Petroleum Africa
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Tuesday, August 11, 2015
Afren plc has provided notice of its delisting and cancelation of trading of its shares on AIM.
As announced on July 15, the Ordinary Shares of 1p each of Afren were temporarily suspended from trading by the Financial Conduct Authority (FCA) at Afren’s request.
On July 31, Simon Appell, Daniel Imison and Catherine Williamson of AlixPartners were appointed by the board as the administrators of Afren.
Afren has been undergoing corporate and financial difficulties for the past nine or so months, leading to a steep drop in its market capitalization. Prior to its troubles Afren had gained an impressive market cap in a relatively short time, topping £1.7 billion; today the company’s market capitalization is only £19.77 million.
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