Just checked my sharers again, and my holding has gone from Nil to £900,
Could this really be the start of a recovery, is the light at the end of the tunnel getting brighter, Is Lac Dinga back on the agenda, could AFPO return to Aim, and could we really recover our investment. who knows.
Just checked my share account , and my AFPO shares which were worthless last week
(showing a 100% Loss) are now showing they are worth £650, still a long way off the purchase price, but could it be the start to a recovery.
A welcome Xmas present.
Maybe other investors could check their accounts to see if anything is showing,
yes fools indeed as were we who ever invested in this xxxxxxx,.Should have listened to LKH who called this a 'munter' a long time ago. What we are doing is paying CC and his fellow cronies to carry on this fiasco. The illustrious non-execs (Peter Hain et al) jumped ship a little while ago no doubt to avoid being tarnished further by association with this company. We can't even sell the shares we have (not worth anything anyway- even before this latest massive dilution). Another AIM disaster.
and now CC is spouting about block chain ....jumping on a crypto bandwagon me thinks. how appropriate a virtual currency for a virtual business..just think they have hoodwinked someone into £400k funds when they havent actually sold anything in 19 months....a fool and their money etc etc
Not sure whether CC is the ultimate Walter Mitty but I leave that for others to judge
I read this and luckily I was not drinking anything ...as i would have chocked on it IMO
" In light of the recent progress made with the Company's African fertilizer business, the Board has agreed that there would be no benefit in pursuing the acquisition... then you glance at the audited accounts ...on the other RNS ...
"Net income from trading for the year ending 30 June 2017 was $9,000 (2016: $15,000)"......
What progress is this exactly ? This is no laughing matter for the many that have seen their money go to zero on expectations of big contracts etc that were widely communicate over many channels online etc.
At any rate the last RNS says they have applied to return to the markets via NEX lifting the current suspension .
a subscription to raise £50,000 before expenses (the 'Subscription'), pursuant to which, the Company will issue 111,111,111 new ordinary shares of no par value (the 'Subscription Shares') at a price of 0.045 pence per new ordinary share; and
the appointment of Alexander David Securities Limited as the Company's as the Company's NEX Exchange Corporate Adviser effect from 13 July 2017 (the 'Appointment'). Once the Appointment takes effect, the Company will work to have the current suspension of trading in the Company's shares on the NEX Exchange Growth Market lifted; further announcements will be made in this regard in due course.
In addition to issuing the Subscription Shares as part of the Subscription the Company has agreed to issue 111,111,111 warrants to subscribe for new ordinary shares in the Company under a warrant instrument to be constituted by the Company, with an exercise price of 0.045p and a term of 90 days from the date on which the suspension on trading in the Company's shares on the NEX Exchange Growth Market is lifted.
The proceeds from the Subscription will be used towards creditor settlements, general working capital and towards further efforts to develop the company's trading operations in Africa, primarily focussed on Zambia at this time.
The Subscription Shares, which amount to 5.59% of the enlarged issued share capital of the Company immediately after the Subscription, were issued on 14 July 2017. The Subscription Shares rank pari passu with the existing ordinary shares.
Following the issue of the Subscription Shares and the Fee Shares, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company will have 1,987,223,583 ordinary shares of no par value in issue each with voting rights. The Company does not hold any shares in treasury. The above figure of 1,987,223,583 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
African Potash Executive Chairman, Chris Cleverly, said: "This is great news for everyone involved with our business - from African farmer through to investor. This cash injection will help underpin the long-term viability of our business strategy and gives us the capital to make real progress. The appointment of Alexander David Securities as advisers allows us to work at regaining our listing on the NEX Exchange Growth Market. We are delighted that they will be working with us on the next phase of our development."
The Directors of the Company accept responsibility for the content of this announcement.
"As to LKH, I think he just gets pleasure posting negative stuff, and has nothing better to do, and is bound to get it right now and again, especially on AIM."
I get pleasure posting stuff which proves to be accurate, whether negative or positive. Most of my posts tend to be positive because I mainly post on boards where I hold the shares, so obvs I'll be positive about them.
As for getting it right "now and again" no share, once given munter status by your correspondent, has EVER done anything other than crash and burn.
The list is long but distinguished ... NEOS, ARMS, HMV, AFE, FML, Woolies, CHOC, AFPO yadda yadda I could go on.
LKH on the flybridge AFPO was one of the easiest to spot ... its munterdom stood out a mile
ib - I think its probably best to just write down the loss, and treat it all as investing experience! As to LKH, I think he just gets pleasure posting negative stuff, and has nothing better to do, and is bound to get it right now and again, especially on AIM.
I assume that the RTO offers a cheap option to get a listing on part of the LSE, but thats just my guess, so lets hope it offers a line of (some) hope to those that have lost out with the dire management of AFPOO.
Hope all goes well, and it hard to find enough bile to heap on the 'clever dick CEO' of this veritable pile..... Such is life! I wish you well, and LUCK - AR
"if the company was failing, then I would have thought they would have taken the cash and run, unless the pot was empty"
The pot WAS empty. The scoundrels Hain and Simmonds had not a single share in this car crash until they took their fees in shares in February. That tells you how little confidence they had in this train wreck. Obviously they would have preferred their fees in cold hard cash, but that was never going to be a possibility after Clever Clogs had sprinkled his own brand of faerie dust over the company.
"If the RTO happens would that mean the end of the Potash business, Lac Dinga and the other supposing deals AFPO had."
The "deals" are just smoke and mirrors and Lac Dinga is totally worthless. There is any amount of Potash in Canada, Belarus, Russia and Yorkshire without faffing around in the heart of darkness for the stuff.
The RTO will not alter the basic truth .... this is a munter.
I don't have any AFPO , I bagged the 0.4s to 3.4575 then lost some of the profits by going long at 0.8 or 1p . don't recall now But those are worth zero now.
. So nothing to do with me. Nor advice needed. I lost part of the profits reduced to zip like every one else only on the second trade. But over all I ended in profit. I remain angry though . Very angry.
I have been searching for information on "Onshore Energy Ltd" and can find very little other than it is a investment company, but what is interesting is that "Chris Cleverly" is an investor and Director on the BOD,
If the reverse takeover was successful, it would be interesting to see what status the company takes, and would AFPO be informed of what it assets and investments are,
If the RTO happens would that mean the end of the Potash business, Lac Dinga and the other supposing deals AFPO had.
Does the company have a future is the big question, an interesting RSN on 27th Feb 17, stated 3 directors took their payments in shares, if the company was failing, then I would have thought they would have taken the cash and run, unless the pot was empty,
Just one more to add to my list of share disasters. I was in SXX but got out too early fearing that it would go the way of most of my other miners & oilies. I bought into AFPO as a way of getting back into potash - a modest investment by most on here's standards but significant for me.
The writing was on the wall when the loan was made by finance director's wife (I think) on exorbitant terms and then when they supplied potash without being paid (still not as far as we know). LKH takes a lot of flack on here but he has been right all along.
I am still holding (for what it's worth - there never having been an opportunity to get out at anywhere near my av) and obviously I would like this to succeed.
However, without wishing to talk this down (what would be the point anyway) I would just say that anyone putting another penny into this is stark raving bonkers. I have no doubt that whatever we hold here is already lost so why hand over any more to be wasted/swindled.
This sounds very sus to me. Normally a reverse takeover involves a private company accumulating a large chunk of a public company's shares. However there is no sign of this Onshore Energy mob being on the AFPO share register. The only substantial shareholding is 3.2% as at 27 February 2017 owned by a company called White Knight Investment. They had 4.66% in December 2016. Not sure if the reduction is as a result of dilution or part sale.
If I were you I'd work on the principle that Cleverly and Hain and the other geniuses have flushed all your money down the gurgler. This latest bit of financial engineering is likely to do absolutely nothing to change that. It probably has something to do with the loan note of 2015. Whatever it is, you're going to be diluted to bu55ery in a company which anyway is totally worthless.
"CC's hasn't exactly covered himself in glory, and one can only hope he doesnt 'get away' with anything in future"
The beard was the giveaway. The moment I saw that beard I chust knew that this was not gonnae end well for shareholders. The arrival of Hain and Simmonds onto the board merely served as further evidence of the munter status of this munter.
LKH on the flybridge reaffirms munter status of AFPO
Sooly - Hard not to be too cynical about these politician's 'motives'. CC's hasn't exactly covered himself in glory, and one can only hope he doesnt 'get away' with anything in future, but AIM attracts such folks - I just hope that no one has taken too much of a hit with AFPOO! Its just very disappointing when the Co loses the plot, and sentiment takes a real hit!!! ATB AR
Don't get me started on these politicians, I don't think they ever know whether they are telling the truth or just plain ly#ing to everyone. I did think that when these pair of eejits were appointed in was a positive sign for afpo, I based that on my experiences at SXX. Sadly I was wrong this time. What's more is the way Hain and Simmons have sat back whilst CC plainly did not know what he was doing.
I suppose you only have to look at what happened in the recent budget when spreadsheet Phil made a complete hash of it, he should in all honesty be sacked. He is either stupid, tik or just a plain li#r. Just wait until 'making tax digital' hits the headlines, you ain't seen nothing yet.
Anyway good luck, I have found some excellent shares recently, been in SML a while now and will not be selling for a long time, also like TLOU and SAVP.
"it would be interesting to hear exactly why they ever got tangled up in it"
Both were Foreign Office ministers with responsibility for Africa before they became NEDs for AFPO. They wanted a bit of cash (not much, mind, NED fees aren't terribly generous) and Clever Clogs wanted a couple of people who could open doors to the African politicos and give hime a bit of the credibility that was lacking as a result of his horrible little beard.
What both sides overlooked was that neither of the scoundrels knew the first thing about extracting payment for potash from farmers. They don't teach you that sort of thing in the Foreign Office.
My friend you should become a mystic meggie type of a person as I have to admit you have been right all along the slippery ole road about this pile of dung. Remind me in future never ever get involved with anything that politicians become embrolied in, or in Hain's case, Old windbag politico's who spout absolute and utter garbage.
Lesson learnt for everyone, I did make a large profit in the early day's I have to say pure luck, then lost some keeping the faith.
Hain and simmo need taking to task regarding this bag of manure and it would be interesting to hear exactly why they ever got tangled up in it, I suspect however the truth will never be revealed, well as if any politico eejit could ever reveal the truth.
"AFPO renewed the licence on the Lac Dinga Project last June, so there must have been a reason for doing that"
Well, considering what a fuss they made about being "integrated" they could hardly say "Oh, to hell with it, Lac Dingaling is worth nothing; let's not bother to renew the licence and let's just concentrate on delivering potash to the ark of the covenant bloke and hope that, one day, he pays for it".
"we live in hope."
I think you should man up, strap on a pair, and accept that Clever Clogs, Hain and Simmonds have, between them, flushed all your money down the toilet with this terminal woofer.
While I have little faith left in AFPO, the fact is they have just raised over £26 K so that should keep the company afloat for around 6 months, then we will have to see what happens then,
still a outside chance they could pull a few deals out the bag,
Just for the record LKH, AFPO renewed the licence on the Lac Dinga Project last June, so there must have been a reason for doing that, unless it was just to keep investors interested, but the reality is they never had the cash to make progress.
It all sounded good at the time as Port Noire was only 30 miles away.
Although like many others I am facing a large loss, the company is still trading and it has agreements, so who knows what the future holds.
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