Member Info for Isengard7

21st July RNS For further information contact: Afren plc Tel: +44 20 7864 3700 Alan Linn, Chief Executive Officer Natalia Erikssen, Investor Relations the 31st July RNS For further information contact: Afren plc Tel: +44 20 7864 3700 Natalia Erikssen, Investor Relations AlixPartners Press Office Tel: +44 20 7332 5225 apspressoffice@alixpartners.com I think Alan Linn has been replaced by Alix Partners. I wouldn't like to say I gave Alan Linn too much credit more I was willing to give him a chance and reserve judgement on him. But I guess its plain to see he failed now. all he had to do was an open offer to raise the shortfall in funds when he first took over in April. it wasn't exactly rocket science.

they must have read the anti bondholder comments on here. and though f**k it. We'll stick it in admin and take the company. Afren BB loser. As a pose to Zak Mir's BB heroes

oh well i better get busy recovering my losses on other stocks then lol

http://www .directorstalk .com/afren-chapter-15-bankruptcy-petition-filed/

http://www. *****************/afren-chapter-15-bankruptcy-petition-filed/

fairi enough. so I am guess chapter 15 is more of a red herring then. http://www.*****************/afren-chapter-15-bankruptcy-petition-filed/

Agreed.

is that its voluntary administration with a view to continue operations as per the RNS. It may be more of a strategic move to keep the company ticking over until crude prices recover which I think could happen in the back end of this year. I don't think this tale is quite finished.

i wonder if they will still release the August interim results.

• Administration This takes place after a company, its directors or one of more of its creditors have asked the courts to step in. The court will appoint administrators whose powers are very broad and replace the existing directors. Administration also protects a company from an legal action. The administrator's primary objective is to keep the company operating as a going concern to achieve the best possible returns for creditors before going into liquidation.

advantages of admin for Afren. Once the company is in administration, its creditors cannot take any further action Any visits from debt collectors or letters or phone calls from your creditors should stop once the administration process has begun. The administration process can save you time and effort as the court deals with your debts or your company’s debts on your behalf. Any interest that was being added onto the debts are stopped. Any other charges that were being added onto the debts are stopped.

could be a blessing in disguise. could help to facilitate a purge and a clean up of the company.

I would argue the original board. Current Board is a work in progress. As the original board all resigned or were sacked and they haven't been replaced. only Alan Linn and the new COO.

Finally sunk... Like the Titanic.

i can see where ALAG are coming from. if you didn't know any better you would think they f**ked the company on purpose. The company admits to being a asleep at the wheel and admittedly say the refinancing and restructuring should have taken place in 2014.

They still had had $100.5m in the bank. In the interim management statement on 29th May, under going concern section, they mention a lot of risk. "this assessment is sensitive to a number of downside risks such as any further significant deterioration in the outlook for oil prices, any significant disruption to the Group’s production revenue stream due to operational or other factors, and the crystallisation of other risks such as those described in notes 10 and 13 to the financial statements for the year ended 31 December 2014 (which are available at www.afren.com), particularly if such downside risks were to materialise in combination. Therefore, the Group expects that it will still need to seek industry partnerships, strategic divestments and other fundraising transactions as necessary to build resilience against, or respond to, downside risks, capture the opportunity in the Group’s portfolio and secure the Group’s future. " So they already knew even as far back as May that there was still a lot of risk. Amazes me that they didn't think to to do a open offer to raise extra funds. The writing was already on the wall. I implored Afren IR to do a rights issue or open offer a long time ago. But that fell on deaf ears.

they reckon they set up the charity foundations as a tax dodge. but never really understood how that works lol

Benjamin Graham is one of the legendary old school value investors. He was Warren Buffet's mentor.

Benjamin Graham talks about dollar/pounds cost averaging in his book. So it certainly holds some weight.

I couldn't lecture on it. But I know a little about it from reading news articles and watching the News etc my macroeconomic lectures are bit of blur to me. graphs and squiggly lines etc lol