Taken from last CLN announcement by frontera (on it's website),
The Company recently announced a funding plan that could provide up to £28.3 million (US$46 million) in new funding, coupled with: (i) an exchange offer (“Exchange Offer”) for the simultaneous conversion into equity of at least 75% of the Company’s outstanding convertible loan notes due 2012 and 2013 and the rollover of the remaining loan notes into new convertible loan notes due 2016; (ii) the conversion of 100% of the outstanding management loans into equity; and (iii) the effective redomicile of the Company by way of merger with a new holding company, incorporated in the Cayman Islands. The transaction will serve to simplify and strengthen the Company’s balance sheet, as well as enhance Frontera’s operating and financial flexibility.
So they paid off 75% of the CLN's valued at £28m . So, it looks like we've £7m left in convertible loan notes which taken from 2011 prices are worth alot less now that they were at the time, will try and work out later.
Hardly a debt which could take frontera down I believe .
"Monday, 30 September 2013 17:41Tularis of the village in the coming days, "Tbilisi - Telavi - Zhinvali" main pipeline will come into force works for the company "frontera eastern georgia" run.ICK, head of the municipality's infrastructure Tediashvili Joseph told the company in the natural gas drilling in the area tularis."It has been a year since the company" frontera eastern georgia "works. A few days ago, along with davtestet natural gas line pipes, the company distributes natural gas at the time of his conduct "Rustavi - Telavi - Zhinvali" direction, which will bring the gas to market, the company has customers "- said ICK Joseph TediashviliProject, taking into account the company "frontera eastern georgia" "TV - Telavi - Zhinvali" trunk pipeline Connect a few days. The main construction works are coming to an end. Company officials say construction of a highway in full compliance with state standards.The opening of "Rustavi - Telavi - Zhinvali" trunk pipeline are in effect"
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