Member Info for Isengard7

I thought the same initially but if you look closer FPM has over $250m in liabilities. Ordinarily that wouldn't be a problem especially in a cash rich company like this but in the current oil price environment that's too much liability to have in my opinion. Its not trading at a discount to cash so not an opportunity yet.

The Mauritainia blocks looks promising and the company is trading at a significant discount to cash. Currently in a cyclical bear market within the resource sector but t this will be enjoyable to see this re-rate when we do finally come out of it.

Planning to buy in tomorrow. Looks great to me. I can see its not that busy on this forum and which is a good sign as I like to avoid the fad stocks where the BBs are really busy.

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)

I wonder if they would make a TV documentary out of it. quirky enough to make good television.

Hi Torquewrench it was a good article i thought. it gave a good account of what happened with Afren.

before that gets taken out of context. I mean the company getting back on track. financially and in terms of corporate governance.

i guess people remained shareholders in Afren for the same reason shareholders did in Tesco.

GG, Tesco had overstated its profit by £250m. recovered somewhat from £1.55 to £2 now. At some point most of these companies have been up to no good that's including FTSE 100 and FTSE 250 etc. after the payment scandal there had been more emphasis on corporate governance. annual report talks about it.

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

better than nothing i suppose.

He's on Linkedin

because of one of the subsidiaries is american. Afren Resources Inc in Texas.

As announced on 31 July 2015, the Board of Afren Plc (the 'Company', in Administration) appointed Simon Appell, Daniel Imison and Catherine Williamson of AlixPartners as administrators.‎ No other company within the Afren Group has appointed administrators or taken any other step to commence insolvency proceedings. The Company and the administrators are now working closely with Afren's joint venture partners with a view to ensuring the continued functioning of its various operating businesses. As part of this exercise the administrators are currently undertaking a review of all the assets within the Group and have appointed The Blackstone Group International Partners LLP ("Blackstone") as financial advisors. Any parties interested in participating in potential asset sales arising from this exercise should contact Blackstone on the following details: http://www.investegate.co.uk/afren-plc/rns/review-and-sale-of-assets/201508111440557425V/ They racked up so much debt because helped the locals too much instead of concentrating on running the company for the benefit of shareholders. sod the local partners. what did they ever do for Afren.

I have already started pound cost averaging other stocks. But I like whinging.

probably give it away to Amni and Oriental for peanuts. Afren has been a slave to its local partners. disgraceful.

The offer was below debt level. But even then probably more than what they will get from a fire sale.

local partners, Amni and Oriental etc just had a free ride. Assets developed by Afren and now they get to benefit from it without do anything.

whoever thought a FTSE 250 company would be worse than an AIM company.