The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Agreed, this seems highly plausible theory. The other bonus if this is a correct is that it means the Durham loan potentially fell through due to de-listing, rather than due diligence findings (oil flows not hitting the numbers). Of everything I’ve read this seems most likely and would certainly explain the delaying tactics.
ODR - was thinking the same, hopefully it will be covered in FRRs 30/5 response to the court? So next Friday morning unless they produce earlier (not sure any point on waiting to last minute as Hope doesn’t get option to respond to this one).
28 May, is Tuesday.
I would be worried if their response (assuming they make one) has no reference to the solvency declaration as that has to be a trump card for us in terms of educating the judge around commerciality. Unless the solvency Dec relies solely on personal wealth of the Directors
Star - We had this argument on the 12th May. The other $8m is owed to the other holders of the loan notes, ZM and SN. SH/O is owed $22.9m.
Keep up the great work Madp - much appreciated here! :-)
Star - See Hopes Response Page 4/21 Lines 1 -8. He is a note holder to FIC and the balance is over $30m. He is not the only note holder under that agreement. The same paragraph states 'payment default since at least September 2018' which is 7 months. How does that equate to $8m in interest? Furthermore, when court cases or defaults are triggered I'm not sure that interest keeps on accumulating (one for the lawyers on here).
"The New Notes are issued by Frontera International Corporation, a fully-owned subsidiary of the Company, and bear interest rate of 10 per cent. if paid in cash or 12 per cent. if paid in-kind with additional notes at the Company's election." And there is a reminder of how we got ourselves locked in. In my mind it was Frontera's choice, i.e. the company's choice in the above announcement, to pay in kind with additional notes at an interest rate of 12%. Surely if this all goes horribly wrong for us share holder we have grounds to sue. Not sure how or who though.
Overall, if Frr can sign the declaration on paying off L/Notes in 12 mths & court are happy on it then at moment that is most important thing of which should find out late Tues/Weds morning.
Will say what mentioned earlier & that is Hopeless has not really put in a defence against claim by Frr. On that it has be said that he has in a way admitted that in a court document.
Starrage, you've sued cairns? How did that go?
Starrage - which solicitors did you use? Have you completed the action and settled? Have you signed an bad?
NDA not bad! Sorry starrage
Thanks - they always have adverts on the radio for financial mis-selling so perhaps I’ll take a look. And I agree with you RR, that with this 12 month solvency rule, we may yet come out of all this with some in the bank.