity investment is a mug's game. Why shouldn't the directors and ex-directors in charge at the time be paying the fine rather than us? Feel free to persuade me I'm wrong but have a look at events at James Fisher and Sons (FSJ), another company in which my family are losing a packet, before answering.

monabri wrote:

Bouleversee wrote:So in the same line of business as PFC? Sounds as though he plans to take it over for peanuts. I really don't see why he should get any more rights under the offer than any other shareholder, do you? This Grandma Doris is bewildered by it all and has come to the conclusion that equity investment is a mug's game. Why shouldn't the directors and ex-directors in charge at the time be paying the fine rather than us? Feel free to persuade me I'm wrong but have a look at events at James Fisher and Sons (FSJ), another company in which my family are losing a packet, before answering.

He already personally owns 19.3% of PFC, and maybe he has been "topping up" with just that in mind at these nice cheap prices! I don't know if the rest of the family have been topping up but the PDMRs have been buying in small chunks. Just think how much his portfolio value has decreased over the last few years, probably in the range from $900m to $90m... So, to an extent he has paid for the mistakes made under his watch.

All data from Simply Wall Street

https://simplywall.st/stocks/gb/energy/ ... #ownership



I see that the Norges bank (Mr Green) also has a nibble...

Note Schroder Investment Mgr Ltd have also ramped up their ownership recenty.

Announcement of the Pricing of US$600,000,000 Aggregate Principal Amount of Senior Secured Notes Due 2026

Petrofac Limited (the "Company" or "Petrofac") today announces the successful pricing of its offering of US$600,000,000 aggregate principal amount of 9.75% senior secured notes due 2026 (the "Temporary Notes") by a newly-formed financing entity, Pyrenees Bondco Limited (the "Issuer"). The offering of the Temporary Notes is subject to customary closing conditions, and settlement is expected to occur on or around 9 November 2021.

Alaric wrote:

Bouleversee wrote:What are other holders intending to do about this offer? I already have a large (for me) holding in PFC, having topped up previously, and, although I haven't done the sums yet, I don't think I dare risk any more, especially as one of my other major holdings (FSJ, also in marine services) has just done a massive nosedive. They will also probably want more money. I hate dilution, however.

It's not immediate, as the fund raising has to get past an EGM first.

There are three motions
AUTHORISE ISSUE OF EQUITY TO AYMAN ASFARI AND FAMILY
APPROVE ISSUANCE OF SHARES TO SCHRODERS PURSUANT TO THE CAPITAL RAISING
AUTHORISE ISSUE OF EQUITY IN CONNECTION WITH THE CAPITAL RAISING AND DIRECTOR SUBSCRIPTIONS

Petrofac has been awarded with a new contract worth around MYR399 million (approx US$96 million) by PETRONAS Carigali Sdn. Bhd., a subsidiary of PETRONAS, the Malaysian National Oil Company. The Engineering, Procurement, Construction, and Commissioning (EPCC) scope of work will encompass the delivery of the new Bintulu Additional Gas Sales Facilities 2 (BAGSF-2) plant located onshore at Tanjung Kidurong, Bintulu, in the Malaysian state of Sarawak.