josmith70
28 Jul 2015
Uncertain Times for Quindell (LSE: QPP) and Afren (LSE: AFR) but not BowLeven (LSE: BLVN). [link]
ldlv
27 Jul 2015
Wild Wolf is back Noone knows how or if this company ever leaves suspension.What we do know is that howver much they blackmail us, the very worse outcome is transferring ownership of our shares to the bondholders with a Yes vote.Vote No to giving your assets away to thieves.Miracles may happen but it is the bondholders who are deciding the size of the eye of the needle that shareholders would be willing to pass through, so if it is too small – whose fault is it?Afren PLC is indeed a special company. Think of cursed luck we have seen of late within Afren PLC as:· Portfolios turn into dust.· Oil turns to water.· Investor updates into misinformation.· Investor relation into AHBH propaganda (Lord HawHawkins and now Natalie Hari).· Prospectuses into impairments.· Announcements into deceptions.· Cash Income into fees.· Accumulated cash into thin air.· Capex into fraudulence.· Licenses into vacuums.· Audits into lies.· Advisors into asset strippers.· New directors into receivers.· Old directors into scape goats.· Stakeholders into bondholders.· Shareholders into vermin.· Company insurances into personnel liabilities.· Due diligence into shorting insider information.· Accountants into thieves.· Shares into waste.· Hope into tears.· Faith into foolishness.· Assets into memories.· Promise into despair.· Contracts into cons.· Investments into crime proceeds.· Pensions into penance.· Even shared or neighbouring assets prove bountiful to others but worthless to us.· Supporters into plaintiffs.· Regulators into mirages.· Laws into anarchy.· Markets into brothels.· Director duties into shareholder contempt.· Shareholder trust and rights into Director treachery and wrongdoings.· Executive responsibilities into theft enabling opportunities.· Bullying into tantrums as North Korean voting ethics emerge.· Trust into treacheryWith such an unlikely confluence of negative events, it really seems only right (and mathematically most probable) that there has to be some good news someday about something.But still the games continue.ASOG offered moral support to Alan Linn. Resultantly, when the rest of the board jumped before they were sacked, Alan stayed with their ringing endorsements staying his fate and giving him the opportunity to prove different. And then.Sadly, it has been eloquently explained on his behalf by his apologists that he is legally working for the creditors now, in priority over shareholders. ASOG anointed him yet the fateful deception of John Bulle at Smithfield repeats itself again. Was it the expensive cup of tea I warned against or finally is it the time for Mr Linn to prove himself the superstar he appears to be using PB vision.Oh what a tangled web they weave. The deceivers impair, yet the shareholders won’t leave.The company does not need an administrator except to save it from its own self-immolation by the strategy of past and present executives (even those with forked tongues).Personally, King Luis is the only person I would trust as CEO or in charge of appointing and managing the investigation from here on in Afren.If as Ynot suggests, directors are upon engagement forced into betrayal upon appointment, then we need to ensure that the brief of the appointed director in charge of uncovering the past 24 months sins, is so rigid and predefined, that it cannot be corrupted by other executives in the interim, as is the excuse given for Alan Linn and his betrayals, SoA and junk mail.There really should be an EGM ASAP.We need to know where the money and assets have really been redirected to. The excuses just don’t cut it anymore.What a shameful state has been a
JakNife
26 Jul 2015
Re: Sun Times Afren: oil’s stock market darling on the brinkDebt, falling crude prices and outrageous executive greed brought down an African powerhouseTHE Gulfstream GIV jet touched down on a hot, bright day in Boca Raton, Florida, sending whirls of vaporised rubber into the air as the wheels met the baking runway.A convoy of black SUVs pulled on to the tarmac to meet the weary travellers. Mohammed Indimi, a Nigerian oil tycoon, stepped gingerly down the folding stairs. Behind him was a stout, bespectacled executive who stood out among the African travelling party.Born in Bangladesh but educated in Texas, Shahid Ullah was the head of operations at Afren, the London-listed oil producer that was the key partner of Indimi’s private oil company Oriental Energy Resources.It was May 2012. Indimi had flown to Florida to receive an honorary doctorate from Lynn University. He was not being honoured by the obscure university because he had sent six of his children to study there. Rather, the gala was held to recognise Indimi’s business and philanthropic achievements. Less than a year later he became the lead donor of Lynn’s newest college, the $14m Mohammed Indimi International Business Center.Ullah’s presence at the week’s events — immortalised in a bizarre 49-minute video that includes footage of a group outing to the Miami Seaquarium — was hardly surprising. Afren had been Oriental’s partner for four years in the Ebok reservoir, located 30 miles off Nigeria’s hydrocarbon-rich coast.The field, discovered in 1968 by Exxon, had not been developed because the Texas giant deemed it too small. For Afren and Oriental, however, Ebok was their making. 2012, Afren had rocketed from a London penny stock to an Africa-focused powerhouse worth £2bn thanks to record production, mainly from Ebok.Oil was then selling for $90 a barrel. Afren and Oriental, chaired by Indimi and staffed by his children, were making money hand over fist. Ullah, Afren’s chief executive Osman Shahenshah and Indimi had grown very close. Too close, as it turned out.Three years on from those halcyon days, Afren stands on the brink of collapse. Creditors led by American bond giant Pimco are this weekend considering whether to throw it a fresh financial lifeline, just three months after handing it $200m in emergency funding.Last week the company abruptly postponed a shareholder vote on a rescue fundraising. The reason: production from its star asset, Ebok, had unexpectedly plummeted, rendering useless the profit and loss assumptions underpinning the bailout deal. Worse, it has already blown the cash that creditors injected in April.The sudden fading of Afren’s prospects raises uncomfortable questions for Afren’s new management and their advisers, turnaround specialist Alvarez & Marsal and Morgan Stanley, sponsor of the aborted rights issue. A creditor said: “We’re going to have to put a lot more money in to get a lot less money out.”Afren is a penny stock again. Its shares have lost 99% of their value, undone by huge debts, the weak oil price and greed.The meltdown began on March 26, 2014, when company secretary Elekwachi Ukwu sent a memorandum to the board questioning whether three financing deals that Afren had done with partner companies in Nigeria, together worth $500m, should have been disclosed to the market. The board brought in law firm Willkie Farr & Gallagher to investigate.What they found shocked them — a secret financing arrangement that Ullah and Shahenshah had set up with Oriental that would have paid them and other executives up to $200m over four years. The cash was set to flow into a British Virgin Islands vehicle, called Ntiti, that the duo created in October 2013.The timing of Ntiti’s genesis was interesting. Just four months earlier investors had delivered a stinging rebuke. About 80% had voted against the compensation of Shahenshah and Ullah, who were paid £3.4m and £2.6m, respectively, the previous year. Th
JakNife
26 Jul 2015
Re: Sun Times Afren's fate in the hands of creditors26 July 2015The Sunday TimesBELEAGUERED oil producer Afren has blown virtually all the $200m rescue funding it secured three months ago and could fall into administration unless creditors stump up more cash.Last week the company, whose shares have lost 99% of their value in a year, abruptly postponed a shareholder vote on a £49m rescue rights issue after it found that output in its most productive oil field would fall far short of expectations.It is understood that the drop in output is due to the delayed installation of a new platform at its Ebok reservoir off the coast of Nigeria, which accounts for two-thirds of Afren's production.The bondholder group that led the April refinancing was this weekend considering whether to put in more cash to meet Afren's need for "further significant funding".Ebok's prospects have been clouded by an increase in water content in the reservoir, which can hurt oil production. Afren declined to comment.
fredd1eboy
26 Jul 2015
Re: Sun Times Come on then and spill the beans. What did the ST report. Freddie
jasonbythesea
26 Jul 2015
Re: Sun Times Nah. Still on the Beano.
CURTIS PAUL
26 Jul 2015
Sun Times Assume you guys have read today's ST?
Kenj2
22 Jul 2015
RNS according to Jim Carrey As told by Jim Carrey in Liar LiarRNS - Update on upcoming General MeetingLondon, 21 July 2015Following discussions with some of our senior lenders and feedback on voting intentions from various brokers, it has become evident that there is no realistic chance of a YES vote being passed.Current press speculation, and the increasing interest of the FSA, along with comments from the Nigerian Government, have made it very difficult for the company to carry out its threatened actions listed under Plan B.Consequently, Afren Plc ('Afren' or the 'Company') announces its decision to adjourn, until further notice, the General Meeting scheduled for 24 July 2015, as well as the Scheme Meeting, currently scheduled for 29 July 2015.It is still the company's foremost intention to complete a wholesale transfer of Afren's assets from the shareholders to a group of merchant bankers, hedge funds and other wide boys, but we regret these plans must, for now, be put on hold. Further, it has also been realised that if Bond Holders, and High Yield Noteholders do not fully subscribe to the Open Offer, then Afren would raise far short of the $75m cash stated in the restructuring proposal published on 13 March 2015. This would leave the company still needing to raise funds.As a result, the company has decided to allocate another $18m or so to their financial advisors to come up with an alternative solution (Plan C), that is marginally less repugnant to the existing shareholders. It is hoped that this additional expenditure will not tip Afren into insolvency.Given the material uncertainty of the results of the above-mentioned review and the need for additional funding, Afren is unable to assess accurately its financial position and inform the market accordingly. Therefore Afren's shares remain suspended.ENDS
josmith70
22 Jul 2015
@Gavster_NBC 6 secs7 seconds ago Rose Petroleum (ROSE) Joint venture with Fidelity Exploration & Production : Article:
ldlv
22 Jul 2015
No means NO by wild wolf We keep asking you to play nicely children but the games just continue. You offered us scraps, we said No. Mr Linn it is not credible to now pretend that you were offering too good an offer and that is why you have again ran away from the results of yet another vote you arranged. You are now abusing the voting process (why not add that to the list, as you and your friends have ignored every other Director responsibility and duty). Be assured, when we call our EGM, we will not be cancelling it. When you have taken so much away from so many people, you will find that further threats and games will only further embolden those who refuse to cower. We cannot stop you from killing us all. But you really ought to watch Reservoir Dogs before you make your next move. Also please can you tell your latest wave of Brokeback Mountain friends to leave the BB’s because they are baiting people who have already lost so much, our patience is become vengeful and that is not the kind of shareholder relationship you were promising. Afren is a mainly PI shareholding company. This will not end nicely if you continue to try to pick off the most vulnerable investors for the benefit of a corrupt brown envelope. All stakeholders are going to be partners under the ground in some form or another. Digging oil or nursing losses. Shareholders have already cried out their tears. Executives, Bondholders and Collaborators tears have not yet started and the bullies cannot even comprehend what will follow if this gamesmanship does not stop NOW. Time is passing but the only two constant things you can be assured of is: 1 SH will not be bullied further 2 Every trick you try and fail to win on behalf of your ad hoc friends will be simply added to the trail of evidence which is now beyond any reasonable doubt. So we can all move on and get on with our summer, why don’t we now just cut to the chase. Either sell off or rearrange assets and subsidiaries so existing shareholders have something to approve and believe in with their shareholdings. Otherwise, phone your ad hoc friends and tell them they have lost everything and post the licenses back to Lagos. Understand that unless there is any dramatic change in offer, attitude or outcome which is less abusive to your shareholders, then we will be continually coming for you regardless of how this plays out further and a class action lawsuit once commenced can only realistically end in the courts (that’s how our lawyers are paid and we will not carry on paying for your lawyers much longer you can be assured). We have years to get justice. You have days to put this right. PS Check those insurances a little further
Scooby Doo It
21 Jul 2015
Jim Henson would be proud [EOM]
Kenj2
21 Jul 2015
Re: RNS to avoid the 'no' vote "Even if the restructuring is forced through, you just couldn't rely on this bumbling management team to make the company a success..."Precisely my view Symore, which is why I jumped ship after the 15th March restructuring announcement. Although I might question how much of this was down to incompetence, and how much was due to premeditation.What is clear is that the BOD have not been working in the interests of the company's owners ( the shareholders) for a long while. IMO, this has been a deliberate and well executed plan to steal Afren from the shareholders and give it to their mates on the Ad-Hoc committee. It has been disguised by dodgy director paybacks, sackings, the dramatic fall in oil prices to look like the perfect storm, that the poor BOD could do little to stop. But if this is accidental, then this is incompetence on a nuclear scale.I do hope that the regulators take a serious look at what has happened here, if not the stock market will become a very dangerous place to invest in.Good luck to those still holding, and anyone stuck with these shares, who cannot exit even if they want to.
Symore Bottoms
21 Jul 2015
Re: RNS to avoid the 'no' vote Just when you think the management's incompetence couldn't get any worse, they achieve a new low. So, despite paying external consultants tens of millions of dollars to help with the restructuring plan (which in itself was a disaster), they are now telling us that their assumptions were way off the mark. These so-called financial consultants have conned the bond holders by presenting a business plan and projections which were wrong......I assume the bond holders agreed to lend them another $300m based on their restructuring plan? If the management team and these so-called consultants cant even get the basics right (which every other oil and gas company seem to have managed including on AIM), they should all resign. This is just more dirty tricks to put pressure on shareholders to accept this deal. Where are the Regulators and SFO? Even if the restructuring is forced through, you just couldn't rely on this bumbling management team to make the company a success...I say still say no to the deal...
WisdomSeeker
21 Jul 2015
RNS to avoid the 'no' vote RNS Number : 6869TAfren PLC21 July 2015 Update on upcoming General Meeting London, 21 July 2015Afren Plc ('Afren' or the 'Company') announces its decision to adjourn, until further notice, the General Meeting scheduled for 24 July 2015, as well as the Scheme Meeting, currently scheduled for 29 July 2015.As disclosed in the announcement released on 15 July 2015, during an ongoing review of the business plan it became clear that the expected level of near-term production is likely to be materially lower as compared to the production assumptions announced alongside the proposed restructuring on 13 March 2015. The Company is currently in the process of clarifying the impact of the revised assumptions on its business plan. This process has brought to light the requirement for further significant funding and the need to reflect this new information in discussions regarding the proposed restructuring plan. The postponement of the General Meeting and the Scheme Meeting will allow Afren to finalise the review and engage with the relevant stakeholders to discuss the implications of the revised assumptions on the restructuring.Given the material uncertainty of the results of the above-mentioned review and the discussion regarding additional funding, Afren is unable to assess accurately its financial position and inform the market accordingly. Therefore Afren's shares remain suspended.ENDS For further information contact: Afren plc Tel: +44 20 7864 3700Alan Linn, Chief Executive OfficerNatalia Erikssen, Investor Relations Bell Pottinger (public relations adviser to Afren plc) Tel: +44 20 3772 2500Gavin DavisHenry Lerwill Notes to EditorsAfren is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange. Afren has a portfolio of assets spanning the full cycle E&P value chain. Afren is currently producing from its assets in Nigeria and holds further exploration interests in Nigeria, Ghana, Côte d'Ivoire, the Kurdistan region of Iraq, Congo Brazzaville, Kenya, Ethiopia, Madagascar, Seychelles, Tanzania and South Africa. For more information please refer to www.afren.com.This information is provided by RNSThe company news service from the London Stock Exchange END MSCSEFFIFFISEEW
