We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I know it's more complicated than I was making out, but sometimes u need to strip it back to most basic facts. Hope I didn't **** you off.
Kb123 yes I can agree with that. I meant no offence to anyone, really I was just bringing a little balance as it was getting a bit out of hand considering he circumstances! I wish all the best to lth's I feel like it's us PI against the market and the 1% Rothschild equivalents, so never like to see the general public losing money. I do hope for a miraculous recovery for the good of the average punter, but equally sometimes u have to stop hoping and start acting to make money back elsewhere. All the best.
Kaisa - you have a point but no one can invest a penny more while the shares are suspended. It will not come out of suspension unless it comes out of administration when everyone will jump on board know if the company has survived the worst. Your right for lths there is unfortunately no reassurance. But if it does survive you could reduce your average investing more. Who has a share at what ever price has their hard earned money in lth, mth or sth.
its over guys
They made a 1.2 Billion pound loss effectively his year. Down from 140 odd mill profit previous year.
I can actually sort of see your point (slightly) but anyone already invested, and invested at higher prices, there is no good to come here. If they did recover it would take years not months realistically. And that's if there are very canny and lucky. But talking like it's all good will sort itself out eventually (to the point someone reading the board with no prior knowledge would think it's even worth investing) is a bit silly I think personally.
It's like saying you don't have money. You might not have money in you pocket or bank or you are worth something with all your belongings until you really have nothing and on the streets.
Even cancer patients have hope until it's over. Companies enter administration to escape insolvency. It isn't over - yet.
You guys could convince yourself cancer is good for you. I mean for f0cks sake. It's not a warning sign, there telling you straight it's OVER.
If this comes out of admin how many people will jump on board. This company needs a full review and will be given the time to do so with people on their backs. Really hope that AL will send out updates on the situation over time to know the direction. I'm not sure how it works but many companies (airlines) have filed for bankruptcy but still continue. Difference between liquidation and administration. "Liquidation and company administration can both be intimidating processes for company directors, as either one can lead to the end of the business. The primary difference between the two procedures is that company administration aims to help the company repay debts in order to escape insolvency (if possible), whereas liquidation is the process of selling all assets before dissolving the company completely."
Agreed.
I think Alan has a plan for the survival of Afren. He has taken the necessary steps from suspending the shares, not going ahead with the EGM so you cannot confirm if plan A or B was in favour and now admin to prevent added costs and legal action giving time to sort the mess out. New pulled in a new team just before all this and his team I suspect will work with administrators action to take to keep the company in business before they call it. He will not have people on his back BH, creditors or anything else to have to deal with which up until now seems to be the case. How long it takes who knows but I'm keeping some faith that afren will survive. People have promoted the company having good assets which poo has affected operation at its lowest level there is still a good chance of survival long term. His company is being destroyed for greed whilst needing support during this time. If hope is needed have faith in AL. All we have left before declaring the end. There is a difference between administration and liquidation.
U could be right, but can't c crude improving at least next year
is that its voluntary administration with a view to continue operations as per the RNS. It may be more of a strategic move to keep the company ticking over until crude prices recover which I think could happen in the back end of this year. I don't think this tale is quite finished.
i wonder if they will still release the August interim results.
• Administration This takes place after a company, its directors or one of more of its creditors have asked the courts to step in. The court will appoint administrators whose powers are very broad and replace the existing directors. Administration also protects a company from an legal action. The administrator's primary objective is to keep the company operating as a going concern to achieve the best possible returns for creditors before going into liquidation.
Yep different levels, and I personally don't believe bondholders will be willing to take a massive loss if liquidation was looming, this seems more like all parties around the table and I won't be surprised if bondholders end up pumping more money and offer a respected dilution
Administrators pick over pieces at Afren...are they so quick? lets see that. Nobody is mentioning the employees of the company? what is going on here is mad... http://www.thetimes.co.uk/tto/business/industries/naturalresources/article4514398.ece If any shareholder 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 or instead send directly to the FCA/ SFO/SEC teams currently looking into this afrenlegalaction yahoo com
Good question . I don't really know how the PR end will be
there is a difference between Administration and Liquidation . In Administration the Shareholders can emerge with their complete shareholding , liquidation is when ADM fails . In this case SH usually get very little . That said I saw theRBS banks liquidate a company that owed them £8m and they sold the assets by auction and got £13m . The owner walked away with millions but broken hearted .
Can we expect further RNSs on the progress whilst in administration. Was Arms in admin? Cheers Pete - good to know.
I'm hoping for a similar recovery like Asia resources ARMS. The assets are worth multiples of today's SP. maybe Nat Rothschild will want to buy?
Is Ynot ok? Haven't seen any post from Tony.
So if there is a rethink after now going into administration is there a possibility that they will come and shareholders have some value? I guess we are all looking for a glimpse of hope that things could change and we have a chance to get some of our money back. I'm hoping AL is smart and knows what he is doing for the better of Afren And shareholders. Of course could be wrong.
Mikemike - you're kidding yourself, there is no hope here. Administration crystalises the debt and a liquidity becomes a solvency issue - if it continues as a going concern in any form debt holders will take a hair cut and shareholders will be wiped out. The administrator makes no difference - it is not US listed or regulated so it's irrelevant. Really give it up and forget about it - anything else is a futile waste of time. You'd be better off learning to read tea leaves to guess the lottery numbers.