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notice that the RNS stated the BH were supportive of the ADM process . Part of the reason is many BH did not participate in the original $200m, and we're getting a free ride here, in administration all BH will be treated equally . The administration is a top notch ' corporate rescue ' team. It's far from guaranteed that these guys have no chance of stabilizing the company . It won't be easy . But all the Capex from H1 ($100s millions ) will be placed to the side .

St Hilliers went into administration and emerged 5 months later . Some people here have written off Afren. I'm not so sure it's gone yet. This was a voluntary administration and not enforced .the courts and the Administrator have huge powers here . Contracts can be torn up before your eyes and invoices cast in the bin, even with the company holding millions in cash . There is complete protection from creditors and all legal actions . Let's see how this rolls ..... Toast ? Too early to say that .

when I bought back in , it was for much smaller amounts than I sold for in March , my plan was to keep averaging up, that never happened .

yes that's correct I sold out then and said so, some people here emailed me and asked for advice, I suggested if they sell ALL Their shares if in any doubt . The risk was severe . Like you I bought back in at 2p, To support ASOG and also I believed that Afren had a real chance to rise from the Ashes . I feel for all those who lost out , I did too. It's not over yet but it will take some change of fortune to save us .

Good question . I don't really know how the PR end will be

there is a difference between Administration and Liquidation . In Administration the Shareholders can emerge with their complete shareholding , liquidation is when ADM fails . In this case SH usually get very little . That said I saw theRBS banks liquidate a company that owed them £8m and they sold the assets by auction and got £13m . The owner walked away with millions but broken hearted .

Punch was in worse condition but survived - SH held 15% in the end. They just avoided ADM

The ADM have tremendously flexible powers , anything that can help save Afren they are permitted to do - with the law. What they will do first is try to establish the financial mechanisms and get a grip, secondly they make an assessment if the company can be saved and how - they can sell the entire company free of debt ( except mortgaged loans ). The current SH can still be the owners but usually the company is sold to new owners and all shares are transferred . The ADM can sell assets , as they please , .

So kind and sincere of you.

their duty is try and save the company as a going concern - if that fails they liquidate it by selling the assets . Or they can sell the company minus all debt ( bar secured assets debt).

The $14 gross cost of producing oil is highlighted in Afren's Annual Report , in BIG and BOLD writing . The net cost is around $50. We explained this you TWO times already and others here showed you The annual report and presentations . . Did you ever read the reports ? No you didn't , you a troll. .. As my charity work, simply none of your business , pretty sad that you think people don't give up their time to do charity work . Guess you never could understand -says it all

you pretend you are interested in other shares - that's not true you only post here on Afren , even then you rarely had anything constructive to say to support you 'short' . The experts with inside knowledge all thought it would survive - the clowns were the shorters . The BH were convinced and added $200m to the pot . In the end - you got lucky . Very lucky seeing as this is your only share (clown ) , and PoO collapsed . Imagine having all your eggs in one basket ? That's crazy . BTW , your money in your short is frozen while this is suspended - who knows how long this could last , it could run for years! Gulp ! No Christmas turkey in the George house. I don't like calling anyone a clown but that's what you are - let's face it your a bitter loser who got lucky here, and that really is it .

i think we are gone too but maybe some luck will come SH way ( quick

I wouldn't hold my breath. However , the company is trading at break even , if the debt repayment is taken away . If the BH fear a asset sale - they might just agree a restructure , period of grace , extension , etc etc . Let's not forget this news today is bad news for everyone ( except Shorters ).

the BH will have to engage with the administrator now. The Administrator will give them An ultimatum., reduce the debt to an agreed level or we liquidate the assets . A restructured debt might just be agreed . Without dilution. But, it be viable PoO will have to go up .shareholder equity is very low here so you never know .

lots of people sold out, look at all the posters that have vanished in the last 6 months. some people sold out a portion and averaged out. barely a consolation. and of course some held the line and lost all. i feel sickened by what happened, but that is life and we live and learn. Mr Drake, you always gave your fair assessment. I wish you well sir. time to go enjoy the weekend.

Perhaps the BH did buy up shares but there wasn't much money to be made compared to the debt. lets say the BH snapped up 20% of the free float, it would net them a few million euro, worth it, but the loss at the top end is severe from them.

The BoD nominate the administrator, it goes to the court to be presented, at that point creditors or anyone with a vested interest can object and suggest a 1, a court appointed administrator 2 t,heir own choice. In nearly all cases the BoD administrator is accepted, unless of course the Revenue Commissioners or the police object

SEPLAT OFFER. The Seplat offer gave something to us shareholders, the issue was the Bondholders were not satisfied with what they were getting. we were at 7p at the time so I guess thats the value we would have got and a little extra , Seplat recognized the BH needed a haircut. the BH had a different plan, snatch the company from the SH…..the rest is history.

if the company is wiped out the shorters share value is zero, it is a dream come true for shorters.