The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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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?
I'm a relatively new investor and I came to Afren late. I only invested what I could afford to lose so now I have to look ahead. Being a good investor requires you to learn from mistakes like this. I didn't do enough research and made some rookie mistakes. I'll take the experience and build on it, and hopefully become a better investor. I hope others can do the same.
20 business days! Any takers, can anybody find any other rule as Tony is suggesting? We called the administrations, they don't have a clue!!! what is going on?
Dont be so childish andy.
Hi Jester, hope you are right, the stench of corruption in this is so strong. Everytime you read more allegations come out. Recently about hidden cash for school fees for BOD family!! just unreal. If nothing is done by the authorities here then, I dread to think what else they could let go.
'There must be another rule somewhere that if the company fails to pay its fees it is de-listed by the stock exchange, but i cant find that.' Of course there must be, surely, do keep looking. The truth is the rules seem to be being made up as they go along. Somebody is hurrying up this 'process' to a breakneck speed because they obviously feel that they have to for some reason.
I just sent you an email.
Hi Ldlv, interesting link, but probably not the whole story. if a company in unable to comply with the fee rules because is has no money, as in admin or liquidation, and it cant pay the fees, on the basis of that rule the company would remain listed for ever because fees are not paid. There must be another rule somewhere that if the company fails to pay its fees it is de-listed by the stock exchange, but i cant find that.
Or they will be fined billions for corrupt dealings and compensate the shareholders. Something major is going on in background and hopefully the authorities do something about. Its gone on for far to long..
My share account has now put numbers instead of epic code and put £nil value and is just showing cost price.
Blackstone have always hovering around in background. Now these vultures (inc JP Morgan) will no doubt pick up prized assets at a massive discount.
There is-nothing else to comment on. The shares have no value and will never be tradable. The Debts are so far in excess of the Equity value that there will be no value attached to the equity shares. Even the Bondholders won't get all their money back. It's not right what has happened but that's the risk you pay for investing. Those that wish to pursue Legal action will be throwing money away. A lesson learned for me. Don't follow the crowd. Some may have lost their life savings here. It's a sad state of affairs.
ADMINISTRATORS of Afren have launched a fire sale of its prize assets as fresh details emerge of the secret offshore pay scheme that triggered the oil producer’s collapse. Afren shocked the market last year when it discovered an offshore vehicle that had been set up by former chief executive Osman Shahenshah to pay himself and a clique of 10 other top executives $45m (£29m) in secret bonuses. The revelation sent Afren, at the time worth £1.2bn and coming off a year of record profits from its Nigerian oil operations, into a tailspin. It filed for insolvency protection nine days ago. The company’s adviser, Blackstone, hopes to dismantle the remains of Afren by selling its biggest assets by the end of this month. Information memoranda were sent to several suitors this weekend.
I guess this rules below apply to the cancellation? If it is true they requested the cancellation 20 days ago? It means 20 July! Cancellation will only be effective once all outstanding subscriptions, charges, fees or other sums due to the Exchange have been paid in full. For that fees they had the money? Administration was announced the 31st? what the hell is going on here? 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.
In the space of a few weeks we have been well and truly stitched up. I know the decline was severe but always reckoned there was some way back to some kind of value just based on production and asset base. Clearly a lot of the real information was hidden from investors so we could not make a clear and informed investment decision. I am sure if any knew the true state of affairs they would not have invested here. For a FTSE 250 company this is just scandalous and I hope ALAG can get retribution for those that have been complicit in this deceit.
Hi luis. Have sent u an email. Please sign me up.
At least we will be able to claim a loss and use it against any other Capital Gains Tax Gains made this or future Tax years. A small crumb of comfort I know. An absolute disaster of an investment. Glad my loss was only 19k. I was going to pile in for the now defunct open offer. It did not take long for the Administrators long to delist the shares. We all need to move on and make up our losses elsewhere
Something definately not right with this
It only took a trading week to go from suspension to the administrators and then delisted. Surely cant happen that quick. Im sure it would take the administrators more than this just to look over the books with this debacle.
Like I said, many people thought you were the real deal and at first do did I. The same people who have got behind ALAG and IDLV, because he/they has stuck to the task, is far more transparent and I know that they are fighting for shareholders. Sadly Ynot, I don't believe you ever were. Have a nice day.
Yep all our hard earned cash have been flush down the toilet!! What a nightmare this share has turned out out to be??
Now delisted not just suspended. Yes we have now lost it all
For Afren. RIP!!
So this is it now, they have cancelled the trading of shares?? Will we get anything back?
Lets see who buys the stolen assets?