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The above was only announced 2 weeks ago. So what was the point of releasing that if Frr had no future.

The above for low life, is now due Friday. On appeal, seems sometime in January.

In the above going on ZZ comment at end. I feel it clearly shows that he is expecting Frr to be taking a forward step in 2019 & that was released just under 2 weeks ago.

Any $s coming in would have been mainly needed for operational costs.

On a suspension Rns would also hope on an update of some sort.

Going on ii am thinking that info that was posted on Advn was from s/prophets.
So if above is right would say not worth even thinking on it.

Whoever posted that would think that they obviously have forgot that oil testing has/is more then likely going well.

The way it is looking, is that the conditions were not met due to the low life (Hope) & on that being the case hopefully Hope will be fck.d.

It is not the case that it did not help, but it prevented Frr from raising the funds for payment.

ODR
Agree, as usual we get these wasters come up out of the blue.

Agree
Filtered

Mole
On as far as the cure period you mention is concerned, I presume it was during that Hope was preventing Frr gaining the funds to pay off the $2M. So if that is the case then as mentioned, as long as Far have the evidence confirming this then that would strongly support the damages claim.

If this is about discovery that is now in Frr's favour.

Overall as mentioned by a few earlier. Cannot see that above would put Frr into this situation without some damming evidence against Hope of which will at least get Frr over the line with an excellent future.

On there being evidence that Hope did vetoe a 2/3 funds that would have settled the issue then as mentioned earlier this should go in Frr's favour.
As for Monday I would also hope that trading is suspended.

One thing is that Frr assets are the above & on the court going in Frr favour this will be the same as the assets.
So lets hope on positive news, sometime very soon.

Just want to add another reason why this feels like a set-up, the arrangement to pay interest on the CLN by end of Sept was strange as FRR has been paying the coupon as Payment in Kind since Dec 2016, and not in money. Plus FRR was never going to generate that kind of cash to pay, so again feels like engineered to trigger this situation.

Thank you Eyeson for the excerpts from the affidavit. I have read through the document now and there are plenty of revelations. Plus also worth noting that document is as least 7 weeks old, so we are pretty ‘behind the curve’ as far as latest developments are concerned. Then there was last week’s cut-off date of 18th December for Hope/OMF to submit their defence and there may be some developments from that but we shall see. In any case, what is plainly clear is that Zaza and SN have been fighting hard against this man for the past 8 months on top of completing 3 oil wells.

What we do know from the papers is that Hope is a low life and morally corrupt. On one hand he does not want to approve a $5m loan from Zaza (talk about Director’s commitment to the company?) for various reasons and on the other, he offers the same/worse terms from his Fund with more restrictions and control (appointing himself as CRO - Chief Risk Officer). However what was really interesting was that both SN and Zaza have provided their personal guarantees secured by their shares in FRR. Remember these two guys own 20% of FRR stock. They have so much more to lose and for that reason alone, they will fight tooth and nail.

All these revelations show that FRR is a prized asset and massivley undervalued by the Market. Again like I said, we are aleast 7 weeks behind the events as that doc is dated 1 November 2018. We may get some news on Monday. But do I think SN & Zaza have made contingent plans in case they have to pay back the money to Hope, definitely, particularly as they given their FRR shares as collateral as well.

Finally, and it’s just my opinion, but I get the feeling that this situation has been engineered by FRR team as a trap for Hope/OMF and it appears that he walked straight in to it. Why do I say that? 1) the legal action has been initiated by FRR (and well planned in advance I believe if you read all the assertions) and 2) Hope’s flagrant abuse of company law for his own gain, supported by documentary evidence.

In the end we just have to hope on an update a.s.a.p. & it will be a positive one of which I believe it will be.

Would agree that YA must be confident that they will get there money over the coming months.