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$1.785m v $220m debt
.......
LSE: Can we have the sp taken off suspension please.
Hahaha!
Class..
Stay safe and no hostels..lol
Right I gotta start driving so I will expect you to have this all sorted by 9pm and Randeep himself on the BB to give us the inside line ..... no pressure ; )
Greka
Mark,
Google Greko gas china, Green dragon and download the pdf’s on
All there:)
Faraway. That might be what we’ve been missing two separate actions one debtor happy and the other not so much !!! Gotta start driving but given those assets independently valued for the RBL before covid ****ed things up We’ve got to be more than hopeful of a decent return here even if we have to wait a bit .... surely!
Thanks Mark.
Yes GIC - want to ensure they preserve and don’t lose their shareholders value.
Nordic’s maybe seeing it as a win win either way. On additional interest.
Randeep needs to ensure he this finalised asap to ensure he still has a going concern once restructure/ assets are sold.
94.5% shares held is a lot of shareholders / stakeholders who want a return and will be looking at the JOL’s, and Nordic, and Randeep very closely. Indeed.
This is the bit o was looking for the other day when I was after the most recent valuation!
“ A recent report, conducted for the RBL in October, valued the producing Green Dragon Gas, GCZ and GSS blocks at $485millon (1P) and $1.3 billion (2P).”
Mark
Very good point I overlooked that Nordic already had court action against Green Dragon
Structure Plan From Dec Corporate Update: (then Covid came)
Notwithstanding these legal proceedings and the appointment of Receivers on 21st October, 2019, the Company continues as a going concern and has maintained its operations and remains committed to re-structure as follows:
1. Pay its Secured Creditors (Nordic and GIC) in full through either:
a. A Reserve Based Loan ("RBL") of c.$200m through the Green Dragon Gas producing assets. Active discussions to conclude such an arrangement with a bank is underway; or
b. Sale of sufficient equity for cash in wholly owned Green Dragon Gas so as to pay off creditors in full and have additional liquidity. Heads of Agreement with interested party is expected in the near term. A recent report, conducted for the RBL in October, valued the producing Green Dragon Gas, GCZ and GSS blocks at $485millon (1P) and $1.3 billion (2P).
2. Following above execution, dividend Green Dragon Gas to the Shareholders.
3. Continue as an Exploration and Appraisal company specializing in Coal Bed Methane.
Figgy won’t get a chance to check until much later but is it possible of the two petitions one was brought by GIC and one by Nordic ?
ie one against GDG and the other against G3e itself?
Won’t be home till later prob dig into it around 9ish!
Hereshopin as you know I love a Jag f type! Im jealous and by my calculations I have roughly one third of a f type ( secondhand ) sitting here suspended ..... this makes me sad : (
There is a hedge fund holding 2% which is going to wind down end of the year. I read about it. That float may/ would come onto the market at some point. They must also be frustrated and will add pressure to resolve and gain share holder value.
I see your point Farraday.
It is in Nordic interest, they can see this as a open check book. Thats why JPL’s and JOL’s as they are referred in this part of process and management have to agree and move forward. The Sp suspension will be lifted. Debt is low and assets are $1bn ++
Greed is written on the wrapper.
I think whatever this outcome is we can be confident yes it won’t be anytime soon ??
GIC bringing this winding up / liquidating order can only mean that they are trying to preserve some of their investment which would also possibly hint at poor management given the length of time restructuring was taking when you take into account assets v debt. Not surprised Nordic may not have been driving this as their bond is accruing compound interest?
Sorry I wasn’t taking the **** just having a giggle
Tooka rest on this today.
If you google GREKO GAS CHINA - You can find pdf on the presentations.
I have them all saved.
In the case of adjournment, due to no accounts ready due to covid, it’s plausable. LSE rule allows this suspension.
An order on day, is a term court officials use generally. September it was already known JPL’s to become JOL’s.
In terms of first restructure plan, you can see outlay in previous corporate updates, keeping going back and you will see the plan. Whether that has been rejected I don’t know, or whether this has been negotiated over the past 9 months, again we don’t know.
GIC is a major shareholder I think, if they were bringing the winding up petition on Green dragon subsiduary, OCT 13TH, and this has been adjourned.
I thought it would be the Nordic trustees?
Mark and Magnusson what is your view on this?
**** me lads how the other half live eh with the testing of jags lol , I can see the Aston Martin factory from where I’m sat if that is good ////
Well given the order all ****show that is my portfolio over the last couple of days at least this is still blue according to HL.
Every cloud and all that!
Yeah, totally agree. No news is good news. I guess haha
This is the ongoing debate Roobler, the information there is from September and well known by the BB. Question is whether the decision is to liquidise a cash rich business and share the sale proceeds or is there something else afoot? No news is frustrating but we haven’t necessarily had bad news either.... Communication may be halted due to legal reasons. We won’t know until news hits the RNS...
Just look at the headlines from this page - https://www.reuters.com/companies/G3J.F/key-developments
"G3 Exploration Says Winding Up Petition Presented By GIC Ltd Seeking Winding Up Of Green Dragon Gas" - Well how did G3E end up in this position!
"G3 Exploration Says Group Activities Uninterrupted After COVID-19" - they couldn't get their books audited!!