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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 !
Thanks Looed. It’s good to hear news from the company again, even simply a reiteration of past statements.
Thanks Looed, that's a relief.
Thanks SN, any chance this will be concluded in the 1st quarter? I'd like to retire before the summer. Unless of course we can travel the world.
In this situation - Winding Up Order - the liquidators are appointed by and report to the Grand Court and are primarily concerned with creditors, same as what tsbs1 stated. While each liquidation company might differ, typically they are only obligated to report to the court and creditors.
Tenners - it is great you are doing research, if only more people did the same, but FRC was wound up in accordance with Companies Act (2023 Revision) not 2018. There might not be much difference between the two revisions, but you should check against the correct Act. And as I posted earlier, you need to be sure which type of liquidation you are discussing as the rules and procedures are very different for each class.
Ziggy, we paid for info on FRC2 back in Nov 2020 -
"Sorry folks, nothing of interest I am afraid -
Entity Name : FRONTERA RESOURCES CORPORATION 2
Jurisdiction : Cayman Islands
Registration Number : 75634
Registration Date : 12th August 1997
Entity Type : EXEMPT
Registered Office : REGISTERED OFFICE RESIGNED
P. O. Box 0
Registered Office Resigned
GRAND CAYMAN
CAYMAN ISLANDS
Initial Subscriber:
Authorised Share Capital: CI$41,000.00
Nature of Business:
Financial Year End:
Status : STRUCK OFF-BY REGISTRAR
Status date: 31 OCTOBER 2005- INFORMATION REGARDING THE CORPORATE RECORDS AND REGISTERS ARE
- NOT AVAILABLE FOR PUBLIC INSPECTION
- THIS REPORT DOES NOT CONFIRM THE ENTITY IS IN GOOD STANDING"
“We are indeed continuing to advance the current situation in a constructive manner in the interest of all shareholders.”
Life
I should point out that if my thoughts are correct, there would be the added benefit of certain undesirables being prevented from owning shares in the new FRUS and therefore they would be excluded from benefits of a large shareholder payout. In addition, by disbanding FRC, all liabilities owed to creditors would be wiped out and the likes of YA etc who allegedly actively worked against the company would also lose out. Only genuine shareholders would benefit, allowing for those who have helped ensure our positive result to also be rewarded by reallocating Zaza’s shares to these people as appropriate. All conjecture on my part, but it makes sense to me.
The above all depends on at least 2 assumptions:
1 - the assets are indeed worth a lot of money
2 - we as shareholders have indeed been included in the restructuring of the company
Life
I doubt the liquidators will contact us, not because the shares are elsewhere, but because I suspect they don’t have to, until at least the company has officially, completely gone. We still are shareholders of FRC, but they are in all likelihood completely worthless and will soon be completely gone.
What we are all therefore praying for is that SN and co have done the honourable thing and have duplicated the FRC shareholder register into FRUS. This would be our second set of shares. These new FRUS shares hopefully will be in line for some kind of monetary value/payout, either as shares in a newly listed company, or as many of us are hoping, as a a result of FRUS selling the asset to the highest bidder.
Life / whb
Didn’t someone contact the liquidator a couple of days after WUP was granted enquiring about the situation, presumably informing them he was a shareholder in FRC
He got the reply of
“and we will issue correspondence to all shareholders as promptly as circumstances permit. “
What we don’t know is if reply was a std copy and paste reply with no research as it was only two days after the hearing , or fact based after researching status .
Thanks Tenners
The bottom line is how can anyone trust SN and this radio silence strategy. FRR has a history of being economic with the truth and that's been polite.
The only positive from moving from the caymans to the US based company, is better governance. If there has been wrong doing by an American entity in ripping off shareholders, then that leaves better opportunities to report it to the authorities I would assume. Let's not forget that they have raised circa $500 million USD from investors, and therefore you can't just walk off with the assets amd transfer them away from investors. I would imagine that adds up to a significant amount of jail time.
Lifeishard.
That's my understanding. If the liquidators say we are no longer shareholders, then at least we can be a bit more confident that we have been moved elsewhere.
Yup, nobody has a clue what is actually happening... everyone 2nd guessing what might be... us shareholders left in the dark... and that's the way its going to be until FRR actually address us with something official. RnS-r maybe...
WHamboy,
Many thanks for your reply, can I clarify I am right in thinking that no one from liquidators contacts us, then our shares “ARE” elsewhere?
GLA real holders