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they will need more money at a reasonable dilution to the shareholders. With the price of oil declining again they knew the share would go to zero and that the vote would be a 'no vote' so decided to suspend the shares I have a lot of money invested in here and accept that it could all be lost, but it the company can get through the next court of months of low oil price we Will reap the rewards in the next 3 to 5 years
Sorry pressed send too quickly. What I was going to say was that this is a message that could very well help things move forward. If any shareholder or interested party in Afren PLC can provide any factual information of any event involving the company that they feel should be reported to the regulatory authorities or has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly or instead send directly to the FCA/ SFO/SEC teams currently looking into this
granto, if that happens equity will be valued at zero or next to zero. I cannot see a situation where a takeover will provide any shareholder with any return. The onmly potential return would be through a recapitalisation process.
Hi Pete If any shareholder or interested party in Afren PLC can provide any factual information of any event involving the company that they feel should be reported to the regulatory authorities or has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly or instead send directly to the FCA/ SFO/SEC teams currently looking into this
Apparently afrenlegalaction can get a 3rd party valuation and Seplat no? Give me strength If any shareholder or interested party in Afren PLC can provide any factual information of any event involving the company that they feel should be reported to the regulatory authorities or has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly or instead send directly to the FCA/ SFO/SEC teams currently looking into this
Alan Linn said that Afren could survive at $50 a bbl. Did he mean before or after debt repayments ? Anyone ?
Goog morning all. We still have no news from the company and that means for the time being nothing changes for us. Its the same today as it was yesterday and the day before etc.. etc. So best we all stay relaxed and keep away from fighting eachother. We all have views, but we may have different views. We all want the same result. Lets support eachother rather than fight. Have a good day.
hand up I see the Seplat funding now and yes it's a different project - but - they have completed due diligence here so perhaps they could re-enter and make a bid - as soon as production figures are quantified . It comes down to valuation ratios and debt write-down. .
In regards your comment 'No-one would bid for Afren at this point with the lack of information on the assets, current production etc.' Afren has approachable partners far more transparent. I wonder why we have lack of information? Who will benefit of that lack of information? Of course we have a Sunday Times article to play with our brains and LSE too!!! If any shareholder or interested party in Afren PLC can provide any factual information of any event involving the company that they feel should be reported to the regulatory authorities or has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly or instead send directly to the FCA/ SFO/SEC teams currently looking into this
Hi kb123 unfortunately we as shareholders now in this position simply cannot afford to give AL. a chance or indeed trust him to act in the shareholders best interests as he is now duty bound to act in our creditors interests ie. the bondholders.
Pete, I agree with you regarding Seplat. Just reading back through the posts and was going to reply stating that the funds spoken about by Seplat were nothing to do with Afren but then saw you had mentioned it already. Its the problem with reading only part of thr information. No-one would bid for Afren at this point with the lack of information on the assets, current production etc.
If any shareholder or interested party in Afren PLC can provide any factual information of any event involving the company that they feel should be reported to the regulatory authorities or has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly or instead send directly to the FCA/ SFO/SEC teams currently looking into this
thanks for the Seplat headsup. So it's unlikely they will bid ? I spotted they opened a new escrow account in London. Am I grasping at straws ? I agree with your assessment of Alan Linn. Talk 2moro
This is why ASOG members oppose the YES vote, which may never happen no. Positive issues of a YES vote. Value at only 10% ownership of the company. Open offer at 1p per share. Company refinanced - continues trading. 10% future growth attributable to shareholders. New management team. Probable survival of the company. Negative issues of a YES vote. 90% value of the company taken by BHs. Shardholders have to pay for part of their own refinancing via an Open Offer. Does the refinancing offer enough liquidity to trade forward? 90% control of the company will be in the hands of the BHs. Existing shareholders will never again have any say by vote. Existing SHs have no trust that BHs will do what they say they will do. Can Alan Linn run a company with total SH contol in hands of BHs? Will BHs simply sell off assets to pay down their debt? Will BHs milk the company of cash to pay down debt. There is a twice yearly cash sweep to remove 50% of all cash generated. Costly advisors permanently in place. Will BHs take the company private and remove all value. Can the BHs carry out their new business plan (one of the risks identified in the prospectus) If Afren MCap value ever rises to £1 billion SP to existing shareholders will be only 9p. Debating this may already be academic but it illustrates why we oppose the BHs offer
I think we should give the new BoD a chance. The old BoD have stepped down and a new a team are there to make decisions. If AL is to go by from his profile, hopefully he will be able to do something good for all. He needs to be given a chance. First action I have seen is the replacement of the team followed by suspending the shares and delaying the vote indefinite. Now it's time for plan C refinancing and turning this company around.
Google share price showing £0.02 Glitch?
Well said. But I don't trust bod I bit. I would prefer a take over by another even if its an all share takeover with no cash. Better management would sort it no problem.
Cheers Pete for the response. I truly admire ASOG chaps and your views. Keep up the good work. As someone said Alan Linn needs to be given a chance along with the new BOD. I don't believe legal action at this point is appropriate whilst there is a possibility of a better outcome. Legal action should be the last resort. We haven't reached that point. Many thanks KB
Tose of you not registered with ASOG. At the moment our members count for about 10% of all votes. The power of the NO vote has become more obvious over the last few weeks. The more we can build, the more powerful we are. So those of you that watch but dont post, thats absolutely fine but please register your shares with us. Register by emailing us at asogafrenregistration at outlook.com and simply enter your share holding in the SUBJECT field and send. No message needed. You will receive a short questionnaire and some other information, (like our opinion and general voting instructions) by return to complete your registration. After that you will receive update emails from time to time. You need all this to be ready for the next vote if and when it comes. You can also get all this information from www.twitter.com/asogafren, and you can also see our YouTube video presentations. Join us guys. Its important. Thanks, Tony
Hi Guys. There certainly seems to be some heat in the board tonight. Now would be a good time to sit back and reflect. There has been no communication from the board since 15th July, idfentifying short term production problems and a continued discussion with BHs about the $30 million borrowed under the Bridge facility. (We dont know the current cash position). But we are still here. We are not being told we are insolvent. Previous RNSs have clearly warned of the real possibility of insolvency. Recent RNSs have not mentioned that so we must assume that is not the case until we are told so. For the last 4 months ASOG members have declared the position that they would oppose the BHs offer, and that is the message we have conveyed as we represent their views. Well Guess what guys, we have beaten back the the YES vote for the time being. We are now where we always wanted to be. What we have fought for. That is a victory. We may even be even in a better place, no Plan A or Plan B. And you have to ask the question ... Are the BHd on the run? We always clearly knew there was a risk of zero value by opposing the offer. We have done that and are now in the limbo position we expected to be in. This is no surprise. No turn for the worse. However we are now in that difficult place of uncertainty we were always going to get to if we defeated the YES vote.. No one knows what will happen next but although there appear to be several possible scenarios we dont know what the next step will be.. We should not be surprise to be in the place we are. If we were ever going to beat the YES vote, we were always going to end up where we are now. We now need to look beyond the window we find ourself in, to the next stage. Its all part of the route forward. We have to go through the dark woods to get back out in the open. When we get through we will know if we have won of lost. But the game is still in play. Its time to put on our hard hats guys. Zero value is still a very real risk. But in my view, the better value option is still out there too. Good luck to all of us. Tony.
Are you having a laugh. Just so bod can sweep it out in fees.
Will shareholders be in a position to put more money in and will shareholders be able to trust the BoD? What is Afren actually worth?
yep can't imagine bondholders pumping more money in if ebok has gone belly up.
Are we believing we might get some value back once this mess is sorted? What are the best options under the current situation?
Dude get with the program !