First Hydrocarbon Nigeria Company Limited (FHN). Afren owns 54.8% of this subsidiary compnay. This is what the administrators are talking about.
Afren owns a beneficial interest in 54.8% of the issued share capital of FHN.
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?
The share holding is being diluted to 11% by end of June subject to shareholder approval. However, the dilution does not neccessarily mean that it will affect the share price. If the company improves at same rate of dilution it should not affect the sp.
Iron ore could drop to 40 dollar temporaliry. To clean out high cost producer then back to 50-60.
Has anyone seen news regarding Roy Hill mine in Aus. It is expected to be running in 6 month with capacity of 55 Mpta. Funded by Gina Rinehart.