Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Many of the Afren PLC investors who have lost countless sums during the scandals of the past years are seeking legal advice to seek redress and to gain recourse over the significant amount of irregularities that have occurred within and by those associated with this company. We are not convinced of the impartiality of many of the key players involved in this company over the period and the motive or the methods of those who are either involved in irregular behavior or who have assisted this malicious destruction of a multi billion pound company into its current condition. Some parties seem to be trying to rush through even further unacceptable outcomes to add insult to injury and the only way for us to counter this is to work methodically with the appropriate regulatory authorities and professionals in order to carefully and clinically reverse the damage inflicted upon many investors through what is alleged illegal and unethical actions. This is a marathon not a sprint. Ultimately, this will be resolved by a judge and jury and will probably require multiple litigations in more than one jurisdictions to seek the best outcome for all those who have been dispossessed. If a straight forward solution is not found it may take a long time to resolve fully but we feel that a positive resolution is likely regardless of any counter narrative that is deployed to deter us. In the interim, we request that no genuine supporter publically reports on any key historic events, allegations or developments on any bulletin board. Justice is slow but pure and we request and suggest that any posters do not waste their time in engaging with the deliberately provocative posters who are being paid to undermine our efforts or who seek to benefit from the dubious transfer of Afren PLC assets to key third parties. These malevolent parties have caused enough damage already and Pied Pipers have misled enough innocent investors to date that we do not want to encourage them further. If needed a legal class action point of contact will be advertised, published and distributed to all qualifying claimants by our lawyers in due course and they will become the key future unifying voice for the escalation of this pursuit for justice. Be assured, we will continue regardless until this injustice has been rectified.
Sorry ldlv, there'll be no interest from the Hollywood film studios on this backwoods provincial story. A couple hundred small investors too stupid too realise that investing in a company with board members of questionable morals, exploring for oil in a country renowned for corruption and poor human rights, who time and time again turned a deaf ear to the reality of their plight, who for at least 6 months refused to accept the inevitable ? Nobody, except those couple of hundred, cares. Even I'm fast losing interest here, and that's with 'viewer participation' mode turned ON, lol. There's tens of millions in this country with no interest in the stock markets, who believe (sometimes mistakenly) that investors are rich greedy bastards who deserve to get shafted by those who are fleeter of foot and faster of thought than their victims. Then there's the potential 90% of grown up investors who avoided this puppy like the plague, and couldn't give a toss what happened here, it didn't happen to them, so who cares ? Maybe this will become a case study on how not to pick an investment, in an article relegated to the back pages of the Thames Valley telegraph, or whatever. But no blockbuster here, sorry. Good luck with the yet-to-be-announced fundraising for your legal action.
Is it normal that they kept the offer secret from the shareholders?! Even now the company is in administration.. I dont think that the offer was 0p.. Then the shareholders would not have approved it.. So why should Seplat offer 0p.. Is it possible to get the information about the offer from afren or Seplat threw the court?!
Afren drama holds five sharp points for investors There aren’t many corporate insolvencies that would make a good movie. But any scriptwriters out there wanting to emulate the success of the Enron film should read our coverage of Afren this week. The story’s got it all: the CEO, COO and other executives sacked for taking back-handers from joint venture partners; a shadowy, super-aggressive hedge fund boss nicknamed Keyser Söze; even a Nigerian ex-general called Theophilus Danjuma. All that is froth, however. The real drama for financial market participants would play less well on the big screen. What destroyed a company that once symbolised a new, exciting nexus between London’s capital market and Africa’s burgeoning oil fields? That will take time to emerge, but we could start by looking at five things: not colourful, but gravely important. One. Afren was listed on the London Stock Exchange. Yet a supposedly high standard of corporate governance did not prevent a corruption scandal claiming its top bosses. Two. How much should oil companies hedge the oil price — and how soon should they have to tell investors if they change their policy? Afren was underhedged, in one shareholder’s view; then the oil price halved; and then it sold its hedges. Three. If a company is struggling to pay its debt, should it have to give shareholders a chance to inject fresh money, before yielding the whip hand to lenders? Four. Resources companies depend above all on technical estimates of reserves in the ground, and on how much of the commodity can actually be extracted. Some of the world’s smartest financial players, and Afren’s management, failed to spot that these were going badly awry. Five. When Afren failed, investors said even its claims on its assets were shaky: the licences were only safe if Afren was still pumping oil. When that is the case, an oil company is a much flimsier thing than investors may imagine.
http://www.globalcapital.com/article/sw16qqq3dt31/afren-drama-holds-five-sharp-points-for-investors
We shall go on to the end. We shall fight in courts, we shall fight on the law and with the authorities, we shall fight with growing confidence and growing strength in the media, we shall defend our shares, whatever the cost may be. We shall fight on the breaches, we shall fight on the lawyers grounds, we shall fight in the frauds and in the banks, we shall fight all their bills; we will never surrender Afrenlegalaction Yahoo Com
Or have we all come to accept the deciet
Goog afternoon all. Much on here about dodgey dealings still of one kind or another, still going on betewwn the various parties. That may well be true. However I find it hard to believe that with all the focus on the Afren story by legal entities and the autorities, FCA & SFO the press etc, that the relevant parties would be doing anything other than going strictly by the book. They would be fools to to do otherwise. The reason why some things seem inexplicable to us is that we simply do not know the underlying facts. Good luck (ALAG) TONY
We already have a very strong body of evidence emerging and as before we request that 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 which has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly to us initially and our lawyers subsequently. We can only request that you all continue forwarding this information and evidence and we are especially interested in speaking with anyone who has key knowledge of any illegal act or dubious event. If you have legally contentious facts but are naturally concerned of the legal ramifications of passing this information to us please contact the legal contacts direct and they will advise you accordingly as to how this can be handled correctly in the appropriate manner. We have faith in the quality, integrity and powers of the judiciary and authorities to assist us in gaining justice and we are all working towards the day that judges and juries have an opportunity to evaluate the entire facts and not just the propaganda that we have all been barraged with since the irregularities began. Thank you for all your support.
Many of the Afren PLC investors who have lost countless sums during the scandals of the past years are seeking legal advice to seek redress and to gain recourse over the significant amount of irregularities that have occurred within and by those associated with this company. We are not convinced of the impartiality of many of the key players involved in this company over the period and the motive or the methods of those who are either involved in irregular behavior or who have assisted this malicious destruction of a multi billion pound company into its current condition. Some parties seem to be trying to rush through even further unacceptable outcomes to add insult to injury and the only way for us to counter this is to work methodically with the appropriate regulatory authorities and professionals in order to carefully and clinically reverse the damage inflicted upon many investors through what is alleged illegal and unethical actions. This is a marathon not a sprint. Ultimately, this will be resolved by a judge and jury and will probably require multiple litigations in more than one jurisdictions to seek the best outcome for all those who have been dispossessed. If a straight forward solution is not found it may take a long time to resolve fully but we feel that a positive resolution is likely regardless of any counter narrative that is deployed to deter us. In the interim, we request that no genuine supporter publically reports on any key historic events, allegations or developments on any bulletin board. Justice is slow but pure and we request and suggest that any posters do not waste their time in engaging with the deliberately provocative posters who are being paid to undermine our efforts or who seek to benefit from the dubious transfer of Afren PLC assets to key third parties. These malevolent parties have caused enough damage already and Pied Pipers have misled enough innocent investors to date that we do not want to encourage them further. If needed a legal class action point of contact will be advertised, published and distributed to all qualifying claimants by our lawyers in due course and they will become the key future unifying voice for the escalation of this pursuit for justice. Be assured, we will continue regardless until this injustice has been rectified.
Peteb, they could have done a separate OO prior to the the actual restructuring. but they chose to ignore ASOG and also SRM. Bit of learning experience for BoDs in general. to pay attention to what your shareholders are proposing. Especially when they make up 15%. (SRM + ASOG)
I wonder if they would make a TV documentary out of it. quirky enough to make good television.
Hi Torquewrench it was a good article i thought. it gave a good account of what happened with Afren.
before that gets taken out of context. I mean the company getting back on track. financially and in terms of corporate governance.
i guess people remained shareholders in Afren for the same reason shareholders did in Tesco.
GG, Tesco had overstated its profit by £250m. recovered somewhat from £1.55 to £2 now. At some point most of these companies have been up to no good that's including FTSE 100 and FTSE 250 etc. after the payment scandal there had been more emphasis on corporate governance. annual report talks about it.
SRM would have pumped more more money via rights issue or open offer. otherwise they wouldn't have proposed the idea. The company would have avoided admin. but they seemed look down on pi shareholders. stubbornly ignored SRM. Only so much sympathy you can have for Afren management. they were woeful.
I must have said on here I wanted a rights issue about a dozen times. I told IR an open offer or rights issue was needed. Looks like SRM also asked for a rights issue. and that fell on very deaf ears. "Throughout, SRM was implacably opposed to the restructuring, viewing it as an unjustified seizure of the company by the bondholders. Rather than default on its bonds and hence yield control to creditors, Afren should have conducted a rights issue, which would have enabled it to keep going and shareholders to have kept their stakes. SRM remained determined to the last to vote against the restructuring, and continued to favour a rights issue instead, right until July." http://www.globalcapital.com/article/sw7cb45nkygl/the-collapse-of-afren-part-4-of-7-the-general-and-keyser-s246ze
Very ,will have to read it all later .atb
so gayGeorge your purpose here is to have fun ? and you talk of paedophilia and the catholic church, tell me were you a good catholic alter boy or maybe a choir boy ? did you serve the father. gayGeorge to get the gratification you obviously yearn for on this board I suspect you have suffered great personal mental and !!!! physical trauma in your youth, maybe the 1950'60s when this kind of abuse was turned a blind eye to. Did you ever encounter the late Jimmy Saville gayGeorge ?
See, i can't find ANYWHERE that afren, or the individuals involved denied the allegations. No rns was issued disputing the claims. Now, why was that, do you suppose ? Since the allegations were in the public domain, weren't you all actually COMPLACENT in the events that took place, or at least condoning the individuals' actions in buying into the company.
I'm here because I like a good comedy, and the comedians here are some of the best. As to the statement that '.....afren was a ftse listed company and this supposedly guarantees protection against fraud...' Yeah, right, just like 'the catholic church is a church and that supposedly guarantees protection against paedophilia'. LOL. So, did you decide the stories, the concerns raised weren't true ? That the press was attempting to 'deramp' afren ? Really, why would ANYONE invest in a company where concerns had already been raised ? You're all asking questions NOW, and making your own allegations, NOW you've lost it all. Why didn't you ask those questions BEFORE investing in afren ?
Great post, thanks like always!
Dinosaurs went extinct because the atmosphere no longer was able to support their excessive size and appetites.