Afren Share Discussion Threads

[cashandcard] 21/7/2015 23:26

The last time I went into a Nigerian investment was years ago with EEL, probably better that than this. It was a small loss but confirmed to me Nigeria, Russia and a few other places are off limits for any serious investment. Even though I made a fortune from my GKP 'pre-Shaikan' holding, built up in the crunch, I will probably never invest in a Kurdistan or Iraqi focussed stock ever again.

Better to go for low-risk low reward, than lose the lot. As someone mentioned earlier, a company that was doing nearly $billion revenue looks like its heading to the knackers yard. Who would have thought it?

Cash

[pinemartin9] 21/7/2015 21:34

It's inevitable to be hard on oneself and correct. However management here have screwed up and tried to pull the wool over people's eyes. That lack of morals and integrity is why I'm never buying a share directly again. It's all about the management. It's happened with so many companies recently that I'm totally disillusioned. Tesco, Serco, Quindell, Afren, Monitise, Hertz the list is endless.

[onetomany] 21/7/2015 21:27

I did £15,000 ish, happy days.

[still waiting] 21/7/2015 21:22

I know someone who done £100K here..

yikes.

[pinemartin9] 21/7/2015 21:16

40000 pound mistake for me here! A bitter pill to swallow aged 38 with 2 kids. I am not ever buying another share better to leave it to the experts and go with a good fund manager. That and bricks and mortar. It's been a tough year and so many times when I should've sold and cut my losses. You live and learn. I'm now hoping that this goes bust and I can claim some form of share loss relief.

[nicky21] 21/7/2015 17:56

commiserations to all shareholders of afren.
if you want to recoup your losses take a look at petrel resources but as always do your own research.do not pay more than 3.1p.i owe over 700k of them.

[biggerthus] 21/7/2015 17:40

Well you sing their song very sweetly hpcg, but I guess that's just talking your book.

Good luck with your short, but you'd better hope that no alternative funding offer comes in during suspension that makes sense to the BHs as well as us. It wouldn't be the 1st time.

[mike111d] 21/7/2015 17:11

That does make for very bleak reading as even if they can restructure I cannot see there being much left for existing holders.

[underhill2] 21/7/2015 16:46

I think the funeral won't be that far away !. This can't go on much longer because the debt is building up every day.

[hpcg] 21/7/2015 16:43

I'm not a bondholder, I didn't think they were attractive at all and admin was the likely outcome with 50 dollar oil. So did any former bondholder selling at 40, 30 or 20p in the pound. The coupon is irrelevant if the principal is forfeit. I am short, so whilst not over a very likely a 100% gain for me.

[biggerthus] 21/7/2015 16:13

If the company pay me a 12.5% coupon I would be happy to consider it. However, I would want to take the lion's share of each BHs bonds while I'm at it, because that's fair isn't it hpcg!?

As for you & wshak etc, not good news I guess unless you are already disgustingly wealthy.
Playing with the big boys is a very risky game indeed, as after all they're punting with other peoples' money while you're not I guess.

Oh well. Had the offer to SHs been fair, all this mess could have been avoided some time ago already. Price of greed ?

[hpcg] 21/7/2015 16:04

Come on shareholders - stump up the (my guess) couple of hundred million dollars required to keep the company running. 10p per share from all of you, for every single share, or do you want someone else to put their hand in their pockets for you.

That is surely it - has to be be lights out and admin. Recap must be getting close to 40% of debt. Those are insane odd to keep the company going. No only that but the assets must be worth zip all anyway if they can't generate free cash. Plus the oil price is heading back down. Time for the bondholders and banks to walk away and take their 100% loss.

[biggerthus] 21/7/2015 15:49

Has to be suspect with voting closing tomorrow at 11am...

Writing already on the wall ?

[julcester] 21/7/2015 15:43

It's just one of the RIP RNS's. This will be no quick death.

[underhill2] 21/7/2015 15:43

It's the end as my previous post stated.Very sad but I can't see any rescue happening here.For those who have lost money here it emphasis the risks of investing on the Stock Market.

[still waiting] 21/7/2015 15:34

looks like the R.I.P RNS.

[underhill2] 21/7/2015 15:01

Admin awaits I'm afraid. I have accepted my loss and have moved on. Afren is insolvent. A sad end and you can only blame very poor management

[bustedflush2] 21/7/2015 12:30

Thats it guys BUST.

Just I said 6 months ago.

If only you had listened to me.

[cashandcard] 21/7/2015 11:27

I think everyone will be able to make headway here if there is a company restructuring on reasonable terms for all. Alternatively, the company goes into admin and assets are sold off for firesale prices or, potentially, lost due to missed work commitments.


Cash

[biggerthus] 21/7/2015 11:17

I expect that the vast majority of BHs bought them for the term, not to trade.

Furthermore they pre-approved the default in anticipation of getting their greedy hands on my equity, so you won't find any sympathy here.

[hpcg] 21/7/2015 10:48

The bondholders were sharing the pain months ago. Bonds were trading at 40% in February, 30% a week or so ago and are suspended now. No coupon has been paid since the first default. What kind of moron thinks the bondholders are making money from this?

[davius] 21/7/2015 10:14

hxxp://www.cityam.com/220474/afren-s-future-hangs-balance-after-luxembourg-suspension

Surprised this has not been commented on. It finally looks like the bondholders might get to share the shareholder pain...

[htrocka2] 21/7/2015 07:40

it's mind boggling to think that a company with revenues of about $1,000,000,000 p/a..... is broke, washed up and headed for the knackers yard.