The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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After the past 12-18 months, I'd be happy with 50% of my investment back to be honest. I am feeling more and more hopeful each day though, although I do wonder if that is just wishful thinking.
Good luck to all genuine holders here.
I would be happy wit ha penny at the moment, but it needs to come back in the next 2 months, otherwise I will put the holiday on hold and take 1.5p in June!
I would be happy with that 2p
My view is with all the pressure and attention on this case it is highly unlikely the arbitration will go all one way. I cannot see any grounds for FRR loose everything here. They have battled 20 years of extreme conditions, inevitably wracked up debt but eventually turn up a world class asset. So whilst I cannot be more than 50/50 on FRR coming out with billiosn from this I am 99% sure tehy will come out with enough cash to clear existing debts and compensate them well for thier time spend, and IMO a company that was priced at .27 marcap of $40mil on delisting will receive at least thier sunk costs back worst case scenaro which when clearing debt say $50mil would leave $350mil which would be a share price in the realms of 2p, thats my worst case.
It's there job to respond, discuss, ask questions and even appose. That's there job thats what they paid for!
In our country how mp's have gone against the government on the following,
1.HS2
2.Heathrow 3 runway
3.Fracking
4.crossrail
5.Brexit
All of the above have been deemed to cause catastrophic unreverseable damage!
But they are all in the process of being carried and all will be in future.
So the parliament is making noise for bigger slice better financial outcome for them.
All noise keep calm!
International arbitration is finally binding from what I can see and whilst there have been examples of small companies loosing out completely to nation states recently, there is also the example of the Ukraine winning against Russia to the turn of billiosn of dollars which Russia respected (probably had to)
https://112.international/finance/naftogaz-receives-29-billion-from-gazprom-by-decision-of-stockholm-arbitration-46999.html
So whilst FRR is a small company it clearly has the backing of a nation state and probably the most powerful. And whilst the average Joe on th estreet has no idea of this epic struggle being fought out there is no doubt that the eyes of the world (well the eyes that matter anyway) are on this.
Yes they can come down fully on one side but I'm convinced they wont or they would have taken the license away
I take heart from the fact no share certificates have been issued indicating to me that the intention is to relist after this mess is sorted...assuming it is sorted to shareholders benefit.
Think that was a Freudian slip!
oops!!
Shat should read what's!!
Tsbs - agree it all feels a bit crazy. Now I know how a minnow feels! We have gone from zero information, to info gleaned from court docs to govt's posturing for position. We don't know the outcome and like you I try not to be overly optimistic. At least we know the company is still functioning in some way and none of the talk is about a shuttered shop. Hopefully more and more info - good or bad - will become available and we can start to see shat has been / is going on
TSBS
I dont think the arbitration can be appealed. I hope I'm wrong as if it can be then it's in both sides interests to come to an agreement so serious work can begin in block 12.
This might go higher than GOGC V FRR ... behind closed doors it could be USA v Russia negotiating as I believe neither side can leave this to chance !
Georgian Parliament Speaker Archil Talakvadze has responded to a recent open letter published by US Congressman Markwayne Mullin on ‘the deteriorating economic climate’ in Georgia, by saying that Georgia listens to the official statements of the US government.
Top officials of the US State Department and our American partners say that Georgia has irreversible progress in terms of development of democratic institutions and human rights and that Georgia is one of the most reliable partners of the US in the security field,” Talakvadze said.
He stated that the congressman’s letter mainly concerns the international dispute between Georgia and an American company Frontera, which drills for oil and gas in Eastern Georgia per a contract signed with the Georgian Oil and Gas Corporation back in 1997.
Georgia will protect its interests in the dispute [in the Hague Court of Arbitration],” Talakvadze said.
Vice Parliament Speaker Giorgi Volski says that the letter is “biased.”
As far as I know about 200 American companies are registered in Georgia and none of them have been attacked so far,” Volski said.
Independent MP Beka Natsvlishvili [who previously was a member of the ruling Georgian Dream party] says that the congressman “allowed himself to protect the interests of the company [Frontera] which has violated the fundamental human rights of Georgian citizens.”
Mullin said, despite Georgia's progress since declaring its independence in 1991, "recent years have revealed a continuous negative trend in democratic and free market economic indicators." Photo: Flickr.
The employees of Frontera in Georgia [referring to Frontera Eastern Georgia company] have not received salaries in 11 months,” Natsvlishvili said.
Leader of the Lelo for Georgia political party Mamuka Khazaradze has called the letter “alarming,” saying that such statements by foreign partners “place Georgia-US cooperation under a question mark.”
Leader of the European Georgia opposition party Sergi Kapanadze has stated that such letters “must make the Georgian government wake up.”
Kapanadze says that both American and European partners are “concerned” by the situation in the country and the actions of the current Georgian government.
Mullin, who is a member of the House Committee on Energy and Commerce, has sent a letter to Georgian Prime Minister Giorgi Gakharia with concerns about the "deteriorating economic climate" for foreign direct investment (FDI), in particular for US energy companies in the country, citing Frontera.
The government of Georgia and American company Frontera have sued each other for “violating contract conditions,” which are confidential.
Frontera says that it has suffered $3.5 billion in damage in Georgia.
Frontera, which was founded in the US in 1996, entered Georgia in 1997 and founded Frontera Eastern Georgia.
The Georgian OIl and Gas Corporation owns 50 per cent of Frontera Eastern Georgia.
Source - https://agenda.ge/en/news/2020/172