sealpro3
18 Aug 2015
selling / holding recent message from interactive investor...There will no longer be a formal market mechanism enabling shareholders to trade their shares on the FTSE. Actions required by you As this is a mandatory event, no action is required by you. However, you may find it difficult to transfer or sell your shares when they are not listed on AIM Please note that this is not an inducement to trade and should not be considered financial advice. If you are in any doubt about what action to take, please consult your financial adviser. Am i right in thinking you can still sell if you wanted too, i thought they were dead in the water,Or is holding out for the legal action group a better option,Just looking for other poor souls opinions.....
griller
18 Aug 2015
Re: Shareholders should sue Afren you should raise this rip-off in the press and with those great champions of business the Bullingdon Boys - Cameron, Osborne and Boris. Time for an inquiry into AIM and the financial PR firms that peddle misinformation. I smell a new PPI scandal of which Afren is an ugly tip of the rotting iceberg.
Rumailakid
18 Aug 2015
Still cannot see AFR chat on LSE even by the goodle search method. Can someone please post the email link /address/contract details for the Afren legal group. Many thanks
3Dimensional
17 Aug 2015
Shareholders should sue Afren for its destruction of shareholder value and also for not acting in the interests of shareholders and only acting in the interests of the bondholders.There is a no win no fee scenario going on with QPP at present, so I am told. Perhaps we could mount a class law suit on a no win no fee basis too?Would love to see the BoD squirm in the dock under cross examination about the lies they have been telling shareholders for the last few years.3D
goldmind
12 Aug 2015
You can recoup your losses if Oxus Gold wins the court case. high risk, but possible very high reward.
The Millipede
11 Aug 2015
Re: Creditors Committee "FTSE250 company cannot go from 160p to 1.6p in less than 6mths without some form of insider knowledge or manipulation."FWIW I think it is perfectly reasonable for the share price to have behaved as it did, given the drop in the price of oil and the level of company debt.The failure to make payments, or to put Seplat's offer to shareholders stem directly from one or both of these issues. The Barda Rash downgrade is perhaps different, but I do not see any of the several oil experts on these boards making any complaints on that score.Whether a more competent interim CEO might have performed better in hugely challenging circumstances is a good question, but shareholders are unlikely to have claims against anyone for lack of ability. IMVHO.
BlackLavender
10 Aug 2015
Re: Creditors Committee Hello. I am a member of ASOG, but I am also a member of the HSG. Hibu Shareholders Group formerly Yell, Now Yell again, after having cut out the shareholders.Over 60 MP's complained, to the FCA, on behalf of their constituents, shareholders of Yell, to the FCA, who did absolutely nothing to help us. There are a number of strong similiarities between what is happening at Afren, and what happened at HIBU [Yell]A 'Loan to Own' Conspiracy took place at Yell. This is a copy of my original Letter I sent out to the FCA. Its truly unbelievable what the BOD at Yell and Deloittes were allowed to get away with.[THE FCA, in the end refused to do anything at all. A Truly disgusting organisation, who exist to protect these vultures, and thieves and not small private shareholders]..........................................I was/am a private shareholder of HIBU plc [formerly Yell, formerly Yellow Pages] and I was advised by the Administrators that Hibu plc shares were cancelled on the London Stock Exchange. The Administrators [deloittes] have also advised Hibu Shareholders that they do not currently expect there to be any cash distribution to shareholders, and therefore all my shares have ben 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] yet the FCA merely appear to be sending 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. [In the end the FCA just investigated claims that they were not acting in a manner befitting their station, and did not investigate Yell]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 certain level.3 ] the Hibu directors appear to have lent a considerable sum (£1Billion) to a subsidiary only for that sum to disappear.[The directors of HIBU made a statement that there would be little or no value for shareholders indicating that Hibu plc was insolvent yet the Hibu business appears to be thriving and Hibu plc was owed around £1billion from one of its subsidiaries - misleading information from Hibu, and market abuse, yet the FCA are failing to act.]4 ] the Hibu directors appear to have engineered a default on debt payments when it seems that there was no need. [And have now rebranded as Yell, and are still trading, having cut out the private shareholders.]5 ] people I have conversed with think this is a way for businesses to be taken away from their owners only to be sold later for huge gain. A kind of scam. One which sets a scary precedent.6 ] the Hibu directors appear to have put the company into administration to avoid a shareholder requested General Meeting.[In respond to an extraordinary General meeting being called by the Hibu Shareholders, to appoint new directors, the administrato
SalopTractor
10 Aug 2015
wonder if AFR can reverse any left over assets into into FHN
zahids28
10 Aug 2015
If Afren were to be liquidated creditors could lay claim on the shares own4d by Afr on FHN.
zahids28
10 Aug 2015
afren own a portion of FHN a subsidiary which it is in partnership with in some of its other Nigerian oil projects. Afren has quite a few projects in Nigeria,.
zahids28
10 Aug 2015
well it says in the admin report it is not affected by the admin of afren.
SalopTractor
10 Aug 2015
Zahids - is the subsidiary safe from the administrators?
zahids28
10 Aug 2015
It shows that Afren still has assets a lot of further exploration going on under its subsidiary. They can'y have blown £300 million in just a few months. I think if a NO vote was becoing inevitable the board must have taken another route by placing the company in admin and a potential sale to go through.
zahids28
10 Aug 2015
First Hydrocarbon Nigeria Company Limited (FHN). Afren owns 54.8% of this subsidiary compnay. This is what the administrators are talking about.
zahids28
10 Aug 2015
Afren owns a beneficial interest in 54.8% of the issued share capital of FHN.
