focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
There really is huge pain all round - I am glad that we didn't get to the open offer because we may well have lost that as well. If you read the FY14 accounts you will see that the previous board rolled over to everyones' demands - partners pursuing claims, bond holders for asset write downs, FHN, huge fees for advisors etc etc without corrective action in Q3'14 we were struggling and all the debt, lack of control, poor governance has overwhelmed us. With the benefit of hindsight the rescue plan was too little too late the damage was done when the BOD failed to recognise the situation last September...AH
your logic re larger institutions is sensible, however, these people are not dealing with their own money and they will move on quickly. The Standard Life rep 'retired' at the end of December so the huge loss they made will be accounted for and blame allocated to him. The bondholders like the shareholders have been mislead. This is a story about too much debt and insufficient cash to service day to day requirements - the company would appear to have been in a bad way for at least the last 12 mths even if the BoD gave a message that it was a 'going concern' as recently as last October. AL cannot risk wrongful trading and called in the administrators when funding became impossible.
I agree in the current market it is hard to see any company making an offer that will cover the debts, provide CAPEX to enable current projects to be completed and leave something for shareholders. The majority of potential suitors will be very wary of the governmental and operational risks. We need a deal that shareholders can support and I would tend to give AL the benefit of some time to see what he can do. This is not his mess.
I agree Boxerdog1 we will need to stick with this to the end if we are going to get a chance of gaining anything. The previous board were not complacent because they took steps to protect themselves before they departed but they were incompetent when it came to running a company and they deliberately mislead shareholders about 1. about the financial position of the business and 2. the near term operational plans 3. the measures they had in place to manage market risk. 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 afrenlegalaction yahoo com
Based on the rules below it will be anytime up to end of August...I wont hold my breath!! I will be using my special Afren translation manual...I hope that they now have someone who can count because despite the fact they had a bunch of accountants on the Board Hayward, McLaren, Comyn etc...none of them spotted the 'worsening financial' situation until it was too late (1) An issuer must make public a half-yearly financial report covering the first six months of the financial year. (2) The half-yearly financial report must be made public as soon as possible, but no later than two months, after the end of the period to which the report relates. (3) An issuer must ensure that the half-yearly financial report remains available to the public for at least five years.
The fall in revenue was due to lower realised oil prices and production liftings from Ebok utilised to settle a net profit interest (NPI) liability. NPI represents a contractual profit share payable to previous owners of the Ebok field for which liftings made in settlement are offset against cost of sales (NPI liftings commenced in Q4 2014). Does this mean that we are reporting less production in our figures?
r we due some accounts?