According to the U.S. Bankruptcy Court docket, London, U.K.-based Afren filed for Chapter 15 protection in the District of Delaware. The Company, which is a holding company with subsidiaries focused on the exploration, development and production of oil assets, is represented by Fox Rothschild.
So we get 10% of the company by voting YES. Or force the company to sell assets to make bond holder payments by voting NO, after which we will end up with how much of the company? I don't know the anser to this. Or by voting NO we might be offered a better deal. Or by voting YES the bond holders will have 90% of the shares and can pass other changes that may make the long term shareholders even worse off? I don't know the answer to this either, but like others here, I have lost so much that the YES vote means I will never realistically see my money back, the NO vote means I might - or I might loose the pittence I have remaining. One thing is for sure, I am not handing the BH's my share of the company without a fight. As others have said, if you are in this at less than 10p you might fancy taking you chances with a YES. I am not.
AL has made his bed and is firmly tucked up with the greedy BH's. From Advisor to CEO he has proved to be no more that a Puppet who is happy to collect his fat salary whilst dancing to the BH's dirty tune. VOTE NO to their derisory pathetic disgusting offer! (Good to be back from suspension and appreciate those who have been asking after me). Pgtips.
bless you nims. I've lost a fortune as well and I know where you're coming from but to accept 9p in the pound and at best 25% of my money back in literally years from now...if I'm lucky..... meanwhile other greedy people get fat and rich because I signed over my money to them...? Sometimes when you are being bullied you have to make a stand....it might hurt but you often also achieve a better result long term. Giving a bully a bloody nose will often stop him in his tracks and make him rethink at the least.. AFREN BOD are Bullies of the financial world and have picked on Afren SH's because they are mainly small investors. we are to them an easy target. Make it hard for them I say....as a matter of principle if nothing else ATB
Please I dont get you all. Let the yes vote take place, and just see what happens. Too many on here trying to scare people and trying to manipulate sp for their gain. I have lost loads in afren and even with sp diluted will mean I am not completely out, and am willing to sit it out until sp rises. Everyone forgets afren has good assets and as shareholders we need to support the company to survive.
A no vote is definitely in SA Petro's interests IMO. That way they can pick off all the lovely cheap assets when management have to sell them all to pay as much as the bond debt as they possibly can. Lovely jubbly general old boy - well done you pulled a blinder.
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