< "> edit this post http://www.investegate.co.uk/afren-plc-%28afr%29/rns/trading-statement-and-operations-update/201301210700069619
http://www.investegate.co.uk/afren-plc--afr-/rns/2012-full-year-results/201303250700107200A/

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

dilute may not mean bust, but it's likely to mean to mean less than FA
i'ld be quite surprised if the dilution resulted in "fair price" being more than 2/3p and possibly a lot less

and if the oil price starts to climb albeit in a few months time what then??? maybe better for afren.,.

i give up!

which bit don't you read or understand? ....... any new funding would likely substantially dilute current the interests of current shareholders

WE KNOW CYNIC !!!!!!!!!!!!!!!!!! WE GET IT . MOVE ON .

i thoroughly agree, though not all of us seem to "know"
thus, it was not for your benefit but in answer to BB's question

You called me bonkers yesterday !

i understand what's going on here so do the others .

:(( time will tell.,.

don't take it personally, for i think anyone who is still stuck long in these is bonkers :-)

Perhaps investors averaging down coupled with short closing is keeping this 'up' from what appears to be a dire situation. I hope for a miracle for those of you that are long. Very sad as this was/is a well held PI stock. (no position).

Not looking good, I bailed out at 6.5 yesterday.

From the FT:
"Ethelbert Cooper, the Liberian entrepreneur who founded Afren, believes the future of the struggling African energy group lies in a new strategic partnership bringing in Chinese capital to develop the company’s resources on the continent. Mr Cooper, who rarely speaks to the press, said he had agreed to go on record about his plan to recapitalise the company in partnership with a consortium of Chinese investors “in view of the countless inaccurate stories circulating about the company’s fall from grace” and “to inject some new thinking around a future that the company can embrace”.
Shares in Afren collapsed from a four-year high of 166p in October 2013 to hit a 52 week low of 4.01p in January and the company has struggled to meet its obligations on gross debt worth more than $1bn.
On Wednesday, it defaulted on a $15m interest payment as it pursued a restructuring deal with bondholders that will “substantially dilute” its shareholders’ interests. People familiar with the company’s options, say that Nigerian oil and gas players, Oando and Lekoil, are also developing their own proposals to inject capital into Afren. Mr Cooper declined to give details of his own plan to revive the company. But he said it would work in the interests of Afren’s bondholders, existing shareholders and new Chinese investors, whom he declined to name.
“With a different strategy and reinvigorated management there is a chance to pull the phoenix from the ashes. So I am leading an effort to reinvent the company as a new China Africa platform,” said Mr Cooper.
In January, Afren said it needed to raise at least £200m in new equity to repair its battered balance sheet. Three tranches of outstanding high-yield bonds totalling $863m, due to mature in 2016, 2019 and 2020, now trade at discounts of between a half and two-thirds of their nominal value.
Mr Cooper said his plan was to bring in “substantial” new capital, in the form of new equity. This would benefit all parties. Although shareholders would initially be diluted “they would be offered an opportunity to co-invest in a new play they can grow with”, he said. It would be the first Africa-China partnership in the oil and gas sector listed in the UK. Afren declined to comment on Mr Cooper’s plans and referred to a statement from the board earlier in the week saying that the bondholders were most likely to provide liquidity.
The company started as an idea in Mr Cooper’s head back in 2002 when he spotted an opportunity to ride budding optimism about Africa’s economic future by creating the first major private pan-African oil and gas company. He brought in the late Rilwanu Lukman, a respected former Nigerian oil minister and long-time secretary-general of Opec as chairman, and also Egbert Imomoh, former deputy head of Royal Dutch Shell in Nigeria, as a director. “We built it around Lukman’s gravitas in a market that was highly constructive. We had the tide behind us then,” he said.
With hindsight, said Mr Cooper, it was clear that management had made some strategic errors. It had failed to integrate Afren’s local partners on its Nigerian oil blocks in its equity structure, and had therefore left them as strategic counterparties. They have sat on the sidelines as the company has struggled, he implied. It should also have raised more money through equity in London when the going was good, he said. Finally, it had proved an error to invest outside the company’s core African interests in Kurdistan.
“At the time when we had very little to sell, no production and few assets to buy it was excellent to raise debt. But when we had production, we should have tapped equity,” said Labi Ogunbiyi, a member of Afren’s founding team and former director who is also working alongside Mr Cooper. “With hindsight it is clear the company had too much debt on its books.”

keep reading how often new shares, dilute and similar appear ..... enough said (once more)

Mr Cooper said his plan was to bring in “substantial” new capital, in the form of new equity. This would benefit all parties. Although shareholders would initially be diluted “they would be offered an opportunity to co-invest in a new play they can grow with”
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Rather like i said dilution because of a placing ,there may still be something to play for .
Now stop haunting this thread cynic and get back over the road .

I think it's GF in disguise jimmy.,.

No it's not GF Balerboy ,iv'e never known him to want to constantly gloat over anybodies losses .

Only Chris and DB4 losses [ FLYB ]

It also says that shareholders would have to wait maybe years when there is a higher oil price for them to get back anything near to those who paid 170, 145, 136 ,96, ............70p

Maybe worth buying the new shares when the dust as settled

aldwickk , i'm not thinking in those figures ,i bought on the way down ,i'd be happy to rescue half my original stake.
However it's my fault i for once didn't stop out .

Yes Jimmy, its a mistake we all make at one time or other

jimmy - i shall be marginally upset if it is me you are accusing of gloating, for it is singularly unwarranted
i never ever do such, for i have taken a pasting far too often through stupidity and greed

Massive dilution on the way.