rollthediceagain
31 Jul 2015
Re: RNS, Administration Tragic. From a little gem to a steaming pile of dung in next to no time. Gives all of us are cautionary reminder not to invest in heavily indebted oilers, miners or other company without transparent earnings.LTH had probably already written this off after huge drop, then suspension but it still doesn't make it any easier although not having to worry about it any more will.
5 Iron
31 Jul 2015
Re: Facts If a FTSE company like Afren can do this to its shareholders, can every other company do it to us too? This has to be investigated. Isn't there some kind of body watching out for scams like this, if indeed, it was scam? So many things don't add up. Why were smallish payments not made? Why was so much spent on Admin?Why were Kurdistan assets valuable one minute and worthless the next?Why was a large scale producer who had hedged oil prices not able to stay solvent?Who is going to benefit from this- they must be the villains?Who is taking who to court over this?If they get away with this, it will send a worrying message through the world of finance realising that it can happen to anyone at any time with absolute impunity.
II Editor
31 Jul 2015
NEW ARTICLE: All Over For Shareholders As Afren Plc Is Put Into Administration "In a regulatory news release at 10.39 a.m. today -- innocuously title "Corporate Update" -- shareholders of oil company Afren (LSE:AFR) were delivered the final mortal wound in what has been a death by a thousand cuts.The company announced that ..."[link]
zahids28
31 Jul 2015
I think what has probably happenend here is the Fund Managers or top holders in the company have pulled the plug. When the sp fell feom 3p to 1.5p there was a 250 million write-off. I am wondering if this huge sell off had something to do with tipping the balance on the working capital management?
HopeCity
31 Jul 2015
Facts This has all been stage managed, transfer of assets from equity to bond holders, simple as that !!The company is and will be pumping oil in years to come, no doubt there will be name and change of owners.This fiasco demonstrates the corrupt nature of AIM listed companies, total disregard for the shareholders. FCA and the relevant authorities will do tiddly squat, the crooks (ex BOD) have got away with murder, they have robbed the PI's and have lined up their own pockets.Bitter pill swallow for the humble PIGLA
tobytoby
31 Jul 2015
Re: Thoughts anyone The advisor fees were scandalous, $46 million? were paid out and for what?Those fees could have paid off the $50 million interest payment along with the $100 million in the bank giving them another 6 months or so with revenue.For those invested I hope you see a bidding war for their assets and get something.Incredible.
kamran9558
31 Jul 2015
I demand ASOG to reveal the information they had now as there is nothing to hide.
One day Roderz
31 Jul 2015
They have 100% of it now 'all its stakeholders, including lending banks, bondholders and partners'.I hope there are no similarities with GKP, but it's looking worryingly similar!!Bad day for the PI'sOD
WisdomSeeker
31 Jul 2015
RNS, Administration RNS Number : 7073UAfren PLC31 July 2015 Corporate update London, 31 July 2015Afren Plc (the 'Company') provides an update on the outcome of the discussions regarding its financial situation.As announced on 15 July 2015, the recently completed operational review has led the Company to expect materially lower near-term production from its assets as compared to the production level assumed in the restructuring plan announced on 19 June 2015. This change is due to a number of timing and pricing assumptions, as well as to some delays in project implementation during the period when initial funding was being finalised. Whilst the overall capacity of the assets to deliver field life production remains broadly unchanged, the near-term deferral of production revenues has undermined the immediate liquidity position of the business. The Company has subsequently engaged in detailed discussions with all its stakeholders, including lending banks, bondholders and partners, to discuss the impact of the revised assumptions on Afren Plc's near-term cashflow, funding requirements and the resulting amendments in the terms of the restructuring which are required to deliver the revised business plan.The board believes that all the possible routes have now been explored during the course of this process, which was subject to a strict timetable, driven by Afren Plc's short-term liquidity issues. These discussions have failed to deliver support for a revised refinancing and restructuring proposal that would result in Afren Plc being able to pay its debts as they fall due. As a result, the Board has taken steps to put Afren Plc into administration and appoint Simon Appell, Daniel Imison and Catherine Williamson of AlixPartners as administrators. The relevant documentation will be filed at Court during the course of the day.The appointment is made with the consent of the Company's secured creditors and is seen by those secured creditors as an important step in preserving value in the Company's subsidiaries. No other company in the Afren Group has appointed administrators today or taken any other step to commence insolvency proceedings. The Group is in discussions with its partners and other key stakeholders with a view to continuing its operating businesses.ENDSFor further information contact:Afren plc Tel: +44 20 7864 3700Natalia Erikssen, Investor Relations AlixPartnersPress Office Tel: +44 20 7332 [email protected] Notes to Editors
Rogen83
31 Jul 2015
Re: Thoughts anyone game over
Damp Seaweed
31 Jul 2015
Re: Thoughts anyone I have no stake long or short.IMHO the company is bankrupt and will be broken up and sold off in a fire sale. I doubt there will be much left for the equity holders.Any legal action, even if successful will be years away and I doubt there will be any money to pay the claimants.If anyone can paint a more optimistic view then please step forward, and offer some hope to these beleaguered shareholders
jasonbythesea
30 Jul 2015
Thoughts anyone Realistically, is this likely to ever be unsuspended?
