The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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No more drilling, the AD9 ri has been deobilized, drilling has once more being stopped. Production will continue to decline. Oriental will continue drilling in the future once the legal situation of the block is clear Frankly everything boils down now to the pecking order. Employees lose, contractors lose, BH lose and SH, at the bottom of the list, lose. I am sorry for us all, it's time to move on.
Hi Peteb don't remember that! I got a lot of people on my filter list but your not one of them. I made it on to TW's BB moron list LOL although I must admit I do put out some wacky posts. But considering I have been pro share prophets thought it was unnecessary to say the least but took it in good spirit regardless.
I had the same email
If any shareholder, company official or interested party in Afren PLC can provide any factual information of any event involving the company that they feel should be reported to the regulatory authorities or has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly.
We are in the media again, we won't give up. http://www.lse.co.uk/AllNews.asp?code=aus017hb&headline=UPDATE_Afren_Exits_London_Stock_Exchange_As_Shares_Are_Delisted afrenlegalaction yahoo com
seplat
So it will cost us the square root of f_all. I do love disproving you GG so much more fulfilling than having to deal with your apprentice Andy.P BTW how was his holiday in Scratby ? Did you get a postcard ?
I've highlighted the relevant text in caps for you as I know you struggle with processing large amounts of data. What an amazing coincidence that we by chance engaged the same law firm ! Stroke of genius that by LDLV.
LAN has named a number of former Lloyds directors in its action, including former chairman Sir Victor Blank and former chief executive Eric Daniels.
Funny you mention Lloyds GG - A SHAREHOLDER group that has filed a legal claim for compensation from Lloyds over its controversial rescue of HBOS in 2008 is pressing big institutional investors to throw their weight behind the action. Lloyds Action Now (LAN), which represents 7,500 small shareholders, said an expected granting of a group litigation order (GLO) by the High Court this week will pave the way for more than 800,000 more to join, as well as leading institutional shareholders. No specific amount of compensation has been outlined in the lawsuit, but it is argued that £12 billion of shareholder value was destroyed when HBOS was taken over by Lloyds before the latter was itself rescued with a £20bn taxpayer bailout. Adrian Lithgow, one of the founders of LAN, said: “We will be able to directly approach institutional shareholders if, as expected, the GLO is granted. And we will do.“Institutions have nothing to lose by signing up to LAN and everything to gain. It WILL NOT COST THEM TO TAKE THEIR CASE TO COURT, and if they do not join, and LAN’s claimants win their case, they will be effectively prevented from mounting another case.“We have had to wait a long time as it has been a complicated case. But we believe we have strong momentum now and any granting of the GLO will give us more because we can approach others to join us.” LAN’s action is funded by specialist investors that support litigation claims. Legal experts say it is virtually certain the GLO application, submitted by LAN lawyers HARCUS SINCLAIR, will be granted as Herbert Smith, the lawyers representing part-taxpayer owned Lloyds Banking Group, have not objected to it. A similar GLO has been granted in separate legal actions against Royal Bank of Scotland relating to its £12bn rights issue in 2008, where a mixture of private and institutional shareholders claim RBS misled them as to its financial strength at the time of the cash call. It is understood LAN is hopeful of strong eventual participation by institutions in the action against Lloyds, as many of them are likely to be the same as those taking part in parallel lawsuits against RBS, which is 81 per cent owned by the taxpayer. The latter include Edinburgh-based Standard Life Investments, Legal & General Investment Management, Aviva, Prudential and the University Superannuation Fund. The RBoS Shareholders Action, representing 100 institutional investors and 12,000 small shareholders, has filed a £4bn lawsuit against RBS. LAN argues that information about the emergency funding HBOS was receiving, such as the £25bn through the Bank of England’s special liquidity scheme in the 2008 financial crash, was not disclosed at the time of the takeover by Lloyds.The action group also alleges that there was a loan from the US Federal Reserve to prop up HBOS that was not divulged.LAN has named a number of former Lloyds directors in its action, including former c
Agree the administrators are just following the law in terms redistributing value. However, what has brought to this predicament is another story entirely. Withholding BH payments to default Selling POO hedge without informing investors Writing off asset values Withholding information about severe production issues If fraud can be proven immediately then it could put a massive roadblock in the administration process. If it is proven retrospectively post administration there could still be scope to recover damages from main perpetrators.
The guy is obsessed with Rob Terry though.
Sort of flattered in a way that Winnifrith took the time to mention me on share prophets and pasted in one of my posts. LMAO.
share prophets can put in their bb moron list. I don't a care I take it in good spirit. Winnifirith is a hypocrite as he's always moaning about Quindell. Anyone would think he has lost a lot of money on them the way he goes on.
*not surprising. the rules and regulations don't see to apply with Afren. All sort of crap has gone with this. But that's life is suppose. rules made to be broken etc a lot of corruption with this company. like Quinnell. The whole thing has been a farce.
not surprising. the rules and regulations don't see to apply with Afren.
Hmmmm, let's see now, why would a law firm take on the case ? Shot in the dark here, shoot me down if you like, but how about they see a group of mugs and want to seperate them from the last of their cash ? Just thinking out loud, the lloyds legal action group has been going down this road for, what, seven years now ? And where have they got, so far ? I happen to think lloyds group has a case, much more of one than afren group. after all, back in 2013 issues were raised about the directors dealings in fhn, where were you all then, calling for an investigation ? Hmmm ?
Hi Humpa, Yes the legal route is an option for you. You should contact them direct by email at afrenlegalaction yahoo com
It is NOT unfair...... it is company law and consistent with the level of risk appetite investors have in a given company. What we need to focus on is whether or not any fraudulent activity / gross negligence has taken place or by company directors, auditors, rating agencies etc that gives rise to a legal claim. Shareholders will not get anything from the administration process so the only option is the legal channel, so despite what the FWIT GG says, there is still a possibility otherwise why would a law firm take on the case.
ASOG Just wondering if the legal route is Still being initiated.
Rang the Administraters this morning and had a brief chat with them regarding the current events. I received a email shortly after. It is totally unfair that shareholders would be treated at the bottom of the list of priorities. Hugh amounts have been invested in this company and the guys who have stole peoples hard earned cash need to have respect and return back what was invested. This is total fraud at the highest level. Afren Plc – in Administration (the Company) I can confirm that Simon Appell, Daniel Imison and Catherine Williamson were appointed Administrators of the Company on 31 July 2015. The Administrators are licensed Insolvency Practitioners and are licensed in the UK by the Insolvency Practitioners Association. The Administrators are currently formulating their strategy for the Administration and further details will be provided in the Administrators’ Report and Statement of Proposals, which will provide a detailed assessment of the Administration strategy together with details of the anticipated outcome to each class of creditor. This report will be issued in due course and in any event within eight weeks of the Administrators’ appointment. As a shareholder of the Company you will be entitled to receive a copy of this report. As you may be aware, the order of distribution of realisations of an insolvent estate are as follows: - Creditors secured by a fixed charge - Expenses of the insolvency proceedings - Preferential creditors (primarily amounts due to employees) - Unsecured creditors from floating charge realisations up to a maximum of £600,000 (if the company’s net property is £10,000 or more) - Creditors secured by a floating charge - Unsecured creditors - If creditors are paid in full, statutory interest on both preferential and non-preferential claims - Non-provable liabilities (if any) - Shareholders Please be advised that, based on current information, the Administrators do not anticipate that there will be any funds available for distribution to the shareholders in this case.
Halifax notification saying it is de listed and will send info if anything changes.
Ldlv.... Unless Afren is in breach of Stock exchange terms and are in default then there may be a summary delisting because of that.... eg admin, insolvency insuficient funds to pay LSE fees etc. I don know and cant find that anywhere but it seems logical that a compsny can delist voluntarily or be delisted compulsarily. See if you can find that anywhere.
as in most administration procedures, shareholders should be entitled to be a part of the administration, too make sure that no more underhanded behaviour or crimes can be committed by members of Afren. Hopefully soon the SFO will announce their official investigation into all the past and present staff and BOD and bondholders, who IMO played a big part in where we are today. Its already going on at QPP and IMHO the crimes committed by Afren personnel are far more heinous than that of QPP. To name but a few things, the deliberate failure of the payments to deliberately incur a default, the deliberate negative RNS's re their other assets, especially Kurdistan, the deliberate rejection of Seplats offer, even though Seplat stated it was the only hope of value for shareholders....................... I could go on but I guess the genuine investors here know the rest, and their is plenty for a judge to get his teeth in here and hopefully former and current members of Afren will do a bit of porridge at the same time. Lets face it, a FTSE250 company cannot go from 160p to 1.6p in less than 6mths without some form of insider knowledge or manipulation. Good luck all genuine investors here and you never know, it may swing in our favour once the administration process gets underway.......... 3D