< "> 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

Looks like the FCA are starting to root out areas of investor concern wrt irregularities in companies where alleged corruption is suspected.

http://www.bbc.co.uk/news/business-33251160

I suspect that once the AFR vote has been completed, then the FCA will make its move and be scrutinising AFR, including the in-depth situation of how such a once healthy company can be destroyed.

Expect all the dirty washing to be hung out IMO by the FCA in the near future.

DYOR
HAb

Oh bum.,.

EK on Afren

Afren (AFR) spiked as the loonies fancied a ramp and IG has apparently put up the margin rate to 75% and borrow is not too good either. This merely offers another chance to short. After all, the bonds are still trading at 45% of face value and these offer an unlimited supply of new shares at 1p. Go figure.

*****

StockMarketWire.com
Afren chairman Egbert Imomoh and its non-executive directors - Toby Hayward, Patrick Obath, Sheree Bryant and Iain McLaren - will not stand for re-election at the annual general meeting today.

David C. L. Frauman will join the board as non-executive chairman with immediate effect following the close of the AGM. He has been working closely with Afren over the past months assisting the company in its restructuring as a consultant.

He has over 35 years of experience as a restructuring lawyer, having retired as a partner of Allen & Overy LLP in 2009. Since that time he has held a number of board positions in a range of companies.

David Thomas, who was recently appointed chief operating officer, will be joining the board as executive director. He has over 35 years of experience in a variety of executive and operational roles in the international oil and gas industry.

The composition of the various board committees will be reviewed shortly.

The process of recruitment to strengthen the Board of Afren further is ongoing. In the meantime, the departing directors will be available to contribute to a smooth handover process.

StockMarketWire.com
Chairman, Egbert Imomoh, told shareholders at today's AGM of Afren that the last 12 months have been far from what was planned and results have been disappointing and have led to a very sharp drop in the share price and a loss of confidence by stakeholders.

But he said he believed the company can face the future with confidence given the quality of its assets, the good relationship with its partners, the injection of capital and the attraction of very competent people into the company.

He added: "I want to thank our shareholders, bondholders, partners, staff and all other stakeholders for their patience and forbearance in what has been a very difficult period for the company.

"I would like to end by reiterating the new Board's commitment and determination to regain the confidence of all our stakeholders, and set Afren back on the course to value growth once more and where it truly belongs."

thanks for the bleedin' obvious egberK ref: 'the last 12 months have been far from what was planned and results have been disappointing and have led to a very sharp drop in the share price and a loss of confidence by stakeholders'

not to mention fraud et cetera

still made for good shorting ;

what an uber boring rns speech yesterday................. zzzzzzzzzzzzzzzzzzzzzzzzzz

Sooooo, will those members of the BoD who are leaving AFR be rewarded with a 'Golden Goodbye .....£££££' or retain their historical share awards / benefits.

Perhaps this would be the time for the UK Government to apply its financial clawback policy (if applicable), as well as the full weight of the UK law with an open investigation into the whole sordid business. The investigation should include the influences of ALL third parties who contributed either directly or indirectly to the destruction of what was once a successful company.

Let justice be done and seen to be done, by the investment community worldwide.

IMO
DYOR
HAb

The Company has announced the following terms of the proposed Sub-Division and Consolidation.
Terms: Each Existing Share of GBP0.01 will be Sub-Divided at a ratio of 1 for 100,000 into 1 Ordinary Share of nominal value of GBP0.0000001 each together with 99,999 Deferred Shares of nominal value GBP0.0000001 each. Following the implementation of Restructuring, Ordinary Shares will be consolidated at a ratio of 10 for 1.
The nominal value of the Ordinary Shares is being reduced to ensure that New Shares being subscribed as part of the Restructuring are not issued at a discount to their current nominal value. The creation of a class of Deferred Shares will ensure that the reduction in the nominal value of the Ordinary Shares effected by the Sub-Division will not result in an unlawful reduction in the Company`s share capital. As a result of the Sub-Division, each ordinary Shareholder`s proportionate interest in the Company`s issued ordinary share capital will remain unchanged. The only changes will be to the nominal value of Ordinary Shares.

Operational and financial update

London, 15 July 2015

Afren Plc ('Afren' or the 'Company') provides an operational and financial update.

As part of an ongoing review of the business plan, it has become clear that the expected level of near-term production is likely to be materially lower as compared to the assumptions announced alongside the proposed Restructuring on 13 March 2015. There is significant uncertainty at this stage regarding the outcome of the review.

As the review reaches a conclusion, the Company will be further engaging with the Ad Hoc Committee of bondholders regarding its request for an additional US$30 million in net cash proceeds borrowed under the Bridge Securities, and with other stakeholders, as appropriate, to discuss the potential implications on the proposed Restructuring, including its timeline.

Given the material uncertainty of the results of the above-mentioned review, Afren is unable to assess accurately its financial position and inform the market accordingly at this stage, and therefore the Company has requested the suspension of trading in its shares. A further update will be provided to the market as soon as practicable.



ENDS

StockMarketWire.com
Afren has adjourned general and special meetings to assess the impact of near-term output being materially lower than previous assumptions.

A general meeting was schedules for Friday (24 July) and a scheme meeting was due to be held on 29 July.

But the company announced on 15 July that during an ongoing review of its business plan it became clear that the expected level of near-term production was likely to be materially lower as compared to assumptions announced alongside the proposed restructuring on 13 March.

The company says it is currently in the process of clarifying the impact of the revised assumptions on its business plan.

This process has brought to light the requirement for further significant funding and the need to reflect this new information in discussions regarding the proposed restructuring plan.

Afren says the postponement of the general and scheme meeting will allow it to finalise the review and engage with the relevant stakeholders to discuss the implications of the revised assumptions on the restructuring.

Given the material uncertainty of the results of the review and the discussion regarding additional funding, Afren is unable to assess accurately its financial position and inform the market accordingly. Afren's shares remain suspended.

StockMarketWire.com
Afren Plc has provided an update on the outcome of the discussions regarding its financial situation.

As announced earlier this month, the recently completed operational review has led the company to expect materially lower near-term production from its assets as compared to the production level assumed in the restructuring plan reported last month.

This change is due to a number of timing and pricing assumptions, as well as to some delays in project implementation during the period when initial funding was being finalised. Whilst the overall capacity of the assets to deliver field life production remains broadly unchanged, the near-term deferral of production revenues has undermined the immediate liquidity position of the business.

The company has subsequently engaged in detailed discussions with all its stakeholders, including lending banks, bondholders and partners, to discuss the impact of the revised assumptions on Afren's near-term cashflow, funding requirements and the resulting amendments in the terms of the restructuring which are required to deliver the revised business plan.

The Board believes that all the possible routes have now been explored during the course of this process, which was subject to a strict timetable, driven by its short-term liquidity issues. These discussions have failed to deliver support for a revised refinancing and restructuring proposal that would result in Afren being able to pay its debts as they fall due.

As a result, the Board has taken steps to put Afren into administration and appoint Simon Appell, Daniel Imison and Catherine Williamson of AlixPartners as administrators. The relevant documentation will be filed at Court during the course of the day.

The appointment is made with the consent of the Company's secured creditors and is seen by those secured creditors as an important step in preserving value in the company's subsidiaries. No other company in the Afren Group has appointed administrators today or taken any other step to begin insolvency proceedings. The Group is in discussions with its partners and other key stakeholders with a view to continuing its operating businesses.

I kind of thought that was coming ..

Oh great, now you tell us!!!! ....................;o)

............. Looks like the destruction of another once good Company by the greedy few - allegedly! No doubt the UK FCA will 'brush the whole event under the carpet' and say they do not have the 'resource' to investigate.

At the very worst if the 'guilty parties are brought to book' (AFREN Directors and relative Third Parties involved), they will have pot loads of money to drag out the court case and deter the UK Authorities from pursuing action. .........At the best I suspect if any are found guilty they will be given a couple of hours 'Community Care work' rather than Prison.

DYOR
HAb

Goodbye Afren ...............

NOTICE OF CANCELLATION OF LISTING FROM THE OFFICIAL LIST

10/08/2015 8:00 AM

CANCELLATION

Afren PLC

The Financial Conduct Authority ("the FCA") cancels the securities set out below from the Official List effective from 10/08/2015 8:00 AM at the request of the company:


Ordinary Shares of 1p each
fully paid


Premium Equity Commercial Companies

(GB00B0672758) ●




This notice has been issued by Listing Applications - 020 7066 8352.

Notes

- Notices issued by the FCA in respect of cancellation of securities from the Official List must be read in conjunction with notices issued by the relevant Recognised Investment Exchange.

● Denotes the security is also being cancelled from trading on the London Stock Exchange, a Recognised Investment Exchange.

- SEDOL numbers which are allocated by the London Stock Exchange as a Stock Exchange identifier may be found on their dealing notice.

† Denotes the security is also being cancelled from trading on ICAP Securities & Derivatives Exchange (ISDX), a Recognised Investment Exchange.

# Denotes the security is also being cancelled from trading on Euronext London, a Recognised Investment Exchange.

~ Denotes the security is also being cancelled from trading on BATS Europe Regulated Market, a Recognised Investment Exchange.

hope most made it out of this crock of...................... - terrible news for anyone left in here

Were is RF , haven't seen him posting anywhere on moneyAM for a while now , maybe his run out of cash

He's moved to AFC investing.

AFC Energy

Yep.