I was invested here for some time and eventually sold in a loss after being in decent profit. This has been a disgusting show. The main point in me responding to your post is the part of possibly refusing a reasonable bid. Possibly, had they accepted the bid which was claimed to be of value to all share holders and obviously assuming the debt, quite possibly that could have opened up the can of worms that you mention, resulting in severe consequences that you, I, and I guess most would want to see. Back to the bid, would anyone in their right mind feel that it would have been worse than whats been dished up for shareholders. Also how on earth could they flatly turn it down without detail to all holders and then do this. Will this detail ever be out ?
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!!
I think the problem with Afren is that there are a lot of people who want Afren on cheap. This is a good opportunity for them.. They played this all together... This is totally a fraud..
They want the assets for cheap... Will not want it to come out of administration so they have to pay shareholders value!!
I lost a lot of money here but have my children and loveonces around me....thats my life.. and more important then money!!. money i can make again by hard work and not stealing or being corrupt like others did with Afren.!!
All of the corrupt people who frauded Afren and helped steal money from shareholders, i pray and hope they lose peace and all there loveonces around them.. Money they stole they can have.. Money will not give them happiness or peace!!
And after this life they all burn in hell for this!!
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 .
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!
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