Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Its ok - still here tsbs
Sorry to hear that errazzel
Having been in hospital with a second acute heart attack, its fair to say that in those moments FRR was never in the fold of thoughts. Life too short to let these bu gg ers get you down.
And 20 years + hasnt been enough ? although, 5 years were directors tearing each others throats out while we watched on
I wonder why I bought a lie?
Finance is rotten from top to bottom.
Losers are dumped and soon forgotten.
As Bugsy’s write up says..👍
https://m.youtube.com/watch?v=WoOSGCoAXJk
All playing for time.. Georgian elections in October, The Georgian president will pardon the (politically imprisoned) ex president and mega Western leaning Michaele Sakashvili just in time to win the elections from the pro Russian Georgian dream party...
Mega U.S. and E.U. investments will flood into Georgia, Frontera with a major oil company will receive a 25 year extension to the p.s.c... The huge exodus of Georgians from their country will reverse as jobs and the economy hit boom time.. Georgia will finally achieve energy independence and become a natural gas exporter as they finally turn to exploit the (potentially) 6th largest gas field on the planet..
"Nicandros insists a big discovery is just around the corner, We just need more time"..
Well, thats my humble opinion anyway...
Why did our glorious leader allow us to be liquidated?
If he has the means to reverse it, why let it go do far in the first place.
What’s the 4D chess explanation?
Our leader fights for us for myself personally, as @rsenal221’s write up says, why go all this way without a plan? No money in the pot? Hmmmm I seriously do not think so. The biggest game of business chess ever?
I believe in “S”a”N”ta, do you??
GLA real holders
ODR - I admire your certainty in an otherwise very uncertain story. Who knows where all this will end up.
Well done monti.
its just I said a few days agho. deloittes will not spend any time on this as theres no money so prosecuting people for breaking a none existent nda is probably low than an ants knackers on their list of priorities
Contra: you clearly haven't read the report, presumably as you haven't been able to get hold of it. What you say is not what is happening and will not happen.
Why do that and have yet another court case. There is a share register. In a new SN company, given that's where any future activity will reside, he will be able to incorporate any part of an existing share register (given shareholder approval) as a prelude to any new commercial activity or listing. That is the easiest and most cost effective way of proceeding. He would also become a hero for a change.
Contra: they're trying to reverse the liquidation. If successful then all shareholdings, including all of ours and Zaza's (unless there's a mechanism such that he had to forfeit them), will remain in FRC as they were before the liquidation. If unsuccessful then FRC is liquidated along with our shareholdings and the asset is gone too.
Contra surely Zaza's shares that were paid as part of his directorship stipend, could have been reclaimed due to his malfeasance during his tenure.
ODR - I don't think so if one of the main objects to be rid of the Zaza shareholding. To do this liquidation is necessary.
If the funding had been accessible then it would have surely been accessed before the liquidation deadline (to save loss of control and considerable additional cost), so it suggests it is doubtful it will come now... bwtfdik
Cazbraz, yes, I am agreeable to your perspective and that could be the case in order to keep the value of the PSA low and therefore force a restructuring deal with the creditors. As it stands, the creditors stand to get zero dime/penny to their Dollar noting no assets in the company. So any deal where they have a chance to recover any money is better than zero, providing pragmatism prevails. The counter-argument to your logical thinking is, do we still have a valid PSA? Plus, there is no cashflow generation from the oil wells as it seems the shallow producing wells in Mirzaani and MK were handed back to the GG. FRR only has a small area around Taribani (I assume). But the plus point is that GG seem receptive to expanding the area if there is funding in place and legal costs extinguished relating to the tribunal.
gotreal - I also understand your perspective and I also wish to see the glass as half full but I am judging SN on his recent track record. If the funding comes through, I would be delighted. But to unpack this situation, you have to work out what came first, the chicken or the egg? What do I mean by that? Funding would be linked to a valid PSA, but a valid PSA is dependent on getting the legal costs paid to the GG but it appears the company/SN has no money to give GG. Would any fund provider allow disbursement on the reassurance a new PSA will be forthcoming from the GG? Perhaps.
Finally, Ars221 you make an excellent point. Why all the delays and all the legal posturing if no end-game plan? This is why I think creditor claims have to be settled so that the company can be purged for a new beginning and new funding. Do I think there is a game-plan? Yes but it is a highly conditional with a low probability. In a situation like this, you need to your friends in places to come to your assistance, so let’s see if this transpires (covertly).
Anyway, I am now half expecting a knock at my door, providing Deloitte can find enough cash for the visit and return bus fare.
In end.
Whether or not it is positive or negative will not make any difference on the interpretation of the report.
So would not think it will take too many weeks on finding out the outcome.
Monti's interpretation is not the same as mine.... but in the circumstances that is all I am prepared to say.
Monti
Thanks for the write up.
So as cazbraz mentions this is the end game on whether Frr lives on or not & at moment looking like 'not'.
If it is not what we was hoping on then why the fck has SN been dragging this on for so long.
Enjoy
Thanks for posting that MontiBurns. My question is, if Deloitte are liquidators of an 'empty' shell, sure there wouldn't be any mention of farm out discussions etc? I would think that IF (and its a BIG IF) there are any discussions going on, that those would be kept as hush hush as they've been about the location of 'the transferred asset', if indeed that is still a thing as well?! One thing I am pretty sure about, and that is that this is now the end game and one way or another, we'll know for sure soon. But then again, what the hell do I know?! 🤷♀️😂
Well, that was an interesting read in the sense it gave a lot on the background of the company and how we got here (and filled in a few gaps on the status of the PSA, re-assignment and amounts owed to the Georgian Govt). So, overall, what’s my conclusion? Not good unfortunately! While there is not enough information on the proposal from SN, I couldn’t see any new money coming in from him to get it out insolvency proceedings. While the report is silent on creditor repayments, I think SN is basically proposing deferment of dues (but for how long, it’s not clear). Further, the Liquidator mentions that their report was limited in scope and research due to funding constraints as there are no liquid assets. Again, we see the usual promise(s) from SN but as we have seen in his FRR tenure history, he says certain things/promises but seldom honors them (ie YA, Mourant, GG). So, now I think he also personally fallen on hard times, and his family reputation is a low priority. Yes, it is critical assessment from me but I want to frank about it (and hope I am wrong).
Also, there is no mention of farm out discussions or partner but that is understandable given the status of the PSA. No reference to the Moldovan PSA, which we can assume is still under FIC, which is managed by Griffin Associates, so who knows where we stand with this.
Is the situation salvageable? Yes dependent on whether new funding can be secured. But GG appear to be friendly now and open to discussions on the PSA providing costs relating to the tribunal are paid and new funding secured.
Same, and worth a read for sure
I got the report today from ii very quickly after only requesting it yesterday evening.