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Received email from Barclays informing a letter is on my investing account.
My 1M holding was in sipp account. So suppose it has been moved. Will take a look later this morning.
I agree with Bezzy that this is not new news but every time something like this crops up, feels like ‘death by thousand cuts’.
Anyway, we all know that the company was put in to liquidation on the 16th January and Deloitte appointed as the Administrator. Deloitte is going through the prescribed process by formally informing the shareholders of this liquidation event. For nominee account holders, each broker will have its own process in terms of what to do with these electronic shares once they received Deloittes notification. For those people that hold the paper share certificate, they probably received a letter. But in reality, nothing has really changed in terms of the liquidation trajectory: Deloitte will manage the company’s affairs in terms of assets and liabilities and liaise with creditors. The important bit of information was revealed by Looed that the first creditor meeting is going to be held on the 14 March. I guess this is where Deloitte will lay out the financial situation of the company, in terms of uncovering substantial liabilities and no liquid assets and therefore creditors unlikely to see any recovery. One also wonders how many of these creditors would actually bother tuning up to this meeting? Perhaps the main protagonist like YA, Mourant, SN would. Then the other crucial question is, will a proposal from SN (or another company backed by SN) be put forward to the creditors at this meeting and if it is, what percentage of creditors would actually vote in favor of this proposal? May be there is so much discontent amongst some creditors that they may (in-spite) vote down the proposal, hence the importance of SN being the major creditor and garnering Deloitte’s support.
As it stands, we the shareholders are legally wiped out, unless the company can be rescued. And here we need to wholeheartedly believe the company’s statement that they intend to put FRC status back to pre-liquidation and this may include SN taking a big haircut to amounts he is owed for funding all the legal costs.
These liquidation processes can be long or short but noting no money/assets in FRC, I would imagine this one to be relatively quick.
Just some thoughts from my side, but crunch time is nearly upon us.
How are you feeling Looed with this whole liquidation situation now…?
HouseofGold - as per Cayman company law, share certificates are optional. Details should be maintained on the register, and as you say you have your transaction records.
"Exempted companies do not issue share certificates as this is not required by the Companies Act"
https://www.harneys.com/media/kuhpdrtt/cayc16-continuing-obligations-for-cayman-islands-exempted-companies-cayman-aug-23.pdf
WhamBoy - I wouldn't assume that to be the case. No link between silence and possible deals.
FRC-C, as a Cayman Exempted Company, is subject to the applicable Company Act and associated regulations, details of which can be easily found online. Specific to registers -
“Each company is required to keep a register of directors and officers, a register of members and a register of mortgages and charges…. The register of members (i.e. shareholders) must contain the names and addresses of the shareholders of the company, the number and category of shares held by each member, the distinguishing numbers (if any) of those shares, the amount paid or agreed to be paid on the shares, whether each relevant category of shares held carries voting rights under the articles of association of the company and, if so, whether those rights are conditional, together with the date on which each shareholder became and ceased to be a shareholder of the company”
https://www.campbellslegal.com/wp-content/uploads/2023/11/Continuing-Requirements-for-Cayman-Islands-Companies.pdf
We can all dream WhamBoy… 💤
I wouldn’t worry about having to prove your ownership of shares just yet. Could easily be a waste of your time.
I’m sure there be plenty of opportunity to straighten those issues out should this actually come good for SH’s (don’t count your chickens).
I’m sure I’m not the only one hoping that Looed’s present silence is because a deal is close……
My shares disappeared from both my isa & trading accounts 5year ago, was told by hsbc that they were held in book form by Computershare, they told me that Computershare had nothing more to do with it and to get in touch with frontera.
No certificates and no corporate notification.
Me too…. I’ve had the same opinion from others on this board that my holding is safe even though lost in transit between Eqi and ii. But I do have printed copies of transactions but of course no Corporate Action reported to me from ii.
No notification for me. My shares were held in an ISA with Saga and were removed completely when delisted. I was then moved to Equinity and then later to III. People on here have said certificates are held with the registrar and not to worry because FRR will have a list of share holders.
So, I do not have a certificate but do have proof of purchase of the shares, but feel out on a limb now everyone is talking about a corporate action that I have not been notified about.
Looed, could I ask, what would your thoughts be over my predicament ?
Has a company ever liquidated like this in the past and the shareholders benefit?
Many people had their shares moved between accounts years ago, so I think this is housekeeping given recent events in Cayman.
In terms of key dates, Deloitte will hold the first creditor meeting on 14th March.
Bezzy me 2 , it was taken from an ISA account to a trading account that was with AjBell , still there but i hope and really hope ,it would make a difference in my life now ,62 was in 8/9 years ago ,would just love my money back ,2 meetings with that awful and should be arrested ZM , unbelievable he came to London our Capital and knew he was going to screw us over , even Uncle Sam has done us over , we are morons with no fight ,i wish us all well and god bless us all .
Delisted
So as frr were demister on aim years ago surley they should not be in my isa account, but they are. Can you offset these against any future capital gains tax
BezzyBushFire , 100% 👍 keep calm and carry on
FRC has entered liquidation which became effectivev16th January.
This is not old news. Yes my shares dropped out from my isa yrs ago but I didnt recieve notification, but liquidation is new and I'm guessing those with trading accounts too will be notified about the liquidation or do you think they will not be made aware? Which would be odd.
Hi All,
This is not news. We already knew this. Looed has kept us informed as best he can throughout.
For what it's worth, my shares were moved out of my ISA over 5 years ago. I still hold them, though.
Still watching and waiting to see how this plays out. However we are no worse off today than we were yesterday.
Keep the faith guys & gals,
Bezzy
Was it not said that FRR were working positively with Deloitte?
Wow, how can this now be spun with no hard proof?
Same willswag.... mine still showing in ISA and trading account separately.
I've just screenshot both with the date stamp to make sure nothing disappears without me being able to prove they existed.
After all these year got 3 letters today corp notice
Can you please make your contact aware that we're recieving liquidation letters.
Can they advise if we will hear anything. Surely if our shares had been transferred to FRUS we would have been informed via a similar notification.
Surley after this official notification from a broker the company must now advise us whether we can ignore?
Truly dread
Iii never moved mine from my isa account
They tried to tell me they were finished 5 years ago but I pointed out litigation had started they agreed and left them zero value
Gawd knows what’s going to happen to them now
Hi Toatie and thanks
Yes I just opened my corporate action
Took a screenshot to prove how many I had before they cancel them or whatever they’re planning to do with them
Is that it then? Is the balloon finally up 😞