The guy is the FOURTH CFO within two years...you might feel great about it but I think it is just another red flag with regards to fraud.
Rosneft working on giant oil deal with trader Trafigura - sources
Mon Mar 16, 2015 2:09pm GMT Print | Single Page [-] Text [+]
* Deal would get Swiss-based trader tenth of Russian oil exports
* Neither company commenting, but rivals sure deal is close
* Russian firm's access to credit squeezed by sanctions
By Gleb Gorodyankin and Dmitry Zhdannikov
MOSCOW/LONDON, March 16 (Reuters) - Trading house Trafigura is set to become the largest exporter of oil from Russian state-owned energy major Rosneft under a deal it is negotiating with the sanctions-hit company, industry sources told Reuters.
From April, Trafigura will start handling more than a dozen tankers or 1 million tonnes a month (240,000 barrels per day) of oil from Rosneft, over a tenth of Russia's overall oil exports, three trading sources familiar with the development told Reuters.
Rosneft and Trafigura declined to comment.
the company remains a joke
Given the huge improvement in dayrates during the last few months but today the company made it quite clear that they still need more cash in order to deal with the upcoming debt maturity. Actually nobody would have imagined that they still make use of this ill-fated ATM offering. If anything they should have sold shares when the stock was pumped on fast money and traded above $5 on giant volume.
Today's news sends very poor signals to the investment community:
1) The company's cash flow obviously is coming in much weaker than anticipated
2) The convert won't be refinanced (which really should be no problem given current business conditions)
3) $2 obviously is still a good price to sell for management
4) Management doesn't care at all for shareholders
I find it hard to understand why management acts like this and therefore would advice to avoid the stock at all cost.
this is outright dumb as today's news makes it painfully clear that even contracts once mutually agreed upon are NOT safe anymore in light of current market conditions. The recent DO earnings conference call already made it quite clear that customers will re-negotiate down existing contracts or outright cancel them. Seadrill is experiencing the same issues so future revenues and cash flows are going to be severely affected. The remaining $19 bln backlog will continue to come down over time not just by work being performed but also by cancellations and price concessions on existing contracts.
no need to cover here as this will be below $1 going into the next conference call
Trafigura is using the VLCC chartering JV from Frontline and TI
Perhaps for ZBB but not for their current shareholders. IF (and this is a big IF) their technology succeeds SPI will make use of their right to take control of the company for a rather tiny payment of $35 mln and reap the profits of the new technology. If it doesn't work (which most should suspect) ZBB will be obliged to pay back $28 mln in preferred shares. So there's no way current ZBB holders can win here.
not really - I have been around for 15 years and will stay here even longer I guess
Here we go:
Fortinet downgraded to Sector Perform from Outperform at Pacific Crest
Decidedly positive this time. While the very slight discount already reflects market expectations for a full redemption of the convert it is interesting to see that they did not try to do another debt-for-equity-swap.
The open market buyback also signals that the company will redeem the bond in full when it matures in April. Given the current market price of the bond it looks doubtful that the remaining holders would accept any kind of equity swap so most likely there WON'T be any further dilution from this issue.
Guidance was indeed weak and well below estimates - analysts were pretty straightforward about their disappointment on the call. Goldman Sachs already downgraded this morning.
I didn't like managements' manner on the call lamenting about low visibility with almost half of the quarter already done. The shares should be avoided.
that's just plain dumb - the company has shown for many quarters in a row that there's little to no value in the business.
this is dumber than dumb...management is outright saying that they will RAISE new capital and substantially dilute current shareholders
Actually they are hiring Centrosolar to do the work they can't perform because they have no money and no supplies. Effectively they are passing their east coast backlog to Centrosolar in order to bill customers sooner to take in cash.
Given that their contracts are already net margin negative on a standalone base the money they will have to pay to Centrosolar will further weaken the earnings "power" of the company.
Just decided against building a position here. After listening to the conference call again it is becoming increasingly clear the Q1 will be another poor quarter as management would have guided more precisely otherwise. So I will wait for Q1 numbers and outlook and will make a decision then.