Member Info for Isengard7

I checked Linkedin. And its on there.

Afren’s (AFR) ex head of IR Simon Hawkins has just posted an amazing confession on LinkedIn which really begs the question who knew what and when about the corrupt management team. And have all the bad guys been named and shamed. If you have lost money prepare to explode with rage. Mr Hawkins writes: Mixing business with pleasure - learning that Afren execs privately owned undisclosed stakes in FHN, one of the Company’s subsidiaries. I should have resigned there and then. Reality check - looking out over the sea at our beach house while conferencing in to Afren’s board room only to hear for the first time how our CEO and others had received unauthorised payments. And in the process betrayed so many people who had believed they were better than that. You’re fired! - witnessing the Chairman of a FTSE 250 company suspend the CEO and COO before their dismissal. Simply. Extraordinary. D-Day? - arriving at the office on too many mornings thinking “Surely Afren is going bust today”. And worried the money won't be there for payroll at the end of the month. What a bogey - being told my boss had been dismissed for gross misconduct and realising just how much golf he had been playing after having full access to his Outlook Calendar. Broadsided - getting a call from our interim CEO to say we need to write off 1bln barrels from our Kurdistan assets, after having been told only a few months earlier by previous management that we were about to sell them for $1.2bn. Like we hadn’t been dealt enough blows. Wake up call - woken up at 2am by my iPhone buzzing only to find some bright spark had posted on Twitter the night before an announcement we were due to make later that day (7am) by figuring out the sequence numbers on our website and pressing refresh until it appeared. Not our finest hour. The real victims - taking the flood of calls from shareholders who had lost their life savings and more. Haunting and heartbreaking. Genuinely. We are watching you - being led from the head office back door by Head of Security following a credible and specific threat to my personal safety. Up in smoke - learning about the Company’s ultimate demise from a Bulletin Board post simply saying “Administration?” Thankfully I have a strong faith, a wonderfully supportive family and a good therapist (my wife!), without which I may have struggled to get through this crazy time. http://www.shareprophets.com/views/14117/10-shocking-moments-at-afren-i-never-want-to-relive-afren-s-ex-ir-man-spills-the-beans

Scooby851, I voted yes. But it may have ended up in admin regardless.

might as well just announce the company being delisted from the exchange to put us out of our misery and be done with. so we can have some closure and move on from it.

by the looks of it. I guess Alan Linn didn't have enough time to turn it around. But he had been a consultant on the operational side so I think he had enough time and warning to overcome production issues. shame to have to write it all off. i wonder why they haven't delisted yet. can't see any hope.

"The board has not received any proposal from Seplat that it believes is capable of being implemented on terms satisfactory to all relevant stakeholders in the company, including the indicated value being significantly below the aggregate value of the debt of the company"

although in this example its actually less than face value lol

http://pages.stern.nyu.edu/~adamodar/New_Home_Page/valquestions/mktvalofdebt.htm

YC, you answered your own question. one of the components of EV is market value of debt. if memory serves from my finance lectures, market value of debt is calculated with the coupons included plus the time value of money comes into this as well. So you have the future value of the bonds with the coupon rates compounded over the years to maturity. so the market value of debt is going to be a lot more than the face value or the principal amount. hence the debt was far too expensive for Seplat to fork out for.

thanks GG, i tend to filter most of the abusers out.

The US$200 million net cash proceeds from the issuance of the PPN will be deposited in escrow, to be drawn down by the Group over the coming months. Withdrawals from escrow are required to be applied broadly in accordance with agreed financial forecasts and are subject to an agreed drawdown schedule and the Group’s continuing compliance with certain default conditions. The PPN would be repayable by April 2016 if not refinanced through the Recapitalisation. so they probably had to ration the money. still had $100m in the bank on 31st March 15 results.

YC, Now who is the novice? lol I filtered you but the thread only showed up to me because Peteb corrected you lol.

true. but they refinanced end of April I think. without any dilution etc

funny how KMR get to refinance without any fuss or bother.

Bondholders............Good Luck.............(sarcasm)

in regard to to the notes. Guarantees The Notes are guaranteed on a senior basis by: Afren Nigeria Holdings Limited Afren Nigeria Holdings (Nigeria) Limited Afren CI (UK) Limited Afren CI (II) Limited Afren Cote d'Ivoire Limited Lion G.P.L SA Afren Energy Resources Limited and Afren Okoro Limited The Notes are guaranteed on a subordinated basis by Afren Resources Limited Collateral The notes are secured by assets of the Group, with first priority liens over certain assets related to the Okoro field and second priority liens over certain assets relating to the Ebok field which also secure the Ebok Reserve Based Lending Facility.

ebok got flooded which halted production. Nerfa is just Afren backwards LOL

i can't see them getting it all back

over $2bn worth of debt from one of the presentations US$ mm Pre‐Transaction Facility Amount Amount Margin Maturity New HYNotes ‐ 274 7.5% cash / 7.5% PIK Jun‐17 Ebok Facility 300 313 4.8% cash(6) Jun‐19 Okwok Facility 50 51 9.5% cash Jun‐18 OML26 Facility 100 100 6.5% cash Feb‐18 Leases 78 78 2016 Notes 253 ‐ 2019 Notes 250 ‐ 2020 Notes 360 ‐ New 2019 ANotes ‐ 350 9.1% PIK (2) Dec‐19 New 2020 B Notes ‐ 350 9.1% PIK (2) Dec‐20 Other Liabilities(1) 190 190 Total Net Debt 1,581 1,707 Cash Injection (33)

Peteb, thanks for putting me back into reality lol