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Awax, its us I believe that has everything to lose.
We have defaulted and technically B12 now belongs to Outrider.
We have/had an injunction stopping this temporarily.
We believe the default was orchestrated illegally and counter sueing for $56m.
It could quite well be that the injunction has been lifted and nothing illegal was found and we lost the counter sue.
Come on FRR give us an update to let us know what the F is happeneing!!!!
Say that we do delist, what happens then?
Can we call an EGM for example and if so, as we are no longer listed can everything be discussed as we couldn't issue an RNS beforehand for example? Therefore nothing would be off limits?
If we then relisted after a period of time, how would we be informed, by our broker and would it be relisted at the current SP?
How can the company communicate any information to us if not through an RNS via an EGM/AGM as previously mentioned. The AGM is overdue also.
Good luck to all of us in this critical week.
My gut feel is that we need to avoid delist at all costs.
Hoping for some news tomorrow.
OTB the $56m we are going for has to be the MCAP at the time, considering the exchange rate at the time was approx 1.28 and the MCAP about £45m which equates to about $57.6m, depends on the actual SP and exchange rate they were able to achieve at the time of calculation. The value is too close for it not to be related to MCAP
I am praying that it does not come to this and we get an update next week with a new nomad and more information. However, one thing I do not understand... It has been stated on here if we delist shorters win as they get paid out. That then would also mean are shares are worth zero, but is that the case? If we relisted wouldn’t the shares be worth .285p? If the shares are worth zero then it is game over, if the shorters win then we lose.l what happens if we relish what would the shares be worth? Totally cheesed off, I knew there was a risk in the share but never saw or imagined this situation. I hope next week brings some news at least a new nomad appointed and a court update, which would bring so much needed confidence back here. Come on Zaza sort this out, I still believe and hope you screw over these dirty &&&&&&&& and we come out side like Andy Dufresne in Shawshank!
asap!!
Looks like i'm going to have to try and block this out of my mind over the weekend.
Then next week is squeaky bum time which I don't want to even think about.
Zaza give us an update to let us know what is the situation!
Last AGM I believe was 3rd Nov 2017.
I have stated before that this is over due, not sure how long they can go before this needs to be held. I suppose that depends on if they are still listed in AIM!
Wonder was is going on in Court right now, hopefully it is going in our favour.
Thanks Mole, Pyro and others for their posts today.
I feel a little bit better about the situation and that we will come out of the other side.We do need an update regarding nomad though pretty damn soon.
Good luck all
YJ have never been great at sending good quality emails so it certainly sounds like an email from them.
Best
I also believe/hoping that is his motive, it is just a very nervy time for us share holders at the moment, with the clock ticking. Let's hope we get an RNS Monday at the latest.
If that happens RR then Zaza has pulled a master stroke.
But at the moment we do not know if we are going to even retain ownership of Block 12.
I am dreading the next RNS stating that they see little or no value for shareholders
That is the thing that really is annoying me, we had no idea about it.
We all assumed that the default was triggered by some clause due to the situation with YA.
Unsure why we are in this mess for the sake of $2m, surely he could have done a primary bid fundraise and yeah we would have all been peed of about it, but the share holder meeting could have been used to describe the reasons and also talk about the majors. I would have rather that than be in this situation where we are locked in with no information or idea what is going to happen.
Like I have previously stated, surely the AGM is also over due, can that really be delayed much longer also?
I understand that he didn't have a drink afterwards, but I would say that the meeting over ran by quite a bit of time and about 30 minutes longer than the first time he was asked to start wrapping it up.
Everyone was hugely encouraged after that meeting, I remember before the meeting everyone had concerns about the lack of updates but everyone left that meeting extremely optismistic.
Rainbow if we come out of the other side of this then the future is very bright indeed, even if we have an OOCS which means we end up paying back Hope/Outrider more.
The main thing is that we get the default overturned and keep the asset by means of going through the court or an out of court agreement. At the end of the day we defaulted, what we are trying to claim is this was orchestrated in an illegal way.
I agree Puddy that is my biggest fear, however I do believe that Zaza is doing everything he can to resolve the situation.
I have been to the meetings, listened to what he has said, shock his hand and looked him in the eye.
I do not believe he is a con man/crock, I believe he is a very hard worker who has put a lot of energy and money into Frontera. He wants to build this company not just so that he is successful and to make money (he has enough of that already), he wants to be remembered for putting Georgia on the map for oil and gas production and to be remembered for being a big part in making Georgia energy independent.
If he was a crock why would he be fighting this in court? I think in October he would have just handed it over to Hope due to the default and took a back hander some how.
I am hoping that new nomads are lined up but are just waiting to see what happen in court tomorrow.Time is running out though and I am also getting nervous but hoping this gets sorted soon.
My fear is telling my wife that all our cash has gone!
When we come out the other side of this hopefully we will see that the dog has finally caught that car!
GLA
Gary,
The way I see it is that the case against hope for $56m is a counter claim to the default.
Simply put if we cannot stop the default but we end up winning the court case, then Hope ends up with Block 12 and we get $56m off him.
Personally, I would want us to do a deal with Hope to stop the default meaning we keep B12 and drop the claim of $56m.
Can't believe we are in this mess for $2m, surely they could have done another primary bid for example, yes that would have peed us of at time but it would be better than the situation we are in now. But if the situation was laid out in front of us, then surely that could have raised the funds.
Hopefully some news this week.
GLA
What I also find misleading is at the last share holder meeting Zaza was asked about our finances. He stated that we were fine, YA etc to be paid in cash each month and we were covering ourselves financially and no fund raise etc was required.
He forgot to mention that we had to pay outrider $2m and that we did not have it.
I am hoping he has it all in hand and things will turn in our favour, to be honest I am not that optismitic at the moment and fear that I will be losing the lot.
I agree Timster that is does not look good for us share holders.
Regarding BP and BH and the NDA, I also do not like this either that they are named in an email. This could well be breeching the NDA itself. I have signed NDAs before and each individual of the company that is allowed the information signs the NDA. I would not be allowed to mention the name to other colleges that have not soigned the NDA, also written documentation like emails would refer to them as customer x or y.
I suppose you may get ones that cover all employees and directors of the company, but naming them in an email is not good. Also due to the NDA I would have thought that email would have been explicity excluded from the evidence unless specifically requested.
The NDA maybe completely different to ones I have signed, but was surprised to see that it an email.
On the plus side, if we come through this and we get a deal with BP and BH then the future is very good indeed.