Member Info for nims

Also do you think it is worth us writing a letter to fca regarding the investigation of afren. Are you sending letters on behalf of all shareholders or do we do it individually

Are afren accountable for the misleading information they gave us, as well as all that dodgy stuff with wshak. Sure in a court of law it is clear the mispractices conducted by afren. Keep up the good work. How do I join ALAG?

Why would administrators reveal that they are not treating afren as a going concern. Again that is a breach. But you are right logically debt to high. How was the board so negligible and borrow so much money. Afren was very cash rich at one point and did not need the 1.2bn. If they played a conservative game afren would still be at £1 a share at least. There are dusters on aim with no assets still going strong. This is the story of a corrupt board in a corrupt country. I have a rule not to invest I'm Russian companies that has now extended to Nigerian ones

Gloomybare they are not comparable as both were managed differently. that dream is a no go. There is one channel still left and that is creditors give afren reprieve and afren board get control again. at that point the general buys afren. That is plan C the board have no control now it's the creditors. Hopefully they see some commercial sense in not liquidating afren

Sorry ngaski I was meantime say dead and burried unless creditors agree an action plan allowing the company to trade. This is very rare. in afrens case as we have defaulted on all the bonds there is no credibility left so a DoA is highly unlikely

From a market perspective afren is worth £20m. Afren have not been transparent in their accounting so impossible to know what the balance sheet figure is. Cashflow: afren stated they had £274m earlier in the year and they choose not to use it to pay debt, bit rather default. Again was this true or a lie no one knows. In short afren assets and cash is far less than the £1.2b debt. So any sale of assets will not cover it. Why do shareholders get paid last: think of a shareholder as owner of the business, as sh we have to pay the creditors before we get any money from company. When a company is in admin sh loose everything so this is dead and burried.

Will not bid for Afren. at this stage it does not make sense. Also if the company is privatised the assets will not go to Nigerian government but stay in the new company. the issue here is that the board, bh and creditors plus big sh know what is happening. The rest of us are outside the house in the cold looking through the window. Waiting for Alan Linn to let us in. ALAG you have to sue the board big time, as they have done this deliberately, also they have breached aim laws as they were not transparent with their accounting.

Isengaard your theory isn't far off. The board knew no vote was coming and Alan Linn did state that if we vote no then the company goes into administration. Now admin is good for creditors as at this stage the administrator will focus on getting their money back. creditors will agree a DoA as they want the assets. However afren will not be a listed company it will survive but go private and will be renamed. The assets will be ringfenced within new company. Hence Alan Linn is in a win win gets to be part of the board of a solid company. The new company will be debt free and profitable as BH and CREDITORS will be given shares in Nerfa LTD. Unfortunately shareholders will get squat, zilch, nothong unless admimistrators give control back to the board. This is not easy as it has to be done through courts. My question is a simple one but no one can answer. Did afren plc stop working and producing oil since January 2015. I can't believe even at $50 poo we don't have any money.

The general will get control of afren once the company is dissolved and renamed to Nerfa. I guess in 10 years time we can buy shares in the newly formed Nerfa plc when it floats. just hope ipo isn't more than £1 sp

If Afren was smart they could enter into a deed of arrangements with creditors and still trade. When poo recovers afren will naturally have cash to reduce debt significantly. The issue is afren does not have the money to pay Alan Linn and the rest of the board tgeir £200k a year salaries. I think afr board should have a salary freeze until company recovers. DoA guys that is the only option before liquidation.

Afren take seplat deal, I'm sure the board at that time knew admin was looming. I have a sneaky feeling Egbert, shahid ullah will buy stake in the new privatised company. I think the new company will be called Nerfa.

ASOG you did have a lot of members why don't you start an asog share club and all of us put in a nominal amount and throw into a decent company. I do recall a few share clubs investing in dgo back in the and done very well. We can have a proper review on where to invest. My vote is LLOYDS it's still a penny stock but I think it will be back to £2 by end of next year. But happy to take other suggestions. With all the members this could be a couple MILLION € FUND

Gloomybare with afren I don't know what to believe anymore. They first stated that there was $270m odd in cash but never used it to pay debts. They stated they needed another $250m and before suspension they needed another $30m. The question I have is are afren still operating? Even though the poo is low they should still be generating income especially enough to pay debts etc... There is more to this and I think BH always had an option C which they have now exercised.

You stated that bh don't want admin. Bh were also creditors to afr and under admin law creditors will get their money back. Different to your statement. You pushed for a no vote and posed me to vote NO. And now afr in admin. Starting to question whether you was on ourside

Shares but not selling for less than 6p a pop breakeven point for me. Let me know if you still want this worthless junk. I'll also keep you in mind when I want to get rid of enquest and tullow. Hate stockmarket.

Like most on this board I have lost money in afren. However there are people that think afr will.come out of this. Unfortunately admin means admin and tge company will not be trading so all sh value is wiped out. Liquidation means the company will seize to be in existence. post admin the cheeky afr boards will restart business as a private firm called afren peanuts, and the BH will be asked to invest in them. if everyone voted yes for option A then afr would still have been a plc and we may have seen 3p short term and 20p in 5 years time. option B could have saved afr but no BH value so a no goer. Basically the BH have said they will give £500m to the new private company. all that means is now BH have total control n sh have nothing. I am on fire at mo enq and tullow also look like going into admin. My oil gamble didn't pay off :(. By more tullow tomorrow n pray for a miracle

They suspended shares stating another 30m is required. Where did this come.from a weeks before EGM. Basically all shareholders tried to call AL bluff and that failed. Some people state they lost £600k in afr. If you have that kind of money why throw away in shares I am a gambler and only throw as little as 10k a yr in stock market and even that is spread over a strictly managed portfolio. do not put all your eggs in one basket. Like you all I am really upset with today's news. I can't believe afr is in admin MAX petroleum with just as much debt no assets didn't cave this easy. There has to be more to this story.

The article you posted just shows how wrong the governance of the stock market is. Companies can write whatever lie they want and are not accountable for it. IDLV u should take this report alone to fca and show then how afren lied to fleece shareholders of their hard earned cash. If report is true then we have a world class asset in kurdistan. If the report in 2011is incorrect then we were lied to by afren and they need to be accountable. Albeit the board who wrote this is now gone. Dodgy stock market pick your companies carefully. I am not though just ploughed in another dodgy company

You wrote a very good article However what do you think the growth will be in 2015 and why is the spread so horrendous in this share. I see you also like HAYT. For me this company is well undervalue I invested in these as they are a local company and like to support local businesses.

As I did not buy afr. I mean mm and hedge fund profits.