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Well done on that research Rukal. With a clearing head this morning I think you are correct this must be the game plan. To put a company into liquidation without an rns through a court hearing shrouded in secrecy and let it continue to trade on the LSE would be disgraceful and probably illegal so there has to be an angle we are unaware of. Let’s hope for further clarification today.
In any event there is no way can there not be a surplus of assets left over at the end of this, so although we have locked our money in probably longer than first expected I’m still hopeful of a profitable outcome.
Like figtree said they are liquidating NOT going into administration !!!!
W
Wait wait wait wait wait...as much as RG is an untrustworthy soul...I still believe that he is a greedy individual.
So, after doing some digging, here is my read...
The bonds were issued by G3 Exploration and were secured by a pledge over Greka Gas China's assets. I got this from the 2018 annual report:
"On 8 December 2014, G3 Exploration issued a public corporate bond (the “Bond”) in the amount of US$88,000,000.
The bond was issued at a discount of 2.5% and is senior secured three-year paper due on 20 November 2017. The
Bond carries a 10% coupon payable semi-annually and also carries a redemption premium of 2% at maturity. In the
event that any amount due under this Bond Agreement or any Finance Document is not made on the relevant due
date, the unpaid amount shall bear a further penalty interest from the due date at an interest rate equivalent 5%
per annum. The Bond is secured by a pledge over the shares of Greka Gas China, a wholly-owned subsidiary of G3
Exploration. The bond was initially recorded at fair value and is subsequently carried at amortised cost. Issue fees of
US$1,893,000 were offset against the principal amount of the bond and will be amortised as part of the effective
interest rate charge to the maturity date. "
Greka Gas China was a wholly owned subisidary of Green Dragon Gas which was in wind up proceedings. So, IF it was wound up...then the cash from the sale of assets would come into G3 Exploration. If you were the bond holders, your next step would be to put G3 Exploration into Liquidation so that you could pay out the cash proceeds that came from the sale of Green Dragon Gas assets to yourselves (the bond holders). So, I think what they have announced is a natural next step to resolution of the issue...probably explains why stock was allowed to trade.
Once the bond holders are paid back...then the company is probably taken out of liquidiation and given back to management. This is my best read.
Although I would say in other countries this is not called Liquidiation...it is called Administration or Receivership.,...but maybe Cayman islands has different terminologies? Any thoughts welcome.
Contact details are there for anyone else.
Reply.
Dear Mr. xxxxxxxxx
G3 Exploration Limited (In Official Liquidation) (the “Company”)
I acknowledge receipt of your email and note that the Joint Official Liquidators (“JOLs”) will revert back shortly.
Please do not hesitate to contact me if necessary.
Kind regards,
Rebecca Rohan | Associate
Alvarez & Marsal Cayman Islands Limited
2nd Floor Flagship Building, 70 Harbour Drive | P.O. Box 2507 | Grand Cayman KY1-1104 | Cayman Islands
Email: rrohan@alvarezandmarsal.com |
Oct 13th reads
Adjourned winding up petition
G3 Exploration
Does this mean further adjourned?
Blame me for the response :))
Recall response from courts:
His Lordship has advised that there is confidential information to which only the attorneys are privy to in these matters, therefore the Courts cannot at this time provide any information to outside parties.
Nonetheless, your email query was forwarded to the relevant parties.
Exactly Mark. They went to court to sell assets. Aka liquidation of assets and continuation of operations. This isn’t admin.
Worded DREADFULLY....
Exactly Roobs, no one sold.
Just buyers
Reading all the updates it does appear a liquidation of assets ( as was the plan) and able to continue operations. If it comes out of suspension (after accounts) then it clearly isn’t a bust. I’d say it’s gone to plan but worded dreadfully
https://www.lse.co.uk/rns/G3E/corporate-update-vp3n87s92awo978.html
I’m not sure how you go from this to where we are !
Maybe it was the JPL’s buying...30,000 :))
I’m inclined to sway near your thoughts DontFret.
It just the wording is done is such a way that I believe it is the same as we expect, but not as we know it. Until more detail is shared. JPL is what we sought for. A restructuring i still think comes from the assets left over and shared with shareholders incl the CEO HIMSELF, THIS could mean different things until elaborated. An RNS announcement on a positive outcome would mean sp rises up, after returning back to LSE. There is no float. All Shreholders benefit, and a 10% equity could be issued due to demand/ full take up.
Fig , exactly what I’m thinking. It may have gone tits up but there is far more to this than we know if it has !, illegal as it were stuff , inside trading the list goes on .... something smells bad or it is green dragon ??? But I can’t see it myself no mention of green dragon at all on rns header. But again if it is G3e where is the order regarding GD ???? Rns would not include both ! Not at all ???
Randeep has stayed publicly he wishes for a fair market return to shareholders with the sale of GD assets .....
No large holders sold, not even CEO, but then he could not with JPL reporting back to Trustees every 2 weeks, as all sales are RNS.
Nobody sold, and could not buy/ add at 30p - yes literally nobody could buy, then the “temp suspension” based on late filing due to covid this was Oct 15th opening, 2 days after 13th date stated on PDF.
This was the day the Court hearing 13th Oct.
If the news was public, and sp whipped up for 2 days, a bad scenario would be sellers, and the sp hitting a new low and then suspension, not the other way round?
All of the above goes against a bad call.
Still think this is good news aka gone to plan
Haven’t they just done this.......
The Company successfully argued that the interests of all stakeholders (debt holders and shareholders) are best served by the JPL when appointed to facilitate the re-structuring of its assets and on-going business. During this period, the Company will also benefit from a stay of proceedings and give adequate time to restructure its assets and liabilities.
In view of the significant asset base and investments of over US$1billon in the development of its assets, the Company is seeking to re-structure its assets and liabilities in accordance with its previously announced business plan and believes that the JPLs will facilitate such execution to the benefit of all stakeholders
Sorryyyyyyyy....
What on Earth are the big holders thinking surely they would have sold early days
First rule of any share forum!
The D word is unspoken!
Is that the first rule of G3E club? Nobody mentions D*b*nh*ms?
Brings me out in a cold sweat!
Figgy I’ve told you before NEVER MENTION DEBENHAMS. : (