Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Do you think for one minute I give a flying fuk what you think of me you delusional twat. The people I feel most sorry for in this sorry saga are not the shareholders nor the bondholders not even Isengard for failing to secure the yes vote despite over 2000 posts but Andyp's children (no folks he really isn't a virgin despite what you may think). Imagine having such a fwit as a role model in life. So whilst we may have lost money this can always be recovered from other investments his children will always have this tool as someone to aspire to !!!! Enjoy your holiday Andy.p i hope the caravan doesn't leak too badly this year. PS I couldn't resist mentioning Alteriour - remind me what it means again ? PPS It was 46 not 45 you DH.
I know some investors hate him (especially those already invested in the 'targeted' company, lol), but he's worth a read I reckon. Shareprophets too. I don't know if I'd avoid every stock they have issues with 100% of the time, but it's certainly worth reading what they have to say, and taking any alternative viewpoint to yours if you're interested in a share they're warning about. If you look TOO DEEPLY though for negatives, and reasons not to go with a company you think is worth an investment, you'd never invest in anything, lol. Sometimes I think if too much weight is given to the neigh sayers, then simply by them questioning a stock, this can force the price down, giving them a bit too much say in a company share price. Just question their viewpoint as you would the viewpoint of a 'ramper' I suppose and try to figure where the real truth lies. (Is that a bit of fence sitting by me at the end ? lol).
no conspiracy theories. its just business. its a dog eat dog world.
*they would be lucky to even get $30m if they sell it now
don't know. But maybe it would have ended this way regardless. I think they needed to redo the refinancing proposal. and i think the bondholders or ad-hoc just said nope that's enough now. and then Ebok completely tanked. they bought for $300m or something or they borrowed $300m for it. and they would probably lucky to even $30m for it as there is a lot of technical water flood issues involved. Creditors will get their money back with Okoro and the oil fields. liquidation preference means big fat zero for shareholders. As much as its comforting to be in denial that's the cold reality of the situation now.
ASOG shouldn't you be up in arms now and asking to join forces with the Legal Action Group? Share holders need more than ever to join forces. Could you please send to our legal representatives the 650 people emails so we could give them a Legal option? We need those emails to give hope to shareholders. We are trying to see if we can engage heavy weight lawyers and the necessary support. We will work with the best possible insolvency practitioner and fight... We have people in our group with key contacts in Nigeria too. We are going to fight
I follow Tom Winnifrith on twitter now. he warned against Afren ages ago. I didn't take any notice at the time. He's very anti BB. But now if he warns against any other stocks I will avoid them like the plague. I am keeping an eye on Shareprophets. They were right about Afren. So can't go wrong reading about stocks from there.
No, I think events overtook the issue of the vote. I know that on here there were all those conspiracy theories that the bh were reading this board, saw the writing on the wall, etc etc, but did they hit water, (or did I dream that ?), and production dropped (again), and the oil price sank again, I think everything was conspiring against survival. They were due to meet and vote (which they did) on 29 July, so they always had the 'final say', they'd have looked at the vote result only after considering the prevailing state of the company. Just my thoughts, what do you think ?
do you think if the yes vote had won the EGM would have gone ahead?
I know you're a sponge (meant as a compliment), absorbing as much info as you can, questioning, debating. You'll have a good future in investing. The others here ? I bet in the next 3 to 12 months they'll be ******** about one (or more) of their speculative punts that hasn't paid off. the sheep here are destined to be fleeced time and time again. And I have no sympathy for any of them. There's just no excuse for stupid.
Oh, yes, they're all on holiday, aren't they ? lol.
This is EXACTLY what would have happened if the 'no' vote had taken place. So asog have achieved their aims, I think we see this by their relative silence, lol. they don't seem to be screaming 'foul' as much as their sheep are doing at the moment. Puzzling, that, lol.
The creditors put them into admin Isengard, to get their money back. If it had been compulsory, it would probably have just meant the company would be wound up and a 'fire sale' of assets would take place. by going down this road, the creditors and afren have agreed to act in both their best interests under the circumstances. It's not about the sh any more, sorry. It's what I've been trying to tell asog for a while now, the creditors won't suffer too much whatever the sh would have decided in 'the vote'. (OK not very well put I know, but I think that's the 'gist' of it).
if it was a voluntary administration surely they couldn't do it voluntarily without shareholder approval. it wasn't a compulsory administration as far as I am aware. Maybe I am clutching on straws here. But anyone heavily invested would be. but the last paragraph sounds positive unless I have gone completely into denial. "The appointment is made with the consent of the Company’s secured creditors and is seen by those secured creditors as an important step in preserving value in the Company’s subsidiaries. No other company in the Afren Group has appointed administrators today or taken any other step to commence insolvency proceedings. The Group is in discussions with its partners and other key stakeholders with a view to continuing its operating businesses." That doesn't sound like "THE END!"
More in today's FT...... among other gems: "operating subsidiaries in Nigeria are unaffected by the parent company's collapse."
"We then requisitioned an EGM to remove the directors and replace them, but the Administration was pushed through that pre-empted this move." Might explain something. http://www.uksa.org.uk/files/press_releases/20090503_axeon_prepacks.pdf
On 16 June 2015 (being the latest practicable date prior to the publication of this Prospectus), the following Shareholders have an interest of 3% or more in the Company’s issued share capital: Number of shares Percentage issued share capital South Atlantic Petroleum Limited 78,103,520 7.05% Aedos Advisers 55,401,876 5.00% I guess they just wrote it off.
So I take it they just wrote their investment off then? LOL mad.
Ironically still had over $100m in the bank. i guess it makes no difference how much cash they have. even if it was $200m in the bank I guess that still wouldn't have been enough.
I am curious of the legal aspect of a company going into voluntary administration/insolvency in order not only to 1)survive crippling debt (which is legal) but 2) TO AVOID BEING FOUND GUILTY OF CRIMINALITY if it was concerned about such action being taken by the authorities? Surely a company cannot sidestep the law in such a way, so if criminal activity/fraud can be demonstrated then there will be some form of justice even if not compensation for shs?
After the way the ASOG people have been treated by a handful of morons on this bb, I doubt anyone would be bothered to start another group which would be fighting a losing battle anyway. ALAG are still there. Maybe some of the moaners will set up a group to fight their cause rather than sitting behind keyboards sniping at people who actually got up off their backsides and did something. Will they? F*ck.
Personally, the only tiny glimmer of hope would seem to rest on the SFO, FCA and other regulatory investigators whose silence is deafening being pressured into action (which may be pie in the sky) by a concerted ALAG (ASOG?) shareholder driven legal and media campaign. To have any chance of success, we would need to be able to start providing plausible evidence that fraud/corruption is likely to have occurred far wider than the expenses matter previously referred to the SFO by Afren including possible inside trading and illegal manipulation. ALAG have been working tirelessly to collate information so now would be the time to up the ante if our legal advisors feel we potentially have sufficient information. What do the legal advisors suggest? Is there really no media/journalistic appetite for untangling this web of deceit? Just because a successful sh revolt whilst in Administration may not have been achieved before does not mean that we cannot set the precedent particularly if fraud has been material in Afren's demise! However, being realistic, in the absence of the above this is now likely to go the way of most administration processes with shareholders left high and dry. It seems that it was always the intention by hook or by crook to remove all meaningful sh authority - administration was not the way Afren would have planned this although it would not surprise me if a deal with BHs/Partners has already been established. Any such deal would be underpinned and subject to a thorough due diligence exercise of the company's operations and finances (which shs would have given their right arms for in the last year), ultimately leading to a sale of specific assets and streamlining of the business. Fait accomplit as far as Afren are concerned - irritating shs dispensed with just in time for POO recovery. Do we just lie down and allow this to happen again and again in the future? What is the point of regulators if they only show any interest in cases of criminality that are the most blatant and easy to win? All we want is for them to look below the protruding iceberg. Can we now feed them the information we have collated to try and trigger some action before it's too late?
In Houston??? Please join us Afrenlegalaction Yahoo Com
Can we get the money back from the usless advisors and ridiculous fees??? Call the police!!!!
How much they charged to put the company into administration? Are they proud of their fantastic job???