Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Started: DyamFoolMan, 24 Jul 2022 16:14
Last post: DyamFoolMan, 24 Jul 2022 16:39
....¦¦¦¦¦¦¦¦¦¦¦¦.............¦¦¦¦¦¦¦¦............¦¦¦¦¦¦¦¦¦¦¦¦
¦¦¦¦.......................¦¦¦¦.....¦¦¦¦.......¦¦¦¦
¦¦¦¦..........¦¦¦¦¦¦......¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦¦........¦¦¦¦¦¦¦¦¦¦¦¦
¦¦¦¦ ...........¦¦¦¦.....¦¦¦¦..........¦¦¦¦................¦¦¦¦
....¦¦¦¦¦¦¦¦¦¦¦¦........¦¦¦¦............¦¦¦¦......¦¦¦¦¦¦¦¦¦¦¦¦
....¦¦¦¦¦¦...........¦¦¦¦¦........¦¦¦¦¦¦¦
¦¦........................¦¦........¦¦.....¦¦
¦¦..........¦¦¦.....¦¦¦¦¦¦¦.....¦¦¦¦¦¦¦
¦¦ ............¦¦.....¦¦.........¦¦...................¦¦
....¦¦¦¦¦¦........¦¦.........¦¦.....¦¦¦¦¦¦¦
Started: Arbitrage, 28 Sep 2017 10:52
Last post: JohnnyB.Goode, 25 Oct 2018 08:03
"Two greedy oil barons who used a dodgy £232 million business deal to line their own pockets face jail.
Osman Shahenshah and Shahid Ullah, the former bosses of one-time London stock market darling Afren, have been found guilty of fraud and money laundering after a three-year investigation by the Serious Fraud Office (SFO)."
https://www.dailymail.co.uk/money/news/article-6312827/Meet-oil-barons-guilty-fraud-230m-deal.html
This court case is against two directors who were suspended long before Afren collapsed. The new board reported the non standard payment methods to the SFO to draw attention away from the real cause of Afren's collapse, which are well detailed in this article. http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3AAFR.L&threshold=0&it=le&action=detail&id=11606746
Court proceedings 'kick-off' next Wednesday for the company's 'illustrious' ex Former chief executive Osman Shahenshah and chief operating officer Shahid Ullah, who will appear at Westminster Magistrates Court on Wednesday. It follows a two-year investigation by the Serious Fraud Office (SFO). Afren, once valued on the FTSE 250 index at �2.6bn, collapsed in 2015 after the oil price slump and the failure of an Iraqi Kurdistan project. The two men face four charges related to payments they received through secret companies that were linked to �298m ($400m) worth of Nigerian business deals. It is being claimed that the alleged fraud led to the collapse of Afren which is now in administration. Mr Shahenshah - who was sacked along with three other directors over gross misconduct in 2014 - and Mr Ullah will be charged with two counts of fraud by abuse of position, and two separate counts of money laundering. The SFO said that Afren's administrators AlixPartners are seeking damages worth more than �500m from Mr Shahenshah, Mr Ullah and one of their Nigerian associates, in related civil claims.
Started: afleac, 18 Oct 2018 21:20
Last post: afleac, 18 Oct 2018 21:20
Afren Legal Action (@saveafrenALAG)
hxxps://twitter.com/saveafrenALAG?s=09
Pensioners victims of corporate mis-management, misinformation, over‐zealous, greedy creditors, an unimaginitive & ineffectual administration @Alixpartners_UK
Started: HeidHoncho, 28 Sep 2017 07:56
Last post: HeidHoncho, 28 Sep 2017 07:56
Started: afleac, 30 Oct 2016 14:29
Last post: afleac, 30 Oct 2016 14:29
ALAG in the news, they say there is no such thing as bad publicity, so we are getting a little assistance to the fundraising! Thanks John for doing this: See http://www.*************.com/views/24893/breaking-afren-shareholders-seek-crowdfunding-to-pursue-directors-in-court HELP HERE PLEASE https://www.justgiving.com/crowdfunding/stewart-clough
Started: realistic21, 19 Sep 2016 15:04
Last post: kenj, 25 Sep 2016 20:53
"And the worst thing is we knew damn well what the bod in concert with the institutions were doing but were unable to get the support to stop them." I fully agree with you Whitespirit it was obvious what the BoD were doing. However, their job was made easier by the shareholder group ASOG's support for the CEO Alan Linn. The other directors resigned on mass the morning of the AGM, rather than face the ignominy of being voted down. Alan Linn who before being appointed CEO had been a consultant to the company when the restructuring plans were hatched, received nearly 88% of votes cast. So a large majority of shareholders and many posters on here voted for a guy who had colluded in the planned wholesale transfer (theft) of the company's assets from the shareholders to a group of greedy bondholders. Booting Alan Linn out may not have saved Afren, and may have hastened the end, but appeasement rarely works either, as Nevile Chamberlain discovered 77 years ago.
I wrote repeatedly to my mp before the collapse about the obvious fraud that was taking place in setting Afren up to fail and take the assets from the pi's. He was 'moderately' helpful but no more than that and tbh I hold no hope at all that we will ever see the guilty parties held to account. And the worst thing is we knew damn well what the bod in concert with the institutions were doing but were unable to get the support to stop them.
Realistic21, There is virtually no hope of receiving anything for your delisted shares. Shareholders are at the bottom of the pile for payments when a company is declared insolvent. The administrators have first pick, followed by the Inland Revenue, secured creditors, bond holders etc. Administration charges are so high, that the taxman will be lucky if he gets paid in full, shareholders I'm afraid have little or no chance. The administrator is charged with keeping the company running, or selling it as a going concern if possible. Failing that he will sell off the assets, often at fire sale prices, and pay off the creditors (if there is anything left after extracting the administration charges). Afren will not rise from the ashes. It is far too late now, as some assets have already been sold. Write off your shares and forget about them. In the unlikely event that the administrator does recover any money for shareholders he should contact you. The payment may however, be a pitiful 1 or 2p in the pound. FWIW an article in today's Daily Mail stated that the Serious Fraud Office (SFO) is investigating the collapse of Afren. So the villains may one day face justice, but going on past SFO performance this could take years, and result in little more than a slap on the wrist for anyone deemed to have acted improperly.
Is there any possibility any return for afren shareholders after administration ? Does anyone have any idea regarding this? Historically is any proven that after administration any company like afren is being listed again? or everything for afren shareholders is finished or ended up. Can I get clarification or explanation from any sensible persons?
Started: realistic21, 18 Sep 2016 14:05
Last post: tiny2, 18 Sep 2016 20:29
Check out a post on the GKP at 8.25 am today .
Is there any possibility any return for afren shareholders after administration ? Does anyone have any idea regarding this? Historically is any proven that after administration any company like afren is being listed again? or everything for afren shareholders is finished or ended up. Can I get clarification or explanation from any sensible persons?
Last post: MX5Friend, 28 May 2016 12:41
I too learned alot this was one of my first shares as i only stated trading at the beginning of last year, if AFR come back then i would defiantly be a happy chappy.
I will never forget this share. It was a costly mistake but I learnt a lot from it. And I wouldn't be the investor I am today without it.
Looks like they re-opened the BB?
It's possible a third party could be trying to put AFREN back together again and that will include the shareholders .
If any shareholder, company official 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 to afrenlegalaction at yahoo com asap Thanks
Let's hope for fairplay from the parts involved in the Administration process
Then look like GKP going the same way .Nice update from ALAG today many thanks guys .
Started: heart10_5, 17 Aug 2015 23:43
Last post: heart10_5, 17 Aug 2015 23:43
Tony , Pete and all thank you for your hard work and huge huge effort to try and get us all some justice here You all talked the talk and above all walked the walk a truly great effort many many thanks Now its time to sign up with the legal team
Last post: heart10_5, 17 Aug 2015 23:37
If you go directly to the site and put in AFR the company does not come up , However if you goggle it LSE AFREN SHARE CHAT you will come to the forum . Yes something is going on here more smoke and mirrors
Keeps going on with this web site ,couldnt get on here yesterday and again today ,they trying to shut us up or what .
Started: Andydiff, 17 Aug 2015 16:18
Last post: Andydiff, 17 Aug 2015 16:18
The things is, they are so often worth every penny, I mean, look at Toby Hayward and Alan Linn. Where would we all be without them? www.employeebenefits.co.uk/benefits/pay-/-bonus-and-reward/ceos-paid-183-times-more-than-average-worker/107360.article
Started: ldlv, 16 Aug 2015 14:19
Last post: ldlv, 16 Aug 2015 14:19
Many of the Afren PLC investors who have lost countless sums during the scandals of the past years are seeking legal advice to seek redress and to gain recourse over the significant amount of irregularities that have occurred within and by those associated with this company. We are not convinced of the impartiality of many of the key players involved in this company over the period and the motive or the methods of those who are either involved in irregular behavior or who have assisted this malicious destruction of a multi billion pound company into its current condition. Some parties seem to be trying to rush through even further unacceptable outcomes to add insult to injury and the only way for us to counter this is to work methodically with the appropriate regulatory authorities and professionals in order to carefully and clinically reverse the damage inflicted upon many investors through what is alleged illegal and unethical actions. This is a marathon not a sprint. Ultimately, this will be resolved by a judge and jury and will probably require multiple litigations in more than one jurisdictions to seek the best outcome for all those who have been dispossessed. If a straight forward solution is not found it may take a long time to resolve fully but we feel that a positive resolution is likely regardless of any counter narrative that is deployed to deter us. In the interim, we request that no genuine supporter publically reports on any key historic events, allegations or developments on any bulletin board. Justice is slow but pure and we request and suggest that any posters do not waste their time in engaging with the deliberately provocative posters who are being paid to undermine our efforts or who seek to benefit from the dubious transfer of Afren PLC assets to key third parties. These malevolent parties have caused enough damage already and Pied Pipers have misled enough innocent investors to date that we do not want to encourage them further. If needed a legal class action point of contact will be advertised, published and distributed to all qualifying claimants by our lawyers in due course and they will become the key future unifying voice for the escalation of this pursuit for justice. Be assured, we will continue regardless until this injustice has been rectified.
Started: greygeorge, 16 Aug 2015 14:02
Last post: greygeorge, 16 Aug 2015 14:02
Sorry ldlv, there'll be no interest from the Hollywood film studios on this backwoods provincial story. A couple hundred small investors too stupid too realise that investing in a company with board members of questionable morals, exploring for oil in a country renowned for corruption and poor human rights, who time and time again turned a deaf ear to the reality of their plight, who for at least 6 months refused to accept the inevitable ? Nobody, except those couple of hundred, cares. Even I'm fast losing interest here, and that's with 'viewer participation' mode turned ON, lol. There's tens of millions in this country with no interest in the stock markets, who believe (sometimes mistakenly) that investors are rich greedy bastards who deserve to get shafted by those who are fleeter of foot and faster of thought than their victims. Then there's the potential 90% of grown up investors who avoided this puppy like the plague, and couldn't give a toss what happened here, it didn't happen to them, so who cares ? Maybe this will become a case study on how not to pick an investment, in an article relegated to the back pages of the Thames Valley telegraph, or whatever. But no blockbuster here, sorry. Good luck with the yet-to-be-announced fundraising for your legal action.
Started: Raja2, 16 Aug 2015 10:51
Last post: Raja2, 16 Aug 2015 10:51
Is it normal that they kept the offer secret from the shareholders?! Even now the company is in administration.. I dont think that the offer was 0p.. Then the shareholders would not have approved it.. So why should Seplat offer 0p.. Is it possible to get the information about the offer from afren or Seplat threw the court?!
Started: ldlv, 16 Aug 2015 10:24
Last post: ldlv, 16 Aug 2015 10:24
Afren drama holds five sharp points for investors There aren’t many corporate insolvencies that would make a good movie. But any scriptwriters out there wanting to emulate the success of the Enron film should read our coverage of Afren this week. The story’s got it all: the CEO, COO and other executives sacked for taking back-handers from joint venture partners; a shadowy, super-aggressive hedge fund boss nicknamed Keyser Söze; even a Nigerian ex-general called Theophilus Danjuma. All that is froth, however. The real drama for financial market participants would play less well on the big screen. What destroyed a company that once symbolised a new, exciting nexus between London’s capital market and Africa’s burgeoning oil fields? That will take time to emerge, but we could start by looking at five things: not colourful, but gravely important. One. Afren was listed on the London Stock Exchange. Yet a supposedly high standard of corporate governance did not prevent a corruption scandal claiming its top bosses. Two. How much should oil companies hedge the oil price — and how soon should they have to tell investors if they change their policy? Afren was underhedged, in one shareholder’s view; then the oil price halved; and then it sold its hedges. Three. If a company is struggling to pay its debt, should it have to give shareholders a chance to inject fresh money, before yielding the whip hand to lenders? Four. Resources companies depend above all on technical estimates of reserves in the ground, and on how much of the commodity can actually be extracted. Some of the world’s smartest financial players, and Afren’s management, failed to spot that these were going badly awry. Five. When Afren failed, investors said even its claims on its assets were shaky: the licences were only safe if Afren was still pumping oil. When that is the case, an oil company is a much flimsier thing than investors may imagine.
Started: ldlv, 16 Aug 2015 08:20
Last post: ldlv, 16 Aug 2015 08:20
Started: ldlv, 16 Aug 2015 08:14
Last post: ldlv, 16 Aug 2015 08:14
We shall go on to the end. We shall fight in courts, we shall fight on the law and with the authorities, we shall fight with growing confidence and growing strength in the media, we shall defend our shares, whatever the cost may be. We shall fight on the breaches, we shall fight on the lawyers grounds, we shall fight in the frauds and in the banks, we shall fight all their bills; we will never surrender Afrenlegalaction Yahoo Com
Started: Smut, 16 Aug 2015 04:14
Last post: Smut, 16 Aug 2015 04:14
Or have we all come to accept the deciet
Started: ynotdeal, 15 Aug 2015 14:03
Last post: ynotdeal, 15 Aug 2015 14:03
Goog afternoon all. Much on here about dodgey dealings still of one kind or another, still going on betewwn the various parties. That may well be true. However I find it hard to believe that with all the focus on the Afren story by legal entities and the autorities, FCA & SFO the press etc, that the relevant parties would be doing anything other than going strictly by the book. They would be fools to to do otherwise. The reason why some things seem inexplicable to us is that we simply do not know the underlying facts. Good luck (ALAG) TONY
Started: ldlv, 15 Aug 2015 11:50
Last post: ldlv, 15 Aug 2015 11:50
We already have a very strong body of evidence emerging and as before we request that if any shareholder, company official 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 which has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly to us initially and our lawyers subsequently. We can only request that you all continue forwarding this information and evidence and we are especially interested in speaking with anyone who has key knowledge of any illegal act or dubious event. If you have legally contentious facts but are naturally concerned of the legal ramifications of passing this information to us please contact the legal contacts direct and they will advise you accordingly as to how this can be handled correctly in the appropriate manner. We have faith in the quality, integrity and powers of the judiciary and authorities to assist us in gaining justice and we are all working towards the day that judges and juries have an opportunity to evaluate the entire facts and not just the propaganda that we have all been barraged with since the irregularities began. Thank you for all your support.
Started: ldlv, 15 Aug 2015 11:50
Last post: ldlv, 15 Aug 2015 11:50
Many of the Afren PLC investors who have lost countless sums during the scandals of the past years are seeking legal advice to seek redress and to gain recourse over the significant amount of irregularities that have occurred within and by those associated with this company. We are not convinced of the impartiality of many of the key players involved in this company over the period and the motive or the methods of those who are either involved in irregular behavior or who have assisted this malicious destruction of a multi billion pound company into its current condition. Some parties seem to be trying to rush through even further unacceptable outcomes to add insult to injury and the only way for us to counter this is to work methodically with the appropriate regulatory authorities and professionals in order to carefully and clinically reverse the damage inflicted upon many investors through what is alleged illegal and unethical actions. This is a marathon not a sprint. Ultimately, this will be resolved by a judge and jury and will probably require multiple litigations in more than one jurisdictions to seek the best outcome for all those who have been dispossessed. If a straight forward solution is not found it may take a long time to resolve fully but we feel that a positive resolution is likely regardless of any counter narrative that is deployed to deter us. In the interim, we request that no genuine supporter publically reports on any key historic events, allegations or developments on any bulletin board. Justice is slow but pure and we request and suggest that any posters do not waste their time in engaging with the deliberately provocative posters who are being paid to undermine our efforts or who seek to benefit from the dubious transfer of Afren PLC assets to key third parties. These malevolent parties have caused enough damage already and Pied Pipers have misled enough innocent investors to date that we do not want to encourage them further. If needed a legal class action point of contact will be advertised, published and distributed to all qualifying claimants by our lawyers in due course and they will become the key future unifying voice for the escalation of this pursuit for justice. Be assured, we will continue regardless until this injustice has been rectified.
Started: Isengard7, 14 Aug 2015 23:01
Last post: Isengard7, 15 Aug 2015 11:17
Peteb, they could have done a separate OO prior to the the actual restructuring. but they chose to ignore ASOG and also SRM. Bit of learning experience for BoDs in general. to pay attention to what your shareholders are proposing. Especially when they make up 15%. (SRM + ASOG)
SRM would have pumped more more money via rights issue or open offer. otherwise they wouldn't have proposed the idea. The company would have avoided admin. but they seemed look down on pi shareholders. stubbornly ignored SRM. Only so much sympathy you can have for Afren management. they were woeful.
I must have said on here I wanted a rights issue about a dozen times. I told IR an open offer or rights issue was needed. Looks like SRM also asked for a rights issue. and that fell on very deaf ears. "Throughout, SRM was implacably opposed to the restructuring, viewing it as an unjustified seizure of the company by the bondholders. Rather than default on its bonds and hence yield control to creditors, Afren should have conducted a rights issue, which would have enabled it to keep going and shareholders to have kept their stakes. SRM remained determined to the last to vote against the restructuring, and continued to favour a rights issue instead, right until July." http://www.globalcapital.com/article/sw7cb45nkygl/the-collapse-of-afren-part-4-of-7-the-general-and-keyser-s246ze