Bouleversee wrote:What's the betting on the amount of fine?
How much are they going to fine a loss making company?
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Bouleversee wrote:What's the betting on the amount of fine?
monabri wrote:Good timing on the part of Schroder Investment Management taking a 16.59% stake last month (25th Aug).
https://www.investegate.co.uk/article.a ... 25735EGFFA
monabri wrote:Bouleversee wrote:What's the betting on the amount of fine?
How much are they going to fine a loss making company?
monabri wrote:https://www.energyvoice.com/oilandgas/353757/petrofac-serious-fraud-office-fine-bribery-plea/
( link provided for source reference).
"Petrofac and Serious Fraud Office fight over fine after guilty bribery plea
The Serious Fraud Office (SFO) has said Petrofac should face a $209million (£154m) fine for pleading guilty to seven bribery offenses, about double what the company said it can afford at a London court hearing."
In 2017, a fine of £154m would have been considered to have been reasonable ( ie a slap on the wrist). There was discussion that the fine would be >$1billion and the shareprice fell and fell, wiping off billions of pounds from the market cap.
There was also a reduction in the dividend = money on the shelf to pay for any potential fine ( I seem to recall that the divi reduction was a saving which would have been of the order of the eventually fine).
monabri wrote:PFC's lawyer has earned her pay...and some!
Gazprom and Petrofac have today signed a strategic partnership through Gazprom's INTI - Russian Institute Oil/Gas Technology Initiatives to export and promote the ambition, quality, and standards of the Russian energy industry domestically and internationally.
daveh wrote:petrofac and gazprom alliance
https://www.investegate.co.uk/petrofac- ... 1655EEQHS/
Bouleversee wrote:Indeed. My comment was "Mmm." but that's not enough letters for a post on TLF. I can 't say the news fills me with joy. What do others think?
Bouleversee wrote:Was the fine more than PFC had allowed for initially?
What are other holders intending to do about this offer?
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.
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