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That’s just me empty shell - read the documents up to June of this year for Frontera Eastern Georgia.
So is that us out of the ownership of block 12 also
I can understand the asset being moved into an empty shell. Question is, is the shell a subsidiary in our group of companies (that we're invested in) or not? I don't recall the name but it almost appears to be a typo - very strange! Anyone recall seeing it in a list of subsidiaries before?
I have tried to look on a Georgian version of Companies House but I cannot find one. Company could be registered anywhere though, I guess.
For me, I would have thought if the asset was transferred out of the group, it would have had to be for fair consideration (i.e. sold for cash etc). If it was in a subsidiary of the TopCo we are invested in, the proceeds from any transfer should still be within the TopCo - or the asset itself still remains in TopCo.
All IMO.
correction:
....or the asset remains somewhere in the group.
Yes a typo, as it's the same document number.
B19055799
Frontera Resources US.
Most of my posts are being denied after a thread on another board was removed (not my thread). This makes it very difficult to post atm and I can't even copy my own posts to the Archive.
Mad what do you mean your posts are being denied?
He means he writes them and clicks post message and it disappears. I have had the same problem for 24hrs.
I tried to post last night 3 times and they just never happened. Hence the question. WTF
It's happening on all the boards. Remarkable really given the LSE BB is usually so reliable(!).
I've taken to copying my post before I send it, so if it screws up I can paste it back in and re-submit. Saves a lot of typing and replacing computer screens.....
I had problem for 15mins or so this morning
Was she OK about it?
I recon that if a new subsidiary company has been set up under FRR and block 12 is transferred to the newco and has been accepted by the Georgian government; Then the ‘ring fencing’ may have been done to make a buy-out (by, say, BP of the Georgian Block 12 only and optimistically) rather than a co. Like BP buying all of FRRs other interests. . . Maybe?
ThomBola,
It may also have been ring-fenced for JV purposes.
Can someone paste the section in the documents that specifically confirms the transfer and the acceptance of it by the Georgian government please.
Pophead
Last para of 1st post by pyro on info.
i.e. 13:41 post extract as follows:
In accordance with the Law of Georgia on Public Registry, a decision was made to satisfy the request.
The decision shall enter into force upon publication.
The decision may be appealed in court within 30 calendar days of its publication.
Thanks Arsenal. Any confirmation of asset transfer?
Transfer should already be compleated
The National Agency of Public Registry has received an application (Applicant: Giorgi Janiashvili / 01025015919 /) requesting the registration of a new entity.
Legal form: branch of a foreign enterprise
Ad title: Frontera Resources Inc. this. LLC Branch in Georgia
Latin name: Frontera Resources US LLS's Branch Office in Georgia
Additional Submitted: (10/06/2019 18:12:02)
Giorgi Janiashvili presented 01025015919: Written decision of the Management Board; statement; Statute; Consent (N 190597635) Lease Agreement and Amendments thereto N 1; N 2; N 3; N4; N 5; N6; N7; N8; N9; Extract from the Public Register;
Services: 100 + 5 * 1 + 20 GEL within 1 day
The service expires on the day following the registration of the application and ends on the expiry of the last day of the application. If the end of the registration process coincides with a holiday or holiday, then the registration process ends on the following business day.
Part 2
3.5. Pursuant to Article 96 1 1 of the same Code, "an administrative authority shall, in the course of administrative proceedings, examine all the circumstances relevant to the case and make a decision on the basis of an assessment and concurrence of those circumstances."
file: ///tmp/tomcat8-tomcat8-tmp/476e1f2c-ab9b-46f4-aaac-14c1f8d93e8b.html 1/2
5/17/2019 3 NAPR
3.6. According to Article 5 of the Law of Georgia on Entrepreneurs, the registering authority is this law
Issues determined within its competence make decisions for registration and access to information under the Law of Georgia on Public Registry.
3.7. The legal and procedural issues for keeping the register of entrepreneurs and non-profit legal entities are defined by the Instruction “On Registration of Entrepreneurs and Non-Entrepreneurial (Non-commercial) Legal Entities”, dated December 31, 2009 by the Minister of Justice of Georgia.
3.8. Pursuant to Article 18 of the said Instruction, the Agency shall make a decision on registration if there are no grounds for finding a defect, terminating the registration proceedings or refusing to register.
3.9. In accordance with the rule established by the foregoing norms, the decision-making authority is under the obligation of the registering authority to conduct a thorough, accurate, comprehensive examination of the circumstances of the case and to decide on the basis of their concurrence.
4. Conclusion:
4.1. As a result of the mismatch between the facts of the case and the requirements of the law, the registration authority considers that the documentation submitted by the person concerned does not meet the registration requirements.
4.2. In order to uphold the principle of legality in the field of public administration, the National Agency of Public Registry,
decided:
1. Suspend registration.
2. To eliminate the identified defect - 30 calendars
Can anyone explain what info in last 2 pyro posts are meaning?
From the last two points, there's an issue that needs rectifying. They have 30 days to put it right. So seems resolvable, whatever it is.