BlackLavender
04 Jan 2016
Advice from a Yell Shareholder. Hello there Afren Shareholders. I feel for you, I know what youre going through, and Id like to just post my condolences, support, and maybe something you may find interesting reading? Its nothing to do with your crusade, but there are similarities, and I find it disgusting for you, Afren shareholders, as I do for my fellow Yell shareholders. [I held shares in Afren for a while, but sold at a loss, of a few hundred pounds]Firstly the FCA, are being heavily criticised at the moment, for 'letting banks off the hook'[link] it should be a good time for your and mine MP to raise questions regarding the conduct of the FCA in Parliament. Some of you might think that the FCA will help you, as it seems so obvious that you are 'in the right'Thats what we felt too. Doesnt happen though......the levels of cronyism are unbelievable. Dear MP,Isnt it well overdue, that questions regarding the conduct of the FCA were raised in Parliament?No doubt you will have read the recent headlines of the FCA dropping its investigation into the banks.As a former Yell shareholder living in Bradford West, I would like to make you aware of the situation concerning the ‘Yell Shareholders Group’Over the last few years, the FCA were contacted by over 66 MP's calling for an investigation into YELL, on behalf of their constituents, as the BOD cut out all the shareholders, and since then have carried on trading.The FCA were put under pressure to do something, by hundreds of shareholders, and the MPS.Guess what they did? Investigate Yell, Deloittes and the BOD?NO!They launched an internal investigantion into their own behaviour, and many months later, they came to the conclusion that they had acted perfectly acceptably.Meanwhile Yell goes from strength to strength and the shareholders, have lost their life savings........Cronyism, and corruption is abound it seems in the city. And these people are protected by the FCA.I was/am a private shareholder of HIBU plc [formerly Yell, formerly Yellow Pages] and a couple of years ago, I was advised by the Administrators that Hibu plc shares had been cancelled on the London Stock Exchange.[I am a member of the: [link] Administrators [deloittes] advised Hibu Shareholders that there would not be any cash distribution to shareholders, and therefore all my shares were removed from my account.There is currently an S656 litigation being taken by a group of private shareholders [The Hibu Shareholders Group, or HSG] against Hibu, and the Board.HSG has members, all private shareholders, in excess of 700 people, all who have not just lost a few pounds but tens, and hundreds of thousands of pounds, due to the actions of the board of directors of Hibu.There is evidence of wrong doing, and I have written to the FCA, as have other shareholders, [in their hundreds and 66 Mp’s] yet the FCA just sent out the same standard emails, which do not address the issues raised.The FCA do not appear to be acting as heir mandate states that they will.I am disappointed with the Financial Conduct Authority. I expected that the new body replacing the FSA would prove more pro-active and more diligent [not difficult!!] in investigating and rooting out unprofessional conduct in the financial services sector.It appears that my hopes were misplaced, and that there continues to be plenty of leeway for unscrupulous company directors and vulture funds to line their pockets away from the regulators’ gaze.At the expense of small private shareholders.From what I understand from other shareholders and the media:1 ] the Hibu directors appear to have failed to act in the best interests of their employers (Hibu shareholders, of which I am one).2 ] the Hibu directors appear to have failed to call a GM when the Share Capital fell below a cert
ldlv
03 Dec 2015
From ALAG to Alixp, will they respond? From ALAG to Alixp, will they respond? Alixp,In regards Lekoil announcement, obviously all assets come with obligations, and presumably the liabilities only relate partially to 2015 so can't be that huge. How much is exactly? It would be good to see these quantified as this is a huge amount of oil as assessed, and it's appraisal, not exploration. Can we see all this detail to understand the real value of the deal?Furthermore, a bid would normally also reflect the amount spent by the seller on drilling/appraisal/seismic etc to date. Surely that would offset -and more- any recent unsatisfied liabilities?Also, we are confused as to how this fits with the Administration. As these are Afren liabilities, shouldn't they be put in the pot with all of the other debts due to creditors, and settled proportionately according to the official hierarchy? Or do JV partners somehow jump to the front of the queue ahead of the banks etc ? It would be good to get an explanation from Alix. This is from today, that asset is just huge!![link] 310The Company announced on 1 December 2015 the acquisition of Afren's participating interest in OPL 310, taking Lekoil's economic interest to 70 per cent. and its participating interest to 40 per cent. With the removal of Afren from the partner group, Lekoil and Optimum can now accelerate appraisal work on the licence. Early analysis of the new 3D seismic data acquired in 2014 has identified other prospects and leads similar to Ogo in size. The Company expects to complete interpretation in the first half of 2016. Following this the partners plan to spud an appraisal well before the end of 2016. As a result of Lekoil's increased economic interest in OPL 310, the Ogo risked prospective resources net to Lekoil is estimated at 541.8 mmboe.This is from yesterday:[link] of Afren's Participating Interest in OPL 310 Lekoil (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, has agreed to acquire Afren plc's ("Afren"
entire 22.86% participating interest in OPL 310, which contains the Ogo discovery, for a total cash consideration of US$13 million (the "Consideration" (the "OPL 310 Acquisition"ALAG
Paitech
28 Nov 2015
Re: The trial judge, O.A. Adamson Fantasticnew ldlv.I have been in the email group which you said earlier... for action group, but never reiceved no confirmation of emails... hope we still can manage to get something out from afren... good luck all holders... taGood work ldlv.taG
ldlv
28 Nov 2015
The trial judge, O.A. Adamson Court grants firm’s injunction over Afren Plc. Lagos High Court has granted an interlocutory injunction restraining the company’s Administrators (Messrs Alix Partners) and the Blackstone Group from dealing with Afren assets. Now delayed until 11th Jan 2016!!! Lets hope they NEVER manage to sell the assets! SAVE AFREN!The trial judge, O.A. Adamson will take his time as he has a lot to review...!
ldlv
24 Nov 2015
More Afren discussions [link]
ldlv
13 Nov 2015
OPL 310 OGO, Afren From Lekoil recently: "Corporate Update Update on OPL 310 discussions Lekoil continues to be in advanced discussions with the administrator of Afren regarding the potential acquisition of its subsidiary which holds a 22.86 per cent. participating interest and 40 per cent. economic interest in OPL 310 (the “Proposed Acquisition”. Should the Proposed Acquisition be successfully concluded, the Company intends to meet the considerations from its existing financial resources and from the proceeds of the Placing"Senator and relationship Lekoil: [link] and Blackstone relationship , read the following link please, from 2014:[link] we having a potential conflict of interest again? Blackstone selling assets to Blackstone potentially?
3Dimensional
06 Nov 2015
The Afren 6 are a disgrace I hope that they remain unemployable until their deaths, as they defrauded and mislead investors for a long time.The SEPLAT bid was there on the table, they refused it saying it didn't offer value to shareholders, hopefully when they appear in the dock they can perhaps explain exactly what they meant by that.Glad to see the freeze on asset sales, I think when Afren appointed Alix, they knew exactly what they were doing by trying to sell off the silver on the cheap, maybe they too should be investigated.3D
JakNife
05 Nov 2015
Re: Court Restrains Afren from Dissipati... Never.Shareholders are not expected to recover anything. It may well be the case that bondholders get nothing as well and that the banks lose a small amount.
shugg1e
04 Nov 2015
Re: Court Restrains Afren from Dissipation o... when do we get some money back once the assets are sold then?
ldlv
04 Nov 2015
Court grants firmÂ’s injunction over Afren Plc Court grants firm’s injunction over Afren Plc[link]
ldlv
03 Nov 2015
Court Restrains Afren from Dissipation of Its Assets Court Restrains Afren from Dissipation of Its Assets[link] [link] Lagos High Court sitting in Lagos has restrained an English public company operating in the Nigerian Oil and Gas sector, Afren Plc, from dealing with any of its assets in Nigeria or taking any further steps to register or seek the consent of any government authority in respect of any disposition, transfer or dissipation of the said assets pending the hearing and determination of the substantive suit filed by Earl-Act, a Nigerian investor.Justice Obafemi Adamson in granting the interlocutory order of mareva injunction, also restrained the company’s administrators (Messrs Alix Partners) and the Blackstone Group from the same steps.The court also ordered the claimant to file a written undertaking within seven days of granting the restraining order, to compensate the defendant in damages if it is found that the restraining order ought not to have been granted or that same was obtained by fraud or misrepresented.Justice Adamson however adjourned the matter to November 26, 2015, for continuation of proceedings.In July this year, Afren Plc had announced the suspension of its shares in the London Stock Exchange due to what its management described as “material uncertainty” over its financial position.The London-based oil firm, with its entire production revenue emanating from Nigeria, further refused to disclose its financial information to the public, on grounds of “significant uncertainty.”This culminated in, a period described by its board and management as torrid plagued by unauthorised payments by directors, the crude oil price crash and a lack of liquidity.
gubu
28 Oct 2015
Re: Alixpartners So Barclays estimated that Ebok, Okoro and Okwok fields were worth a combined $981m as at 1 Jan 2015 and that is when discounted at NPV15and now total assets are expected (as per the Sunday Times) to fetch $200m in a firesale - and that includes the furniture and artwork, which might be more in demand in this climate than the oilfields.So that is what a firesale does to resale values, less than 20%, can’t help feeling that some local investors are going to get some great bargainsA disaster for all concerned - including the bondholders by the wayI cannot hold out much hope here Idlv, I am afraid the Administrator will be relaxed as long as he is can flog everything off asap, and recover his fees, being a little cynical
ldlv
21 Oct 2015
For discussion what if there is an investor that is trying to rescue the company as a going concern. Apparently according to Alixp Afren plc needs $250m, according to Alixp and Alan Linn the money is not there! Management tried everything they said, the useless effort of the previous management that by the way put the company in administration is the excuse. Odd...Imagine that the money is there, that an investor and its European partner are trying to offer a solution (that maybe involves a hair cut). But that hair cut would bring a better realization than selling the assets, while providing a solution for all the parts, Employees, shareholders, creditors...In that case shouldn't the administrators facilitate negotiations to consider objective 1 as it could bring a better return than selling the assets for $200m (Sunday times numbers). Shouldn't the creditors be made aware of that potential solution?Imagine that despite how hard the Investor and European partner try to discuss option 1 to rescue the company, they find an inflexible attitude and the ONLY interest of selling assets.What would be your opinion in regards ethical and law implications of that scenario?Again, According to the Restructuring and insolvency in UK (England & Wales)Law stated as at 01-Jul-2015,the administration procedure is a way of facilitating a rescue of a company or the better realization of its assets.The main aim of administration is to rescue the company as a going concern.
ldlv
20 Oct 2015
Alixpartners Restructuring and insolvency in UK (England & Wales)Status: Law stated as at 01-Jul-2015 Jurisdiction: United KingdomAdministration Objective. The administration procedure is a way of facilitating a rescue of a company or the BETTER realisation of its assets.The main aim of administration is to rescue the company as a going concern.How the solution of selling all the assets for lets say $200m (number that appeared in the Sunday Times) is a better realisation than a hair cut and keep the company as a going concern? How can that be justified?
ldlv
20 Oct 2015
Okoro Production at the Okoro-Setu field ran smoothly during 2014, however, planned re-engineering works resulted in downtime at the site early in that year. Overall, the production from the field declined by 9% year-on-year.did we see a 616% hit in the okoro production assets? $31m vs $191m!!! field declined by 9% year-on-year no 616%
