contrarianstyle
12 Dec 2017
Re: Why the rise? hmm considering brent back at 2015 levels & the optimism shown in other oil companies, we`ve barely moved.
Hub
12 Dec 2017
Re: Why the rise? Leaky ahead of OMAN deal worth another $800m? RNS just out I believe. Poor old shorters getting squeezed againHUB
Hydrogen Economy
12 Dec 2017
Re: Why the rise? "Is there a whiff of this take-over coming to fruition?"I doubt it, suspect the following may be a factor.Brent crude jumped above $65 a barrel for the first time in 2 1/2 years- Forties pipeline shut because of a crack, expected to be down for "several weeks". Normally carries around 445000 bpd, 80 platforms shutdown.H2
lizardtongue
12 Dec 2017
Why the rise? Steady upward trend. Is there a whiff of this take-over coming to fruition?GLALT
SpeederD
11 Dec 2017
Re: Extremely difficult to prosecute Does anyone have a view: it seems that after almost 2 years the SFO is going after individuals but not at either Unaoil or SBM? Is this because they need the individuals to be found guilty first before they can try to prosecute or charge the company?Also, is it fair to assume that as they went for the Iran related contracts, the Kazakh ones are harder for them.Last point, there was a Sunday Times article yesterday commenting that PFC was going to dispose of its North Sea business to reduce debt.
Boyobach
29 Nov 2017
Re: Extremely difficult to prosecute t's even harder to prosecute PFC because the majority of the issues raised so far seem to occur before mid 2011....That's all right then.In May 2016, Petrofac engaged lawyers and auditors to investigate claims that a former employee paid $2 million to seal an oil deal in Kuwait. The leaked e-mails claim Petrofac’s former vice-president, Peter Warner, urged Unaoil to make confidential payments via a bank account in the Marshall Islands, an acknowledged tax haven. Mr Warner later left Petrofac and in 2014 joined the board of Unaoil.[link]
killermanjarrow
29 Nov 2017
Extremely difficult to prosecute I found this article interesting[link] it's hard to prosecute Unaoil (who it seems the authorities have a mountain of evidence of bribery on them)"Lawyers in the white-collar field say that if charges are ultimately filed against the family, a case will not be easy for the government to win. Following the money in these investigations is time consuming and difficult, and internal emails alone are hardly proof of a crime. Also, it would be hugely difficult to obtain witnesses in countries like Iraq."It's even harder to prosecute PFC because the majority of the issues raised so far seem to occur before mid 2011"A spokesman for the SFO noted an in email that the Bribery Act, the country’s answer to the Foreign Corrupt Practices Act, didn’t go into effect until 2011."We'll have to see where it goes but it could take a long time and ultimately not result in any action.
shugg1e
17 Nov 2017
Re: Waited long enough Better than tiouching cloth if you know what i meanLol
Hardboy
17 Nov 2017
Re: SFO case Apologies for the sell sign - no idea how it got there - for the record I have no view till the SFO case gets cleared (& I don't see how anyone can have.)
Hardboy
17 Nov 2017
Re: SFO case If arrests are being made, that is good news, because it means the SFO are wrapping up the case, and the end is in sight. Markets hate uncertainty, and the culmination of the case will remove that. I doubt the outcome will give Petrofac a clean slate - but prosecutions will be made, fines will be paid, and the uncertainty will be removed.
SpeederD
17 Nov 2017
Re: SFO case There won't be an equity raise as part of a defence against an offer.Let's say some someone offers a bid for 500p.PFC announce to raise equity at say 350p. Hedge funds buy in and take the rights issue and then as soon as the offer is made agree to sell PFC shares at 500p for quick and easy profit. What would they then do with the cash raised? Pay off debtholders? They dont make decisions on the M&A (assuming the debt will be bought out). BUy someting? Buy what? Do what with it?So it does't make any strategic sense. In addition equity dilution would punish existing shareholders without need, when as someone else said they only need to withhold the dividend - you dont pay dividends and then dilute shareholders.Lastly, don't forget who the largest shareholder is - he's not going to hurt himself financially and then accelerate the sale of his company.
Hub
17 Nov 2017
Re: SFO case Yes will be interesting to see whether any Stella rev gets booked. I'm sure Delek would be willing to purchase PFC's share should PFC fancy a lump some of cash. Something to remember for the future?In terms of the city, they are either too busy shorting PFC or buying up companies like BP and Shell to 3 year highs.Shell are or were trading at levels last seen when PoO was $100pb+. How the city justify this or some of the fluff across the FTSE100 blue chips is anyones guess. It has more to do with easy QE low cost funds handed to them which they gratefully and happily invest in FTSE100 commodity focussed stocks rather than ftse250 or 350. Double whammy as it boosts the FTSE100 index in the process.Here's one for you... as many know Glencore are large company with many fingers in many pies in the commodity sector. If you look at short positions across the sector, none have been taken out on Glencore for months (above 0.5%). Seem odd to you?Better not to pi55 on ones own shoes I think is the term.Ignore the city, they are not the first to know and often the last to react these days. PFC's Oman deal was a classic example of this.Overall, it's such an algo botted casino these days, there is little point trying to understand the illogical.HUB
MaxValue
17 Nov 2017
Re: SFO case HubMaybe you're right and the pull back had in part to do with the drop in brent. But I'm not sure, the city always knows before we do and thats why a significant movement before news is always related in my view - the sp hadn't fallen below 400 for some time.Re the update you mention, I'd be looking to see if they have finally been put on the Stella license so they can start to generate revenue from there, but ultimately any rerate will depend on the SFO investigation. Crazy though it seems there is a reason the sp is where it is - why aren't the city buying?GL, DYORMV
MaxValue
17 Nov 2017
Re: SFO case VeksiI think you're misunderstanding the point, I'd suggest you look back through the thread for clarity.To help, regarding the bid news in the press, I think there are 2 points worth noting:1) its said there are companies running their numbers over PFC - though interesting not ready to make a bid2) its also said that PFC are readying its defence against a bidThe question therefore is what would PFC do to ensure it isn't taken over at its current valuation - i.e. what is their defence strategy?I've suggested and explained why an equity raise could be part of that strategy to repel any unwelcome boarders. Obviously this hasn't sat well with you so what would you suggest? What are PFC doing when they say they are preparing a defence?GL, DYORMV
lizardtongue
17 Nov 2017
Waited long enough Just banged sizable amount in here.Take overs rumours @ £6.00 a share and price targets of £5.40Touching wood and all that.GLALT
