On 3rd July PFC announced that it was trading well ahead of expectations. Not surprisingly, sp jumped but has now fallen back pretty much to the same level as before the announcement.

While perhaps not as exciting as finding the next Cairn, remember that in the goldrush days, it was rarely the prospectors who made the money, but rather the suppliers of the spades and tents and stuff - e.g. Levis if memory serves me aright.

Shades of Patisserie Valerie perhaps......crikey what a short....

Just crashing now.....

RF, PFC have always bounced back in the past and whilst this kick in the nuts is different from past slides I think they will bounce back again but yes was certainly a good short this morning at least.

the statement below seems to have unsettled the market even more ....


BOARD UPDATE ON UK SERIOUS FRAUD OFFICE INVESTIGATION

This morning the Serious Fraud Office announced that a former employee of a Petrofac subsidiary yesterday admitted bribery under the UK Bribery Act 2010.


Petrofac confirms that no charges have been brought against any Group company or any other officers or employees. Although not charged, a number of Petrofac individuals and entities are alleged to have acted together with the individual concerned.

No current Board member of Petrofac Limited is alleged to have been involved.


René Médori, Chairman of Petrofac, said:

"The SFO has chosen to bring charges against a former employee of a subsidiary company. It has deliberately not chosen to charge any Group company or any other officer or employee. In the absence of any charge or credible evidence, Petrofac intends as a matter of policy to stand by its employees."

"Petrofac has policies and procedures in place designed to ensure that we operate at the highest levels of compliance and ethics."

have taken my life in my hands with a long at 395
looking to trade it - at a profit of course! - and shall be very happy to turn 20p or a little more