CURTIS PAUL
11 Jul 2015
Re: I voted NO My point is equity is CLEARLY worthless if Senior Bonds trading at 40 cents on the dollar.Why should equity get a sweet deal. Don't you understand the principles of capital hierarchy.You lot believe in Fairy Godmothers!
Symore Bottoms
11 Jul 2015
Re: I voted NO I'm not sure why you are comparing a corporate deal with personal/retail banking, but I can think of numerous corporate transactions over the years where banks have agreed to restructure a company's debt because the underlying business is profitable. Even with your personal mortgage example and where the bank has forcibly sold the property, 9 out of 10 times, bank has not recovered 100% of their exposure because most of the borrowing was done on minimal (and in some cases zero) equity.
CURTIS PAUL
11 Jul 2015
Re: I voted NO If Senior Bonds trading at 60% of par, equity clearly worthless so why are you entitled to anything?If this was mortgage on your house and bank sitting on 60% loss, do you honestly think they will cut you a sweet deal? Obviously not.
Symore Bottoms
11 Jul 2015
Re: I voted NO Lenders whether banks or bond holders are in the risk business - there is no such thing as 100% risk free lending, so they should take some haircut. Banks, particularly over the past decade, have taken big provisions on lending.......how do you think the sub-prime came about and the bailouts banks got to keep 'em going? Now, you say these senior bonds and are the safest bonds and that may be the case, but if that was the case, they wouldn't trading nearly 60% to the par value now, would they? The fact is that the Bond Market has already attached a big risk to this restructuring plan, hence the 60% discount. I think 11% offered to the existing shareholders is no incentive to support this restructuring and honestly even after the restructuring, I believe the sp is going to fall further so this 11% will reduce further. No, the shareholders have been screwed royal through poor management and a deliberate ploy to virtually destroy all shareholder value so others could profit - this has been reaffirmed by many external market watchers, so plz don't take my word for it.If the bond holders want their money back, they are going to do it the hard way by asset sale.....and you never know a methodical piece-meal asset sale may trigger an auction and price realised may be more than many believe. Anyway I have already voted no and if the company does not offer a better deal for the long suffering shareholders, the company should go down the administration route.There needs to be a fairer deal for all and even you cannot disagree with this logic......
CURTIS PAUL
11 Jul 2015
Re: I voted NO Vote No and you give the keys to Bondholders. How is that punishing them? Also the Bonds are currently trading at 41 cents. These are Senior Bonds. Ie should be the safest of Bonds. So doesn't that tell you that Afren equity has no value? If the Bonds were trading above par ((100 cents which is what most Bondholders paid) you would have a point.This is like you saying to the Bank ' I know my mortgage is way higher than the value of my house but it's only fair you reposses say 80%, leaving me with 20%.' What will the Bank say?This is so simple. Afren is worth less than its asset value in view of ONGOING LOSSES. Especially with oil price weakening again (see IAE report).Shareholders either stump up the cash to save Afren (no chance) or Bondholders take control and salvage what they can.
josmith70
10 Jul 2015
LSE:OBT Obtala Resources. The rumour is it has received two bid approaches in recent weeks By Bah Bah Black Sheep.....
CenturionSid
10 Jul 2015
ASOG on Social Media ASOG on twitter - [link] - please retweet the tweetsASOG youtube video - www.youtube.com/watch?v=bweQ1N1DL8E&feature=youtu.be - over 650 views - ASOG plan a versus plan b - where is the bigger risk?ASOG youtube vidie 2 - www.youtube.com/watch?v=taPKl6H2jwg&feature=youtu.be - how the ASOG committee will be voting at the EGM - and why.The separate legal team can be joined also - see ldlv here and on LSE.(All information contained in the links above are opinion and not advice)
CenturionSid
09 Jul 2015
ASOG Hi all,ASOG membership database still open for new members wishing a better deal:E-mail asogafrenregistration at outlook.com - simply eneter your share holding in the subject box and send. A response will be forthcoming.Enquiries at asogafrenenq at outlook.com - we do respond.ASOG on twitter - [link] - links on twitter to how the ASOG committee are voting at the EGM and why, help with voting at the egm.ASOG youtube video - www.youtube.com/watch?v=bweQ1N1DL8E&feature=youtu.be - over 650 views - ASOG plan a versus plan b - where is the bigger risk?ASOG youtube vidie 2 - www.youtube.com/watch?v=taPKl6H2jwg&feature=youtu.be - how the ASOG committee will be voting at the EGM - and why.You can join the separate legal group also. ASOG - still working.(The above or any of the links is not advice - ASOG's opinion only - take professional advice)
CenturionSid
09 Jul 2015
ASOG - Voting Opinion VIDEO It is our opinion that the balance of risk and reward between the YES and the NO votes is in favour of the NO vote. The ASOG committee will all be voting NO. However that is a personal choice and not to be taken as advice.See our new Opinion Video Clip on YouTube. You have 2 choices, YES or NO. See what we say.[link] member survey currently shows that the overall majority are in favour of the NO vote, in spite of the significant risk. On that basis we expect the majority of ASOG members will vote against the resolution at the EGMTo see the full text of our opinion download this file.[link] should have voted by 15th July latest.Please note that we express the views of our members and offer our opinion only. We do not give advice.Always do your own research and take professional advice.Thank youSid
pb999
09 Jul 2015
SP I don't suppose anyone else has noticed it getting a bit better this afternoon?
JohnnyFind
09 Jul 2015
It was a typo but had me for a second... [link]
Symore Bottoms
08 Jul 2015
I voted NO Why? Simple really. The deal is so bad that I am prepared to sacrifice the messily 11% of my remaining shares value to make a moral point to the bond holders. The restructuring is all for the benefit of the debt holders and if they honestly expect shareholders to take 89% haircut then they should make some substantial concessions to, like taking a 50% haircut (the way I see it is that 50% is better than 10%, which is what they are likely to get if we force the bankruptcy route). Otherwise, plz go ahead and put the company in to administration and sell the assets, including Kurdistan which has deliberately been valued to zero (I bet you the Administrator can sell it for than nil). And the management should be sued for their monumental failings for intentionally running the company in to the ground.
GBFast
08 Jul 2015
I voted YES My investment is modest and average buying price is just over 4p.I honestly have no idea how this is all going to work-out, but my cost of shares has heavily influenced my decision.We will see what happens.
CenturionSid
08 Jul 2015
ASOG Final Voting Opinion & How To Place Your Vote It is our opinion that the balance of risk and reward between the YES and the NO votes is in favour of the NO vote. The ASOG committee will all be voting NO. However that is a personal choice and not to be taken as advice.We are currently conducting a survey of the views of our members, and at the time of writing, the overall majority of responses are in favour of the NO vote, in spite of the significant risk. On that basis we expect the majority of ASOG members will vote against the resolution at the EGMTo see the full text of our opinion download this file;[link] should have voted by 15th July latest.EGM How to place your voteIf you are unsure how to place your vote at the EGM, download this instruction file;[link]
