The situation at Afren appears to get worse and I cant help but feel that there is something very suspicious going on here. I read with interest that leading oil trader Gunvor has expressed an interest in some of Afren’s African assets which must be good news for the investors who may lose everything. However I also note that they have been given only until August 17th to come up with a bid on the assets they are interested in. How can it be possible to value and do even the vaguest of due diligence in a week, and also if the administrators are doing their job, surely any possible interest must be explored to the maximum benefit of all who have lost money? And they are saying its not a fire sale which doesnt rub with the above, unless they have other buyers in the wings… The administrators appointed by the company are Alix Partners but maybe questions should be asked of the Ad Hoc Bondholders Committee and also why Blackstone are involved, who they report to and why? Oh well, i’m sure there is a totally innocent explanation… - See more at: http://www.malcysblog.com/2015/08/oil-price-afren-and-finally-2/#sthash.fiY2ho4N.dpuf
I suspect they are waiting for the administrators to declare nil value. It wont be that long; what the muppets on LSE no doubt don't understand is everything has work commitments which need paying for so the assets can't just be left on the shelf. Not even counting the time value of money. 2 months tops IMO. Having said that I can wait, 100% is a rate of return I can be patient for.
there are many investors on this board who don't seem to realise that even after the main Assets are sold off there are still considerable debts that will still be outstanding. The Equity shares are worthless. Miracles can happen but not here Im afraid. Frame your Certificates and claim your loss. Management are to blame for the shambles that is Afren. No legal action will get any value back in your shares.
a comment from the Administrators would be interesting given the ridiculous deadline, and their e-mail yesterday to us saying that a fire sale significantly over dramatises the reality!!. Nobody buys an oil field based on 1 week of due-diligence. That's crazy! afrenlegalaction yahoo com
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