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ETF Securities experts James Butterfill and Townsend Lansing: did you know you can go long and short on ETF's?


Afren PLC Share Chat (AFR)


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afleac
Posts: 86
Off Topic
Opinion:No Opinion
Price:0.00
ALAG acting
30 Oct '16
ALAG in the news, they say there is no such thing as bad publicity, so we are getting a little assistance to the fundraising! Thanks John for doing this:

See http://www.*************.com/views/24893/breaking-afren-shareholders-seek-crowdfunding-to-pursue-directors-in-court
HELP HERE PLEASE
https://www.justgiving.com/crowdfunding/stewart-clough
 
kenj
Posts: 1,401
Observation
Opinion:No Opinion
Price:0.00
RE: any hope for afren
25 Sep '16
"And the worst thing is we knew damn well what the bod in concert with the institutions were doing but were unable to get the support to stop them."

I fully agree with you Whitespirit it was obvious what the BoD were doing. However, their job was made easier by the shareholder group ASOG's support for the CEO Alan Linn. The other directors resigned on mass the morning of the AGM, rather than face the ignominy of being voted down. Alan Linn who before being appointed CEO had been a consultant to the company when the restructuring plans were hatched, received nearly 88% of votes cast.

So a large majority of shareholders and many posters on here voted for a guy who had colluded in the planned wholesale transfer (theft) of the company's assets from the shareholders to a group of greedy bondholders. Booting Alan Linn out may not have saved Afren, and may have hastened the end, but appeasement rarely works either, as Nevile Chamberlain discovered 77 years ago.
whitespirit
Posts: 470
Off Topic
Opinion:No Opinion
Price:0.00
RE: any hope for afren
21 Sep '16
I wrote repeatedly to my mp before the collapse about the obvious fraud that was taking place in setting Afren up to fail and take the assets from the pi's. He was 'moderately' helpful but no more than that and tbh I hold no hope at all that we will ever see the guilty parties held to account. And the worst thing is we knew damn well what the bod in concert with the institutions were doing but were unable to get the support to stop them.




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