Red Flags at Night – Afren sticks two fingers up at shareholders facing wipe-out

After hours yesterday, Friday, at 6.26pm, came a truly horrific RNS for Afren (AFR) shareholders. Not that the scale of the devastation will come as any surprise to regular ShareProphets readers, Afren published full details of the previously announced restructuring. But to rub maximum salt into the wound, the RNS was released at the last moment possible before the system shut down for the weekend, and was the last company RNS of the day. Bell Pottinger, PR adviser to Afren, must be really proud of its work there. I hope the PR flunkies all slept well last night.

Utterly grim news on refinancing released by Afren (#AFR) when no-one is looking

Afren (#AFR) - Utilises 30 day grace period on interest for the 2020 notes

Afren (#AFR) dismal IMS, the cashburn continues

Afren (#AFR) 2 NEDS to walk the plank after AGM next month. Rats. Sinking ship.

Winner of the flip flop pitchfork Ben Turney Bulletin Board Moron of the week #19 Contest

Flip flop himself posted a couple of entries and almost won but I would have been accused of fixing the contest so we can’t have that. As such the winner is Bondholder with a posting, needless to say, from the LSE Asylum 

Afren (#AFR) refuses to make an interest payment so in technical default

Q1 2015 Performance Update: most shorted shares in London

From the weekly table published on this website, the following updates how the most shorted shares in London have performed (green indicates the shares were not in the last weekly table of the quarter HERE, with the noted 'closing share price' then that of the publication date of the first weekly table in which the shares no longer appeared)...

Afren (#AFR) announces it is delaying its next $12m interest payment by 30 days, not a positive

Afren (#AFR) confirms SFO called in as per ShareProphets scoop yesterday

Afren the RNS it forgot to release on Friday – it has brought in the SFO in to catch the crooks

I bring you below an Afren (AFR) press release dated last Friday which it appears not to have released via RNS. Oversight perhaps?

Changes in disclosable net short positions - week to 13/03/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details changes to net short positions in the last week (red if short increased, green if reduced)...

Afren; $75million open offer is a monstrous red herring – you only get 8.2%

Over the weekend, respected oil investor Paul Curtis (@paulcurtis123) sent me a spreadsheet, which provided detail to the number of shares Afren (AFR) proposes to issue under its recapitalisation plan. Paul’s efforts expose one startling revelation. The planned $75million open offer is a monstrous red herring. Below I explain why.

Afren - Bondholders Harsher Than Envisaged

Where do I start with Afren and its announcement of Friday? Let's leave the horrors of the operational update aside and just concentrate on the finances of the restructuring. 

Afren RNS explained; why this stock has to be avoided (for now at least)

There is a slight chance that Afren (AFR) might prove to be a recovery gamble worth taking at some point. That time is most definitely not now. Careful reading of this morning’s complicated RNS from the company, concerning its proposed recapitalisation, confirms that whatever happens existing shareholders will be left with next to nothing. As unpalatable as some might find this, the numbers are categorical and at 5p (last seen) only widespread misinterpretation of today’s announcement sustains the current share price. Below I explain why.

Afren – First take on the omnishambles from Waseem & Tom

Today’s announcement from Afren (AFR) is a total shocker at every level. It is clear that the Bulletin Board Morons really do not get this as the level of delusion in their comments has reached new heights. These shares should be trading at 1p or less. And the apologies should be flowing.

Afren (#AFR) restructuring, existing shareholders to get just 11% of enlarged group

Afren & Gulf Keystone remain slam dunk shorts

I don't know what it is about oil that seems to bring out the worst in people but it is certainly the case that this sector is home to the most abusive and vituperative comments on the various financial bulletin boards.

Table of most shorted shares in London - 27/02/2015

From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the most shorted shares (by net short position %) and if this position has increased (red), reduced (green) or remained unchanged (black) since a previous analysis HERE.

Afren Shareholders Should Look to Petropavlovsk For Best Case Scenario

I've previously said that Petropavlovsk (POG) is a good example of what is likely to happen at Afren (AFR) – see HERE but what does that mean for the share price?