Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Administration is not a weekender, it can and will take a very long time, long enough for POO to reverse? Having a USA administrator who has limited if any experience at all may actually be a big mistake for the BOD/BH. THe American regulatory sysytem is far harder on investment fraud etc than the UK. There are more than a few US investors. This process when under challenge in a highly litigous nation will take a very long time. imho. Time is on our side. This also allows BH to re think their position, viz a viz taking a hair cut from one of Mr Linns friends who may wish to get an offer in for Afren on the cheap.
No - nothing about going to Admin is good for shareholders. Shareholders will get nothing
Is that good for us shareholders
advantages of admin for Afren. Once the company is in administration, its creditors cannot take any further action Any visits from debt collectors or letters or phone calls from your creditors should stop once the administration process has begun. The administration process can save you time and effort as the court deals with your debts or your company’s debts on your behalf. Any interest that was being added onto the debts are stopped. Any other charges that were being added onto the debts are stopped.
Let it go Isengard its over, no amount of your whining will reverse the situation. The BH. stands to lose hundreds of millions as a result of the BOD. dishonesty and incompentency. This is now attracting more media attention than ever, lets hope and prey an investigation gets underway.
could be a blessing in disguise. could help to facilitate a purge and a clean up of the company.
I would argue the original board. Current Board is a work in progress. As the original board all resigned or were sacked and they haven't been replaced. only Alan Linn and the new COO.
Finally sunk... Like the Titanic.
i can see where ALAG are coming from. if you didn't know any better you would think they f**ked the company on purpose. The company admits to being a asleep at the wheel and admittedly say the refinancing and restructuring should have taken place in 2014.
He used to ramp this to high heaven.... must have lost a fortune...
They still had had $100.5m in the bank. In the interim management statement on 29th May, under going concern section, they mention a lot of risk. "this assessment is sensitive to a number of downside risks such as any further significant deterioration in the outlook for oil prices, any significant disruption to the Group’s production revenue stream due to operational or other factors, and the crystallisation of other risks such as those described in notes 10 and 13 to the financial statements for the year ended 31 December 2014 (which are available at www.afren.com), particularly if such downside risks were to materialise in combination. Therefore, the Group expects that it will still need to seek industry partnerships, strategic divestments and other fundraising transactions as necessary to build resilience against, or respond to, downside risks, capture the opportunity in the Group’s portfolio and secure the Group’s future. " So they already knew even as far back as May that there was still a lot of risk. Amazes me that they didn't think to to do a open offer to raise extra funds. The writing was already on the wall. I implored Afren IR to do a rights issue or open offer a long time ago. But that fell on deaf ears.
"it is all gone my friend, not your fault but 100% of the BOD." Yes I know, I would be surprised to see even the bond holders come out of this with anything. After the Nigerian govt and banks had been paid out there will be nothing left....and the administrators who will milk this for every penny they can.
it is all gone my friend, not your fault but 100% of the BOD. I hope everyone who resisted in gifting this once great company can take comfort from knowing that the AHBH. failed to get their prize and had to settle for less. They are first in the que for settlement when Ebok is sold with all its recently descovered problems and issues which will no doubt be highlighted to interested parties. This is assuming that the licence is not withdrawn by the Nigerian government and allocated to an indigenous party like the generals company. Lets hope its retracted and it proves as worthless to the Bond holders as it now is to the shareholders.
By who exactly?
You will be reimbursed .
Does this now mean my shares are now worth nothing and will not be getting anything back for them???? Thanks
of the few willing to accept handing over 90% of your stake in AFR. the decision to go into administration is relatively painless by now as we've had months to come to terms with our losses. My tears were shed months ago but for the likes of Isengard who refused to accept the inevitable and obviously cannot afford to absorb the losses this is obviously devestating news. I would say Isengard that the pain eases with time as the realization dawns on you that whats occured was totally the fault of the BOD. past and !!! present. I take great comfort that the AHBH. failed to get AFR. on the cheap and because of their bloody mindedness and sheer greed will probably lose £100s millions needlessly where ! I in my mind set have lost a couple of thousand. I hope you, gayness and Pandy can take comfort knowing this Isengard. At least you came down off the fence in the end even if you chose the side with the rottweiler waiting for you but at least your wounds will heal in time. Please feel free to join us and register with the Afren legal group where ldlv. has teeth of his own thats if you don't once again get stuck on the fence.
As opposed to Isegard7 whom like Jeremy Thorpe will be biting his pillow as Gaygeorge bangs home.
ASOG shoudnt you be up in arms now and asking to join forces with the Legal Action Group?
Bad news but I think ASOG did all they could. It was so ill-managed as to make Lazarus look positively over-active. However its not all bad....I hear that Greygeorge and Isangard7 are tying the knot. Guess who will wear the trousers!
Now THAT would make sense, lol !!!! goodnight / morning.
they reckon they set up the charity foundations as a tax dodge. but never really understood how that works lol
Bye for now Isengard.
Tell you what though, one of Buffets philosophies i don't believe in is his philanthropy. I think multi millionaires and up should be taxed , not be relied upon to give their estates away voluntarilly. Just my opinion. But I think that's a whole new conversation, lol.
Ok, I better go, I'm getting silly now (the snowflake was silly, the fractals I am semi-seriously working on). Oh, I think I've heard mention of him, but only on one of those tv interviews with buffet, didn't he read him when he was a teenager ? I'll look that up tomorrow, i may be wrong but I better get gone for tonight. have to walk andy'p's cat while he's away. Or feed it. Or something, lol.