< "> 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

This is a tax right off for me now ,i'll offset it when i do well .

Worth a punt @1p.

StockMarketWire.com
Afren is seeking shareholder approval for a debt restructuring and refinancing package which includes an open offer and the recovery of $148m by restructuring its outstanding loan notes.

And it warned that it the resolution was not approved existing shareholders had no prospect of any value.

Chairman Egbert Imomoh said: "Afren Shareholders have been through an incredibly difficult period in the life of the business, and the next steps, whilst complex, are essential if we want to successfully emerge from this period on a value growth trajectory."

Imomoh added: "The only viable course of action for the business is to progress through the proposed refinancing process; it offers the only secure route to relieve the unsustainable debt burden, and support Afren's recovery."

The restructuring comprises the implementation of a scheme of arrangement in respect of the existing notes, including:

- the issue of approximately US$369m of new high yield notes due 2017 to refinance and repay the bridge securities and to provide an additional US$148m in net cash proceeds to the group

- the conversion of approximately US$234m of the existing notes (representing 25% of the 2016, the 2019 and the 2020 notes) into new ordinary shares in the company, representing 80% of the existing issued share capital

- the remainder of the existing notes to be cancelled and reissued in equal amounts of approximately US$350m each of new notes due December 2019 and December 2020 respectively, with an annual interest rate of 9.1%

- the issue of additional new ordinary shares, equal to 50% of the issued share capital of the company following the debt for equity swap, to holders of the new senior notes

- the issue of up to £49.2 million (approximately US$75 million) of new Ordinary Shares by way of an open offer to Shareholders at 1 pence per Open Offer Share;

· the issue of new ordinary shares, equal to 10% of the fully diluted share capital of the company following the completion of the open offer, to holders of the new senior notes in order of priority of their agreement to subscribe for the new senior notes

- the issue of new ordinary shares, equal to 5% of the fully diluted share capital of the company following the completion of the open offer, to the holders of the Bridge Securities in partial repayment of the bridge securities;

- the entry into an amended term facility with the Ebok lenders, including to extend the period for repayment of the US$300m Ebok facility until June 2019

- the entry into an amended loan agreement with the Okwok/OML 113 lender, including to extend the period for repayment of the US$50m Okwok/OML 113 Facility until June 2019

Afren said that if shareholders do not approve the resolution, existing shareholders have no prospect of any value. Upon a 'No' vote:

- The restructuring will still proceed without delay

- The amount of debt will increase by approximately US$266 million immediately as compared to a Yes vote and the interest rates on the Group's new debt will cause outstanding debt to increase significantly. There is no value for shareholders unless and until all of this debt is repaid

- Holders of the new senior notes will have security over all of the Group's operating subsidiaries

- The Company will be required to have entered into an agreement by no later than 31 December 2016 to sell all of its assets. These assets can be sold to any party, including the noteholders, and can be completed with or without shareholder approval

Chief executive Alan Linn said: "I believe Afren has significant potential within its core Nigerian portfolio which will enable us to successfully emerge from this period and provide growth to all shareholders. The recommended restructuring, combined with the open offer, is the only viable opportunity for our shareholders to realise any value from their investment in the company. I urge all Afren shareholders to recognise this fact and vote to retain their active interest in the company by voting in favour of the proposed debt restructuring and refinancing."

should be more south today

this time last year over 100p..lol!

edited MoneyAM

What is happening in last few hours - up about 40% ?????

bears banking profits?

I do not think so - up 92% now - something you and I do not know ?????

85 million shares traded so far ( 15.26 hours )
Maybe news is coming any time ?

I that easy UP easy down?

2.85p high
2.40p now

.. Shorters desperately trying to buy back IMO. Intriguing how the SP has shot up around the DOW jones opening time?

AFR would make a good long term takeover by a Oiler Major. Expect something wrt near term good news.

I continue to hold my increased holding of long shares.

SP has much higher to rise IMO.

DYOR

HAb

re - What about dates when shareholders are able to apply for them

5pm 6 of August is the record date.
Ex entitlement Date for the Open .Offer on 7 August 8.00 a.m
--------------------
Time and DateEvent 2015

Announcement of the Restructuring
and Open Offer 13 March
Publication of Prospectus 19 June
11.00 a.m.
Annual General Meeting on 25 June
Latest time and date for receipt
of Forms of Proxy or submission 11.00 a.m.
of proxy votes electronically on 22 July
11.00 a.m.
General Meeting on 24 July
Determination as to whether the
Restructuring or Alternative Restructuring
applies and the Open Offer will
proceed 24 July
Effective Date of the Scheme 5 August
Record Date for entitlements under 5.00 p.m.
the Open Offer on 6 August
Ex entitlement Date for the Open 8.00 a.m.
Offer on 7 August
Open Offer Entitlements and Excess
Open Offer Entitlements credited
to stock accounts in CREST of Qualifying
CREST Shareholders 10 August
Latest recommended time and date
for requesting withdrawal of Open
Offer Entitlements and Excess Open 4.30 p.m.
Offer Entitlements from CREST on 17 August
Latest recommended time and date
for depositing Open Offer Entitlements
and Excess Open Offer Entitlements 3.00 p.m.
into CREST on 18 August
Latest time and date for splitting
Application Forms (to satisfy bona 3.00 p.m.
fide market claims) on 19 August
Latest time and date for receipt
of completed Application Forms and
payment in full under the Open Offer
or settlement of relevant CREST 11.00 a.m.
instructions (as appropriate) on 21 August
Results of the Open Offer announced 7.00 a.m.
through an RIS on 24 August
Admission and commencement of dealings
in the Ordinary Shares expected 8.00 a.m.
to commence on 24 August
CREST stock accounts expected to
be credited for the Ordinary Shares 8.00 a.m.
as soon as practicable after on 24 August
Share certificates for Ordinary
Shares expected to be despatched By 7 September

Genel could buy into Iraq interests or some Nigerian oil group could be interested in buying Nigerian interests.
Also they found oil onshore Madagascar - but is it extracting ???

Genel could buy into Iraq interests or some Nigerian oil group could be interested in buying Nigerian interests.
Also they found oil onshore Madagascar - but is it extracting ???

nice spike on nothing today - like it

Took a punt at 2.35p on the last intraday retracement 2.17p AT ( was bid price ) was a 61.8% fibonacci retracement

Today's RESUME

Things are looking good today, yesterday's closing Candlestick was giving a clue ( unchanged on the day)
today's rise with volume 125M is bullish
and intraday retracement was a full 61.8% fibonacci retracement 2.17p AT ( was bid price ) at the end of the day
all together with closing UT at 2.39p ( above offer price ) looks much better for the bounce back.

OPEN OFFER
The Company has announced that it proposes to raise up to GBP49.2 Million (approximately USD75 Million) by way of Open Offer subject to, inter alia, the passing by Shareholders of the Resolution at the General Meeting to be held on 24 July 2015 at 11.00am, by the issue of up to 4,922,491,218 New Ordinary Shares. The Offer price IS GBP0.01 per Ordinary Share.
Under the Open Offer, qualifying Shareholders may apply for Open Offer Shares at the Offer Price, payable in full on application, free of all expenses, up to a maximum of their pro-rata entitlement, which shall be calculated on the basis of 4 New Ordinary Shares for every 9 Existing Shares held by them and registered in their names at 5.00pm on the Record Date and so in proportion for any other number of Existing Shares then held.
Terms: 4 New Ordinary Shares for every 9 Existing Shares held at GBP0.01 per Share.
Relative Details and Dates:
25 June 2015 – Annual General Meeting,
24 July 2015 – General Meeting,
6 August 2015 – Record Date for entitlements under the Open Offer.

This time next year Rodney ..........