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Ngaski, Im not sure I understand your question. Companies go into administration generally when they cannot pay debts as they fall due. They have run out of liquid funds. Amongst other things, an administrator has to look for the best way for the creditors to be paid off. This will usually be by selling off assets. Only after all debts are paid off will shareholders get any return. That almost never happens. The wise assumption would be to assume there is no value left for shareholders. Un-palatable but thats what we face im afraid.
Hi ldlv. As I said to you once before, all communications between us and our members has always been confidential. They would not appreciate us giving out their personal information if they did not feel inclined to become embroiled in a legal action group. However I would be very happy to distribute your action groups contact details again when I next email our members. Many of our members do not come onto this board. That way all of our members that want to will make direct contact with you and we will not have breached a the confidence of those who dont contact you. We wouldnt want our members getting unsolicited communications they do not want. Good luck with your progress.
It will be much appreciated if you could you please send us the 650 e-mail address of your people so our legal team can contact them directly and explain our views, action plan and possibilities? afrenlegalaction yahoo com
if a company go administration does that mean shareholders would everything can some tell me what is the of money we invested in afren plc ? have we everything or we will get something back regards
He's not offering 5 pence, he's offering 0.05 pence ie 20 shares = 1 pence.
Good evening guys. I have been reviewing the posts on here tonight. Many people are asking questions that simply cannot be answered, like how did we go from $30m to $ 250m? How did we get where we are in such a short time. Why didnt the company do this, that or the other. No one outside the company can answer that. No one has access to the books of account. People are also promoting the the idea that there may be some recovery. They may or may not be right. I do not know, but safest to assume that there is no recovery. Nimms, technically shareholders are creditors of the company. According to the law we are last in line. So all debt and fees have to be paid off before the shareholders get a penny. As PeteB said, the (ASOG) brief was to oppose the BHs offer and if it was not acceptable then to reject it by vote at the AGM. There is no longer any offer. Under administration shareholders get no vote about anything. The administrator has total autonymous power to do what he wants (within the law). We cannot exert any pressure on his decision making. There is nothing further we can do. We have represented shareholders views as best we could and there is now no need for us to do that any longer. At the present time we are still a committee. ASOG is still here. However, very shortly we will discus our position dnd it is likely that we disband. We will not reappear with a different name and different brief. We will not be taking up a different banner. In our view, shareholders now have the option to join the Afren Legal Action group with a view to making recovery through legal action. All members have already been given contact details for the group. However, if we decide to disband our committee, we will email all our members to advise them of that and we will include contact details of ALAG again. Speaking for myself personally, if we disband, it is likely that you will see me here online from time to time and I will be very happy to answer any questions as best I can in a private capacity. However, I will say now that I will no longer be prepared to engage with, or even read posts that contain abuse or insults. That behaviour is really not necessary. As each of those comes up I will filter them and that will be permanent as far as I am concerned. Whilst a member of ASOG, I have never filtered any poster. Ignored maybe, but filtered ... no. For those of you that still plan to play the shares game, I wish you much better fortune. Tony.
I wish I did have some contacts but, probably like a lot of Afren shs, am based o/s Nigeria with no meaningful local contacts. You would think that the scale and speed of the demise that local journalists would have been crawling all over this over the last year. Personally, I think the only chance we have is to get the SFO/authorities investigating which is only ever likely to happen if media pressure prompted them into action. A criminal action (if criminality was indeed at play here) may not materially change the Admin process anyway but like most shs it would be good to see the facts made public and people held to account. In the meantime I await news from ALAG as to whether our legal reps feel there is a meaningful strategy ahead. I would also like to express my appreciation to ASOG and ALAG for their time-consuming and not inconsiderable genuine efforts - we have been led a merry dance by Afren BOD and believe in view of recent info that nothing would have affected the current position - it may have possibly served only to postpone the inevitable.
The Administrator will not be interested in why/how we got here but just where we go from here. So, sounds like we need a damn good local journalist in Nigeria with contacts in the industry wanting to make a name for himself/herself (or possibly ruining their careers by rubbing up the wrong people). I find it difficult to believe that nobody (other than the BOD) knows what has gone on here; getting them to spill the beans is the challenge and proving the facts may be impossible. The facts would probably be too unbelievable even for a work of fiction.
If the shares are worthless, why is he offering 5p? Isnt it better for him to wait and close his shorts at 0p? Making 100% profit.. I dont understand why he wants to pay for shares?! Any thoughts?!
he just wants it to close his short. and he's specifically asking it to be within an IG account. Shares are suspended and its probably not within stock exchange rules.
You stated that bh don't want admin. Bh were also creditors to afr and under admin law creditors will get their money back. Different to your statement. You pushed for a no vote and posed me to vote NO. And now afr in admin. Starting to question whether you was on ourside
Shares but not selling for less than 6p a pop breakeven point for me. Let me know if you still want this worthless junk. I'll also keep you in mind when I want to get rid of enquest and tullow. Hate stockmarket.
Well ... given that he's said "I need people who are long to close off with." pours water on that idea :)
interesting, imo only reason he wants shares is perhaps to do with post admin carve up and clout amongst bondholders, especially now that it will end up in private hands and effectively the bondholders.
could you send me an email please? afrenlegalaction yahoo com
Like most on this board I have lost money in afren. However there are people that think afr will.come out of this. Unfortunately admin means admin and tge company will not be trading so all sh value is wiped out. Liquidation means the company will seize to be in existence. post admin the cheeky afr boards will restart business as a private firm called afren peanuts, and the BH will be asked to invest in them. if everyone voted yes for option A then afr would still have been a plc and we may have seen 3p short term and 20p in 5 years time. option B could have saved afr but no BH value so a no goer. Basically the BH have said they will give £500m to the new private company. all that means is now BH have total control n sh have nothing. I am on fire at mo enq and tullow also look like going into admin. My oil gamble didn't pay off :(. By more tullow tomorrow n pray for a miracle
I think Mr AL is a smart man and either way of the EGM vote was a crap deal. If you vote Yes the BH takes control. If you vote No the BH penalise with heafty fees. Why would you anyone accept a deal where it was win win to BH? Best place was admin everyone off their backs and they can chose the best survival plan away from the terms set in the EGM. I guess in March they didn't have much of a choice but to accept BH decisions. However no way in hell could a company give away their rights allowing BH to control the company. Admin allows the company with the administrators to find a solution to keep the company going with demands which then have to be accepted by all. It will not be voted on but have to be accepted by all. I haven't given up hope until notification of liquidation should afren fall in this category.
I hold 200k shares, if u want em then 10p a share
Caught short!!!!
Thats the US Pink slip market AFRNF.PK 0.025 c 0.021 0.034 USD 15:57 -- OTC -- 9,094
Keeps fluttering between 0.02 and 0.03 and now showing listed on OTC Markets. Can anyone explain this for me?
Whilst I agree with you, it should be remembered that Bonds wanted it all and would not take a hair cut but ramped up their loans and wanted shares, bear in mind they had far more raw data than shareholders, especially since the adhoc committee took effective charge and they wanted to cap shareholders. So just deserts?
I can't understand SH here crying they did not get the chance to inject more cash instead of administration. SH escaped the last round of funding when BH injected a whopping $200million. Had we added our cash to the pot…we would have doubled our losses here. ( doubled on recent shape price ). For example if we had been offered a rights issue 4 months ago when the SP was around 6p, many would have loaded up at 4p a share.
Looks like thats what it was. If they got a yes vote and RI. RI funds would have been used as a stop for temp cashflow which would have covered the $30m shortfall. Then would have run dry again and PI's lucky enough... to have gone with RI would imo have been shafted twice.
I've no wish to continue your name calling games but suffice to say, your first post in months here entitled 'The End' which was similar to the RRL post which, if you can pardon my irritation, was a little insensitive and without certain knowledge of what you were saying. The fact that you were wrong in RRL should, I would have thought, made you think twice before adding your worldly wise post here. The pressure on corruption is ratcheting up daily (SOMA LIBOR) and there is plenty to be optimistic about, even if it only means that these white collar thieves are at the very least being targeted by the authorities. People who just stand by and say 'oh well, its all over' will never help change the system. The system that everyone knows is riddled with corruption. That's why it's in the news....and maximum sentences are being handed out..