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Thank you Looed. But in terms of the latest company message, was this initiated by you or did you receive this unexpectedly? If unexpectedly, it means that the Company is monitoring this BB and therefore trying to respond to us in the best way they can (given the continued constraints on legal cases). I will re-iterate that I do trust SN and Team. Further, if you really evaluate our situation pre+post FRC winding up, it remains largely the same given FRC was facing a number of legal cases from creditors. And honestly, I don’t think there was any value left in FRC, especially if the Georgian and Moldovan PSAs were re-assigned to another entity. I also think the uncontested winding up order was envisaged by the FRR-team, in part to cleanse the company from its recent Chequered history.
Now, our frustrations are borne out by two things: 1) 5 years of no direct coms from the company but now made worse with the news that FRC is being liquidated, and 2) how long are we expected to wait for the news on the new company/shares?
I would also humbly request that people here should keep their emotions in check and trust in the process. All this nonsense of contacting the liquidator for info would be futile imho).
Finally thanks again to Looed and SN for continuing to look out or us as some of us have Invested 15yrs plus with FRR/SN and it’s been a really life changing experience. He will do right by us.
For sure with FRC Caymen; but surely FRUS can if that is where our interests lie.
That would be against the ruling of court and pose serious implications.
Contra, I hear you and am looking forward to Woolies return to the High street :).
What I don't understand is everybody getting so uptight and personal about Looeds messages from the Company. For all we know, his method of communicating could be via a Ouija board? Is there anybody there: lol
Tenners the company can not communicate when receivers are involved i have always understood.
Its a binary outcome, not looking great.
Avi8r, be assured I'm shooting no messenger. This is not about Looed, I too am grateful for all his support. But it's purely guesswork to suggest the information being passed through these channels is anything accurate or reliable.
Shareholders should not be in the position like this, and a simple official comms message from the company to say we still exist is not sensitive. We are not asking for a grand plan, just confirmation that our shares have been transfered into the new entity. Why would that be a secret.
To suggest genuine shareholders are somehow at fault, doesn't make sense. We shouldn't have to "make some noise". I can't help think we are all, you, me, looed and everyone else continue to be hoodwinked.
If we don't hear anything from the company once it's officially put in the gazette, then I don't think we have a choice but to raise serious concerns with the Liquidators and the Courts.
There has recently been another positive indicator - the proposed return of Woolworths to the High street. Those among us - you know who you are - who thought they had got away with not having to display their posteriors to the passing public in "Woolies window" may now have to prepare themselves to exhibit. Just something else to look forward to.
Why are you are shooting the messenger.
The fact that the company is prepared to share information with one individual and no one else is down to trust alone in my opinion. They know the message will be delivered honestly and interpreted accordingly. I suspect Looed's connection to the company is one of legal relationships which is why they are willing to trust this relationship.
Given the problems and history it is understandable why they wont communicate with just anyone; 'Hi, I'm a UK based top lawyer and want to know whats going on', doesn't really cut it.
Be grateful that we are blessed with Looed and the robust connection he has with the company along with the additional research he provides.
Looed, rest assured I am not a keyboard warrior and I have already written to the company, but they DO NOT respond. Surely, you are not advocating we do nothing.
Can I respectfully ask, why are you in such a privilege position? Why do you receive communications from the company and have such faith in what is being said to you?
Many thanks in advance.
And I have been polite and helpful to you as I have been a number of times today. All I am saying is instead of you saying you / others will do something, just do it.
Tenners: am completely at one with your frustrations, as I am sure many other shareholders are. We have been treated shamelessly, and are now left with the Company that our shares are in being liquidated. It is not acceptable for the Company to communicate in the way it has; we deserve more both legally and morally.
I think communicating with the liquidators is pointless though as there is no potential upside to it as far as I can see.
Having said all this, I currently see no alternative than to wait and see what happens with everything crossed that SN is doing what is morally right. He keeps assuring us he is ...
Looed, I've actually been very polite to you and I do not understand why you would take that tone. I have spent years researching this company and made meaningful and positive contributions to this board. Surely, you can see the present position in indefensible?
Tenners - if you wan to "make some noise" then what is stopping you? Indeed you and the other keyboard warriors have had years and years to do something and you did what...exactly? Moaning at me or idle threats about alleged criminality of others isn't an action plan, that's just bluster and laziness. Let us know how you get on with your proposed outreach and hope you get some useful intel to share.
Think very unprofessional of the Company to communicate with one or two individuals albeit very glad that they do and people share those comments. With the latest comments I can see no reason now why they cannot make a proper announcement to all shareholders stating current state of play , maybe written by their lawyers so as not to include and sensitive information etc etc. 5 years is a long time for no info. GLA, hope for some positive news soon but hurry up my times running out as I'm sure others are also.
Looed, thank you. I know you understand genuine shareholders frustrations on here. If there is a grand plan, and you are not being strung along like all us other mushrooms, perhaps now is the time for the company to provide some evidence of how our beneficial interests are being taken care of.
The company has raised $500m USD mainly from retail shareholders that they used which to secure ownership of assets in Georgian, Moldova and Ukraine. We were also informed there was millions owed to FRC from the Georgian government in tax relief.
That company is now sinking, and it is not ethical for SN not to say anything. It certainly does not breed trust, with the people he took their life savings from. The only conclusion I can reached so far, is that any lies and diversion by any director, has been done to mislead creditors and shareholders. There has already been adverse findings with ZM in the courts.
Dishonestly putting peoples money at risk to enrich themselves is fraud. Running a company is this way may amount to fraudulent trading or even worse bribery and corruption.
The bottom line from genuine shareholders point of view is what are they nowmeant to think with this radio silence? We have no idea how the assets have been moved without a vote or how our interests continue to be protected by the person who we think is now responsible - SN.
It is not good enough, and shareholders would be naive to sit on their hands now. I'm sure Deloitte or whoever is the liquidator will do a professional job. But we now have the right, in the lack of any communication to make a noise about the situation and report any serious concerns of wrongdoing to the Liquidators, the Court and the Authorities.
Perhaps the company or whomever you have a line of communication may want to think about this. Deloitte are a reputable company, and I do think SN is trying to maintain positive relationships with the great and good in the US. Do we really need to be forced to take the kind of action. Any court, authority or ethical business would recognise their responsibility to shareholders too. After all, they appear willing to speak to your good self!
Great to know that the company has sent short message & confirming we will be in any new company set up. If that is how things go.
Thanks
Looed for message
Tenners - you can search the below link for the Orders etc. Just type "Frontera" and the Order that contains the relevant laws and the name of the liquidators should be easy to find.
https://judicial.ky/court_search/
Looed, thank you. I will take a look at the new act.
Do we know who the liquidators are?
Montiburns - The Cayman Gazette deadlines and publication dates are timetabled well in advance. The Order from the Grand Court meant it would be recorded in the latest edition - https://www.gov.ky/gazettes/gazettes-dates-deadlines
Delighted to see mother message from the company (via Looed), so gratitude and appreciation is duly paid to SN and team. However, I don’t particularly understand what they mean by ‘…indeed continuing to advance the current situation’. Well, what is the current situation and in waht respect? Corporate reorganization? Resolving o/s legal cases? debt obligations? PSA renewal? Etc, etc, etc.
But they do have a plan, and while painfully slow, thy are dealing with them methodically.
Having said all that, they must also be abundantly aware, that the mental stress of the unknowing (of the current situation) is slowly suffocating us, especially now that the company we collectively owned has been wound up.
My question to Looed is that the last message received, was this instigated by you or came out of the blue as you connected this to the (coincidence) publication of the liquidation in the Cayman Gazette?
Finally to end this post on a positive note, great to read the company reiterate that it is dealing with the situation (mess?) in a constructive way ‘in the interest of all shareholders’.
Firstly, a huge thank you to our leader, our very own “S”aint “N”ick for the very much needed update to us, all via our very own No 1 super sleuth Looed (thats 2 nice drinks I owe you now Looed ) and to whamboy for your write up’s all very very much appreciated.
See what I said Sling, hang in there and don’t sling ya hook just yet, our leader fights for us and “NOT” against us, I have felt this for some time now, good things are coming folks, just keep the “faith” like Monti said, tabs you may well end up smiling after all this, get someone like your son to capture that moment on camera , or video singing a great hymn I know 😉
All things are bright and beautiful, all companies great and small, just like ours folks.
GLA real holders
I should also point out that the message was sent to coincide with the publishing of the Cayman Gazette which records the liquidation of FRC.
Well spotted Looed. “In a constructive manner” implies to me that they are making progress in their efforts 😀.
I’m really pleased they’re still talking to us via you.
Thanks again.
WHamBoy - My recollection might be wrong, but I think the use of "constructive manner" is a new, and positive, phrase.
Looed , appreciate the “reminder “ re FRC 2 ….and more importantly the latest Co Message .
Keep em coming !