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I can't believe the blind faith in which alot of PI'S have put there hard into cash into companies like this recently. This board and SDRY I think I have seen it all recently. Punters have lost 80 to 90% in some cases still holding on for that glimmer of hope.
Well all I can say is take whatever your read on these boards with a pinch of salt. And don't be afraid to have a rigid stop loss in place. All the averaging down posts, oh I made another top up...
Well done that at your peril.
Let me educate you Gary, it’s their hard earned cash.
belonging to or associated with the people or things previously mentioned or easily identified.
"parents are keen to help their children"
2.
used in titles.
"a double portrait of Their Majesties"
Please ignore the rubbish being spouted by a few individuals. Seem to be ex employees with very negative comments that are pure rubbish. Shorters were prolific yesterday. Looking forward to a firmer footing going forward. I averaged down luckily right at the end. Looking forward to 100p towards end of this year once results and trading resume.💪💪
It is not investing it is gambling and even you can win a gamble but here you can only lose.Time will tell but in my opinion shareholders are highly unlikely to be wiped out here.
Eurofil
Well my spelling and grammar may of not of been great. It was early in the morning and I was on a bus.
But the facts are the facts you tool
Snapper, Tony9999 and Garydav2 all tools👍
No wonder you are called Bro-Ken Broker investing in garbage like this
So your not invested at all?
Petropasta
BloodyRedFackwit
DYOR incel
Superdry , Cineworld, McColls, COPL , Bahamas petroleum …. It’s a disease on many share discussion groups
Some are ramping the bonds. Even suggesting that the additional credit will be secured with some sort of super seniority. Absolute nonsense. There is no security worth a carrot as it has all been pledged already. The bonds will not increase by three or four times. Far more likely they will lose 90-100%. The only real hope for the junk bond holders is time or a takeover. Two or three years of profitable trading and maybe you recover 20 or 30%.
DO NOT BUY BONDS THEY ARE JUNK!!!
Bonds have already lost 85% value, so at the mintue market believes that bondholders wont get their money back.However if fresh money is injected and buisness improve than probability of them getting their money back increases.However bonds tell that equity is worthless.
Asfari is still our main weapon in finding a way out. That and ME connections.
His shares have lost on £100million in the last two years at current market price. I repeat £100million.
Thus there is huge incentive to find a way to salvage share price from inside the BOD.
I still look at tullow who managed to secure $2b in debt in a huge restructuring.
A third of that from a ME guardian angel would see PFC moving forward.
The SP decline has been (justifiably?) amplified by the shorts, the BOD need to step up now and the pressure for the performance guarantees will help them focus hopefully and put us in a better place moving forward. That said our chair Medori has been on the board since 2012 and look what has happened during his tenure. He needs to fall on his sword as soon as things are crystallised.
Kept my money in.
Ivor, don't disrespect my Comrade Baron. This is your last warning.
Do you not like pasta?
IG
You truly are completely clueless. Only six weeks ago you were claiming that PFC a raging buy, now you are idiotically claiming that the senior debt is worthless.
Are you incapable of understanding that the debt holders will simply take control of the existing business. They are the only debt. They will pump in $300m of cash so combined with D4E (and dramatically reduced finance costs) it could be a great business.
Gulf keystone did a similar raise D4E in 2016, it worked out for them and I’m confident it will work out fine here, please check below history:-
13 October 2016
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP", or "the Company")
US$250,000,000 13.0 per cent. Guaranteed Notes due 2017 (ISINs: Regulation S XS1056559245, Rule 144A XS1056559088) (the "Guaranteed Notes")
and
US$325,000,000 6.25 per cent. Convertible Bonds due 2017 (ISIN: XS0841237497, Common Code: 084123749) (the "Convertible Bonds")
Completion of Balance Sheet Restructuring
Gulf Keystone is pleased to announce that the Scheme of Arrangement (the "Scheme") in connection with the Balance Sheet Restructuring Transaction (the "Restructuring") announced on 14 July 2016 became effective today. The expected settlement date for the Scheme is 14 October 2016
Restructuring
The Restructuring involves the implementation of a new capital structure to materially strengthen the Company's balance sheet with a significant debt reduction from over US$600 million to US$100 million through the conversion of over US$500 million of existing debt into equity of the Company by way of the Scheme.
He does not understand bonds by the looks of it so there is no point in arguing with him.If anyone wanted to take a position he/she should have waited until refinancing.
Eurofil, GKP did a D4E in 2016 but their current shareholders at that time lost 95% through dilution.
https://www.investorschronicle.co.uk/2016/07/14/shares/news-and-analysis/gulf-keystone-shareholders-lose-their-shirt-as-bondholders-hoover-up-equity-zSNJbgsvvUjjKQGQpY2w8O/article.html
Glad they've finally been forced to confront the issue properly, presumably the auditors won't sign it off as a going concern until the liquidity is sorted out. Hopefully for those of us still holding there will be a quick resolution that allows the company to move forward on a sound footing.
It didn’t work out, equity got stuffed.
You do realise they immediately afterwards they did a 100 to 1 share consolidation so that current share price is c. 1p old money. From memory the shares were 10 times higher immediately before this restructuring
PC
It is not my fault you are stuffed and holding junk bonds secured on a Hail Mary of “pari passu” worthless security. Maybe if you stopped ramping worthless junk bonds and considered matters objectively you would not be so angry that you are skint. Your predictions are 100% wrong, every time. You quote non existent sources and seem to believe that if you keep spouting nonsense it will, like magic, come true!
When someone like me tells it how it is you can only resort to insults.
You were sold a pup and now you’re stuffed.
Tough.
IG
Can you please explain how you have gone from thinking PFC a great buy only six weeks ago, despite $850m of debt, to worthless now when all that debt can all be switched into equity?
If it was worth the value of the debt the secured lenders would not be doing what they are doing and would wind it up. It was a good buy six weeks ago and will be again. But today it is literally worthless as the shares cannot be traded, they are about to default, the bonds are junk and the “security” is valued at about 0-10% of the actual debt. See? The only upside for anyone is that they are still trading and are a fundamentally sound business saddled with huge paper debt that seems to be secured on fresh air, hope and an order book of uncertain value as regards profit. That’s why. Worth a punt though, eh?