Member Info for Isengard7

They saw No vote was coming. they decided to put the company into Admin so they can do the restructuring without shareholder approval. I am sure there are flaws to this theory but this is what I am thinking now. Assets get returned to the government. so can't see how bondholders or creditors get their money. liquidation would be a waste of time and nothing to show for it either. http://www.ft.com/cms/s/0/212dd6ee-3ac0-11e5-8613-07d16aad2152.html#axzz3hyZCOeXr i suspect administration is just a way to force the restructuring through. bondholders want the equity.

if the company get's wound up and liquidation follows, Seplat can pick up the assets very cheap. Afren is too expensive to buy for them because of the debt.

and you might think if there was a way of doing it then the company would have already explored the option. Well we're talking about egg head Darra Comyn here. I doubt he explored all options. maybe just me trolling DC.

Because the seplat offer was below debt value. for it have value for shareholders it has to cover the debt and then some on top. otherwise no value at all.

Administrators goal is to recover value for all stakeholders. admittingly there is a a preference to creditors and bondholders, employees etc. shareholders last. But if there is a way to recover value for shareholders the adminstrators are supposed to explore this option. If there is no way to do it then they will just wind it up and focus on repaying the creditors and bondholders. They probably won't delist until they know for sure that there is value for shareholders. This could drag on for several months. some adminstrations take several years like with Lehman Brothers who have PwC as adminstrators.

we do know that company hasn't been delisted yet. (only suspended thus far) as long as its still listed I think there is hope intact. If they announce it being delisted then its really game over.

the amusing thing is that whilst in administration the company has protection from legal action. They can't be sued for anything.

No liquidation.....so far hasn't been delisted yet albeit suspended

he just wants it to close his short. and he's specifically asking it to be within an IG account. Shares are suspended and its probably not within stock exchange rules.

Parent company is in admin so probably no half-yearly results. the RNS does state no other company in the group is in admin. which is an interesting highlight.

up 17%. I thought the kurdistan/iraqi oil fields were no good because of ISIS etc wasn't that one of the reasons why Barda Rash became worthless.

I don't even know why I am still posting here. More out of habit i guess.

Peteb, I was one of them then. It was the right idea just not the right oil company. Really we wanted an oil company that would be able to take advantage of the low oil price environment. Not an oil company that would be annihilated by it. Won't make that mistake again though.

the debt would have been fine if crude had gone back up to $100. So really it was a gamble crude prices.

some oil companies might come in for a bargain. But Ebok seems to not be as good as we thought.

shame you guys can't get on. I learnt a lot from reading posts from both of you.

You can say its in Admin because the BoD have been useless. But then to be fair the BoD hasn't been replaced. we have AL and David Tomas the new COO. But apart from that the BoD hasn't been replaced. So they haven't been firing on all cylinders. The last RNS doesn't sound final to me in my view. maybe just a bit of denial still lingering.

GG, Well after seeing the ST article looks like they need another $250m just too much. when i wrote the post below i was thinking of the $30m shortfall they mentioned in one of the recent RNSs. I would think a $30m open offer back in April or May would have been achievable. but $250m no chance lol.

yeah they do well on refining in this environment. Shell and BP prices at the pump are more competitive as well. sometimes cheaper then Esso.

share price has dipped but its not been hit that badly considering. Afren you can't compare them. chalk and cheese. Shell is holding up to the low crude oil price environment.