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Alan linn well done remember his name....came in and done absolutely nothing.
ami, after get rid of shareholders, a big buyer will come along, business as usual.
I bet none of this would have happened... its like they have spat dummy out...
As I said and thought.....SH will not see a penny exactly the same as Hibu and BMN oh well.....To55ers
Required you watch who actually ends up with the assets. Banks won't lend money because the assets will be worth more to them....
So that deal was better than this?
"Apologies if this has already been answered a 1000 times before but why did Afren never do a mega placing to raise the cash?" The answer to that Flandy25, is because they did not want to raise money, they wanted to assist the Ad-Hoc group seize control of the company. The term corporate theft springs to mind.
Sorry for being so blunt, but do this sort of thing for a living. There will be no compensation, there will be no funds for shareholders, not all creditors will be paid, the company is bust. Best to face the facts, and make sure you have the right information for creating a Capital Gains Tax Loss.
Errr I think you will find that the companys money has a direct result on share price and incase you didn't notice Nick Leeson played a major part in the collapse of Barings Bank which was subsequently bought by ING after wiping out shareholder value.
Did nothing to show best value even at its lowest to shareholders. Might as well shut down this discussion board.
All of those once established that have created this mess need tracking down and give them a constant reminder of what they have done. no matter where they are or work. deed pole is sure gonna be busy!
Shareholders will not get a cent this has been one total mismanagement by the board and ex board members and stinks to high heaven , how a FTSE250 company can get into this state so quickly has to be a series of major errors and people should be made accountable and locked up. Nick Leeson looks like an angel compared to this lot , at least he only lost Company monies not shareholders to a degree. Condolences to all who lost lots of monies here , will just add it to the list of bad investments.
With a yes or not the company was still to continue at least till 2016. How could they let it be worst than that. It might have been better to have the old BoD of directors than the new ones to come in and turn the lights off. Cant believe my luck.
So, what are the chances? that all assets have been transfered to 'afren's subsiduaries' ie. the ones set up since june? is this where by doing this, the bondholders and creditors have protected their investments via securities mentioned in the prospectus? as i thought all that was dead in the water.. however just been looking for corporate diagram with subsiduaries and cannot find one atm. wernt all the hive downs and subsiduaries beneath afren? i thought afren plc WAS the parent company, therfore if we are bust then so are they? Questions? answers?
HELLOOOO!?!?!?!? Any chance of an answer Tony & Co ? Both of your groups are aware that the following statement is untrue, and that there may have been at least 2 other approaches to the company (excluding Seplat) that have been ignored. There is now NO time to waste, as this is an even more blatant move to disenfranchise shareholders than was their Plan A. What are your proposals for action now? ---- The board believes that all the possible routes have now been explored during the course of this process, which was subject to a strict timetable, driven by Afren Plc's short-term liquidity issues. These discussions have failed to deliver support for a revised refinancing and restructuring proposal that would result in Afren Plc being able to pay its debts as they fall due.
In admin, great.
and if you sell at 15p after buying in at £1.00 and then a year later look and it's £1.50? great advice
yes, I would guess that the administrators would take all they can from the company before giving anything to shareholders.
Better to sell at 15p than to ignore reality and end up with nothing.
the administrators will be taking their time to fully investigate and drag it out as long as possible on an average wage of £700 per hour
ldlv - if you are monitoring this board today - is it possible to get a legal opinion from ALAG legal advisors as to where shareholders stand legally and do we have any authority left to influence in any way Afren's post-admin (pre-insolvency) plans - what would this opinion cost us?
alewis2005 You won't understand the helpless feeling of selling it all below 15p when people bought the shares over 100p. Please don't try to pinch people with these kind of messages.
is there any compensation chances?
How did you not expect this to happen? Knowledgeable people have been calling this from last year. Was your head stuck in the sand?
150p in 2014