Afren Share Discussion Threads

[hpcg] 05/6/2015 18:52

batman9 - what makes you think they could have got a rights issue away? The share price was in freefall and the type of investors required to raise 375M USD would not have touched it with a barge pole.

[batman9] 05/6/2015 18:08

Well when the share price was 50p the company could have had a rights issue at 25p and raised over £250m equivalent to $375m. Dilution would have resulted in 2.2bn shares.
Very bad management realised a problem too late and then failed to act or notify shareholders. LTH kept in the dark. Then wasted $50m by handing over control to the bondholders. That money could have been used to pay interest on the loans.
Leak of information to the press and insider dealing by bondholders but no regulation by the city.
All a bunch of crooks.
Linn cannot do anything as long as the old management remain on the board.

[hpcg] 05/6/2015 15:42

JakNife - small shareholders don't seem to have realised that they would have to have stumped up even more than the 250 million the bondholders injected to keep the company going. They would have to have added the interest which the bondholders have rolled up. Frankly I think the bondholders are throwing good money after bad as today's OPEC announcement should clarify. I'm still short and may even consider keeping that open to zero now.

[centurionsid] 05/6/2015 13:17

Guidance Notes on Plans A & B Released


Please review our guidance on Plan A (YES vote) and Plan B (NO vote) at the current state of play.

Download a PDF file from this dropbox link;



This guidance represents our views and is not to be considered advice.


ASOG new mission statement link (previously posted) for reference:



Thank you

ASOG

PS. If you are not familiar with Dropbox this enables you to download files using the above links. When you click them you will be presented with a Dropbox download window. If a dialogue box opens asking you to sign or join, you DO NOT NEED TO. Just close the dialogue box and continue with the download. You do not have to have Dropbox loaded on you device to access these files.

Apologies if I'm teaching you to suck eggs!

[centurionsid] 05/6/2015 13:16

Guidance Notes on Plans A & B Released


Please review our guidance on Plan A (YES vote) and Plan B (NO vote) at the current state of play.

Download a PDF file from this dropbox link;



This guidance represents our views and is not to be considered advice.


ASOG new mission statement link (previously posted) for reference:



Thank you

ASOG

PS. If you are not familiar with Dropbox this enables you to download files using the above links. When you click them you will be presented with a Dropbox download window. If a dialogue box opens asking you to sign or join, you DO NOT NEED TO. Just close the dialogue box and continue with the download. You do not have to have Dropbox loaded on you device to access these files.

Apologies if I'm teaching you to suck eggs!

[batman9] 05/6/2015 12:29

What the company needs is a fair rights issue.
Existing shareholders should be part of the dilution and is should be split 50/50 with bondholders. Afren management have a different view and until that changes we cannot trust the company. They want to take the company for nothing and start a fresh with new shareholders. Loyalty to LTH means nothing to them.

[gloomybare] 05/6/2015 07:52

motley fool articleIts a directors talk article which redirects to Motley Fool's Royston Wild. It claims 'read full article click here' and you get the same two paragraph's of doom. Olivier Holmey is the only journo to have provided any intelligence and detail with this story. I did write to motley fool yesterday but have not heard back from them yet. Unfortunately I think they are widely read by small shareholders and could single handedly be responsible for yesterdays share price fall. We need to get Motley Fool to say something positive for a change.

[biggerthus] 03/6/2015 19:00

Centurionsid,

Well put together document, and a clear message.

Well done to all at ASOG - and thanks.

[arbez] 03/6/2015 15:47

Email received from my broker this afternoon...

Hi X,

Thank you for your email.

If you are looking to register your vote for the upcoming Afren PLC AGM, you will need to provide details of how you wish to vote by email or alternatively, you can contact the Dealing Desk on ---- ---------.

Please note that your voting preferences will need to be provided to us in sufficient time to enable us to register your voting preference in advance of the upcoming AGM.

Regards
Y

[12bn] 03/6/2015 14:34

For those too lazy to look through past posts on the D4E,I hope my old posts help.
12bn 30 Apr'15 - 17:06 - 853 of 914 0 0 edit

If the Recapitalisation is not approved by shareholders at the general meeting of the Company to be convened in due course, the terms of the New Senior Notes will be revised as follows (as compared to the terms set out in the 13 March Announcement):

o The Existing Notes will be amended and reinstated into US$350 million notes due 2019, US$350 million notes due 2020 and US$233 million notes due 2021.

o The principal amount of the New Senior Notes issued to the Existing Noteholders who subscribe for such notes will be increased to US$302 million (assuming only US$274 million of New Senior Notes are subscribed).

o The interest payable on the New Senior PIK Notes (as defined in the 13 March Announcement) will be reduced from 2.7% to 2.5% per annum and the interest payable on the New Junior PIK Notes (as defined in the 13 March Announcement) will be increased from 26.8% to 26.9% per annum.

Accordingly, following completion of the Recapitalisation and assuming that the proposed open offer of new shares to shareholders (the "Open Offer") is subscribed in full by existing shareholders only, existing shareholders will hold up to approximately 14% of the fully diluted share capital of the Company (assuming the Open Offer is made at a 40% discount to the theoretical ex-rights price of the ordinary shares).

12bn 30 Apr'15 - 17:11 - 854 of 914 0 0 edit

So from what I can see, the choice is,accept giving away 80% of the increased shares to the bond holders for a mere 25% of the debt OR reject it and be forced to give away at least 86% of the company for 25% of the debt and you have to take up the Rights Issue or give away more than 86%! Not nice.

12bn 30 Apr'15 - 17:18 - 855 of 914 0 0 edit


The choice is volunteer to give up 80% of the enlarged company for a mere 25% of the debt or reject the plan and be forced to give up at least 86% of the enlarged company for 25% of the debt.Worse still it will be more than 86% if the shareholders don't take up the RI fully. Some of the 75% of the debt left will be at 15% interest!!!

[12bn] 03/6/2015 14:30

The following is a cut n paste from the 13th March RNS. It clearly states that the 1p nominal value will be REDUCED so the new shares can be issued BELOW 1p!!!
'In order to facilitate the Recapitalisation, and to ensure that the new ordinary shares to be issued under the Recapitalisation are not issued below the current nominal value of 1p each, shareholders will be asked to approve an initial reduction in the nominal value of the ordinary shares at the extraordinary general meeting (via a sub-division of the ordinary shares). It is also proposed that, following all issues of new shares under the Recapitalisation (including the Open Offer), the new ordinary shares are then subsequently consolidated such that the total number of issued shares is commensurate with the expected market capitalisation of the Company. Details of the proposed sub-division and consolidation of the share capital will be announced in due course'.

[12bn] 03/6/2015 14:23

It is anticipated that the Recapitalisation will now be completed by the end of July 2015. The implementation of the Recapitalisation is subject to entry into and completion of further documentation and formal approval by the Participating Noteholders and each of the lenders under the Group's US$300 million secured facility in respect of Ebok. Shareholders will also be asked to approve the issue of new shares in connection with the Recapitalisation; if shareholders do not approve the relevant resolution at the general meeting to be convened in due course, the Recapitalisation will still proceed, but on amended terms as outlined in the announcement of 13 March 2015.

Further details regarding the Recapitalisation will be announced in due course.

[12bn] 03/6/2015 14:18

If you vote no the bond holders still get at least 80% of the company any way,it is in the RNS,I will look it up for you. The new shares WILL NOT BE ISSUED ABOVE 1P,how many times do I have to post this FACT.

[centurionsid] 03/6/2015 14:01

ASOG Mission Statement - The NO Vote


We have now completed our strategy review and offer a new ASOG Mission Statement that includes an accurate statement of our voting numbers.

Our focus is now on mobilising our members to vote.

To view our statement please use this link;



Please note that Plan A and Plan B guidance notes are now being developed and will be issued shortly.

Thank you

ASOG

[themoocha] 03/6/2015 13:55

Suggest ASOG send the various sections of the Companies Act 2006 with a view to taking legal advice on how to retain your holding without it being diluted.

It appears to me that some directors are intent on handing good, profitable companies over to bond/debt holders and removing shareholders all together.

Tis the City after all

Good luck.

TM

[centurionsid] 03/6/2015 13:53

ASOG Mission Statement - The NO Vote


We have now completed our strategy review and offer a new ASOG Mission Statement that includes an accurate statement of our voting numbers.

Our focus is now on mobilising our members to vote.

To view our statement please use this link;



Please note that Plan A and Plan B guidance notes are now being developed and will be issued shortly.

Thank you

ASOG

[centurionsid] 03/6/2015 13:51

Not sure they'd even think about it as they (arrogantly) don't believe we have the voting power.

That said, buying shares through a third party is a very dangerous game and they know it. Insider dealing.... jail sentences if caught etc.

Only my opinion of course.

[arbez] 03/6/2015 10:49

ASOG

Question

If the bondholders feel that they are going to be defeated with a NO VOTE, could they persuade Afren's BOD to sneak through a private placement of a couple of hundred million shares to "third parties" [friends] before the EGM Vote....that would effectively dilute ASOG's Shareholder base to 8,7,6,5,4%%%?

Nothing would surprise me at this stage.

A.

[debbiegee] 03/6/2015 10:19

somebody just picked up 1m at 3.09
see 9x 110k AT trade sells [that means somebody put 1m on the book to buy }

[longfish] 03/6/2015 08:42

If anything to see that 'Wshak' character receive some justice, seeing as he wanted the shareholders to die at his feet, and then he'd quite happily spit on them.

[longfish] 03/6/2015 08:40

Fair play - keep up the good work, will be interesting to see how this pans out.

[centurionsid] 02/6/2015 19:21

PLEASE KEEP UP THE REGISTRATIONS - ANOTHER 2M ADDED TODAY ALREADY


THERE IS STILL TIME TO REGISTER YOUR DESIRE TO OBTAIN A BETTER DEAL - THE EGM RESOLUTIONS HAVE NOT BEEN RELEASED

simply e-mail - asogafrenregistration at outlook.com and enter your shareholding in the subject box. An automated response will be forthcoming.

social media - google asogafren on twitter - please follow and re-tweet the tweets. We have over 170 followers.

NOTE - OVER 2 MILLION SHARES REGISTERED TODAY ALREADY

PLEASE NOTE 'AD HOC REPRESENTATIVES AND RELATED ADVISERS' - UNFORTUNATELY YOUR PRESENTATION DOES NOT GIVE VALUE TO PI SH OR ANYONE ELSE FOR THAT MATTER, BAR YOURSELVES.

Indeed since the presentation the ASOG membership has undergone a mini spike, from an already high registration rate.

ASOG - have listened to members...and the message has changed...the ad hoc chaps have not listened.......there is only ONE option for PI SH...........VOTE NO. In the region of 99.4% of members stated they would vote NO to plan A.

Clearly the above is not advice - this is simply the view of ASOG members. ASOG are not financial advisers..we are our MEMBERS - ASOG are activist investors, that is activist PI SH.

ASOG - for all PI SH, long, medium and short-term, and anyone else that wishes to join (ii's, hedge funds, employees)

[centurionsid] 02/6/2015 19:18

PLEASE KEEP UP THE REGISTRATIONS - ANOTHER 2M ADDED TODAY ALREADY


THERE IS STILL TIME TO REGISTER YOUR DESIRE TO OBTAIN A BETTER DEAL - THE EGM RESOLUTIONS HAVE NOT BEEN RELEASED

simply e-mail - asogafrenregistration at outlook.com and enter your shareholding in the subject box. An automated response will be forthcoming.

social media - google asogafren on twitter - please follow and re-tweet the tweets. We have over 170 followers.

NOTE - OVER 2 MILLION SHARES REGISTERED TODAY ALREADY

PLEASE NOTE 'AD HOC REPRESENTATIVES AND RELATED ADVISERS' - UNFORTUNATELY YOUR PRESENTATION DOES NOT GIVE VALUE TO PI SH OR ANYONE ELSE FOR THAT MATTER, BAR YOURSELVES.

Indeed since the presentation the ASOG membership has undergone a mini spike, from an already high registration rate.

ASOG - have listened to members...and the message has changed...the ad hoc chaps have not listened.......there is only ONE option for PI SH...........VOTE NO. In the region of 99.4% of members stated they would vote NO to plan A.

Clearly the above is not advice - this is simply the view of ASOG members. ASOG are not financial advisers..we are our MEMBERS - ASOG are activist investors, that is activist PI SH.

ASOG - for all PI SH, long, medium and short-term, and anyone else that wishes to join (ii's, hedge funds, employees)