Member Info for kb123

It's like saying you don't have money. You might not have money in you pocket or bank or you are worth something with all your belongings until you really have nothing and on the streets.

Even cancer patients have hope until it's over. Companies enter administration to escape insolvency. It isn't over - yet.

If this comes out of admin how many people will jump on board. This company needs a full review and will be given the time to do so with people on their backs. Really hope that AL will send out updates on the situation over time to know the direction. I'm not sure how it works but many companies (airlines) have filed for bankruptcy but still continue. Difference between liquidation and administration. "Liquidation and company administration can both be intimidating processes for company directors, as either one can lead to the end of the business. The primary difference between the two procedures is that company administration aims to help the company repay debts in order to escape insolvency (if possible), whereas liquidation is the process of selling all assets before dissolving the company completely."

I think Alan has a plan for the survival of Afren. He has taken the necessary steps from suspending the shares, not going ahead with the EGM so you cannot confirm if plan A or B was in favour and now admin to prevent added costs and legal action giving time to sort the mess out. New pulled in a new team just before all this and his team I suspect will work with administrators action to take to keep the company in business before they call it. He will not have people on his back BH, creditors or anything else to have to deal with which up until now seems to be the case. How long it takes who knows but I'm keeping some faith that afren will survive. People have promoted the company having good assets which poo has affected operation at its lowest level there is still a good chance of survival long term. His company is being destroyed for greed whilst needing support during this time. If hope is needed have faith in AL. All we have left before declaring the end. There is a difference between administration and liquidation.

Can we expect further RNSs on the progress whilst in administration. Was Arms in admin? Cheers Pete - good to know.

Is Ynot ok? Haven't seen any post from Tony.

So if there is a rethink after now going into administration is there a possibility that they will come and shareholders have some value? I guess we are all looking for a glimpse of hope that things could change and we have a chance to get some of our money back. I'm hoping AL is smart and knows what he is doing for the better of Afren And shareholders. Of course could be wrong.

They never called the egm. We do not have the results to say a no vote won. And before knowing the company has gone into admin. Hopefully if there is any chance of reversing admin a new vote will be called I connection with BH saving the company.

So if the company survives what happens to shareholders. Can the get rid of us? Can this be a small glimpse of hope. Can't believe that's it lost the lot. Any long term recovery would be welcomed than zero value.

Do you think a yes vote may have changed the game?

Did nothing to turn this company around.

Or is that it. End. I think Afren will survive under a different company. Shareholders shafted big time. Wondering if a yes vote would have changed where we are today.

Did nothing to show best value even at its lowest to shareholders. Might as well shut down this discussion board.

With a yes or not the company was still to continue at least till 2016. How could they let it be worst than that. It might have been better to have the old BoD of directors than the new ones to come in and turn the lights off. Cant believe my luck.

"No other company in the afren group has appointed administrators today or taken any other steps to commence insolvency proceedings". What does that mean which afren company survives?

Someone might come along and make an offer for the company? I hope so.

What a hero not

Never thought it would result in this. Long term recovery ok but didn't believe 100% admin was possible for an established company. Would a yes vote have secured the company? I don't believe so. Has BH lost? What happens now?

My view is plan had to pass before Alan Linn had the possibility of taking control. BH called the shots and everything up to now has been in accordance to what BH wanted. What they didn't realise is the power of shareholders expecting us to accept whatever was given. Now BH have realised this is not the case and have also found themselves at risk. it was greed over fair value for all parties. Surely a fair offer is now the only way for Afren to survive?

Also as Ynot said the legal threats do not help with getting on with the job. Any legal threat will have some formality to follow and will delay what matters most. Getting on with and finding better value for all. All I can see is legal threats taking an adverse effect seeing shareholder behaviour when these threats are against a previous BoD but the current BoD having to deal with any investigation. Surely this does not help shareholders?