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So you dont trust looed, that is what he has said in the message from the company.
Plaster, its nothing to do with Looed, I'm sure he/she is only sharing what they believe to be true. Unfortunatley, the ethical behaviour of this company is not what I expect. The fact Looed has had to support them as outlined, screams either incompetence or dishonesty in afraid. But we are where we are, and Im hoping Deloitte will fulfill their responsibilities as liquidators and be more transparent. If SN has done right or not by investors, the truth will out.
"The fact Looed has had to support them as outlined, screams either incompetence or dishonesty in afraid."
Are you for real?
There is absolutely no evidence whatsoever to support that comment and I suggest you withdraw it. Looed has made it abundantly clear his position and support for the company. Clearly instrumental in the prosecution of ZM he has done and knows more than any of us, yet manages that incredibly tenuous information flow link between the company and those of us desperate to see the return of our investment.
To accuse Looed of dishonesty or incompetence on either the company or Looed is one is the most immature ill-advised statements, particularly given you have little to no knowledge of his position and/or the credibility he brings. Indeed, it speaks more of your character.
Good luck engaging with Deloitte, I'm sure you will get equally as far.
I think he was alluding to the company, not Looed.
Great to hear those explanations Looed.
Very much appreciated
Kenco
Avi8r, take a breath, I meant the company.
Tenners, not sure why you changed your mind..?
Your comments from 19th April 2022
“One thing is for sure, we are spectators and it is out of our control. Just maybe things across the whole region are coming to a head, wishfully thinking in our favour”
Seems you had different thoughts back then, Let us know how you get on with Deloitte “if they get back to you that is”
Lifeishard, SN letting the parent company go to the wall in my mind is what has significantly changed my mind. This is the company where we put all our hard earned money, and where are investment sits. SN has not even taken the time to tell us it was being wound-up. Is this the actions of someone looking after shareholders? Any respectful company officer would offer up even the smallest explaination. But nothing. I know others hold onto hope SN will take care of us, but this is naive in my respectful opinion. It appears to me FRC has dodged creditors, failed to pay the bills, we've had attempts to steal the PSA and now a court of law has had enough. This is not ethical business, and it speaks volumes about the way the company has operated. Now, SN silence speaks volumes too. Do we not think the competition, whoever they are, do not know about FRUS. It was all in the arbitration. This silent strategy is aimed at shareholders. Is it because he doesn't want us to know that he has moved FRUS from under the control of the parent company? Is this that much different from what happened with Green Capital? If SN was a standup guy, we would here from him direct, like we did when he was taking our money. He could put our minds at rest with a short official statement. Simply put, I smell a rat and it's completely unethical. I now have no reason to trust him, and I believe we are being played (I sincerely hope I'm wrong). If SN really wanted to, he could reply to emails like any other professional and respectful company. But nothing. It leaves me with the hope of getting some straight answers out of Deloitte, and if I do I'll happily share the response. If there is nothing to see, fine. However, if they have acted in any way improper or done innocent shareholders over, then Deloitte are duty bound to report what they find to the courts and cooperate with the authorities. I know others hold a different view, which I equally respect. So please respect my views too.
Tenners, I don’t mind hearing the opposing views and yours is well thought through and worthy of consideration. Have FRR shareholders been treated badly with no official comms for 5-yrs? Definitely yes. In the current situation (post FRC liquidation), are FRR shareholders exposed both legally and financially? Yes. However, you are now demanding answers, which to my mind, is a little late in the day. Had you taken this approach back in early 2019, it would have been timely and justified. Now (a bit like a python gripping its prey), the life has been squeezed out of us over the last 5yrs. The amount of time and money it would take to untangle this mess and try to get to the bottom of this would be a monumental exercise. What do I mean here? So, just to recap: rogue CEO who tried to fraud us and snatch the company from under our noses with a spurious $5m loan; a Board Director who was forcing us to default on his own debt so he could take over the company (fiduciary cases ensued); a malignant Georgian Govt working against us (including some high profile public spat), leading to an expensive tribunal. All this time, a company struggling to make ends meet as well unlocking the potential of B12.
This is just to put some perspective. And lastly (not least), you invested in a junior AIM O&G company.
Having said all this, we were lied to by the Company and ZM over many moons, plus there was operational and financial mismanagement, which SN has to assume 100% responsibility because he handpicked some of these guys, particularly ZM.
I also understand the need for answers in order to achieve some level of ‘closure’.
Looed - thanks for your response but given how close you are to the company, what I’d really like is your perspective on the current situation, the prospect of FRR returning to business and whether you think shareholders will be part of this resurrection? It may be an unfair question and one you may struggle to give an accurate answer but I am only looking at your current state of ‘feelings’. Thanks in advance..
MontiBurns - My opinion is summed up in the last part of my post of 13:37 yesterday.
Tenners, firstly thanks for your in depth response, I have not said I don’t respect your view ( respect as in due regard and not deep admiration ) you have valid points, my point being if you care to flick through my past you will see on numerous write ups I ask “why” the upset “now” and not back in the day like tabs and monti have said also.?? You seemed to think very much like myself tbh back then.
Now I advise yourself and every” real “ holder to re-read Looed’s post as per his timeline below.
We now know Looed’s involvement, a true hero amongst us, possibly a vital link as to why our leader Steve is even still in the boxing ring.
Can you honestly tell me, that a person like Looed, who has found the rat ZZ out, been involved as Looed has, spent the time Looed has in updating us, who is very highly likely a large share holder, who has pretty much been on the rock face of all this, to just simply let these years go by without as you put it “ smelling a rat “ from our Leader’s side??
Am sorry but that makes no sense at all to me personally.
I don’t fully trust all writers on this board, some may very well be share holders like ZZ was/ is , but their intentions are underhanded. Paid by higher forces. “ not paid by “ ET phone home “
Your write up stated scaremongering etc, that in itself was quite strong use of the english language , almost as tabs put it “ rounding up a posse “
I have been accused of living in a land of “all things bright and beautiful “ and lately a spammer, check out the lady boy 1,2,3 bore if anyone needs to know what a spanner is, sorry I meant spammer.
now as a far as I am concerned , I only want the best outcome to come to us “ALL” real holders of “OUR” company, a small holder to some but most bloody certainly not to me.
In Looed I very much trust, in the FSHG group leaders I very much trust and to the other super sleuths I can not thank enough.
Lastly, in our very own “S”aint “N”ick
I trust him and I believe in him doing right by us real holders as I have done for many years, my on the floor time was at delist, Looed et al picked me up off the floor with updates , I hope I don’t get knocked down again so I sit / sing a great hymn and wait as I have done .
Have a good weekend folks and GLA real holders
Monti, thank you and a fair post. I am not naive that I invested in a junior AIM O&G company. And you are right it has been 5 years, but in those 5 years a lot has gone on. Not least in our personal lives, bewilderment, confusion, dare I say even bereavements etc. You outline in your post some of what's gone on yourself; rogue CEO who tried to fraud us and snatch the company from under our noses with a spurious $5m loan; a Board Director who was forcing us to default on his own debt etc. This is no foundation for trust.
Whilst every FRC was in play, I felt like we were in the game. This is no longer the case, SN has silently thrown it to the wall. The only true thing I'm certain of now if that a court of law has removed SN and his merry men from the board of control. Deloitte, a respectable global company are now in control of FRC, the last known place where I believe my investment was and they are contactable. With SN blanking shareholders, what else is one to do.
Let's not forget that whilst FRUS was under the control of FRC, there was confirmation of a commercial discovery and SN was only recently counter suing for Billions $$. How come FRC can no longer pay its debts? Something is not right, and these are important questions Deloitte need to answer. Particularly the recent mechanism of FRUS removal from under our feet. If that has been done correctly, great nothing to worry about. But if it has been done improperly, then Deloitte have responsibilities to report it back to the courts, inform creditors and members, and dare I say cooperate with law enforcement if there are criminal suspicions.
Lifeishard - I'll repeat, its nothing to do with Looed, I'm sure he/she is only sharing what they believe to be true. Unfortunately, I've never met Looed and I cannot verify the whispers for myself. If you can, good for you. The words need to come from SN himself to have any weight. But, there is a reason why he is blanking shareholders and will not respond to emails. He doesn't want to be associated to the whispers. Is this who we should trust! I now have to follow my own instinct, and that has been to reach out to Deloitte. They are a respectable company, and they will want to play with a straight bat.
Have a good weekend too.
My thinking is Looed is SN.
Tenners, the erosion of trust started to disintegrate many moons ago. If I had to list the events that led us to this (lack of trust) point, I would say it started from 2012 when the Georgian Dream was elected, followed by the appointment of Hope (due to loan owned to OMF) to the FRR Board, followed by ZM becoming the CEO. In my last post, I squarely put the responsibility on SN shoulders, given he was the founder, then the CEO and then the Chairman of FRR. I see from your post you also blame SN for ‘…….silently thrown it to the wall’. I don’t know if that is true. I think they/SN came to the realization that there was no way for FRR to wrestle free all the legal cases, liquidation processes (namely of FIC) and a meaningful debt repayment. Then there are all unsavory characters that have undermined us over the years like YA (illegal forward selling) Hope (undue interference at the Board level) and ZM. I think I would also throw them overboard as payback. But you may ask yourself, what did the shareholders do apart support the company and management team. We will see what happen to us. But I think it is wishful thinking on your part if you think there was any value left in FRC and trying to peruse any recovery via Deloitte. The best you can achiev by reaching out to Deloittes is reach some kind of mental closure but in terms of any recovery, zero. Hence, let us stay connected to SN via Looed, even though it will feel like we are ‘in the hanging chamber with the noose around our neck and waiting for the trapdoor to open at any time’.
LOL I think you think too much!
Just caught up with the last few days posts. I often wondered how Looed made Company contact, and now we know. From a personal point of view, I can't thank Looed enough for all he/she has done for the Company and for this board. Top effort 👏.
Whether we shareholders will figure in a future rebirth of Frontera Resources is unknown. I wrote this off years ago, so any financial return would be an unexpected bonus.
Coggy,
What do you make of the latest commentary / rumours on Woolworths?
Bezzy
Ok thanks Looed, duly noted from your yesterday’s message, copied here for ease of reference: “Will the company do the right thing by us? They seem to be trying their best. As rubbish as they are at comms, they have people in place who are very experienced in events such as those currently in play. But those events must play out to a plan we cannot see and risk remains until they succeed or fail. Frustrating? Sure. What can you do about it? Very little right now.”
Monti, you bought in 2012 and I bought shortly before we were given the message
on the 24 December 20??. My many FRR Millions would not have been a headache if
HL would not have let me down. I was told to leave without a recommendation where to move to when I was in need of sound advice. I stuck it out because I was worried that a move
might have been high risk . The most sensible Investors are in danger to be hacked and robbed.
Chat boards are dangerous. It's too easy to join in ignorance and get caught.
I myself am skeptical that there is any shift over to another part of FRR or new FRR company. Let's face it the whole point of FRC being the parent company based in the Caymans was so we as shareholders would have as little rights as possible. If they shifted the parent company out of the Caymans we might be able to use legal leverage of whatever country it went to, to actually have an AGM! Just imagine that now!!!
My guess and it's only my guess and could be widely wrong is that SN, etc were hoping on the whole WUP/liquidation being able to get out of a little while. If FRR are able to recoup the money ZM took them they could pay off the debts with that. That or any other money they foresaw coming in, in the near future. As it is I assume they were somewhat taken by surprise hoping/expecting to delay but it didn't happen.
So what now? Are they desperately trying to persuade the liquidators to hold on for a money generating event in the near future that would satisfy their creditors better and so be in their best interests to wait. Is SN, etc going to dig into their own pockets to save FRC/FRR on the gamble that they will make more in the long run and do right by shareholders? Who knows but I personally think something along these lines is potentially more plausible an explanation. I think a lot has been allowed to ride waiting for a new license agreement from the GG.
Personally I agree with Tenners that there is no harm in asking a basic question such as, "Is our shareholding in FRC?" To the Liquidators. The idea that asking a basic question like that would jeopardize anything is laughable. It's something the Liquidators would establish as a basic fact of their work, asking such a question affects nothing. It's like some people on here are afraid of their own shadow or something. In my view it is better to ask a company that is reputable and respected a basic question and get a better idea of the lay of the land overnight than put up with being stonewalled by a company that gives us no substantive answers on anything, not just for months but for years!
Heavans forbid we may actually get a decent response than, 'hold fast a bit longer and hope the wind blows kindly in our favour'.
Phil_2018 - That's far too complicated. The easiest way to proceed would be to get rid of FRC (now being done) with all its baggage (including all its creditors). Form a new company, secure a new PSA and funding ($100m has been mentioned) and incorporate the existing share register less a**holes like ZZ, into the new company. If that is the plan, and it is workable then any contact with others dealing with the old FRC is pointless nonsense.
Phil, I think you're bang on. I would say that if we were genuinely in SN plans, he would have said something. Any respectable CEO would. He could have issued something last week to put all this conjecture to rest. But he hasn't, and its clear he has no intention to.
I am confident I will get a response from Deloitte. How useful it will be I don't know, but its worth telling them I put money into FRC and I'm here. It's also a shot at trying find out what's going on.
Other than that I have the 6 nations to help me pass the time.
Tenners unless you’re a creditor of the company which I’m sure you’re not you will not get anything from deloitte
Phil,
Not sure anyone on here has any previous known examples of our situation on liquidation proceedings?
Been involved in similar?
So the question has been asked to Deloitte, in what form I have no clue? Now if it’s as simple as are my shares here, how long before Mr Deloitte says to the office mate, hey Shirley, we got an email here off someone who says they are a share holder, “ what is the time line process” ?? If they tell Tenners, yep Tenners your shares are here ( game over for us ) do we get any compensation after “all” creditors are sorted firstly? does this add more time to this saga? Hey Shirley, we must log this as we are a reputable company, file it at bottom of the list as we have other things more important firstly and we can then speak to Tenners to tell him all his tenners are gone??
Has anyone ever gone into liquidation and left say, a billion quid and Deloitte says happy days, nice and quick this one, split it evenly amongst everyone, take “OUR” huge fee and case closed?
Or does anyone have any previous of liquidation where share holders get something back? if yes, what was something?
Far to late in the day for me personally, but we are all entitled to our own views, lets just hope it doesn’t prolong this saga even longer than it is.?
Signing off the cowardly lion , put em up, put em up
GLA real holders
Bezzy, I'm already working on my act. :)