Afren share price falls 14 per cent as sell-off continues

 
Jessica Morris
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Shares in Afren suffered heavy selling for the third session straight (Source: Getty)

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 cent on Monday.

Investors were left reeling after Afren said its recapitalisation plan would dilute their stake to just 11 per cent.

They have been urged to approve the agreement, which will see Afren get $300m from bondholders and lenders, or else risk losing the entire value of their investment.

This tops off what's been a particularly difficult year for Afren, with its share price crumbling 90 per cent. It's been rocked by boardroom drama, tumbling global oil prices, abandoned projects and a cash flow crisis.

Here's a full time-line of everything that's been going on at Afren.

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