Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Montiburns - The Cayman Gazette deadlines and publication dates are timetabled well in advance. The Order from the Grand Court meant it would be recorded in the latest edition - https://www.gov.ky/gazettes/gazettes-dates-deadlines
Delighted to see mother message from the company (via Looed), so gratitude and appreciation is duly paid to SN and team. However, I don’t particularly understand what they mean by ‘…indeed continuing to advance the current situation’. Well, what is the current situation and in waht respect? Corporate reorganization? Resolving o/s legal cases? debt obligations? PSA renewal? Etc, etc, etc.
But they do have a plan, and while painfully slow, thy are dealing with them methodically.
Having said all that, they must also be abundantly aware, that the mental stress of the unknowing (of the current situation) is slowly suffocating us, especially now that the company we collectively owned has been wound up.
My question to Looed is that the last message received, was this instigated by you or came out of the blue as you connected this to the (coincidence) publication of the liquidation in the Cayman Gazette?
Finally to end this post on a positive note, great to read the company reiterate that it is dealing with the situation (mess?) in a constructive way ‘in the interest of all shareholders’.
Firstly, a huge thank you to our leader, our very own “S”aint “N”ick for the very much needed update to us, all via our very own No 1 super sleuth Looed (thats 2 nice drinks I owe you now Looed ) and to whamboy for your write up’s all very very much appreciated.
See what I said Sling, hang in there and don’t sling ya hook just yet, our leader fights for us and “NOT” against us, I have felt this for some time now, good things are coming folks, just keep the “faith” like Monti said, tabs you may well end up smiling after all this, get someone like your son to capture that moment on camera , or video singing a great hymn I know 😉
All things are bright and beautiful, all companies great and small, just like ours folks.
GLA real holders
I should also point out that the message was sent to coincide with the publishing of the Cayman Gazette which records the liquidation of FRC.
Well spotted Looed. “In a constructive manner” implies to me that they are making progress in their efforts 😀.
I’m really pleased they’re still talking to us via you.
Thanks again.
WHamBoy - My recollection might be wrong, but I think the use of "constructive manner" is a new, and positive, phrase.
Looed , appreciate the “reminder “ re FRC 2 ….and more importantly the latest Co Message .
Keep em coming !
Thanks Looed. It’s good to hear news from the company again, even simply a reiteration of past statements.
Thanks Looed, that's a relief.
Thanks SN, any chance this will be concluded in the 1st quarter? I'd like to retire before the summer. Unless of course we can travel the world.
In this situation - Winding Up Order - the liquidators are appointed by and report to the Grand Court and are primarily concerned with creditors, same as what tsbs1 stated. While each liquidation company might differ, typically they are only obligated to report to the court and creditors.
Tenners - it is great you are doing research, if only more people did the same, but FRC was wound up in accordance with Companies Act (2023 Revision) not 2018. There might not be much difference between the two revisions, but you should check against the correct Act. And as I posted earlier, you need to be sure which type of liquidation you are discussing as the rules and procedures are very different for each class.
Ziggy, we paid for info on FRC2 back in Nov 2020 -
"Sorry folks, nothing of interest I am afraid -
Entity Name : FRONTERA RESOURCES CORPORATION 2
Jurisdiction : Cayman Islands
Registration Number : 75634
Registration Date : 12th August 1997
Entity Type : EXEMPT
Registered Office : REGISTERED OFFICE RESIGNED
P. O. Box 0
Registered Office Resigned
GRAND CAYMAN
CAYMAN ISLANDS
Initial Subscriber:
Authorised Share Capital: CI$41,000.00
Nature of Business:
Financial Year End:
Status : STRUCK OFF-BY REGISTRAR
Status date: 31 OCTOBER 2005- INFORMATION REGARDING THE CORPORATE RECORDS AND REGISTERS ARE
- NOT AVAILABLE FOR PUBLIC INSPECTION
- THIS REPORT DOES NOT CONFIRM THE ENTITY IS IN GOOD STANDING"
“We are indeed continuing to advance the current situation in a constructive manner in the interest of all shareholders.”
Life
I should point out that if my thoughts are correct, there would be the added benefit of certain undesirables being prevented from owning shares in the new FRUS and therefore they would be excluded from benefits of a large shareholder payout. In addition, by disbanding FRC, all liabilities owed to creditors would be wiped out and the likes of YA etc who allegedly actively worked against the company would also lose out. Only genuine shareholders would benefit, allowing for those who have helped ensure our positive result to also be rewarded by reallocating Zaza’s shares to these people as appropriate. All conjecture on my part, but it makes sense to me.
The above all depends on at least 2 assumptions:
1 - the assets are indeed worth a lot of money
2 - we as shareholders have indeed been included in the restructuring of the company
Life
I doubt the liquidators will contact us, not because the shares are elsewhere, but because I suspect they don’t have to, until at least the company has officially, completely gone. We still are shareholders of FRC, but they are in all likelihood completely worthless and will soon be completely gone.
What we are all therefore praying for is that SN and co have done the honourable thing and have duplicated the FRC shareholder register into FRUS. This would be our second set of shares. These new FRUS shares hopefully will be in line for some kind of monetary value/payout, either as shares in a newly listed company, or as many of us are hoping, as a a result of FRUS selling the asset to the highest bidder.
Life / whb
Didn’t someone contact the liquidator a couple of days after WUP was granted enquiring about the situation, presumably informing them he was a shareholder in FRC
He got the reply of
“and we will issue correspondence to all shareholders as promptly as circumstances permit. “
What we don’t know is if reply was a std copy and paste reply with no research as it was only two days after the hearing , or fact based after researching status .
Thanks Tenners
The bottom line is how can anyone trust SN and this radio silence strategy. FRR has a history of being economic with the truth and that's been polite.
The only positive from moving from the caymans to the US based company, is better governance. If there has been wrong doing by an American entity in ripping off shareholders, then that leaves better opportunities to report it to the authorities I would assume. Let's not forget that they have raised circa $500 million USD from investors, and therefore you can't just walk off with the assets amd transfer them away from investors. I would imagine that adds up to a significant amount of jail time.
Lifeishard.
That's my understanding. If the liquidators say we are no longer shareholders, then at least we can be a bit more confident that we have been moved elsewhere.
Yup, nobody has a clue what is actually happening... everyone 2nd guessing what might be... us shareholders left in the dark... and that's the way its going to be until FRR actually address us with something official. RnS-r maybe...
WHamboy,
Many thanks for your reply, can I clarify I am right in thinking that no one from liquidators contacts us, then our shares “ARE” elsewhere?
GLA real holders
Lifeishard
Re your question, we are hoping that SN has copied the share register to the new company (FRUS) owning the assets. This would mean that we effectively have shared in both: those in FRC now worthless and soon to be deleted from our accounts, the others hopefully worth a fortune in the new company.
As to how the asset has been moved, it seems likely to me that the MOU (outlined by Looed) assigned it to “our” version of FRUS and hence in its new updated form, it was never in FRC. Hence the liquidators will be unable to touch it as, in its new form, FRC never owned it.
Tenners, I could be completely wrong in thinking this, but if our shares have been moved ( please dear Steve N we hope so ) then would no news actually be good news…?? As in we are not share holders in FRC anymore ? Apologies if I have this thought wrong.
Sling, yes you still have hope and belief, all be it small like most, so don’t “sling” your hook just yet
GLA real holders
Hi Looed
Caymans general registry E services facility as well as showing FRC also lists FRC 2 .
Do you , or anyone else , have any idea what FRC 2 is ?
It seems to me that the appointed liquidators have a duty to communicate with shareholders who have voting rights. Would writing to them not put them under pressure to confirm or deny our position and stop this purgatory silence?
Section 115. Meetings to ascertain wishes of creditors or contributories.
(1) The Court shall, as to all matters relating to the winding up, have regard to wishes of the creditors or contributories and for that purpose it may direct reports to be prepared by the official liquidator and meetings of creditors or contributories to be summoned.
(2) If it considers it necessary to do so, the Court may direct that separate meetings be held of different classes of creditors or contributories.
(3) Subject to Rules made under section 155, meetings may be requisitioned by creditors, if the company is insolvent, or by contributories if the company is solvent.
(4) The votes of creditors and contributories shall be counted by reference to — (a) the value of their debts, in the case of creditors; (b) the number of votes, in the case of contributories whose shares carry voting rights under the articles of association of the company; and (c) the par value of all the shares held, in the case of contributories whose shares do not carry votes under the articles of association of the company and, where there are no par value shares, the net asset value of the company shown.
Interestingly there is also obligations in respect of companies that have disposed of assets or traded fraudulently. Section 134. Fraud, etc. in anticipation of winding up.
(1) Where a company is ordered to be wound up by the Court, or passes a resolution for voluntary winding up, any person, who is or was an officer, professional service provider, voluntary liquidator or controller of the company and who, within the twelve months immediately preceding the commencement of the winding up, has —
(a) concealed any part of the company’s property...
(b) removed any part of the company’s property...
(c) concealed, destroyed, mutilated or falsified any documents affecting or relating to the company’s property or affairs;
(d) made any false entry in any documents affecting or relating to the company’s property or affairs; (e) parted with, altered or made any omission in any document affecting or relating to the company’s property or affairs.. etc.with intent to defraud the company’s creditors or contributories commits an offence and is liable on conviction to a fine and to imprisonment for five years.
Section 147.
(1) If in the course of the winding up of a company it appears that any business of the company has been carried on with intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose the liquidator may apply.
It really would help if we had some form of official communication. Otherwise, I think innocent shareholders should not sit on their hands.
Tenners – Can you check the information source of your recent post as I think that might be talking about voluntary liquidations as it mentions “dissolution”. In voluntary liquidations shareholders often play a significant role. Can you see if it says that it also applies to involuntary liquidations / court mandated winding up orders as well, thanks.
jv123 - I answered a few posters today that discussed various scenarios.