< "> 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 the complete version via reuters ......

Further to its previous announcements, Afren has obtained from the lenders of
the US$300m Ebok debt facility a further deferral of the US$50m amortisation
payment due on 31 January 2015 until 31 March 2015.

In addition, the Board is continuing to utilise a 30 day grace period under
its 2016 bonds with respect to US$15m of interest due on 1 February 2015 while
the review of the capital structure and funding alternatives is completed.

The Company is continuing constructive discussions with the advisers to, and
members of, 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 other stakeholders and new third party investors
regarding recapitalising the Company.

===========

no doubt i shall be proved or certainly told that i am wrong, but to me this reinforces my view that at the end of the day PIs will be left with nothing

That is the 500th time you have posted that , WE KNOW THE PROBLEM ,IN YOUR VIEW PI'S WILL BE LEFT WITH NOTHING !.

do you disagree?
if so, why?

I don't disagree it's 50/50 whether share holders survive . It's that you constantly post the same post ,we know your view .

slapped wrist :-(

JUST PICKED YOURSELF UP...............

.............and the litter bin should not be far away
too much nonesence talk and no idea as usual,

This from the Sunday Times, which might account for some of today's rise:
"A CHINESE billionaire has made an audacious bid for Afren — but is likely to be pipped by a rival bid from the oil company's bondholders.

Fosun, the conglomerate that recently bought Club Med and is controlled by the tycoon Guo Guangchang, has backed a $500m (£325m) cash deal led by the Afren co-founder Bert Cooper. The China-Africa Development Fund has also put up money.

The offer would give the group majority control but would maintain Afren's stock market listing. It is likely to fail as Afren is controlled by it's lenders, who have hatched their own rescue plan."

you should read the whole!
bondholders are likely to block if it means they have to take the implied whopping loss

And Oriel note today:
"Based on our core NAV analysis and given company's large debt position, we estimate there is no equity value in the shares at sub $80/bbl oil price. Therefore we value the shares assuming a debt-for-equity swap in which the current shareholders would receive 5% of the restructured entity.

We see two scenarios going forward: 1) In light of the improving oil price, a third party injecting $65m of new equity, temporarily protecting the company from its creditors. We see this as a less likely scenario. 2) The company proceeds with a debt restructuring process. At this stage this appears as a more likely scenario.

In either of two scenarios we would expect a downward pressure on the share price. In the first scenario, we believe that it would be reasonable to expect that a potential new capital injection would only be done at a discount to the current share price. In the second scenario, if restructuring is indeed on the table, the shareholders would in that case be at the mercy of the bondholders. The current market cap represents c15% of the bond’s face value. We doubt in a restructuring process the bondholders would be sufficiently generous to give the shareholders much more than this."

it's typical analyst speak, for are they now putting a fair price of 9/10p on the stock, or considerably less?

Currently they think around 3p based on a $80 pb oil price.

am i being even more thick than usual, but how did you get to 3p - though i wouldn't disagree?

I didn't get 3p. They (Oriel) did.
This is how they calculated it:
"Value of assets at $80pb excl debts = $1413m
Value of assets at $60pb excl debts = $656m
Estimate of restructured Co would be worth (av of above) = $1035m
Afren's current shareholder potential share % = 5%
Afren's current shareholder potential share $ = $52m
F/X rate $/£ = 1.56
Afren's current shareholder potential share £ = £33m
Shares outstanding = 1108m
Value per share 3p"

thanks harry

Blown out the water cynic....... ;))

moi? .... why? .... i sure don't hold

Then why spend so much time here

because i choose to and it's a company which i have followed for a number of years .... and really and truly, what biz is it of yours?

Mr C, I think there are a great number of AFR investors out there who are sitting on stock at a much higher price, so potential losses are a bit of a sensitive issue.

hard cheese
i've made plenty of losses in my time, and i suspect i got walloped here a few months back

i post it as i see it and it happens that i think this company is near enough doomed, and not without reason
many others think (i say kid themselves) that i'm completely wrong and that AFR will make a strong recovery

probably a few weeks at most will determine who is right