Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I hope something comes of legal and lawful action and the perpetrators are locked up for a long time. It would not suprise me if the company went into admin and the adhoc chaps get the assets that way....
It now looks like BH and SH have been led up the garden path... From Sunday Times: "It is understood that the drop in output is due to the delayed installation of a new platform at its Ebok reservoir off the coast of Nigeria, which accounts for two-thirds of Afren's production. The bondholder group that led the April refinancing was this weekend considering whether to put in more cash to meet Afren's need for "further significant funding". I would find it incredible if BOD were not aware of operational issues being encountered. At least we know (a) major operational issues (need to understand extent of delay and impact of Ebok issues) BUT STILL NO OFFICIAL AFR RNS !! (b) Recent POO falls will again hurt revenues. Question now is - is there a way out of this mess?
Grab them by the balls and don't let go.
Afren- Call in the cops. The situation at Afren has got beyond a joke and the whole affair merits a serious enquiry as there is much more unpleasantness here than meets the eye, the situation is not ameliorating one bit. 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. The Sunday Times stuck the knife in but it could have been much worse, when the real truth about what has happened here eventually comes out I suspect that goings on at Afren have been a scandal for a very long time and much has been covered up into the bargain. Stories of delays in platforms, jackets and pipes are doing the rounds and if you thought that scrubbing lucrative hedging contracts for $60m of immediate cash flow was appalling then you havent heard the stories about cancelling projects but paying 90% of the costs…Afren hasn’t passed the smell test for some time, right now anyone who has been involved with some of the decisions made in recent times should soon be feeling the warm breath of the law very close to hand.
Hello Granto I was impressed with your portfolio summary and as I am a complete novice at aim investing can you please advise me as to the type of research you carry out before purchasing or selling shares.I would welcome your input as all shares in my portfolio are currently showing a loss
I think it is done by the share registrar. Computershare were at the AGM if I remember correctly.
Who actually counts a yes or no vote at a EGM, is it done through a third party, the BOD or who ever.
I think the joke back in February was 14:30 RNS. and you would get a spike. people kept saying it 14:30 RNS and then eventually people started saying it in jest.
yep, credit where it is due/
You deserve all the support you get and more and I feel indebted to afrenlegalaction for taking up the fight as 'David' against 'Goliath' I once knew of a litigation case against a big company and the small company who was taking them to task left no stone unturned and through sheer tenacity, dogged perseverance, persistence, attention to detail and all the other qualities that you'd expect from a good law firm fighting your corner against a bully, they won the day. The big company made a lot of noise at the beginning and tried to drag the case out so the little company might give up, but they eventually settled when they realised that giving up wasn't going to happen and that they would be culpable for the mounting fees on both sides.. I'm not saying that this is the same thing here but small law firms, are often far more effective than some people might think....and there is a very long trail of evidence here for them to work with. ATB
TyphooSips, here are my declared buys and sell this year…..not so shabby despite your baseless insults . here you go. Richland Resources up 150% since I called it a buy in December , Central Rand Up 50% since I called my buy, Ophor up 33% on my buy and sell calls, PTR level, Ormonde down 30%, Lansdowne up 60% PTR down 10%,, Xtract up 75% Oxus up 40%. Bank Of Oreland up 50% and sold………. Seems like I am having a better year than you. I am sorry if you lost your shirt here but you need to stop abusing people and do research. You research on my share buys this year shows up how little you know.
"bit like the Titanic itself". Since your calculations are always opposite to reality, we can expect a huge rally coming up.
Thank you Andy, Yes I was very bullish here, and like all of us I lost out. in life we win some and lose some but as always try our best. In this case we were not calculating fairly because the selling of the hedge money was not revealed, the recent collapse in POO has compounded the difficulties here. I doubt shareholders will ever get 'justice' here, but I do think the Bondholders took a serious blow too. Such are the rules BH will get first dibs on any salvage sale, we SH are at the end of the queue, so in a selloff we will get little or nothing. with POO at this level administration will be tough to survive, but arguable that we could make it. I think the likely outcome is the BH and BoD will agree new short term finance, and the company will avoid administration, at least for a few months, however, it is a possibility that Administration will be sought with ' latest latest finance providers getting guarantees or assurances from the administrator' in exchange for fresh finance. I have personally seen this before. It is a semi formal agreement that the administrator honors. either way Afren will survive here for for some time. Pray for a POO recovery otherwise we are on the verge of sinking below the waves. I disagree with the suspension of the shares, that is akin to locking the 3rd class passengers below decks on the Titanic, we are the ones rattling the locked doors screaming ' give us a chance'. Only difference is the good ship Afren is a 50/50 chance of sinking at this stage. If the BH demand payment then its all over. My intention is to run to the lifeboats as soon as the gates open to sell the remaining shares I have……hanging around for justice and your share of the ship is a risk I won't take looking at it. It is sad and reckless story, bit like the Titanic itself
You really are very qualified granto and I only asked as I remember your posting or a lot of it from months ago and you were very bullish on Afren's outlook. A lot of people I know followed what you were saying then. Ynot, I know you trust Alan Linn and you have met him, which makes a big difference usually, but personally I wouldn't trust him as far as I could throw him. He has shown me absolutely nothing at all, in as much of trying to engage with Shareholders and their concerns (many of them terrified investors who have lost everything) and he seems to leak out information to the press before telling us anything. Indeed the shareholders are generally the last people to know anything around here unless they chance upon information after someone kindly puts a different number at the end of the an old rns url, as has happened more than once. I'm staying firmly planted behind the legal effort that is IMO our only hope of justice being served here... Off out now GLA
Its no wonder with advisors on board costing a days production. I wonder if they will still aquire fhn shares giving them virtually 100 % company. If barda rash was so bad why don't they suspend operations until further notice like they did when isil invaded. Spending money unnecessary on 3d seismic put the money to better use.
The RNS is just a holding RNS. The meeting was postponed so they had to come back with a rescheduled time and date. Todays RNS is letting us know that the timing of the meeting is now 'indefinite'. It is a waiting game.
They are skint and need money from the BH's to stay afloat, production has taken a significant hit and the price of oil continues to dive. What possible good news do you think they have?
Yes Dave said there might be one at 1400hrs today.
Keep your eye on the RNSs. There may be another one issued during the day, or at any time.
The RNS today was un necessary. It just repeats the previous RNS. So what is that all about. Will there be a follow up RNS.? Does it imply indefinite suspension of shares? Has another offer materialised? Are we about to go into admin.? We are still in the dark. One thing it didnt say is "insolvency". Im not grabbing at straws, just trying to understand the message. If the company was insolvent there would be no reason for that information to be held back. As soon as the BOD discover the company is insolvent, they have to stop trading or they will be guilty of wrongful trading. Everything out in the field would have to be halted and that information would leak out almost instantly so we would see it in the press if not from an RNS. So, EGM cancelled (implied), no notice of insolvency (might come soon), BHs still need to protect their loss, are there any investors out there circling? (We know there are production problems). Call me simple but how about this. Origanally no offers were considered that didnt meet the level of the debt. I never understood why but that was what we were told. The boot is on the other foot now. BHs under pressure. A viable plan has been put forward to reschedule the existing bonds maturity repaynents as under plan A. That can still be used. So leave the bonds in place for now. An investor only needs to come in to take over the existing interim fundings plus extra... $500m should do it. And theres been a few out there with $500m in their pot. We would be up and running again. Later deal with debt levels by rights issues. BHs would get no shares but would get debt repayment according to repayment schedules. New investor would want equity, but not 90% (we get to vote again). I suppose thats over simplistic. Its not indended to be a financial proposal, but a kernel of an idea. Just musing around the subject.. any other thoughts anyone?
not quite sure what you mean but assuming you ask in earnest I'll reply .firstly , I have no inside information . What I do have is experience as a CEO and Director of companies that have been through similar processes as this , ( not of my making ) so in that regard I think I know a thing or two . I have be through the entire administration process , I also have been in the middle of some very serious debt restructuring negotiations involving £millions . I am not claiming to be an expert but I think I can hold my own here with the best of posters . And if nothing else I am honest .
Never gonna happen...in a million years.
Just offer the shareholders 50% and lets move forward.
AL has said that Afren is fit at $50 a barrel so barring the latest hiccup Afren is still generally OK. Is't the Interim funding cheaper than the rates under Plan B? The interim funding lasts twelve months if I remember correctly so providing we can get over the latest blip and oil does creep back up again we could still survive. If we are just about breaking even Afren's profits would increase rapidly with an increase in the POO. Any new proposals would need a new, different EGM wouldn't they? So last Friday's is history now and adjourned indefinitely.
What do you know? Really?