Afren Share Discussion Threads

[bobsidian] 30/6/2015 09:34

"...on the treshold of a new dawn."

But only after the massive dilution, consolidation and then further dilution exercises have been completed. And even then only as a play on any oil price recovery.

[harebridge] 29/6/2015 16:14

Great price to buy in & buy shares for 1pWhat a bargain!

[bustedflush2] 29/6/2015 14:53

A special class of Bulletin Board Moron is the denier who insists that is what is patently bad news is in fact good news. The suspension of trading in shares in Quindell and an SFO/FCA probe? Yup according to the Quindell Echo that was – on balance good news. Worthington no news is good news if you are a denier. As for Afren, possibly bankruptcy well that is a buying opportunity for the denier.

[centurionsid] 29/6/2015 13:56

IF YOU OPPOSE THE BH OFFER

Originally posted Monday 29th June by Ynotdeal on LSE.

Following publication of the Prospectus, and the AGM, there is less clarity about the strength of the Bondholder's position. There is more to be discussed with the Company, Morgan Stanley and Blackstones (the ad hoc guys) with a view to a fairer deal, and that is our focus at the moment. The deal is not final yet.

Please remember the words "a deal is not done until it's done"

These guys will not surrender one iota until the last possible moment. That's why they are such tough negotiators. But we too will be there untill the last moment and we will oppose their every move. The current offer is unacceptable. That is the view of our membership and the view they convey.

IF YOU OPPOSE THE CURRENT OFFER please register your shares with ASOG by emailing us at;

asogafrenregistration at outlook.com

and enter your holding in the SUBJECT field then send. No message needed. You will receive a short questionnaire by return to complete your registration.

We need your voting numbers so we can gauge our strength at the EGM vote.

Remember that you can be a member of the Legal Action Group as well. You can attack this from both directions.

Finally.... IF YOU DO NOT WISH TO VOTE YES, DO NOT SIGN AND RETURN THE VOTING INSTRUCTION SENT TO YOU BY AFREN PLC. We will offer further guidance in due course.... check out this link...



Thank you. TONY

[centurionsid] 28/6/2015 12:19

IF YOU ARE NOT REGISTERED WITH ASOG HERE IS THE EMAIL CONTENT FYI:

Ref: M7/L1


Dear Member,

You will have received a letter from Afren plc, or you will soon receive one, pleading that you vote in favour of the recapitalisation at the EGM (the YES vote) to be held on 24th July.

Included in that document is a Letter of Instruction to your broker instructing them to vote IN FAVOUR of the recapitalisation on your behalf.

Please download and read the documents contained in this link. They will help you understand the meaning of the Letter of instruction the company is asking you to sign.
IT IS NOT STRAIGHT FORWARD AND CAN BE MISUNDERSTOOD.

If you misunderstand the documents in Afren's letter you may easily vote for the resolution when you mean to vote against the resolution. Once you have voted you CANNOT CHANGE YOUR MIND



We are not advising you in which direction to vote.

Thank you.

PLEASE MONITOR THIS EMAIL ADDRESS FOR MAIL FROM US DAILY. CHECK YOUR JUNK BOX TOO, UNTIL AFTER THE EGM.

AT ANY TIME NOW YOU MAY GET IMPORTANT MAIL WITH VOTING INFORMATION

Please do not reply to this address as you will not get a reply.

To contact us email at [e-mail]


Tony
ASOG Committee

[mister md] 28/6/2015 11:21

just a year ago we had a 600,000 director share sale at 141p...incredible
Reading some interesting posts on lse site action group... even mentions KKR requesting info on possible purchase of some 'worthless' afren assets and the need for the company to respond and explore other avenues to restore/maximise value for all stakeholders...including shareholders...

[gbengus50] 27/6/2015 21:59

Thanks,temmujin.

[temmujin] 27/6/2015 20:58

gbengus...ascent resources...it really is an amazing opportunity,completely friendless though due to the past but on the treshold of a new dawn

[biggerthus] 27/6/2015 18:15

ASOG information on the EGM vote solicitation form being sent to shareholders.

Good job.
------

"Afren are sending out a letter to shareholders asking them to vote in favour of the recapitalisation and your dilution.

It includes a Broker instruction that does not give an option to vote against.

If you want to vote For, then you should send the form off. If you want to vote AGAINST then read the document I have prepared in this link. It may help you understand the implication of signing the broker letter of instruction.

Dont vote the wrong way by accident"

[sweet karolina] 27/6/2015 17:50

Essential reading:



A few of the key points raised:

"On p273 of the Prospectus, we are told that The Company is of the opinion that, taking into account the proceeds of the Restructuring, as at the date of this document the Group does not have sufficient working capital for its present requirements, that is, for at least the 12 months following the date of this document."

"In the prospectus, pp276-7, under the title of ‘litigation’, we are told that there is a claim against the company for in excess of $104m, another claim the magnitude of which cannot be quantified at this stage, and a further one for $10m. Afren says that it disputes them all, but the implications on working capital look to be quite a problem, given items 2) and 3) above."

"The prospectus points out on p59-60 that there are requirements relating to the free float of shares which, if breached, would see the company booted off the main market of the LSE. The company points out that given the massive confetti issue coming, the deemed free float could fall below the required 25% level because too many shares could end up being issued to holders outside the EEA. There appears to be some room for the UKLA to set some lower figure, but there is a clear risk that the listing could be in jeopardy. What then? Ah, it is all fine because the Board will consider what steps may be implemented in due course to satisfy such requirements. In other words shareholders run the risk of holding shares which could be delisted. The company helpfully points out that a delisting of the Shares would adversely affect the price of the Shares."

"We are told, on p238 of the Prospectus (notwithstanding the boardroom departures just announced, on the morning of the AGM) that the pay packages of the boardroom total £1,451,000. And that is for running a company with no cash! But even worse, we learn that 2014 boardroom pay totalled £4.77m – talk about rewards for failure! An old cliché, but where are the investors’ yachts?"

All in the prospectus, check the pages referenced for yourselves.

[harebridge] 27/6/2015 17:38

In a nutshell...A NO vote ensures bankruptcy, losing all your money. A YES vote ensures a future for Afren & a reasonable chance to make some money on the OO price or at these levels.It's been made very clear that there WILL NOT be a plan B!I like most have lost a lot on this venture. I want to make some back here.

[gbengus50] 26/6/2015 19:57

Which company is AST?

[harebridge] 26/6/2015 19:45

It will be way oversubscribed.Is there a maximum amount anyone can buy?

[temmujin] 26/6/2015 17:50

or you could buy AST and get yourself a 40 bagger

[sweet karolina] 26/6/2015 17:34

I really cannot see the logic behind buying a load more shares at 2p+ when you can apply for as many 1p shares as you want in the Open Offer. You may not get all that you apply for, but the chances of all the nearly 1 Bn shares available to existing shareholders being subscribed for is pretty small. Quite a few shareholders will not take up the offer, others may take up their 4 for 9 that leaves a lot of shares for those that want to apply for way over the 4 for 9, indeed on average existing holders would need to apply for nearly 1 for 1 to hit the limit and for scaling back to be required. The Bond Holders do not intend to subscribe so the overall OO will be way under subscribed - which should be a warning sign in itself.

Alternatively fill your boots after the whole thing has gone through at between 5 and 10p per shares (post consolidation prices). Alternatively do not throw any further good money after bad until there is some clear evidence that the company can be saved and is generating the sort of cash needed to repay the massive debts it still has and which have only been pushed right a relatively short way.

[biggerthus] 26/6/2015 17:11

New AFR article from Global Capital

Afren’s board in mass exodus ahead of trying AGM


And accompanying tweet:

Nice one Olivier !

[harebridge] 26/6/2015 13:01

It seems that the majority of recent buys are from existing shareholders trying to make some money back.

[comedy] 26/6/2015 12:40

they need to second phase of making wealth..they have torn pi's apart from lining their pockets on bod and at same time hedgie funds have milked the share price downwards...now his pal will come in to take share price back up going long...and again pi's will be wooed to buy the stock...then rinse and repeat...we are the cannon fodder for bod and their pals ie institutions/hedgies

[deans] 26/6/2015 11:21

Just received in the post a letter of instruction from HL re the restructuring proposal.

[comedy] 26/6/2015 10:00

well sitting on shy 2mill here...once all the games are done the big boys will need new pi's to come in to the company...so expecting some big hitters to come in and the boys left to kiss and make up...we get 15% at mo...they may up it to 30%??? 25%???20%??? and then expect the stampede to get in...think 1 year from now will co. still exist??at what sp??? 5p??? 10p???20p??? possible...thats 10 bagger...expect volatility and high risk/high return...the vote is the hurdle...expect that to be achieved as expect the bondholders also now want management to run co. and to make the action group go away will chuck some more percentage our way.

ps they have allowed co. to default so many times and havent enforced so expect they also want a new team on board who are big hitters with clean hands???

[tmmalik] 26/6/2015 09:51

Topped up again for long term,hopefully i will recover my loses.Good luck everyone.