Afren share price falls again as investors chew on rescue plans

Jessica Morris
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Shares in Afren were hit again today (Source: Getty)

Shares in oil producer Afren suffered a second session of losses today, as investors booed its recapitalisation plans.

Shares in London-listed Afren closed at 3.5p, 24.3 per cent down. This comes after the company's shares closed down 28 per cent at 4.6 pence per share on Friday afternoon.

Investors were still chewing on the fact shareholders would now own just 11 per cent of the ailing company, after a stock market announcement on Friday said it had hashed out a $300m recapitalisation plan with lenders.

This is the latest installment in a tale which has caused its shares to fall about 90 per cent since this time last year. There's been high-level boardroom drama, an abandoned project, as well as a couple of market shocks.

Shares in Afren were already feeling the heat earlier this month after it admitted to defaulting on $15m (£9.7m) of interest payments that had been due on 1 February.

However, the company's shares declined the most in mid-January, when they fell as much as 72 per cent, after it revealed a funding crisis caused it to require a $200m (£132m) cash injection.

Here's a full look at what's been going on at Afren.

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