< "> edit this post http://www.investegate.co.uk/afren-plc-%28afr%29/rns/trading-statement-and-operations-update/201301210700069619
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In an attempt to cut down the header page,i've transferred some of the older news to Page1 post No.3.

http://www.oil-price.net/index.php?lang=en
http://www.ft.com/home/uk

http://www.investegate.co.uk/Article.aspx?id=201111020700081674R
http://www.investegate.co.uk/Article.aspx?id=201111150700250723S
http://www.investegate.co.uk/Article.aspx?id=201112010705051251T
http://www.investegate.co.uk/Article.aspx?id=201201170700146472V
http://www.investegate.co.uk/Article.aspx?id=201201230701479690V
http://www.moneyam.com/action/news/showArticle?id=4323758
http://www.investegate.co.uk/Article.aspx?id=201204170700164488B
http://www.investegate.co.uk/Article.aspx?id=201205140700212304D
http://www.investegate.co.uk/Article.aspx?id=201205210700407032D
http://www.moneyam.com/action/news/showArticle?id=4430164
http://www.investegate.co.uk/afren-plc-%28afr%29/rns/significant-new-seychelles-3d-seismic-programme/201212120700052973T/
http://www.investegate.co.uk/afren-plc--afr-/rns/2013-half-yearly-results/201308230700063334M/
http://www.investegate.co.uk/afren-plc--afr-/rns/ogo-drilling-and-resources-update/201311190700083404T/
http://www.investegate.co.uk/afren-plc--afr-/rns/trading-statement-and-operations-update/201401280700096280Y/
http://www.investegate.co.uk/afren-plc--afr-/rns/interim-management-statement/201405200700135209H/
http://www.investegate.co.uk/afren-plc--afr-/rns/interim-management-statement/201410300700116483V/
http://www.moneyam.com/action/news/showArticle?id=4942625
http://www.moneyam.com/action/news/showArticle?id=4943375

Afren – Seplat pulls out this is NOT GOOD news
By Waseem Shakoor | Friday 13 February 2015

Disclosure: The author has a short position in one or more of the shares mentioned.

I wrote yesterday that I doubted that Seplat would offer a deal that would prove acceptable to Afren's board and so it has proven. They have been told to sling their hook and off they go, having proved themselves to be time wasters.

Astonishing as it may seem, retail shareholders have convinced themselves that this is GOOD news, as Afren's board must have a better offer lined up for its shareholders, right? Wrong.

The shares have cratered, but nearly as much as they should have as shorts close (not me!) and retail buyers think they have a chance of squeezing the shares higher on bull**** rumour once more. I'm afraid that boat has sailed, and it will be a matter of a fortnight before reality hits home once again.

This is the key thing to remember - Afren turned Seplat away because it's bondholders weren't willing to accept a significant haircut on their bonds.

The Board has not received any proposal from Seplat that it believes is capable of being implemented on terms satisfactory to all relevant stakeholders in the Company, including the indicated value being significantly below the aggregate value of the debt of the Company.

The stakeholders being referred to are bondholders, like me, who have always questioned why we should hand the Company to Seplat if they are not going to make us whole. Rather, we'd prefer to recapitalise the Company ourselves via fresh funds, debt for equity and any money that new investors want to contribute. This is likely to take the form of a highly discounted rights issue, underwritten by bondholders.

Shareholders will have little say in what goes on from here. Interim funding will be provided bondholders whilst plans are made for a long term solution that offers no value to existing shareholders, unless they are willing to put up fresh capital.

Anyone who thinks that a discounted rights issue means that new shares will be issued at a premium to the currenty price is mad. My own choice would be 1p - that's logical and will stand the greatest chance of success. I wouldn't rule out 2p, however.

I won't be joining any shorters who are closing into today's news. That may seem a bit mean of me, as I already have a significant profit, but think about it. I will soon be in possession of a mass of Afren shares as a result of a debt/equity swap at the discounted price of 1 or 2p - why on earth would I buy them now at 6p?

Finally, a message to shareholders who are learning a harsh lesson in restructuring: stop listening to spivs and conmen on bulletin boards who claim they know something - they don't. More often than not, the guys concerned are trading a few grand and willing to carry out market abuse to pay a few bills.

Listen to them at your peril.

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12249263.html

Seplat would have had to bid 30p or more....they probably didn't want to...now can Afren raise funds to keep going and hope for a rebound in crude.....?...anything can happen....cap in hand to banks I'm afraid....

Double post

Afren plc
Termination of discussions with SEPLAT Petroleum Development Company plc

On 22 December 2014, Afren plc ("Afren" or the "Company") announced that it had received a highly preliminary approach from SEPLAT Petroleum Development Company plc ("Seplat") regarding a possible combination with Afren.

In accordance with Rule 2.6(a) of the UK Takeover Code (the "Code"), and further to Afren's announcement on 30 January 2015, Seplat was required, by not later than 5.00 p.m. on 13 February 2015 (the "Deadline"), to either announce a firm intention to make an offer for Afren under Rule 2.7 of the Code or announce that it does not intend to make an offer for Afren, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Seplat has requested an extension to the Deadline.

The Board has not received any proposal from Seplat that it believes is capable of being implemented on terms satisfactory to all relevant stakeholders in the Company, including the indicated value being significantly below the aggregate value of the debt of the Company.

Accordingly, the Board has concluded that continuing discussions with Seplat is not in the best interests of the Company's stakeholders and will not agree to Seplat's request for an extension of the Deadline. This announcement is made without Seplat's consent.

The Company is continuing discussions with the advisers to the ad hoc committee of its largest bond holders regarding the immediate liquidity and funding needs of the business. The Company is also having discussions with its existing stakeholders and new third party investors regarding recapitalising the Company.

Further announcements will be made in due course.

The contents of this announcement will be available at www.afren.com. The content of the aforementioned website is not incorporated into and does not form part of this announcement.

It might...might...just survive....touch and go....crude is up but it needs a rising trend not just a one or two day rise...

given that sp finished at 7.25, i'll be looking closely on monday with a view to opening a new short ...... bet i chicken out :-)

I shouldn't.....there will be plenty of buys...

I reckon survival depends on crude...(if that doesn't sound too irish)....

hxxp://www.liveleak.com/view?i=cac_1423804001

hTTp://www.investegate.co.uk/seplat-petdevcom-plc/afr/offer-talks-terminated/201502131601189089E/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=SEPLAT%20PetDevCom%20Plc%20Alert

jimmy b, I sold put of AFR a long while ago, thankfully, but had a punt at just over 12p, so holding stock at a loss at mo, but I still think that some other predator would be interested in buying some of AFR's assets, so not lost hope.......yet. I remember the days when AFR was being tipped as a solid investment by many institutions, so feel very sorry for holders who are in at a much higher price. I still think that the safest course of action for investors is that AFR grind through a slow and steady recovery on their own, if possible. I can't see any other company being interested except to cherry pick some of the assets.

C&Ped??

John - It is rumoured that the price on the table was 300 million....equates to around 25p. AFREN BOD know that they would be mad to give away the company at bargain basement because they have short term financial concerns.

Oh and POO above $60...

load of bollox!

pass the hat round lol

LONDON (Alliance News) - Afren PLC Friday said the proposed takeover offer from SEPLAT Petroleum Development Co PLC will not proceed, but the Nigerian oil and gas exploration and development company said that it reserves the right to "announce an offer or possible offer or make or participate in an offer or possible offer" for Afren within the next six months under certain circumstances or with the consent of the Panel on Takeovers and Mergers. -

Stand by for huge dilution for current holders.
2517

nice1 - this might be odd but when i hear 'nigeria' i just get this feeling of not trusting anything afr says - which is probably one of the reasons afr is in such sore straits after the recent problems it has had - so i take anything from the bod with a pinch of salt

that reminds me - got a real lucky phone call today - i have won the nigerian lottery i never entered apparently - they just need me to send £100k cash to cover admin fees and some nigerian taxes, i will be sending the cash with my date of birth, passport number and all my bank passwords of course - sounded like a real friendly genuine person on the phone, even kindly offered to send a taxi free of charge to pick up the cash............. LOL
gl

2517 - yep if so dilution will be very large - if no dilution or no other offers afr is kaput - go into admin and come out the other side & assets picked up for peanuts by say errrrrrrrrrrr................. seplat? LOL