Afren Live Discussion

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goldmind 10 Aug 2015

way to recover some of the losses here could be OXS, high risk, return 0 (loss) up to 30x (max win)

rogk 08 Aug 2015

Re: Creditors Committee An investigation has to happen otherwise serious damage will have been done to UK plc.

3Dimensional 07 Aug 2015

Creditors Committee as in most administration procedures, shareholders should be entitled to be a part of the administration, too make sure that no more underhanded behaviour or crimes can be committed by members of Afren.Hopefully soon the SFO will announce their official investigation into all the past and present staff and BOD and bondholders, who IMO played a big part in where we are today. Its already going on at QPP and IMHO the crimes committed by Afren personnel are far more heinous than that of QPP.To name but a few things, the deliberate failure of the payments to deliberately incur a default, the deliberate negative RNS's re their other assets, especially Kurdistan, the deliberate rejection of Seplats offer, even though Seplat stated it was the only hope of value for shareholders.......................I could go on but I guess the genuine investors here know the rest, and their is plenty for a judge to get his teeth in here and hopefully former and current members of Afren will do a bit of porridge at the same time.Lets face it, a FTSE250 company cannot go from 160p to 1.6p in less than 6mths without some form of insider knowledge or manipulation.Good luck all genuine investors here and you never know, it may swing in our favour once the administration process gets underway.......... 3D

The Millipede 05 Aug 2015

Re: Bond holders-pound of flesh FWIW I do not think JakNife should be criticised for being harsh here. He is right about the lessons to be learned and, perhaps, that message could have been couched in more flowery language (less harsh) but the message needs to be taken on board if people want to move on from this and, crucially, make money in the future (which is, people forget, the whole point of investing).There is absolutely no place in investing on AIM, or even the FTSE, for trusting management of any company and, certainly, the time to bail on AFREN if you hadn't already was after the founding directors were sacked for misconduct and mediocre people replaced them. (The guy who thought Afren's temporary CEO was the guy who used to run BP must take the prize as the most incompetent researcher ever.)Posters on iii invest in all sorts of pie-in-the-sky projects and the refrain "this is a great asset but management are untrustworthy liars" is read constantly. Even on GKP. Jeez it is not rocket science. If the management is rubbish, and/or pocketing millions of pounds a year in salary, then it does not matter how great anything else is. It is the first thing to look for, in a world of sharks, that management have a track record of integrity and competence and so are likely to deliver.Take that sort of message on board and you might hope to recoup your losses. Otherwise, honestly, go spend your hard earned on beer and fags, or buy the missus a new kitchen. IMVHO

Damp Seaweed 04 Aug 2015

Re: Bond holders-pound of flesh JakNife,That's a bit harsh. The investors. both Shareholders and Bondholders, together with all the other stakeholders put their faith in the management, they trusted /believed that they were competent and would look after their interests. Unfortunately that trust was misplaced. The error was in maintaining that trust for too long when all the warning lights started flashing. Anyone who held on after we dropped below 5p was either very foolish, shell shocked or in complete denial of the reality of the situation.DSa IERP holder

JakNife 04 Aug 2015

Re: Bond holders-pound of flesh "As far as I am concerned the bond holders killed this off by being too greedy they will now pay for this too instead of agreeing a win win with shareholders,"This is very very wrong. It may feel easy to blame someone else but bondholders did not cause your loss. You could also blame management if you wish but they did not cause your loss. Regardless of who you blame the only person responsible for your loss is you. You decided to invest. You ignored the warning signs. You didn't monitor changes in the investment climate. You stuck your head in the sand. You didn't sell to cut your losses. You hung on, crossing your fingers that a miracle would happen. You are the only person to blame. And until you understand that, you will repeat your mistakes again and again. JakNife

jasonbythesea 04 Aug 2015

Re: Bond holders-pound of flesh Sadly it is effectively written off, but how long is it likely to take to find out what is going to happen.... ball park estimate

welloiled1 04 Aug 2015

Re: Bond holders-pound of flesh To all intents write it off and move on.You could always buy some Jubilee might get some money back, cheering me up!!Good luckWelloiled1

jasonbythesea 04 Aug 2015

Re: Bond holders-pound of flesh Is any sort of recompense likely? I've never had a share go belly up before. What happens now? Is it possible it could trade again? Or have we PIs lost everything?

Kenj2 03 Aug 2015

Malcy's Blog "Afren-Time for the Feds?On Friday Afren finally gave up the ghost and called in the administrators after it failed to get more funds from the Bond Holders. Although the situation received a handful of vague comments in the weekend press I am astonished that it appears that no investigative journalist has taken up this alleged breach of management responsibility and attempted to expose what might be a huge can of worms. I am aware that some shareholders are attempting to take action and they should be encouraged, as so far I have also not seen activity from the appropriate authorities who should be considering launching a criminal investigation going back some way. So many questions appear to have been raised it is difficult to cover up, such as whether directors ‘ignored’ a perfectly reasonable bid for the company, the status of companies within and under the Group umbrella and the transfer of assets therein. Time for action?"- See more at: [link] long overdue, that somebody influential had the balls to say what many on here have been suggesting for weeks. Pity, the lily livered press have not got the guts go to print.

ijesa 03 Aug 2015

Re: RNS, Administration Frankly, I this is irresponsible statement to make, hundreds of Nigerians abroad traded in this share too and like everybody else have lost money. the way it is on record that the people who ran the company aground are not Nigerians.Why would anyone come with this kind of insensitive statementsI believe this is not a Nigeria bashing forum?

The Millipede 03 Aug 2015

Re: RNS, Administration FWIW we have no reason to think Afren directors did not consider the risk associated with falling prices. But, if they did, they obviously thought it was a risk worth taking, as did shareholders who did not sell out months ago.It is worth remembering that few in the oil industry seemed to predict the oil price falls. For instance Premier Oil were buying back shares just before the price started dropping, as was Genel........ and they would only do that if they had no clue what was around the corner in terms of the oil price and its knock on effects on their share prices.BWTFDIK

polarityMan 03 Aug 2015

Re: RNS, Administration What I've learnt from this debacle: Never trust any scheme with Nigeria mentioned in it!! I still think that for a company like Afren to be allowed to take on so much debt without any consideration of risk, is a classic example of panic-lending/banking-crisis behaviour. Companies that have grown quickly during that 10year era of madness should all be vetted intensely before further investment by bond or share holders. I have learnt my lesson painfully! It seems there is no quick route to riches except for the corrupt.

spike501 02 Aug 2015

Re: RNS, Administration I doubt Seplat were offering Afren shareholders anything in the first place.

pondersend 02 Aug 2015

Re: RNS, Administration why was this not sold to Seplat when an offer was made? shareholders deserve some answers.

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