Afren share price falls after it admits it will miss interest payment May 11, 2015 Afren will miss an interest payment on its debts as the company looks to preserve its cash during restructuring negotiations. The Africa-based oil firm, which has endured a 98 per cent collapse in its share price during a torrid year, will miss a $12.8m (£8.3m) interest payment resulting in a formal default on bonds due [...]
Afren gets Roc Oil boss Alan Linn to lead turnaround plan April 7, 2015 Troubled oil firm Afren confirmed yesterday that Alan Linn had been appointed as chief executive after the company completes a $300m (£202m) funding deal with its lenders. Afren was forced to dismiss its chief executive Osman Shahenshah and finance chief Shahid Ullah in October last year after reports that they had been receiving unauthorised payments. [...]
Everything we know about Afren’s new chief executive Alan Linn April 7, 2015 Afren's investors have been pleased to hear its six-month search for a new chief executive has drawn to a close. And it is Alan Linn of Australian-listed Roc Oil who will take the top job. This means Linn had beat another candidate to the post – Jon Ferrier of the Danish shipping giant Maersk. Shares [...]
Afren share price jumps on confirmation Alan Linn will become new chief executive April 7, 2015 Embattled oil firm Afren has confirmed speculation that Alan Linn is the anointed one, saying he will become chief executive and concluding a six-month search. Shares in the Aim-listed company shot up seven per cent as investors were buoyed by the news, which signals a return to less choppy waters. Afren said Linn, formerly the [...]
FTSE 100 and 250 quarterly review takes effect as Hikma, Tullow Oil and Afren shuffle March 23, 2015 The shake-up revealed as a result of the quarterly review of the FTSE 100 and 250 takes effect this morning. Hikma Pharmaceuticals entered the blue-chip benchmark index, and its shares were down 2 per cent at £21.40. The pharmaceutical products manufacturer, which floated around ten years ago, has a market cap of £4.22bn. Hikma knocked out Tullow Oil [...]
Afren shares inch up as it informs Serious Fraud Office of expense payment concerns March 23, 2015 Troubled oil firm Afren has notified the Serious Fraud Office of concerns over expenses payments thrown up by a review by its legal advisers. Afren said the concerns arose from work by its law firm Willkie Farr & Gallagher "regarding the hire of an individual within its operations in 2012 and the payment of certain travel [...]
Afren share price falls 14 per cent as sell-off continues March 17, 2015 Embattled oil producer Afren continued to bleed today as investors sold off shares for the third session running. Shares in the Africa-focused group, which recently slipped out of the FTSE 250, fell 14.3 per cent to 3.2p today. This comes after the company's shares closed down 28 per cent on Friday, and by 24.3 per [...]
Afren share price falls as much as 30 per cent after refinancing agreement March 13, 2015 Shares in Afren fell today after the oil producer said it had hashed out a recapitalisation plan with its lenders. The Africa-focused company's share price closed down 28 per cent to 4.6 pence this afternoon. The company announced that it would receive $300m from bondholders and lenders by the end of June. Nonetheless, the agreement [...]
FTSE 100 and 250 quarterly review: Hikma, AA, Virgin Money Holdings and Imagination Technologies Group are in and Afren, Game Digital and Oxford Instruments are out March 4, 2015 The FTSE Group has released its quarterly review showing which companies have edged into the index and which have dropped out. Hikma Pharmaceuticals made its way into the FTSE 100 while Tullow Oil has fallen out of the top index. Hikma floated on the London Stock Exchange in 2005. Tullow will now join the FTSE [...]
Afren share price falls 45 per cent after it says will default on $15m interest payments March 4, 2015 Afren's share price suffered today after it said it will default on $15m (£9.7m) of interest payments due 1 Feb, as the embattled oil producers scrambles to find a resolution to the company's funding crisis. In light of the company's current liquidity position and in order to preserve cash while the review of the company's [...]