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Never thought it would result in this. Long term recovery ok but didn't believe 100% admin was possible for an established company. Would a yes vote have secured the company? I don't believe so. Has BH lost? What happens now?
Apologies if this has already been answered a 1000 times before but why did Afren never do a mega placing to raise the cash?
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.
I just can't agree more! :(
My average was 15p - I feel truly gutted for those guys with averages of 150p - A company in the main FTSE market... how could this happen? Someone or some people are to blame... and they need to take full responsibility for the actions. Prison sentence at the least.
Is SEPLAT gonna pick the cherry? Really really gutted, I can never ever trust another FTSE main market company again. First GKP, then GENL, QPP and now this .... We are not gonna get anything now, are we? It reminds me Cattles fiasco years ago, do guys remember? Well, atleast got 1p for all the shares I hold..... Let's see what the administrators decide......
£400 down the ****ter
the assets clearly have value to them and they are producing oil, how can they file admin?
Just seen the RNS - seems like shareholders being stuffed again with at least part of the company continuing in some form or another... it's time shareholders were put at the front of the queue - not the back...
Idlv, High praise for you I thought. I'm off out for the day now and will be back later. GLA
Pp-7. we are in the process of trying to set up a meeting with Alan Linn, and im sure we will be successful. Although there is information lockdown, we do still get responses and acknowledgements from the company when we contact them, but we do not get any new information. Will tet you know when we have any news. T
I have always praised and felt that Afren were undeserving of the gentlemanly approach and respect that ASOG showed them. I do not think events have proven me wrong on this. Finally I would like to apologise to ldlv. This is a really honourable man who genuinely cares for you all. His interest is in the preservation and success of Afren PLC and all shareholder value. His efforts have been incredible and if anyone knew just how much the stories and pains of Afren shareholders have personally bothered him and galvanised him into action. He is not me as some have thought, he is a much better man than I ever could be and the biggest regret is that I may have brought discredit to the amazing work he has done for you all, just by my words. I truly apologise. My preference would be to fight those who seek to defraud us rather than squabbling. I hope this brings an end to animosities and if it doesn’t, then well we all know exactly which page we were on before escalation, so there will be no misunderstandings thereafter. I actually genuinely care about this company and value of its potential and the sadness at its treatment by its custodians and the merits of this transfer of value has shocked and sickened me. To Afren I make no apologies. We your shareholders are the ones who deserve the apologies after the catalogue of injustices we have suffered as reward for choosing to invest in you."
My aunt Miriam made a visit to Wild Wolf last night as she was not happy with what's been going on. She doesn't want things to get out of hand especially as she looks likely to be the new CEO of the company. The Wolf has since sought fit to address everyone with the following: "I would like to apologise to Bountyhunter. In the frenzy of the day you inadvertently posted a comment I had written without reading it. He is blameless and a caring supporter of all Afren shareholders and for anyone to attack him for my words is really misguided about who the enemy is here. If you want justice and cannot see any wrong in what Afren are doing to their own shareholders then at the next EGM you will have a chance to challenge me directly and there are a few accusations that we all have made that we really need to address and get closure on, for us all to sleep soundly. I will attend for my own reasons and also in order to let anyone vent any issue they have with me to my face. Anyone who wants a personal litigation with me is welcome but please start it as it is so much cheaper and less bothersome to counter than to commence as all personal litigations are essentially futile. I have not yet arrived so I am sorry I will not be going away but am happy to leave these conversations for evermore once it is confirmed that others are not being picked off by their own cousins, for words which clearly were nothing to do with them. Naturally I also unreservedly apologise to all ASOG members and its hard working committee. The comments I made about them were in ignorance, temper and were childish. They were solely as a reflection of my anger at the lack of feedback, the key moment silences and the subsequent appalling response from Afren in terms of the lack of offer, continued negative reporting, SOA, Junk Mail and contempt that Alan Linn appears to have shown shareholders. The information flow has also been the most biased I have ever known and to an observer he was either asking for a Yes vote while not disclosing facts or presenting facts in a tantrum from a No vote. Neither of which is behaviour I would expect from someone who has control of my investements. I always worried about the unconditional support you had given him to becoming chairman and as Ynot wisely reminded us, the moment anyone took that role after the defaults, they were basically working for the creditors not the shareholders. I just could not and cannot see what is the point in showering an AHBH consultant in praise for a new job title, if he is working with those intending to push a poison pill down shareholders throats. In my obvious ignorance, I just could not see the purpose of continuing to support him as things worsened and into suspension. As I have lost over £100k and far too many hours on this share, my anger at this company and its many negative events is beyond words.
Key achievement I would say is to unite the NO PI SH voters on this and other forums. There was a time when the restructuring prospectus was first released many were looking at buying into OO to reduce average etc. But I am sure many on here have been swayed to NO vote and hold out for a better deal based on discussion initiated by ASOG on this forum. Some will argue that NO vote would win anyway but with ASOG 10% of share holders we do still hold some influence. BUT nevertheless now we are in this suspension period I do want ASOG to be more proactive given the influence they have and engage with Alan / AFR BOD. We all deserve to know what the hell is going on. These reports in Sunday Times are they true? Why no official RNS? If however, Alan refuses to meet with ASOG then I take that as a clear message he has no interest in PI SH.
Hi andy. no I cant respond now. But you know I will want to and of course you know I will challenge every one of your points. But later when im back, your back, we can have a little tumble. Have a good break regards tony.
Andy, youre picking at bones. But you know what I mean. I see the humour in your comment. Goodnight.
'The position we are now in is that the company is in information lockdown'. Oh how I wish we could get back to those days when Alan was briefing us all regularly. Nite nite
The BHs thought that by giving us an either/or choice they would have us stitched up like a kipper and hoist by our own petard. As things stand we have our shares and the interim funding lasts for a year. No one wants Afren to go into administration. At $50 POO we are OK provided the lastest cock up can be sorted out. If oil goes up in price the pressure on us will reduce and options will arise. We must stand together in the face of the BHs, if they see weakness among us they will try to exploit it. We have come this far together we must see it through together. Barring the worst,which the BHs fear more than us, we shall get the deal we deserve.
Hi. Our activities were always going to result in one of two things, 1.. we win new terms and an acceptable offer. We did not achieve that, we have admitted that, but there is no shame in that. BHs believed they had a stronger hand and stood fast. It is not Alan Linn that would have changed terms, he has no power over the offer. Its all down to the BHs. That is a fundamental misunderstanding by people on here that say "Alan hasnt given you anything". Was never his to give im afraid. 2.. we block the BHs from taking 90% of our company. As we stand now after the shelving of the EGM and the vote, we still have our shares and plan a and plan b apear to have floundered. Wr now look for a plan c. Is there something else we could have done. I would say that was an achievement, you may disagree and I respect that.
Yellow, I must have missed that question, but it has been discussed and analysed many times on here. Im afraid an answer will have to wait till after the weekend. Post it again on tuesday and I will try and answer you.
Hi, you seem to express a genuine concern about what ASOG have achieved and why we support Alan Linn. I will answer that but I cannot do that now, I need my other computers to track back a number of issues and at the moment I am away. However, our achievements are not a sesies of distinctive battles won (or lost as some would say) but a series of moving forward to a point where we now find ourselves still owning 100% of Afren, not being in plan a or b, most penal clauses do not exist anymore as there was no vote, the BHs are in disarray and the company is still solvent (that is not down to us but AL). All that would have been done and dusted on 25th June at the AGM and we would have had the company wrenched from us. Some will say but look what trouble we are now in. We were always going to be at this point if we were successful. The alternative was simply to give your shares away. We now await other oportunities to arise, from whatever source. So somewhere along the line we must have had some successes. We havent been totally ineffectual. Some would say it would have happened anyway. But I dont recall anyone else standing up and doindg something about it.