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1) Following the administration process we (PI SH) can get something back - even the pre-suspension closing price of 1.78p. Not ideal I know but better to get something back. 2) There is proper justice for those responsible for the scandal that has passed here. If there was a £200-250m shortfall this should have been communicated earlier so holders can decide what to do. Instead the shares are suspended and then they announce this whopper when our hands are tied!!
On Friday Afren finally gave up the ghost and called in the administrators after it failed to get more funds from the Bond Holders. Although the situation received a handful of vague comments in the weekend press I am astonished that it appears that no investigative journalist has taken up this alleged breach of management responsibility and attempted to expose what might be a huge can of worms. I am aware that some shareholders are attempting to take action and they should be encouraged, as so far I have also not seen activity from the appropriate authorities who should be considering launching a criminal investigation going back some way. So many questions appear to have been raised it is difficult to cover up, such as whether directors ‘ignored’ a perfectly reasonable bid for the company, the status of companies within and under the Group umbrella and the transfer of assets therein. Time for action?
notice that the RNS stated the BH were supportive of the ADM process . Part of the reason is many BH did not participate in the original $200m, and we're getting a free ride here, in administration all BH will be treated equally . The administration is a top notch ' corporate rescue ' team. It's far from guaranteed that these guys have no chance of stabilizing the company . It won't be easy . But all the Capex from H1 ($100s millions ) will be placed to the side .
Granto I'm glad we got someone sensible here, I'm convinced this will come out of administration as this was short term crisis, Sometimes admin is the best option in a company who has short trm funding issues, it's not over by a long way yet!
St Hilliers went into administration and emerged 5 months later . Some people here have written off Afren. I'm not so sure it's gone yet. This was a voluntary administration and not enforced .the courts and the Administrator have huge powers here . Contracts can be torn up before your eyes and invoices cast in the bin, even with the company holding millions in cash . There is complete protection from creditors and all legal actions . Let's see how this rolls ..... Toast ? Too early to say that .
Lets see shall we. I'm sure not many would dispute that Afren have stitched up their own shareholders. Lets see if we can identify some of those threads and what it will mean for the person/s who was holding the needle. Afren legal action yahoo com is now your only option for any kind of justice here.
Both "organisations" are a complete irrelevance and nothing more than peeing in the wind. Shareholders are toast and any effort to try and recover anything could be expensive and will be futile.
Hi Singy, ASOG have achieved absolutely nothing.... All the while they had been the portal for many distraught shareholders to vent their own frustration, who themselves had mistakenly placed faith in the abilities of ASOG to negotiate for them. If you think about it, It had the effect of containing the unhappy shareholders who thought that their battle was being ably fought by this 'action group' when it actually wasn't. So effectively no one would take up the mantle themselves as it was seemingly unnecessary. Afren Legal Action of course saw it differently. They saw that 'pussyfooting' around with tea and biscuit gentlemanly conversations was futile. Do you also remember the information that ASOG gave us, the content of the meetings? They didn't tell us anything of what went on and still haven't!!!!. Why not? Why are they not up in arms now?. Why have they all gone quiet apart from Peter B, who seemingly has dropped a few dozen IQ and developed swear-itus over night. SOMA are currently being investigated. Don't be alarmed to see Afren undergoing a similar process before this is all over. Assets still have to change hands, those benefiting from this will become transparent. ALAG will not rest. Afren legal action yahoo com is now your only option for any kind of justice here.
Singy It's not over yet pal, companies have come out of administration in the past and will in the future, sometimes admin is the best solution for short term crisis, yes liquidation is a different kettle of fish, if afren gets to that situation then were doomed
One thing that I have learnt from this loss, is that I am never going to invest in shares again. I have decided that I will only invest in rare items from now on, I should have have known when there was millions of available shares to buy, if they where actually worth a lot of money, people would have already of bought them. From now on I will only invest in rare items, the rarer the better. People will be prepared to buy them for a premium if you are the only person they can buy these items from.
Andydiff, Whats the point in taking your frustration out on ASOG, its not their fault, they did try. Its Afren that everyone should be angry at for losing their investments and everyone should be venting their anger and energy this way. I haven't seen anything positive that the legal team have done either but I'm not venting at them, they are trying as well. I think by everyone arguing here, this board is just going to end up dying down, and everyone will just disappear and nothing will get resolved.
ASOG have proved themselves beyond, doubt in my mind, to not only being as much use as a 'chocolate fireguard', but also they have, in my opinion, conspired against and betrayed shareholders of Afren. Pete B's posts last night were like those of argumentative and foul mouthed child. Someone tell me he doesn't represent ASOG. MEANWHILE, since the Rns, Tony boy (ynot) has taken a holiday, good timing that, incredible coincidence. So it's now Left up to Afren Legal Action team, to actually do something other than share copious amounts of tea and biscuits with the man that seems to have completely ignored all shareholders since day one. To think, we were close to his heart.
And that's your in-depth, forensic analysis, is it peteb308 ? And I quote '..............please this was always a "**** or bust" after 13th March (and arguably prior). double or quits each turn of the card'. Will that little gem be the included in your 'help' book for private investors ? 'The thought of peteb308, petrol station booth attendant'. LOL. Goodnight all.
I don't even know why I am still posting here. More out of habit i guess.
Peteb, I was one of them then. It was the right idea just not the right oil company. Really we wanted an oil company that would be able to take advantage of the low oil price environment. Not an oil company that would be annihilated by it. Won't make that mistake again though.
Andydiff, up until a few months ago you spent a huge amount of your time ramping the bejesus out of Afren. I mean, some of your ramps were cringeworthy to read. You were pretty shameless in your promotion of a company that many saw dying before their eyes. In fact, you were utterly shameless and abundantly conscience-free as you tried to ram the magnificence of Afren down peoples' throats. Now you have the audacity to accuse others of manipulation. Here's you in February this year: "Afren to most pi's is looking in better shape now that they have publicly dressed down the parasitic company Seplat who was seen to be preying on her in her weakened state..a state which has also been orchestrated with the help of big money waiting in the wings..so Afren obviously have better options now, brought about in part by the very thing that threatened her viability (the oil price) it is in reverse from its decline and has risen over 30% in the past few weeks. I'm still all in and ignoring the noise as the future looks bright to me. Whether it's 60watt or 100watt bright it'll be better than the candle that is burning now." Indeed. The paranoia you've been displaying here against anyone or anything (other than yourself) that you seem to think lost you money is all too evident in many of your posts. Have you family or friends who are still communicating with you? If you have (which I doubt) I'd speak with them about your issues. It's quite likely you need help.
the debt would have been fine if crude had gone back up to $100. So really it was a gamble crude prices.
Gosh you've been busy today Pete. How Many posts...lots of work to do, getting the message across? Nite nite
Link to legal info below ( the longer piece in inverted commas): http://www.pwc.co.uk/business-recovery/administrations/brs-admin-faq.jhtml
"Q - How do I know what kind of creditor I am? A - There are four main types of creditor: Secured (split into security via fixed and floating charges); Preferential; Unsecured; and Shareholders / members Secured creditors have security registered at Companies House. When they have a fixed charge over an asset, the secured creditor will be paid out of the realisations from those specific assets, after the costs of realisation have been deducted. When they have a floating charge over an asset, the secured creditor will be paid out of the realisations from those assets, after the costs of realisation, the preferential creditors have been paid in full and the prescribed part (see below) has been set aside. Preferential creditors primarily consist of employees for arrears of wages, accrued holiday pay, unpaid contributions to occupational pension schemes and state scheme premiums, all within certain limits. Preferential creditors rank ahead of all other creditors when realisations are achieved from assets where there is no fixed charge registered. Unsecured creditors are all other non-secured and non-preferential creditors. These are usually the normal “trade” creditors. They rank below Preferential and Secured creditors, with the exception of when the prescribed part is applicable (see below). Shareholders / members will be the last class of creditor to receive a distribution and they will only receive a distribution after everyone else has been paid in full." Effectively, shareholders will get absolutely nothing. Sometimes the grouping second from bottom of the list above (unsecured creditors) get a payment whereby you will hear expressions like '10p for every pound owed to them' etc. which means the shareholders still get nothing. Oftentimes the unsecured creditors get nothing and the preferential creditors (employees etc) get the leanest payment due. The shareholders never get anything. I strongly urge those still grasping at straws to let it go.
What you need to understand is administration is sometimes a sensible logic for a growing concern type of business, unfortunately for afren the short term has opened up a can of worms which has caught the company out, but I'm confident it will be back out of admin
I certainly don't believe the corrupt bod who have missinformed everyone
some oil companies might come in for a bargain. But Ebok seems to not be as good as we thought.
The "will" out weigh the "won't", great assets, good production, the current problem is short term cash injection and I can c bidding war starting soon
Hi guys. This was the worst time for me to be away. I apologise. im at a wedding in the mountains of Wales. Only have my phone, no comms signals up here. Got a weak link now. Im back on tuesday. Think this will be my only post tonight. T