NewKOTB
03 Nov 2016
Re: YF Finance Limited Like I said, interesting Now hold 43,850,000 (8.17%)
ldlv
30 Oct 2016
ALAG acting, OPL 310? BREAKING: Afren Shareholders seek crowdfunding to pursue directors in CourtTom Winnifrith | Sunday 30 October 2016I do not hold out much hope for this bunch and they should have heeded my oft repeated advice to sell their shares instead of insulting me. However it seems as if some Afren (AFR) shareholders want to fight on and nail the directors. In that - since I instinctively have no time for City fat cats I wish the Afren Legal Action Group (ALAG) the best of luck and if they can make the lives of directors who earned a fortune but failed more miserable this Christmas that has to be a good thing don't you think? ALAG has written to its members thus: We need to move and we have a legal firm happy to act. As you know Afren plc is now in administration, and we are concerned that we will not get any of our investment back. An offer was made to buy the company shortly before its administration (the “Offer”
, but it was rejected by the directors (who were advised as such by the bondholders) and subsequently also by the administrators. We met recently a new company that claimed to have offered 30% debt cut, around $800m to buy Afren and commitments to drill wells to increase production.We believe that the Offer should have been accepted (or at least seriously considered), and we feel that the directors and subsequently the administrators did not act in accordance with their duties in rejecting the same. Presumably we are interested in bringing a claim against the directors and/or the administrators for the damage that my fellow shareholders have suffered as a result of the Offer not being accepted (i.e. flowing from the directors’/administrators’ breaches of duty).We would like to explore the possibility of making a pre-action disclosure application to the court. Presumably and based on the information we have we hope this will shed some light on the decisions taken by the directors and subsequently the administrators to reject the Offer.In any event, an application to the court should really be the last resort in these circumstances. We have been suggested in the first instance writing to the directors and the administrators and asking them for a full explanation of why they rejected the Offer, and for any supporting documentation (including relevant contemporaneous communications). If this request is unsuccessful, or the directors and administrators comply but the result falls short of what we require, we can then consider making an application to the court. The fact that a document request has been made of the proposed defendants should assist with such an application, as may any information that is obtained from the same.A legal firm could prepare the initial document request for us, and they could act on our behalf as the matter progresses.Please also let me know if you have any questions. We will share thee details of the legal firm in due time. We need funding for this strategy, around 1% of our loses.Any help will be highly appreciated.Help raise £50000 to finance the Legal Expenses of our claim to recover losses incurred by Afren Legal Action Group's members resulting from Afren's collapse.go to justgiving dot com and search for Afren
Nice to Michu
28 Oct 2016
Looks like Nov go live now.. Another deadline missed but probably not a biggy on the grander scheme of things.And the s/p is not getting meaningfully hit because of this delay.PS: I recently read on another BB that Lek gets a large portion - one said 83% and another 100% - of revenue from Otakikpo up to their project cost recovery ( then the originally agreed split with Green Energy Intl kicks back in, I guess ) Can anyone confirm - or not - this? If this is correct then it makes this a more compelling again bet, obviously.
Nice to Michu
20 Oct 2016
Re: Holdings RNS Whoever it was they already have an awfully impressive list of institutional investors on board ( not updated in a few months on their web site and so not completely accurate eg Baron Capital RNS etc )Nice that the CEO has so much skin in the game also!AIM Rule 26Memorandum of association and articles of associationAIM securities in issueSignificant shareholders tableFDD announcementNews AlertsEmail Investor RelationsCountdown to First Oil: Otakikpo FieldSignificant shareholders tableLast updated on 14 July 2016ShareholderNo. ofOrdinaryShares% shareholderOlalekan Akinyanmi41,868,29310.5%Capital Group Companies Inc.35,922,0009.0%Jennison Associates LLC31,606,1347.9%Baron Capital Group29,994,4636.1%Fidelity Investments LLC22,071,8025.5%BlackRock Investment Management21,168,3815.3%Consilium Investment Management19,515,4284.9%Blakeney Management17,517,5024.4%Hertiage Bank13,273,9433.3%
NewKOTB
20 Oct 2016
Holdings RNS Well, we can safely assume that they took a fair % of the placing. Now hold 7.56%Baron Capital Group, Inc. ("BCG"BAMCO, Inc. ("BAMCO"Baron Capital Management, Inc. ("BCM"Ronald BaronQuestion is who else took the remaining 41m
carliol
19 Oct 2016
Brent Crude Up 2.30% at $52.87 [link]
carliol
19 Oct 2016
US Oil Inventories Fall Again [link] commercial crude inventories fell by 5.2 million barrels to a total of 468.7 million barrels in the week through Oct. 14, the Energy Information Administration reported. Analysts polled by Reuters had forecast a 1.6-million barrel drop
Nice to Michu
19 Oct 2016
Re: Afren Also Contrariwise gaining a better understanding of Green Energy International might be useful from the corruption angle. Probably extremely hard to do and so i'll not really try... Their website gives away as little as possible but my guess is that they will be looking out for 'appropriate' Nigerian interests. Re implementation costs I cut the following from heir web site : Ownership Structure of Otakikpo FieldGreen Energy the operator of the Otakikpo field held 100% participating interest in the field. However upon Ministerial consent, Green Energy entered into an agreement with Lekoil Nigeria Ltd to act as technical and Financial partners with 40% participating interest in 2014 subject to Ministerial consent.I guess from this that Lek may well have been burdened with the total cost of bringing this field into production and given Lek's loans and capital raises and the projects sundry missed go live timeframe targets I expect that this implementation was a lot more expensive/resource intensive than Lek had originally expected.Still we're nearly live now and so can look forward ( while taking lessons from the journey so far of course!)The POO is on the way back and so Lek's timing here may well be very good..Generally, I expect/hope the SP will tick up nicely in the short and medium term.. although far from in a straight line up.While not as excited as I was a couple of months ago I'm still excited by this share and expect/hope to do well - or maybe even very well - out of it!DYOR
Contrariwise
18 Oct 2016
Re: Afren Nice to Michu, that is a good point. I am along for a ride, for a while at least.....
Nice to Michu
17 Oct 2016
Re: Afren I know nothing about the management here and hope they are straight hitters ...Generally, meaningful fraud often comes when a company starts generating good revenues.....so while they grow out Otakikpo and bring on production in OPL310 I see plenty of upside.... although I'm not expecting a smooth journey in terms of actual timeframes versus target and share placings... You bet your money and take your chances...
Contrariwise
17 Oct 2016
Afren Hi everyone, I am a new shareholder and just trying to familiarise myself with the company. My main concern is that the board is dominated by Nigerians, and having lost money in the fiasco that was Afren, fraud is a big concern. What is your opinion of management?I note that it is incorporated in the Cayman Islands which is not renown for its high corporate governance standards (why not in the UK?), and its auditor is KPMG in Lagos. Neither of which inspire much confidence.
Nice to Michu
17 Oct 2016
Green Energy Intl owns the rest [link] indigenous Nigerian company. Ministerially well connected, I expect.Otakikpo is 60% owned by them and LekOil the rest, it appears. (I saw 36% on Lek website somewhere previously.. but 36% or 405 not much difference.)(PS: Go live 1 year plus behind offered go live targets from 2014)
Nice to Michu
17 Oct 2016
Re: US$12.4 million Placing I too have much hope here NewKOTB but I find myself tempering that hope incrementally. I am concerned about how trigger happy they have been at doing placings since they've first come to market. ( some are understandable, some a lot less so) Re today's placement: As you say given the debt facilities they have available and that revenue is but a few weeks away, this one is indeed hard to understand. Also go live has been a lot - lot - slower here than anticipated (way beyond recent short delay)Most importantly, is your understanding the same as mine that their economic Interest in Otakikpo is 36% ie 3600 of the 10k barrels they are targeting by year end - which may as easily now be Jan/Feb 17 end - is actually theirs? Who owns the rest and if they're continuing to dig as deep to fund this as Lek has then that makes this considerably less compelling?All that said I still see lots of upside from here but I do not see it being a straight line to the stars.. like the 20 times you're talking about. I see more two steps forward and one back - eg placement(s) and slower output crank up than hoped for - towards £1 in 2018.
NewKOTB
16 Oct 2016
US$12.4 million Placing Hope it's the last placing for +12 months.Given LEK's access to other financial options this has to be mates rates, otherwise it makes no sense.One good thing is this will now be let go and the SP allowed to rise imo.The Placing is not being underwritten so buyers are ready and waiting. Book build will be concluded by close of business on Monday, if not before, at my estimate of <20p. With first oil around the corner this could easily break 12 month high 27.75p in the next week or so, with targeting +50p by Xmas imoGiven the massive potential of LEK these 'lucky' investors will easily have a x20 on their hands, especially if the 'lucky' ones are connected to the Nigerian Government, aimoThe big variable is getting OPL 310 sorted and this will rapidly move to a +100p with Otakikpo generating income.GLA
NewKOTB
03 Oct 2016
Dropped last few minutes MM at it again, last few minutes of trading, drop the price to fill an order :Time Price Volume Value Buy/Sell Type (key)16:41 21.48p 145,397 £31,231 Buy O
