Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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From a brief look at pag 51 of http://www.fca.org.uk/static/documents/handbook-releases/ukla-release136.pdf normally they would have to have approval from 75% of shareholders to cancel the listing, but there is an exception as follows; However, we don't see how it's possible for the Administrators to have established the conditions in (1) seeing as they've only been on the job for 1 week. And the 20 day rule still applies, so this must have been initiated by Alan Linn & Co.?? Ant takers?
Guess this is it now. All hope gone. I hope this is investigated and Afren subsidiaries pay for it.
Read the actual rules. The 20 days is notification to the market not to the FCA, they only need to give them 24 hours. Still not complied but see attached. ■ LR 5.2.5 R (2) will not apply where an issuer of equity shares notifies a RIS : 5.2.7 FCA (1) that the financial position of the issuer or its group is so precarious that, but for the proposal referred to in ■ LR 5.2.7 R (2), there is no reasonable prospect that the issuer will avoid going into formal insolvency proceedings; (2) that there is a proposal for a transaction, arrangement or other form of reconstruction of the issuer or its group which is necessary to ensure the survival of the issuer or its group and the continued listing would jeopardise the successful completion of the proposal; PAGE 5 ■ Release 136 ● April 2013 5.2.7 LR 5 : Suspending, cancelling and Section 5.2 : Cancelling listing restoring listing and reverse takeovers: All securities 5 (3) explaining; (a) why the cancellation is in the best interests of those to whom the issuer or its directors have responsibilities (including the bodies of securities holders and creditors, taken as a whole); and (b) why the approval of shareholders will not be sought prior to the cancellation of listing; and (4) giving at least 20 business days notice of the intended cancellation. Listing rules below http://www.fca.org.uk/static/documents/handbook-releases/ukla-release136.pdf
Our group headed bt LDLV will never give up on this until justice prevails. The serious issues have been raised at the highest levels and everyday we will continue to chase the authorities and MPs until relevant action is taken. The people involved in this scandal will be brought to justice, this group will ensure that!
Afren The fact that the administrators have launched a fire sale of the company’s assets will be a dagger blow to shareholders who in recent months have been totally abused at every level by the succession of incompetent and fraudulent management. Although the FT and the Sunday Times both exposed further claims at the weekend, including how the money was come by, how it was spent on school fees and flats for their children this is just the tip of the iceberg and should be investigated by criminal authorities who have appropriate teeth. If you are on LinkedIn you should immediately befriend Simon Hawkins the former head of IR who has published ‘ How to cope when your CEO trashes your company’ and ‘ 10 shocking moments at Afren I never want to relive’. Here they are: Mixing business with pleasure – learning that Afren execs privately owned undisclosed stakes in FHN, one of the Company’s subsidiaries. I should have resigned there and then. Reality check – looking out over the sea at our beach house while conferencing in to Afren’s board room only to hear for the first time how our CEO and others had received unauthorised payments. And in the process betrayed so many people who had believed they were better than that. You’re fired! – witnessing the Chairman of a FTSE 250 company suspend the CEO and COO before their dismissal. Simply. Extraordinary. D-Day? – arriving at the office on too many mornings thinking “Surely Afren is going bust today”. And worried the money won’t be there for payroll at the end of the month. What a bogey – being told my boss had been dismissed for gross misconduct and realising just how much golf he had been playing after being granted full access to his Outlook Calendar. Broadsided – getting a call from our interim CEO to say we need to write off 1bln barrels from our Kurdistan assets, after having been told only a few months earlier by previous management that we were about to sell them for $1.2bn. Like we hadn’t been dealt enough blows. Wake up call – woken up at 2am by my iPhone buzzing only to find some bright spark had posted on Twitter the night before an announcement we were due to make later that day (7am) by figuring out the sequence numbers on our website and pressing refresh until it appeared. Not our finest hour. The real victims – taking the flood of calls from shareholders who had lost their life savings and more. Haunting and heartbreaking. Genuinely. We are watching you – being led from the head office back door by Head of Security following a credible and specific threat to my personal safety. Up in smoke – learning about the Company’s ultimate demise from a Bulletin Board post simply saying “Administration”
Thanks.
Sorry to hear the news. I was invested in Afren from the early days and have some very fond memories.
too many questions to ask!
Simples is this the next sort of scandal ie ppi. Ripping off honest folk. When and where will they stop.....
so its definitely over. gutted.
Was they downgraded to achieve where we are to day so they can sell it for themselves. Admin are part and parcel of all this wouldn't be surprised if they are linked in some way ie rothchilds own allsorts. Just a thought come on no one can say one minute there is 1billion barrels plus then theres just 200 mill barrels a 5th.. bu ll sh it...
Note the phrase independently certified - do we know who that was ? Investment decisions were taken off the back of this news. One of the recent entrants into the Kurdistan region of Iraq Afren (LON:AFR) has now completed the acquisition of oil assets in the region for just under US$600 million. Back in July, Afren announced it was paying US$588.25 million for an operated 60 percent interest in the Barda Rash production sharing contract (PSC) from Komet Group and a 20 percent interest stake in the Ain Sifni PSC from Kurdistan’s regional government. In order to fund the purchase, the company has signed a US$200 million loan facility, which will mature in 18 months following the date of drawdown. The acquisition has added an independently certified resource of 890 million barrels in the 2C category and total net un-risked resources of 1.07 billion barrels. Afren is aiming to convert the 2C resource into proved and probable (2P) reserves in the short term. The company said the new assets give it near term development upside and low risk exploration potential. Phased development work at the assets is expected to ramp up production net to Afren to 15,000 barrels of oil per day (bopd) next year, 35,000 bopd by 2013 and 125,000 by the end of 2017. Shares in Afren rose 2.7 percent to trade at 92.45 pence in early deals, giving the company a market cap of £989 million.
Simon Hawkins yesterday: "Broadsided - getting a call from our interim CEO to say we need to write off 1bln barrels from our Kurdistan assets, after having been told only a few months earlier by previous management that we were about to sell them for $1.2bn. Like we hadn’t been dealt enough blows."
is this week...no more comments. what is going on here is just crazy! afrenlegalaction yahoo com
Afren (LON:AFR) today revealed positive results from the Simrit-2 well in Kurdistan as testing produced oil at a rate of 13,584 barrels per day. The Simrit field is located within the Ain Sifni PSC, immediately south of Gulf Keystone’s giant Shaikan discovery. Simrit-2 is Afren’s first in Kurdistan since it acquired a 20 per cent stake in the Hunt Oil led venture in the semi autonomous region. The well initially revealed a new discovery in April. Today it said that an additional 100 metres has been drilled in the well and this has revealed the ‘continual presence of light oil shows’ and no oil water contact has been established in the well’s target reservoirs. Afren says the well’s total net oil pay has now increased to 460 metres. "The latest results on the Simrit-2 exploration well confirm the transformational potential of this discovery to Afren, further validated by the test results, suggesting excellent production capability,” said chief executive Osman Shahenshah. The drill rig is now being moved to the next location in preparation for work on the Simrit-3, which is slated for August.
Yellowcraig - I hope there is something similar possible here. These criminals should not get away with scott free for underhand dealing going on here.
we will never give up, what is wrong is wrong....this is an scandal afrelnegalaction yahoo com
If we count the 20 business days required that appear in the link below "London Stock Exchange Admission and Disclosure Standards" Afren requested the cancellation the 13rd of July 2015. Is there any other rule that talk or are applicable to cancellations? Because that, the request was done before suspension that was the 15th of July. How can it be even possible? It appears that the rug is being pulled away from under the feet of Shareholders in a very suspicious manner. Cancellation rules are here, pag 33: http://www.londonstockexchange.com/companies-and-advisors/main-market/documents/brochures/admission-and-disclosure-standards.pdf Cancellation 3.20 An issuer that wishes the Exchange to cancel the right of any of its securities to be traded must advise the Exchange in writing, not later than 20 business days before the date it intends trading in its securities to be discontinued. An issuer is also required to announce the intended cancellation of any of its securities through a Regulated Information Service. If agreed, the Exchange will announce the intention to cancel individual securities through the Datasync Email Service and the intention to cancel issuers through a Regulated Information Service. 3.21 Cancellation will only be effective subject to the issuer complying with any legal or regulatory obligation and providing the Exchange with appropriate confirmation.Cancellation will only be effective once all outstanding subscriptions, charges, fees or other sums due to the Exchange have been paid in full.
Hi all, So this is my first post on LSE, I've read and watched all my stocks here for years, but QPP is the first stock that's made me actually sign up to post on here. I've been trading for about 4 years (privately) and have had some great success. QPP is the first stock that has really baffled me over the past few months, this is one of the most manipulated stock's I've seen. I have howeer really enjoyed reading everyone's thoughts. My personal holding in this share have seen some turbulent times recently, but I remain extremely optimistic. I hold 10k shares and have averaged down to about 93.3p a share. I've always been long on this stock, and will continue to be. I guess if you're worried, like I have been, don't be! There are some great times coming with this stock and I believe it's undervalued at present. Remain long and strong! ATB
So, If the administrators had no clue, so, who applied for the cancellation, well before the date of the EGM and Scheme meeting? Was there even truly an EGM to be held?
$6.6 billion, came from JP Morgan Chase, Citigroup and the Canadian Imperial Bank of Commerce. Smaller amounts came from Bank of America; Lehman Brothers; former Big Five auditing firm Arthur Andersen and its defunct global umbrella organization, Andersen Worldwide; LJM2, a former partnership once run by ex-Enron finance chief Andrew Fastow to conduct deals with Enron; and law firm Kirkland & Ellis. The only individuals to have settled for a collective $168 million were former Enron directors.
Eligible shareholders whose Enron holdings became worthless when the company crumbled in scandal will receive $7.2 billion in settlements under a distribution plan approved in federal court. And the California-based law firm that ran massive Enron shareholder litigation for more than six years will get $688 million — plus interest — for its work, U.S. District Judge Melinda Harmon ruled late Monday. "We're pleased that the court recognizes the tremendous amount of work, skill and determination required to overcome significant obstacles in this complicated case and recover over $7 billion for defrauded investors," said Patrick Coughlin, chief trial counsel for the firm that ran the litigation, Coughlin Stoia Geller Rudman & Robbins. The $7.2 billion in settlements is the largest ever in U.S. securities litigation. The second-largest was WorldCom's $6.1 billion, according to the Securities Class Action Clearinghouse at Stanford University. Shareholders eligible for a payout must have purchased Enron stock between Sept. 9, 1997 and Dec. 2, 2001, the day the company went bankrupt. Shareholders who bought stock before that time or after bankruptcy are not eligible. Firm spokesman Dan Newman said today that attorneys hope they can make a distribution by the end of the year, "and the order approving the plan of allocation is a big step toward that goal." The plan outlines procedures to distribute the settlement proceeds to about 1.5 million individuals and entities, such as pension funds. Investors who bought common stock during the span of eligibility stand to receive an average of $6.79 per share, while those who bought preferred shares stand to get an average of $168.50 per share. The plan generated some opposition, largely from shareholders who bought stock outside the span of eligibility. The lead plaintiff in the litigation, the University of California, argued that while it didn't satisfy everyone, it is fair and reasonable. "This court agrees," Harmon wrote in her order approving it. With the largest-ever settlement came the largest-ever request for attorney fees. The firm negotiated the fee with the University of California based on a percentage of money recovered. The $688 million, part of which will be funded by interest on the total settlements, is 9.52 percent of the $7.2 billion. Harmon called the university a "highly sophisticated investor" that struck a fee agreement aimed at maximizing shareholder recovery, in this case more than 90 percent of the settlements. "This litigation has been ongoing since the fall of 2001, over six years, and the record attests to a long, difficult fight that justifies honoring the fee agreement's 9.52 percent," Harmon wrote. The bulk of the settlements, $6.6 billion, came from JP Morgan Chase, Citigroup and the Canadian Imperial Bank of Commerce. Smaller amounts came from Bank of America; Lehman Brothers;
It is a pleasure to see you here!
can anybody tell me when the SEPLAT deadline is?? I tell you, this week...
your 21 posts are a source of inspiration, give me strength