LONDON (Alliance News) - Frontera Resources Corp on Monday alleged that Director Stephen Hope is in breach of his fiduciary duties as he attempted to deprive the company of assets for his own benefit and for the benefit of Outrider Master Fund LP.
Last week, the oil and gas company and unit Frontera International Corp filed an action in the Grand Court of the Cayman Islands against Hope and Outrider Master Fund in relation to the loan notes issued by Frontera to the fund in 2016 and due in 2020.
Frontera said Hope conspired with the fund and failed to act in the best interests of the company and exercise independent judgement.
The company is seeking damages from Hope and Outrider Master Fund for seeking to breach the loan notes conditions. On Thursday last week, the court granted the company's request for an injunction regarding the security underlying the notes pending the outcome of the dispute.
Frontera Resources shares were trading up 0.9% at 0.39 pence each.
