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Once again that cost was for LAN and NOT (note the emphasis) for the law firm. Not quite sure what part of that statement you don't seem to understand but hey shouldn't be surprised given the crap you routinely post.
Well, on the face of it, (and afren aren't the only ones guilty of this) it looks innocuous enough, and who knows, if everything had gone according to plan...etc. Or maybe everything did go according to plan. Hey Isengard, you ever see the film 'The Producers' ? Mel Brooks, Gene Wilder, Zero Mostel. The success of their plan depended on the failure of their production, the production was a hit, and they got jail. Nah, that's just a work of fiction, lol.
Cleethorpes eh. Oh well, i can but dream......
Yey for andy.p, lol.
GG, if i read this RNS before would never have bothered with Afren. Looks like they just used the LSE IPO to help develop the nigerian assets to benefit the indigenous people and nigerian community. big f**k you to shareholders. FHN killed Afren with too much debt. and now they have a developed assets. and we got nothing to show for it. Ironically the Nigerians stole their assets back lol
' LAN is run as a not-for-profit campaign, but members are required to stump up a joining fee of as much as £293.75, rising to £300 from January 1'.
Go find a grown-up to explain it you, idiot. (no, andy.p, I don't know if he posts links or not, I can't be bothered to read him most of the time).
LOL !
That relates to public relations and the cost of running the committee not the legal advisors which as I correctly stated was funded by third-party backers.
I am keeping out of the legal debate. i post too much as it is
Oh god, Isengard, that way lies madness, lol. You're trying to unmake spaghetti there (no disrespect meant, but you'll drive yourself mad trying to unravel who owns what and who owes who and which way is up).
I don't think any shareholders gives a sh*t about nigerian community. we just wanted a return on our investment. and If I read this would never have bothered. Looks like the company was used to develop the assets using the LSE IPO. i guess they don't need UK shareholders any-more our usefulness has expired.
these are the two banks which have a 10% stake each in FHN. speculation but maybe they will end up getting the rest of it.
Hi Andy.p. Welcome back, hope you had a good holiday. what's up with the roof ? I'm not posting much these days, just trying to keep 'em real, lol. Isengard is still making his contributions, which is the one bright spot when I catch up on the goings-on here.
quote is from, http://www.afren.com/download.axd?id=600
so much bull sh*t from these banks.
Hi Isengard. I just wanted to point out to those who know everything about everything that they may be wrong if they think there's a law firm out there that would take a case like this on 'pro bono'. Well, maybe Ellen Brokovich, or whatever her name was, maybe her diary's free at the moment ? Sadly it's just more wishful thinking on their part. Like 14 dollar magic oil, the power of asog, etc. etc.
Now crippled, admin and de-listed. Afren should never have bothered with FHN. Tayo Adenirokun, Managing Director of GTBank , commented ”GTBank has lent strong support to Afren in Nigeria, since its participation in the debt facility to finance the Company’s flagship Okoro project in Nigeria. We are delighted to be alongside Afren, at the forefront in helping to fulfil the Government’s objective of growing the indigenous participation in the Nigerian upstream sector.” Dr Jonathan Long, Chairman of FCMB, commented ”We welcome and support this initiative to create an indigenous Nigerian E&P champion. Afren has worked extensively with Nigerian communities, partners and contractors since inception, and we look forward to helping to encourage a wider Nigerian ownership of prized Nigerian oil and gas assets.” These Nigerian banks bunch of......
so much corruption its just part of the culture now.
I'm sure it's going to be really difficult for you, but perhaps a grown up on this board would like to read more than the first few words to get to the fees paid. (Many other references to fees out there). But hey, what would I know, lol. Idiot. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8212427/Scrutiny-for-Lloyds-Action-Nows-1m-fund.html
looks like its partially owned by banks. i guess they wanted the rest of it. if its not that then i give up lol
Really where's the link that outlines that funding approach. Everything I've read suggests third-party funding, #making it up as he goes along
Peteb, you may find this interesting unless you already read this of course. " First Hydrocarbon is partly owned by two leading Nigerian banks, GTB and FCMB, who have 10% each as well as a host of other Nigerian investors, including the businessman Dele Fajemirokun and Ken Etete owned Century Energy." "Afren is willing to divest its 45% share in First Hydrocarbon Nigeria(FHN) and concentrate on growing its portfolio, as simply Afren, in Nigeria, the rest of Africa and Asia. A number of companies, including Seven Energy and Lekoil( both Nigerian independents), have expressed interest. First Hydrocarbon is partly owned by two leading Nigerian banks, GTB and FCMB, who have 10% each as well as a host of other Nigerian investors, including the businessman Dele Fajemirokun and Ken Etete owned Century Energy. Seven Energy has been talking with principals in Afren, but its case is weakened by the fact that it is offering equity swap and not cash. Seven Energy has cash flow issues, having over reached in its commitments, which include a 62km gas pipeline and a gas processing plant scheduled for commissioning before the end of 2012. It is also struggling with funding its obligations as partner to the state hydrocarbon company Nigerian Petroleum Development Company (NPDC) in Seplat operated Oil Mining Leases (OMLs) 4, 38 and 41 in Northwestern Niger Delta basin. Lekoil is largely interested in FHN in order to at least gain equity in a producing acreage. Having attracted interest of western institutional investors, this two year old company needs to secure a property that has immediate cash flow. London listed Afren is frustrated with how things have played out in terms of the sole property that FHN owns. When FHN was created in 2010, in order to purchase the 45% JV equity belonging to Shell, Agip and TOTAL in Oil Mining Lease(OML) 26, it was assumed that the company would be allowed to operate the acreage. Afren was hoping to leverage the expertise it had gained in operating several assets in Nigeria. But the government insisted the acreage would have to be operated by the largely inefficient NPDC. An FHN operatorship, bolstered with help from Afren, would have boosted the production to much higher than the 11,000BOPD that is the current status, say people familiar with the situation." http://africaoilgasreport.com/2012/10/in-the-news/afren-to-divest-its-shares-in-first-hydrocarbon-nigeriafhn/ I am sure GG said he was invested in Lekoil. if they're still interested they might try to acquire some of Afren's assets. Although I plan to steer clear of all nigerian companies going foward. too much corruption that goes on in the background.
Maybe I'm wrong, but didn't it cost each investor about £250 to sign up, plus an additional 3p per share ? 6 years on, not much forward momentum. Just saying. Lol.
I know FHN is a subsidiary of Afren Plc. I am sure I have read Afren own 45% of it. would be interesting to know who own the other 55%. Egbert Imomoh, mugshot. http://www.fhnigeria.com/overview/board-of-directors/