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Many thanks for your reply and advice greatly appreciated
Any one remember how Many years they got?
Hi torquewrench, I think I agree with ynodeal that Alan Linn flexed his muscle by suspending the shares which resulted in the bonds being suspended also. caught the bondholders by surprise with this as well i think. Face value is $30m shortfall as far we can see. Is there something going on in the background i don't know. Suspension might be because the company isn't going a concern. the sunday times article mentions some problem with Ebok. which would support what the RNS says about lower production etc and result in cashflow problems. But no insolvency has been declared. seems strange to call the EGM off when the HY notes would have materialised on 5th or 7th August I think. so seems strange to call it off when we were so close to getting the HY notes even with a No vote they still would have given us the HY notes. so does seem strange. they could have got a short term loan for $30m. Not sure that was a big enough excuse to indefinitely adjourn the EGM.
i like debating. especially in a stock I am heavily in.
* EGM not happening now
fair enough ynotdeal. but looks like the EGM is happening now anyway. As Peteb quite rightly says Plan A and B are both dead now by looks of it.
So we are lead to believe that they have gone through 400 mill in the first 7 mths? At this rate we could be spending 1 bill for the year. What are we actually spending it on ?
http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3AAFR.L&it=le&action=detail&id=11713276 Views in any links here, wild wolf letter content or in twitter are those of the link authors. Any references in this post or contained links that refer to actions, persons or companys are expressed as alleged only
The shareholders of Afren PLC offered a hand of friendship out to bondholders. That was ignored. Maybe the depths of our feelings are still unknown to you BH’s, so we are now giving you an eternal bear hug. We will squeeze you so tightly that you constantly feel the beating of our heart throughout whatever you try to do hereafter. Should you want to jump off a cliff, we will still hold you close and as we crash together upon the rocks, we will not let go of you and regardless of your pain (we have been numbed by now) we will still be looking in your eyes, unblinking, not crying, not begging but holding you so close that we are as one. All for one, one for all. A romance of stakeholders. Yes you decide the fate, but we control the weight that will be falling upon you. While you are still explaining your mistakes to your bosses, we will get up and we will then use the law to destroy as many of you that we can in revenge and as a deterrence from stealing from the innocent ever again. Make a fairer dilution offer or all stakeholders will be eternally intertwined.
"The general meeting on Friday was called off as it was deemed that £49m was nowhere near enough to plug the vast gap in finances and the begging letters were already being penned." Yellowcraig I know that the press have said much the same, but that is not actually correct! Afren knew weeks ago that they would not raise anywhere near the $75m (£49m) from the Open Offer. They had stated that the members of the AD-Hoc committee would not take up their share allocation. Also, many ordinary bondholders were not happy about buying shares. Then to cap it all they limited the extent that shareholders could top up, to prevent shareholders owning any more than 15% of the company. I posted about this out at the time, pointing out that the company was obviously more interested in seizing control, than raising cash, see extract below. "If no bondholders take up their share allocation then 4 of the 5 billion shares will not be sold. Consequently the company would raise £10m and not £50m." If I knew this over, a month ago, then Afren also must have also known for a least a month. What Afren are feeding you is just another lame excuse for cancelling a vote that they knew that they were going to lose. The $30m (or more) shortfall, was always there, it only ever become an issue when they knew the vote was lost.
I'm not a professional advisor and if you haven't already I strongly urge you to get a professional trader to assist you. As for me my investment portfolio is 90% highly conservative in blue chip international equities, with a broad geographical and sector spread. 10% of my portfolio is allocated to shares with a volatility swing. Before investing I read as much as I can. RNSs, annual reports, news reports. I always invest less than intended, to protect agains a fall, and also it allows me to 'average up'. I seldom 'average down'. I always average in ( buy in 2 or 3 times over a few days , and always average out too. I place a considerable emphases on management. A good CEO can make a success out of a bad company. bit like sports I suppose ). By keeping a track of your buy in price, you become attached to it, we all do, I try to forget the price I buy at, because you cling on to losing shares hoping to claw back. my main guide is to buy companies that are making profits, or about to, loss making firms, regardless of size are dangerous. Oxus Gold is a super high risk legal play and goes against my own rules so there are always expect ions. after all that might I say that I am far from a professional financial advisor and before you listen to anything I say you must get a financial advisor in your corner. I hope your positions come good for you.
http://www.prnewswire.com/news-releases/oriental-energy-refutes-afren-allegations-279806102.html Orientals statement re. Bungs.
No he was telling genuine plans. But that plan doesn't suit the current circumstance which is for the company to buy shares below 2p. Even if that plan is still in operation, there is no rationale to tell you about it.
Strange we didnt hear anything from the Ebok partners Oriental about the problems with Ebok.. Also nothing in the media about Oriental Energy and Ebok... http://www.offshoreenergytoday.com/afren-ebok-jacket-installed-ameena-spudded/ Toby Hayward, Interim Chief Executive of Afren, commented: “With incremental new production to be brought on stream from both the CFB and NFB platforms, as well as from the Okoro FFD, Okwok, OML 26 and OML 113 developments, Afren is expecting to deliver strong production and cash flow growth in 2015 and beyond. We are pleased to have commenced our drilling campaign at the Ameena East prospect and are excited about the potential there and at Ebok Deep.” Was he just telling lies?!!
Hahaha if you ONLY knew the source
https://lubepoint.wordpress.com/2013/05/30/afren-makes-307-million-barrels-new-oil-discovery/ They want to grab our 307 million barrels oil... You may need to copy and paste it or the link may work. By the way if Afren are still using the Aconex platform any significant problems with the operations and maintenance at Ebok would have been flagged up for all to see almost immediately. Opinions?
Nice one : )
He completely stopped the price fall. What more do you want ?
That' s good news in some respects so just typical issues any oily faces. But why can't this useless BOD give is proper updates instead of reading stories from the grape vine; which numpties then take as gospel to spread fear that this is it AFR going down the pan, write off your investment etc.. What the hell is Alan getting paid £0.5m for ?? Seems to be doing f all so far.
The talk of formation water onset is not actually correct, sure the water cut is up but that happens to most if not all oil fields and is factored into any production profile. What they are eluding to here is that future facilities over Ebok, Okwok or Ororo must have state of the art water handling and gas compression facilities with gas and water reinjected back into the formation, presently gas is flared and water is cleaned up and dumped overboard.
Many are attempting to shift all the blame on previous management without providing any rationale for the strange and often mysterious actions of the current management since the sacking of the two individuals in 2014 mentioned in yesterday article. And they keep trying everywhere, the perfect storm, the perfect wave, for shorters and equity grab...?? Give me strength! Keep trying...
I got interested in this company when the share price slumped from about 160p to 100 because of the scandal over BOd expenses. I bought thinking the market was over-reacting. How wrong I was. In retrospect it seems obvious that if the Bod were cheating on their expenses they were cheating on everything else.
you bet
You obviously missed out on the news. The oil isn't coming out of the ground, but water is. Best go check price of water.
At least the oil isn't being lost anywhere, it will just come out of the ground a few weeks later than expected and maybe when the POO is back up a bit.