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singy, sorry but you need to do more homework. The payments were from Oriental, not Afren. Afren -according to the independent legal review- was not impacted financially by the whole affair. I'm amazed that you wouldn't know that.
I can't understand why people like you are still posting here. Accept that others are, and jog on. Bye.
To clear up the debate on FHN, see the Annual Report - page 146. AFR has 78% with an agreement in place for the remaining 22%. AR page 146 (AFR has 78% of FHN): On 15 April 2015 the Group signed an agreement with Earl-Act Global Investments Limited (EAG) and CSL Trustees Limited (CSL), an affiliate of EAG, to acquire the 22% of shares in First Hydrocarbon Nigeria Company Limited (FHN) that the Group does not currently own. Afren has amended the terms of the put/call option with EAG announced on 5 July 2013 in respect of 18,299,993 shares in FHN to be acquired at US$3.32 per share and has also agreed to purchase the 13,780,008 FHN shares owned by CSL at US$2.80 per share. In each case such shares will now be acquired and the purchase price will be payable in equal quarterly instalments from 30 June 2017 to 30 September 2019 (together with annual interest of LIBOR + 6.5% payable in cash and 2.5% payable in kind payable in respect of the purchase price). The Group has also successfully re-scheduled the payment terms in respect of 11,322,111 shares in FHN acquired from Capital Alliance Energy Nigeria Limited (as previously announced on 5 July 2013) such that the outstanding purchase price of US$22.3 million will now be payable in instalments between July and December 2015 (rather than in full in July 2015). However, according to the 19/6/2015 RNS, all operating companies and assets were to be reorganised under the new note issuer - Afren Finance PLC. Whether this reorganisation was ever completed or not I don't know. "19/6/2015 RNS http://www.investegate.co.uk/afren-plc--afr-/rns/proposed-debt-restructuring-and-refinancing/201506191826337539Q/ · Prior to the implementation of the Scheme, the Group will undertake an internal reorganisation and the Notes Issuer will become an intermediate holding company of the Group. The Notes Issuer (together with an affiliate of the Notes Issuer) will subsequently hold all of the Company's investments in its operating subsidiaries and will also acquire all (or substantially all) of the Company's assets (the "Security Reorganisation"). The Company has also agreed to grant security over its interests in the Notes Issuer's shares in favour of the New Senior Notes Trustee (for the benefit of, among others, the holders of the New Senior Notes). " ----
kb123. It's the other way round. They reserved the right to make an offer WITHIN the next 6 months - so until 13/8. At least that is what the RNS said.
Hi Ainsley. I scrolled & I got you. Just replied to Peteb though with what might be possible, so that will be near the top (under this) with the title Admin - I think. Have a good holiday, but mind the midges. BT.
Peteb, As I said before, you have 600 members, so why not simply e-mail them with the news (some will no doubt be on holiday and not be aware yet) and ask whether any of them have constructive suggestions or know of any options still open to shareholders to influence a more positive outcome for all shareholders ? That would be inviting ASOG members to share their views - some of which might be highly informed - which you could then articulate. But don't ask, don't get. --- ASOG was formed to articulate the views of private retail share holders + just what is the message you wish ASOG to deliver
Hi Peteb, Thanks for the reply. Mine was in reply to Ainsley's post an hour or 2 earlier, so I guess he's around. I think it's fantastic that ASOG managed to group that many shareholders together - well done all of you. But per my question to Ainsley, is that it for ASOG? or will you be polling members to determine their views on potential ways forward ? Admittedly it looks like we have been backed into a corner, but that's often when 'the tough get going', so perhaps amongst those 600 are a few (legal or financial?) brains who might have an angle on how we shareholders might still emerge with something ....? I think the question is worth asking.
Ainsley, does that mean ASOG is giving up ?
HELLOOOO!?!?!?!? Any chance of an answer Tony & Co ? Both of your groups are aware that the following statement is untrue, and that there may have been at least 2 other approaches to the company (excluding Seplat) that have been ignored. There is now NO time to waste, as this is an even more blatant move to disenfranchise shareholders than was their Plan A. What are your proposals for action now? ---- The board believes that all the possible routes have now been explored during the course of this process, which was subject to a strict timetable, driven by Afren Plc's short-term liquidity issues. These discussions have failed to deliver support for a revised refinancing and restructuring proposal that would result in Afren Plc being able to pay its debts as they fall due.
Both of your groups are aware that the following statement is untrue, and that there may have been at least 2 other approaches to the company (excluding Seplat) that have been ignored. There is now NO time to waste, as this is an even more blatant move to disenfranchise shareholders than was their Plan A. What are your proposals for action now? ---- The board believes that all the possible routes have now been explored during the course of this process, which was subject to a strict timetable, driven by Afren Plc's short-term liquidity issues. These discussions have failed to deliver support for a revised refinancing and restructuring proposal that would result in Afren Plc being able to pay its debts as they fall due.
Tony, So now a lack of communication from the company is ALAG's fault ? Sorry, but that's nonsense. If you have maintained the confidentiality requested of you by AL then he has no reason to blank ASOG. And likewise, there has only been 1 poster (or writer) ranting nonsense that could be considered close to the bone, and you know very well who that is. So why not go after him instead of threatening other posters with legal action for re-posting ? I have just seen an apology from bountyhunter, and also received an unconditional apology by e-mail from ALAG for distributing WW's post. So your continued threats to bountyhunter reek of bullying to me. It's a huge shame because you've done some great work (videos etc), but quite frankly waving writs around in response to BB nonsense is over-sensitive & plain silly IMO - especially given the apologies. A gentleman would accept the apology and go after the real culprit, not the easier target. How about it ? --- You will see that since ALAGs more aggressive pursuit of the BOD and others, and Wild wolf's ranting reports, there has been an information lockdown by the company. They are talking to no one now. That is how the ALAG team are destroying efforts to oftain a better deal.
Ynot, if that is true then in my opinion they are a bunch of over-sensitive fannies. As for the former BOD, what do they expect having brought the company to its knees through incompetence, and lost SHs nearly all of their investments ? Praise ? Having read the BB these last few months I've personally seen posters venting yes, but no specific allegations - which is what the lawyers would need to see to go after anyone. All a storm in a teacup imo, and hopefully AL is a bit more grown up. ---- So yes, I think the directors of the campany have wasted a lot of time, and shareholders money, setting up defenses against these allegations. And that has been at the cost of spending time seeking alternative solutions.
Ynot, Sorry, but that is very unlikely indeed, and I think you exaggerate. If there had been a legal case lodged against the company, maybe. But that is not the case, so what on earth would they talk about ? For the record, I am not one for trigger-happy accusations in any form either, but the reality here is it's simply angry & frustrated people letting off steam on a BB ... nothing more, yet. ---- Alan must be spending most of his time with his legal team and not looking for a solution to our issues. It totally distracts him. Every sentence about legal action on here probably costs him an hour of his time in conference.
Ynot, Sorry, but that is very unlikely indeed, and I think you exaggerate. If there had been a legal case lodged against the company, maybe. But that is not the case, so what on earth would they talk about ? For the record, I am not one for trigger-happy accusations in any form either, but the reality here is it's simply angry & frustrated people letting off steam on a BB ... nothing more, yet. ---- Alan must be spending most of his time with his legal team and not looking for a solution to our issues. It totally distracts him. Every sentence about legal action on here probably costs him an hour of his time in conference.