Bluesuit88
30 Jun 2015
Join the Nigerians to vote no against Dilution. Call your broker and give your specific instructions on a NO VOTE. The BHs must offer something berra. Else, there will be a better offer.....somehow, somewhere. they cannot put the Company into administration. It is not in their best Interest. VOTE ! VOTE NO!! VOTE NO!!!!!
CenturionSid
30 Jun 2015
DO NOT VOTE YES BY ACCIDENT AFREN ARE SENDING SHAREHOLDERS AN EGM VOTING INSTRUCTION LETTER THATDOES NOT HAVE AN OPTION TO VOTE AGAINST.IS THIS A TRICK TO MAKE YOU VOTE YES?CHECK OUT THIS LINK AND MAKE UP YOUR OWN MIND;[link]
II Editor
30 Jun 2015
NEW ARTICLE: Might The Afren Plc Revolt Just Succeed After All? "The saga at Afren (LSE:AFR) has been twisting and turning like a writer struggling to find a suitable metaphor. The troubled oil explorer is technically insolvent after having defaulted on a number of interest payments, albeit with the support of ..."[link]
gubu
29 Jun 2015
Re: NEW ARTICLE: Cheers Kenj2, my mistake
Kenj2
29 Jun 2015
Re: NEW ARTICLE: Gubu, there will be far more than an 6 billion shares when this is all done.To follow what I have written bellow, you need to look at page 6 of Afrens Re-Cap and Trading Update, released on 15th March 2015, available on Afren's website.After Step 2, there will be 11.07bn shares divided as such; 50% to HY Noteholders, 40% to BH, and 10% to SH.It is to this 11.07bn that the 4 for 9 Open Offer at 1p per new share applies, thus 4.92b new shares.SH's have been offered 492m 10%, (with additional shares up to capped max of 984.5m).BH's 40% is just under 2bn new shares.HY Noteholder's 50% is just under 2.5bn new shares.Assuming full SH take up, including the excess in both examples:If all BH's and HY Noteholders take up the OO, there will be 18.4bn shares in issue.The SH max of 2.1bn would now represent 11.41% of the total shares.If no bondholders, or HY Noteholders take up the OO, there will be 13.87bn shares in issue.The SH max 1.107bn + 984.5m = 2.1bn. This would be 15.14% of the total shares.The total share figures above include another 15% of new shares that will be issued to HY Noteholders and PPN holders in Step 4.If the BH, and HY Noteholders do not fully subscribe to the OO at Step 3, there will be up to 4bn unwanted shares, that SH's are not allowed to buy.Afren's hopes of raising $75m cash would be seriously cut if only the SH's shares are purchased.So it seems that Afren are more interested in diluting SH's than actually raising money.
gubu
29 Jun 2015
Re: NEW ARTICLE: Kenj2, The way the relevant RNS is worded certainly seems quite threatening and bullyingThe restrictions on SHs purchasing shares seem a little odd too, perhaps they were afraid some party would start hoovering up shares and they would end up with a large assertive shareholder on their handsIf I follow you correctly there is a chance that the BHs do not take up their allotment of 5bn shares, and Afren could yet end up with 6Bn shares of which SHs could have 2Bn or about 33% of the company?
CenturionSid
29 Jun 2015
IF YOU OPPOSE THE BH OFFER Originally posted Monday 29th June by Ynotdeal on LSE.Following publication of the Prospectus, and the AGM, there is less clarity about the strength of the Bondholder's position. There is more to be discussed with the Company, Morgan Stanley and Blackstones (the ad hoc guys) with a view to a fairer deal, and that is our focus at the moment. The deal is not final yet. Please remember the words "a deal is not done until it's done"These guys will not surrender one iota until the last possible moment. That's why they are such tough negotiators. But we too will be there untill the last moment and we will oppose their every move. The current offer is unacceptable. That is the view of our membership and the view they convey.IF YOU OPPOSE THE CURRENT OFFER please register your shares with ASOG by emailing us at;asogafrenregistration at outlook.comand enter your holding in the SUBJECT field then send. No message needed. You will receive a short questionnaire by return to complete your registration.We need your voting numbers so we can gauge our strength at the EGM vote.Remember that you can be a member of the Legal Action Group as well. You can attack this from both directions.Finally.... IF YOU DO NOT WISH TO VOTE YES, DO NOT SIGN AND RETURN THE VOTING INSTRUCTION SENT TO YOU BY AFREN PLC. We will offer further guidance in due course.... check out this link...[link] you. TONY
Kenj2
28 Jun 2015
Re: NEW ARTICLE: Gubu,The real disappointment for me was that existing shareholders have not been allowed to buy any shares that are not taken up by the bondholders and the HY Noteholders.SH's initial 492m offering has an extension to allow SH's to double up to 984.5m shares. So out of nearly 5 billion new shares, existing SH's can buy a max of just under 1bn.The Ad-Hoc committee have said that they will not take up their shares, and other bondholders may also not subscribe. Thus anything up to 4bn shares may not be bought.If this were to happen Afren would raise $15m and not the $75m they targeted. Hence it looks like Afren are more interested in diluting SH's than actually raising money.
CenturionSid
28 Jun 2015
IF YOU ARE NOT REGISTERED WITH ASOG HERE IS THE EMAIL CONTENT Ref: M7/L1 Dear Member, You will have received a letter from Afren plc, or you will soon receive one, pleading that you vote in favour of the recapitalisation at the EGM (the YES vote) to be held on 24th July. Included in that document is a Letter of Instruction to your broker instructing them to vote IN FAVOUR of the recapitalisation on your behalf. Please download and read the documents contained in this link. They will help you understand the meaning of the Letter of instruction the company is asking you to sign.IT IS NOT STRAIGHT FORWARD AND CAN BE MISUNDERSTOOD. If you misunderstand the documents in Afren's letter you may easily vote for the resolution when you mean to vote against the resolution. Once you have voted you CANNOT CHANGE YOUR MIND [link] We are not advising you in which direction to vote.Thank you. PLEASE MONITOR THIS EMAIL ADDRESS FOR MAIL FROM US DAILY. CHECK YOUR JUNK BOX TOO, UNTIL AFTER THE EGM. AT ANY TIME NOW YOU MAY GET IMPORTANT MAIL WITH VOTING INFORMATION Please do not reply to this address as you will not get a reply.To contact us email at [email protected] TonyASOG Committee
CenturionSid
28 Jun 2015
IMPORTANT NOTICE TO SHAREHOLDERS Originally posted Saturday 27th June by Ynotdeal on LSE.You will have received a letter from Afren plc, or you will soon receive one, pleading that you vote in favour of the recapitalisation at the EGM (the YES vote). The words of the special resolution are not included in that document and you have to go and find that on the company website. Furthermore, there is no suggestion you should take professional advice on the document, which of course you should.Included in that document is a letter of instruction to your broker instructing them to vote IN FAVOUR of the recapitalisation on your behalf.THIS INSTRUCTION IS IRREVOCABLE. IT ONLY OFFERS THE YES VOTE. IT DOES NOT OFFER A NO VOTE. YOU CANNOT CHANGE IT LATER.THERE IS NOWHERE ON THE FORM FOR YOU TO VOTE NO. IT IS A ONE WAY VOTE.ONLY SIGN AND SEND THIS BACK IF YOU PLAN TO VOTE IN FAVOUR (the YES vote). ONCE YOU HAVE SENT IT TO YOUR BROKER YOU HAVE VOTED IN FAVOUR OF RECAPITALISATION AND 85% DILUTION (the YES vote). AND YOU CANNOT CHANGE YOUR VOTE LATER.IF YOU WANT TO VOTE NO DO NOT SEND THIS BACK. WAIT FOR FURTHER GUIDANCE FROM ASOG.Make what you will of this tactic to obtain YES votes from people who may not have fully understand the meaning of the document they are being asked to sign.I will be publishing a document, online (LSE) and directly to ASOG members by email tonight and over the weekend, that explains the full implication and meaning of that document. Read my document first then you can make a fully informed choice.I do not offer advice as to which way you should vote. The decision is yours. I wish to make sure you understand the document you are being asked to sign and are not mislead into voting YES if you want to vote NO.BW, Ynotdeal
gubu
27 Jun 2015
Re: NEW ARTICLE: Kenj2, the BoD didn't battle too hard on behalf of the shareholders, and I do think a fairer deal could have been worked out that might even have seen shareholders stumping up more cash. That recent placing didn't bring in much at all.It may rebound on them as right now you cannot rule out the possibility of the bondholders getting stung here as well. It has to prove it's viability as a business and make profits and cash flow again to bring down that debt overhang. I don't follow it much anymoreWe were too optimistic about operations and finance, what I find strange is all that capex just to maintain production levels, something going on there we didn't factor inthe PI activism is encouraging, no matter how it ends, I have noticed PIs getting restless recently, on the NRRP board they got an AGM resolution defeated recently!
Bluesuit88
26 Jun 2015
The Notice accompanied the prospectus
Bluesuit88
26 Jun 2015
The Notice accompanied the prospectus
Bluesuit88
26 Jun 2015
Grrrrrrrr
Kenj2
26 Jun 2015
Re: NEW ARTICLE: ""Surely one for the business school handbooks of just how quickly a management can destroy a company in such a limited time frame . . . " Gubu, are you sure that this should not be filed under Commercial Fraud - How to Steal a Company?
