The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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alike, as we invested in the same company. bwhahahahaha
suggest you need to stop commenting on my posts
tsbs1, was your post removed?
Perhaps your tongue needs to calm down.
in short, No.
i'll do what i want. Call me what you like
tsbs1 is the dooms day assumer.
its beyond shocking that they are pursing hope through the courts for lack of fiduciary duties and yet have done this to us for two years
Pyro I am pretty much 100% sure this is not any sort of scam. However, the two largest corporate stakeholders being a distressed debt investor and a bucket shop lender tells its own story that FRR have ended up at the bottom end of the credit market rather than securing support and funding from the top table that they were able to do up to 2011. They came to AIM and the Caymans listing in 2011 for a reason. They have carried 220 employees and provided employment o service companies for over 20 years but in spite of $500m spent they have not put any reserves on the balance sheet but instead extracted $60m from what were existing discovered fields. As I say they may yet surprise us all but its an odd way to go about your affairs.
I'm remain very conscious of all the decent folk here and Steve and Zaza in my opinion have a moral as much as a fiduciary duty to explain to people what has happened and given their intention to strike off the company tomorrow continued silence and hiding is really not acceptable. To not do so does indeed make it look like something that it may not be.
Thanks Mole
That pretty much clears up where we are and highlights the risks for us as shareholders. I did not see that type of restructure so its opened my eyes a bit.
I actually enjoyed those shareholder meetings in London and meeting many of you from on here and the other place. Some great characters who were all in the same boat.
My gauge throughout all this has been your stance, where others dreamed of Majors and sell off you seemed very cautious and that really did keep my feet on the ground.
I take a little positivity from your post, but feel that you are still swayed towards this not going our way more than us coming out smelling of roses.
I believe this was a real business opportunity but circumstances and greed got in the way. Most likely some bad management decisions too.
All i can suggest is if we do see us lose as shareholders, we should all still meet up after Covid, for the Wake of FRR. So either way we all have that one last drink together to discuss, moan and share our stories.
mole
to me there are some shareholders with bigger holdings than ours. I just dont see zaza and steve cutting them out of any restructure
it was moved in between specifics date for the record. Just prior to insolvency.
tmhsdx6 no not yet, but may be significant amount here.
However as you seem a little uneducated i will explain a bit more, i am not blaming anyone.
Aim is a vehicle to finance up starting business to allow a business to attempt to get a foothold
It is high risk V high gain ... Correct?
So investors are financing a business to try to become a profitable business in a global market where failure is as likely as profit. The risk being company product, service or concept fails to make a mark on the market and fails to generate a profit. Thats excepted by all investors.
However today in aim and for last 10 years plus, we have had a new type of business, the scam.
This is where a business makes a concept or dream with little to no effort to actually get to the end game. The only plan is to pay huge wages and bonus to CEO and BOD. This includes high bonuses, sometimes in millions for poor performance. A company can lose a million in 12 months, and pay 500K to CEO with a 1m Bonus? Where does that money come from? Placings and investors. There is no incentive for a BOD to get a profit from a business as they make huge profits even if its failing. That is a scam.
Lets give some examples where i was lucky and got out with small loses.
GKP - TK fails to tell market about selling shares, until all sold. Information came to light after court case win that all was not as as thought and communicated, TK got out lining his pockets and taking all shareholders money with him. £2.40 to 10p in weeks.
MTV and their disruptive technology, was it a real business concept or fake cash cow? It may have been real once but technology overtook it whilst they were still flogging a dead horse. Bad management or scam ?
TXO This was beautiful, Oil slops recovery, had all the green environmental cards too. New tank farm in Bahamas, the amazing barge " Martha" . They also invested the company money (shareholders cash) in 2 private companies.
I did some digging,
The tank farm was a computer simulation and nothing actually built
The barge Martha was a rusty barge that was scrap metal value at best
Then the two private companies, Millions invested in them promising TXO shareholders this would benefit the company with profit sharing from the two companies. I did some digging, The BOD owned the two private companies. They both thrived as companies after TXO was closed down - shareholders basically financed their private nest egg companies.
Now if you think any of them are right then your really not that bright!
Aim needs tighter regulation with protection for investors, this includes limiting bonus for BOD of companies not in profit and can only be within a percentage of profit generated.
Limiting wages of CEO and BOD to a set amount and above only when in profit and a limit to percentage of profit.
Without better regulation the investing in AIM will dry up and ability for genuine new companies will be limited.
I do not mind a risk, research but like
Pyro in short they can't just move assets out of the group especially in an insolvency situation. And whether some people here care to believe it or not it is the battle over the loan notes with Outrider that is what you need to watch. Our board as a price of the 2016 restructure were forced to convert their own debt to equity and enable YA to get out in large part during 2017 to 2018. Unfortunately Outrider exit strategy required either a default to get the asset now secured or get exorbitant interest payments from the compounded loan notes of $4m a year having only paid $5m for them originally.
The problem occurs if the way out is some sort of management involved buy out either with or without Outrider. A restructure then could be forced on us pretty much wiping us out and you enter a much greyer area of valuing the asset and settling the debts. That has always been the most likely outcome unless they found a way to deal with the debt through successfully monetising the investment we kept throwing at exploration (or wiped Outrider out through litigation or fought them to a standstill).
For whatever reasons the real failure here has been in monetising block 12 by establishing commercial production and having actual not prospective reserves on the balance sheet to bring back the cost recovery pool as an asset to offset the cost of the exploration represented by the debt. It is that failure that has brought us to the brink here. Whatever you think of the Georgians they did not choose the locations or execute the drills.
We are going to have to wait and see if there is any substance behind the restructure talk but short of there being a surprise third party farm in, sale or debt funding then we are in a poor position.
We were lucky in my opinion to have been left with the 1% post arbitration - but that 1% is meaningless unless FRR can unequivably secure title to it by resolving the standoff with FTI and Outrider. We have already lost 2 years and the impasse has to end - Outrider notes matured last August and we can't carry on like this - hence the concern that the strike offs and forfeited companies heralds a restructure of a different kind to the one some people eagerly anticipate. The fact is we simply don't know hence my irritation that a situation such as this can be allowed to occur and carry on for 2 years and counting.
The reason I suspect this is such a mess is because the attempt to enforce the mortgage and the arbitration and its outcome has become intertwined. The Georgian election may go some way to help but it will not resolve the issues here which to me remain in the main about finally sorting out the loan notes themselves a legacy of failures pre and post 2011 when they were issued.
Nothing has really changed since 2016, 2017 or 2018. Its the same old problem.
Starashvilli attacked by two ears .
Encore
Meant the day before, you should know!
4th attempt at posting, is this locked down as well?
Zaza stated that restructuring is happening so for me I take as a firm given that is what is happening. So I don't doubt that is what business is what is happening in FRR at the moment. I don't think the striking off the companies in the Caymans is an issue as it's all being dealt with. Zaza comes across to me as a able businessman able to do what is needed to be done. I think there are a lot of posters on here that worry too much over every given issue. Even if we don't hear anything by the 30th and striking off day I still believe the reorganization is being sorted. Until I hear from the horses mouth that FRR is no longer a goer I expect what has been talked about by Zaza to materialize. Just the exact composition of that materialisation we won't know until told but I'm sure it is a legal given that is shareholders will be in one way or another as much a part of it as we were before.
Never has been worth asking it that question if it has a holding in Frr.
At least for all actual holders it is very much looking like we have come to the time that we finally find out on whether smiling faces or crying in our beer.
My thinking is that we will still be involved, but still waiting on a return for 6-12mths of which if right is not what we wanted, but still £a to come back.
Enjoy
Sold them all on Christmas Eve morning 2018
StarRage, just to clarify, once and for all, how many shares do you actually own in Frontera Resources, and what is your average purchase price ,?
No, an opinion-based question.
But you don’t hold any shares, do you?
Haha - perhaps I did overstate things a bit. But at least it proves that Starrage is still working away in the background. And maybe all the other posters were right all along - ie those who said that it has been people like Starrage who have been reporting these posts!
A bit harsh tmhsdx6! All of our nerves are wearing a bit thin at the moment. I for one am praying for good news (and hopefully before the election).
Regarding the deletion of Earsbern’s posts (or at least those that concerned the election), I was wondering whether it might be our guardian-angel types, trying to prevent this board becoming too anti-GD and wrecking any chances of a deal. Starrage’s attempts to get this BB to release the contents of the arb decision highlighted to me that this board is being read by other parties. We also had J.J.Carter’s post about Zaza’s sacking, even before it was known from the court docs. It may simply be our friendly protagonists not wanting us to gloat too much, or **** off the GD party too much before deals have been made and contracts have been signed. Just a thought ...
Had you said English that would be different!
Lost a bit of money did you Pyro now trying to blame someone else you complete TIT UK most corrupt country in NH really?
If you invested in AIM without knowing what AIM was all about whose fault is that ?
Embarrassed to be a Brit then suggest you do one.