we need a variety or combination of events such as: • The sale of some of the many wonderful assets of Afren as required to balance the books. • A takeover by an organisation paying a fair price for Afren and/ or its assets. • An urgent amendment to the artificial impairment/ devaluation of assets that is the most obvious standout feature of the recent 2014 results that Afren have just published. • The ending of the practise of misinformation and under reporting of any good news which has become the trademark of investor relations since the ad hoc committee became involved. • The repricing of assets in all negotiations at the current price not the selective lowest irregular and now incorrect price point, that the income of the company has been misleadingly accounted for upon. • Grown up renegotiation with bondholders and financiers who seemingly are unchanged in their attempt to steal the value from Afren shareholders. • An understanding and change of attitude by the remaining major banks and bondholders linked to the ad hoc committee that in the event that one single share has been shorted by them or their associates (Pimco, JP Morgan, Canaccord Adams, Deutsche bank etc) or any of the boiler room crews they operate – as a result of the confidential information they have been made privy to, then an unstoppable force is going to continue to seek the kind of reparatory actions to compensate the shareholders who have been unfairly and illegally cheated of their assets.
Nims... I may have missed you. Administration is bad all round but worse for the lenders. There is about $1.5 billion debt at stake. No one knows how much of that will be recoverable under admin... maybe very little. So the BHs interest is to keep us out of admin by keeping money flowing. Secondly if the company crashes so does the traded bond price. Again bad for bondholders.
No one knows what will happen in any scenario, except if we say yes. In that case end up with 10%, no say in the business any more and twice yearly cash sweeps to bleed the company dry and crash our value further.. theres nothing left.
We cant just sit here and do nothing. Its simply not fair. And we wont do nothing. We... by we I mean all ASOG members will stand up and be counted. If the bondholders believe the offer will go through they will get a shock.
Nims.. or anyone, if you come to the meeting.. the ASOG committee well all be wearing ID badges.. come and say hello Tony
Yes I know that, another evidence of this non sense...
As a friend said, "I am more than happy to accept wins and losses in SP as part of normal risk and everyday trading, it happens, we invest in that knowledge. What has happened and is still happening with Afren falls far outside of that"
don't see why its a priority. Why are the pursuing it when they have financial troubles.
"The Company has reached agreement with Earl-Act Global Investments Limited ("EAG") and CSL Trustees Limited ("CSL") to acquire the 22% of shares in First Hydrocarbon Nigeria Company Limited ("FHN") that the Company does not currently own. Afren has amended the terms of the put/call option with EAG announced on 5 July 2013 in respect of 18,299,993 shares in FHN to be acquired at US$3.32 per share and has also agreed to purchase the 13,780,008 FHN shares owned by CSL at US$2.80 per share. In each case such shares will now be acquired and the purchase price will be payable in equal quarterly instalments from 30 June 2017 to 30 September 2019 (together with annual interest of LIBOR + 6.5% payable in cash and 2.5% payable in kind payable in respect of the purchase price).
The Company has also successfully re-scheduled the payment terms in respect of 11,322,111 shares in FHN acquired from Capital Alliance Energy Nigeria Limited (as previously announced on 5 July 2013) such that the outstanding purchase price of US$22.3 million will now be payable in instalments between July and December 2015 (rather than in full in July 2015). "
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