Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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As a group, we initially would search the internet for any pieces of information we could find. We would have to use Google translate to help us understand what was being written and not always successfully. Some fellow investors who had enjoyed a personal relationship with ZM tried to open informal communications but where ignored.
In Febuary, 2019 we formed âFrontera Shareholders Groupâ or FSHG. FSHG represents several hundred shareholders and a combined block of approx 4.5 billion shares, a significant percentage of the company stock. We thought the company would be sure to engage with FSHG who seeked to establish a basic level of communication with the company. Despite repeated attempts there has been no contact from the company to this FSHG. (FSHG CAN YOU CONFIRM MY NUMBERS ARE RIGHT?)
The company is based in the Caymen islands but seems to have failed to follow its own company rules in terms of AGMâs, publishing its accounts and even advising who the BOD are. (CAN MOLE, STAR ETC BEEF THIS BIT UP A BIT)
In April 2020 the Arbitration panel released its Award. The GOGC issued the following statement on 21/4/20 - LINK PROVIDED and terminated the PSA on 29/4/20 - LINK PROVIDED
Mr Mamulaishvili has repeatedly stated that Frontera âwonâ the Arbitration, for example on 2/8/20 he said â âOf these 14 claims, the arbitral decision states the following: 12 were not satisfied, only 2 were satisfied. One of these 2 requirements is that we have to pay a subsoil use fee, which we have been paying for 23 years and have never refused or disputed. And secondly, by the decision of the arbitration, we are obliged to return the territories where we do not conduct oil and gas exploration and extraction works to the Ministry of Economy, and we have done so.â LINK PROVIDED
In June, an anonomous source shared what they alledged to be a copy of the Arbitration Award. Mr Mamulaishvili has often stated that the Award is a 152 page document. The document shared with us is also 152 pages. The conclusions do not match the conclusions ststed by Mr Mamulaishvili. The document can be accessed here and I repeat we do not know the source nor why this has been given to us.
LINK PROVIDED
The Engergy minister has recently announced that the termination of the PSA has been suspended, though Mr Mamulaishvili disputes the sincerity of this.
In June 2020, we became increasingly alarmed by the confusing and confilcting public statements being made by both sides. As a result, shareholders held a crowdfunding drive. Many shareholders contributed and the fund gathered approximately GBP2,500.