Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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The dumb are kept in the dark and live in hope. The Royal Mail did the same.
Baroness Bras and crooked Doug Barrowman are worst. They plot and rob and smile
while victims of crime on-line are running out of time. Financial planning on-line?
Invites crime.
Well 12 weeks is a lot sooner than 5 years...
Though even if we do some how retain shareholdings in something significant it is still going to be a number of years before it turns into a positive investment IMHO.
Looed, it sounds like you are saying (certainly alluding to) that we will have no more communication from FRR for 3 months -post liquidation completion?
That timeframe paints a very different picture than the companies last statement where they stated that they could update shareholders "soon" In my book, 12 weeks isn't soon.
If this is the case, does the company expect shareholders to sit on their hands for the next 3 months not knowing whether we still have shares in this company? Personally I find that wholly unacceptable, if is the case.
They surely must know where our shares are now registered - FRC-C, FRC-US, FRUS or some other acronym they have created? The whole "we can't say anything until all legal matters are resolved" is surely wearing very think now. We are either still shareholders, or not.
What will it take for this company to be upfront and honest with shareholders? Will we have to go and knock on SNs front door and ask him face to face? It's almost getting to that point.
Unless you are a creditor of the company then no
Good morning, whilst SN present strategy is to be silent and this keeps us shareholders in the dark and not knowing where we stand. Has anyone been able to confirm who the Caymen liquidators are. Surely, the appointed liquidators have rules to follow and will be duty bound to communicate with any concerned shareholders that reach out to them. They will be mindful of there own reputations and hopefully do things by the book, and this surely cannot harm any current strategy, if the FRC in Caymen has now been abandoned by SN.
armoured-bear - well there is generally some hesitancy when dealing or investing in a cayman registered company. i recall vividly back in the day when sn worked his socks off trying to convince shareholders to approve the corporate reorganization to cayman as the articles of association required a hefty 75% yes vote; we backed and trusted him. also, there are many companies registered there for tax purposes but generally, it is perceived to be less onerous on corporate governance, compared to other established markets like uk and us. sn gave strong justifications for moving to cayman but i also recall him saying if the proposal was not approved, frr may not struggle to survive.
anyway, i found the following excerpt from may 2017 rns, which i founding enlightening (https://*********************/newsfeed/article/notice-of-agm-corporate-update-682589)
clearly a lot of investment gone in to frr plus huge oil and gas discoveries made along the way, so where did it all go wrong?
elimination of debt
in support of the aforementioned work, the company's primary objective is to improve its balance sheet in order to enhance shareholder value and make its balance sheet attractive for raising new capital to fund operations. to this end, the company will restructure and eliminate debt and associated interest expense from its balance sheet. namely, the company will do the following:
(i) loans provided by management totaling approximately us$26 million will be eliminated by way of conversion into equity;
(ii) loans provided by ya ii pn, ltd. under previously announced seda-backed loan agreement totaling approximately us$6.2 million will be eliminated by way of conversion into equity; and,
(iii) large portion of existing vendor debt totaling approximately us$8 million will be eliminated by way of conversion into equity.
as a result of the above debt elimination, the company's balance sheet will improve significantly as the overall debt will reduce by approximately us$40 million. as a consequence, the company will be able to raise capital much more effectively than it is able to do so now.
Armoured_bear - Continuation and non-payment of debt are separate matters. It will be for the liquidators to decide if FRC is a clean and orderly winding up or not. Cayman is not the only jurisdiction were a company liquidates because it cannot pay its debts.
Bezzy – it is hard to give an accurate answer regarding the “big reveal”. Reorganizations and liquidations can be separate processes or deeply inter-connected.
The company has said it needs to complete its “legal clean-up” so that likely indicates they will remain as ultra-cautious as they have been thus far. If that is the case, then I expect there is a high probability they will wait for the liquidators to complete their formalities before doing anything. But that is just a best guess.
Just checked the Texas SOS site. Last filing by FRUS LLC was in December 2022. At the time, SN, Tyler Nelson and Luis Giusti were directors. Shows no info about ownership. Is in existence.
If it's so easy to transfer stuff out and not pay debts, why would anyone do business with a Cayman Island company?
There's only one FRC -- Frontera Resources Corporation -- and it's the Cayman entity. It may be "registered" in other jurisdictions, but it is incorporated in Cayman. As Looed points out, it was at inception and at the time of the MOU a wholly owned subsidiary of FRC. It is organized as a Texas LLC so there may be some limited info about it from the Texas SOS. In any event, unless action was taken prior to the WUP to transfer FRUS to other ownership, it will be caught up in the bankruptcy estate. And even if the transfer happened before, the old issue of fraudulent conveyance will have to be addressed. If the transfer away from FRC was just ahead of the posse, there's a good chance it could be invalidated. Hopefully, that is not the case.
Looed, many thanks for update
Monti, you had me at “faith”
GLA real holders
Looed, Thanks for the additional information concerning Cayman Island companies and liquidation process. So, it would nice to know if FRUS was detached from the FRC Group (pre-Wind Up Order) and if so, who are the shareholders of FRUS. I assume if this separation happened, it would have occurred at the same time when the Georgian PSA was assigned to FRUS. Nevertheless, as it stands, we (the shareholders in FRC) are basically stranded in no man’s land with no value or apparent recourse. While we are obliged to trust in SN, hopefully, things will be straightened out in due course for us. But that is one of hell of a ‘leap of faith’ given the lack of direct comms from FRR/SN over the past 5 yrs.
With regard to my last post regarding accumulated tax losses, I do wonder which entity these losses were registered under (FRR PLC?) and whether the new SN managed to retain this entity too.
Finally, agreed that there are many other FRR entities with similar/same name but registered in other jurisdictions/countries and if any of these entities are controlled by SN.
Let us hope we can get some clarity soon….(thanks for continuing to be the connector between us for now).
Thanks Looed,
I kind of thought as much, but naturally thought otherwise.
Do you think this aspect of the jigsaw needs to reach a conclusion before the “big reveal” might be able to happen (perhaps in another entity)?
Bezzy
Hi Bezzy, With regard to FRC Cayman, the clock started as soon as the liquidators were appointed, so yes 16th Jan.
Good Morning Looed,
Thank you for your latest post / update. That does indeed seem very encouraging.
In your opinion, when do you think the 2-3 month clock starts from? 30th November or 16th of January? The prudent part of me thinks from 16th Jan, but happy to be corrected.
Many thanks,
Bezzy
This file gives an overview of the Winding Up process in Cayman Islands- http://www.chrisjohnsonltd.com/pdf/compulsory_liquidation.pdf
Some background on the winding up of FRC -
Mourant filed its Winding Up Petition (WUP) on 30/11/23 and the Grand Court issued its Order granting the WUP on 16/01/24. On that date the company (Frontera Resources Corporation Cayman) passed into the hands of the liquidators. It appears the WUP went unchallenged by the company. There is no window for appeal.
As per Cayman law, the Winding Up is backdated to 30/11/23, being the date of Petition. This is in part to nullify any activities that might have occurred in the window between the filing of the WUP and the decision of the Court.
Cayman law allows for companies to transfer entities etc. in and out of Cayman. This process is usually known as Continuation or Redomiciling though other mechanisms also exist. Any Continuation / Redomiciling etc. would need to have happened before the filing of the WUP.
On paper, this looks like a straightforward liquidation. A creditor attempted to gets its money in line with Cayman regulations – failed - issued a WUP - there was no challenge - the court found no issue with the Petition - the Order was Granted.
A “clean” liquidation typically takes 2-3 months depending on what the liquidators (JOL’s) find and if they think it is worth trying to pursue other related entities to collect funds. When it gets messy, as you can see in the FIC liquidation, then the JOLS can try for years to follow the cash.
The MoU between the GOGC / FRC / FRUS was agreed in 2022. It revealed that the asset had been assigned to FRUS, subject to the fulfilment of certain conditions, and that FRUS was a wholly owned subsidiary of FRC. Logic would have it that, at the time, it was FRC-C, but FRC is also registered in at least two other jurisdictions and the MoU does not make clear which FRC is the signing party.
FRUS has historically been ringfenced from creditors and there is no reason to think that has changed or that the company didn’t plan to protect FRUS from other potential actions.
A computer system is looking after our securities? Nothing is less secure than shares moving around with brokers changing names too often. Selftrade, IQE now ii . Why?
My Dad relied on one Bank only and bought shares he did understand. Those shares were solid and only moved up. Big Bang turned shares from solid to cr.. On-line invites
Cyber Crime. FRR Security? Wait and see. This share keeps me alive until I reach 105.
Unbeknown to the couple they are now part of the frontera family 🤷🏽♂️
i ll try lifey
🤣🤣🤣🤣 very good tabs, thats the tabs I personally like, keep finding the humour in dark places, it helps me keep the positive spirit flowing 🤣🤣💪👍
I saw mine been thrown over a couple standing outside a church on saturday last week
Well my shares too are still showing with the Halifax so they either have not been wiped yet, it's still all on or it's been so long Halifax have forgotten about them lol.
It's been a good week or two since we heard of the liquidation and nothing more as yet. So is it still going ahead? Is it the whole company? Just part of the company? Or part of some new company restructure? Etc.
What is the likelihood that we may hear soon on this by one means or another? If even by our shares being wiped in Halifax? There must be some sign under such a process somewhere. Do we know if liquidators have been appointed to take control and sell off the company? It's assets? Or whether the whole thing has been recinded? Or it was just liquidated as part of a company restructure or similar?
I can't believe that such a process would be enacted without some sort of word somewhere or sone sort of action that would give us a better idea of what is going on, other than our fear of course of the whole thing going bust and us getting precious little. For my own mind I like to prefer to believe that there has been enough vested interest and bother on this share by the likes of SN, etc that they really are advancing the company's position and this is part of the final stage of getting that done for all involved including shareholders rather than the final stage in a sorry saga.
Cityboy, I am the most unfortunate Private Investor who lost control when
HL blocked my account expecting me to move on without recommendation
where to move to. Impossible to move when Finance has become unsafe and
hackers are waiting for suckers. A Private Investor's Revolution has started with
Alan Bates shaking a system that is rotten from top to bottom.
Alan Bates, Farage, etc. No shortage of participants who have been treated
so badly that they have to speak up.
My 7000000 shares are in Halifax they have been transfered out of my ISA into my share dealing account and are showing 0.4718 which is what I paid.
Some could say you are lucky to show a holding at all. Others, including myself, have had their holdings go missing - in my case, bought through Selftrade, passed to Eqi but did not make the final transition to ii. Hope Dave's right and computers don't forget.......