Member Info for CF73

As always, will be hard to keep with the pace in anything remotely close to real time. Who knows where things are at the moment. Suffice to say FRR need solutions to the issue(s) near term. Those trials for 2020 have no bearing on the immediate issue of safeguarding the asset.

Those damages either in shares or cash or a mix. But why leave option of shares? If Hope/OMF secure the asset, leaves those shares not worth a great deal. Unless, behind the scenes, FRR have managed to sort funding/JV/Farm-in or are very close to it? Leaving FTI pushing for liquidation to apply pressure on the situation?

Thanks RR. Just trying to get my head around where we are so can organise things in my head. Hope you all good.

Had said elsewhere, I believe ZM and SN have the means and connections to find a way through this but that there are preferred pathways and last resorts. Thinking about it, those 2020 trials are way off, allowing much sooner for resolution on the fundamental matter of keeping safe the asset. As others have said, those trials are now noise. All about securing the asset.

Would add also that Hope going after those shares suggest that we have eother secured the asset or, and perhaps more likely, secured the means to pay (given we remain unsure if the asset transfer has worked). If we have the means to pay, then Hope has moved to get something out of this, with FTI pushing for liquidation to force us to pay up earlier than we would prefer.

These sorts of legal battles can take a while. Not unusual at all.

Trying to get my head around where we are right now, which is constantly evolving, leaving me with 'brain hurt'.

Can anyone help with clarity here:

Who decides whether or not he asset transfer is appropriate/ correct? I picked up elsewhere that it was the Georgian Government (GG). Is that correct?

And that it had been turned down by the GG but that FRR have 30 days to resubmit?

Wasn't mid-2020 related to Hope's case against ZM and SN?

I could be wrong...

Case Management Conference by telephone tomorrow. Has something been thrashed out in advance?

There is a hell of a lot going on here, however hard it is to try to make sense of.

Am looking at B20's comment and wondering how much truth may be in that? At least to begin with it brings into view the new corporate entity and describes on set of possibilities from here, whether B20 knows anything specific or is just speculating.

...this is getting for serious...

Understand Arsenal and appreciate your contributions.

Good luck to you and all the other genuine folks here.

Once again, not sure why Hope would go after that 500million shares if he had been successful in securing Block 12. I accept it's possible that this has turned so toxic that Hope wants both Block 12 and to screw over ZM and SN personally. But obtaining Block 12 really leaves 500million shares pretty much worthless (at lest for some time - unless he wants to use them to cause more hassle with whatever is left). Indeed, if he managed to prize away Block 12, he'd have no grounds for further claims as the issue would've/ should've been rendered dealt with.

This then brings me back to feeling that we are at a 75/25 stage, in our favour, and are looking to now pull free of the mess BTWTFDIK!

Whether the DoS is related to a relatively small amount (say the $2million in interest payments) or the whole caboodle ($2million to $30million) is to me is not the key matter. The key issue is that we escape default on the debt and the possibility of losing a serous prized asset. That is and was always the major worry here. If in due course it turns out that DoS related to the full amount, then wunderbar. If otherwise, then for me still wunderbar. We've escaped default and kept the asset.

Finally, don't think that this is a binary 50/50. I understand from where we are, with what information we have, it still seems desperately precarious. But DoS is [seemingly] unchallenged and Hope now going after ZM and SN directly suggests to me Hope now doesn't expect to be able fleece FRR of anything. If default process was expected to pay off for him, the 500million shares wouldn't have mattered (unless he wanted to pick away at the carcass). His case against ZM and SN is now just further noise and, as far as I can tell, has no bearing on the future prospects of FRR. So it's no longer 50/50 for me. More 75/25 in our favour.

Still expecting no news until jury trial done. And then perhaps a few weeks after we are clear of the mess. Naturally, we may (and are likely to) see some court papers before FRR announces anything. Looking forward.

Good luck all genuine folks!

We have a jury trial upcoming. So folks should continue to expect no comms, whether about DoS or operations in Georgia or anything else.

Some helpful logic Whamboy :-)

Agree with you on many things Arsenal :-)

Is a valid question Gipps. Not sure Sonnyclimes, as default due to us not having been paid the £2million, not sure he turned down the money (though happy to be proved wrong). I do feel though that paying the £2million would simply left the cancer in place to do more damage, remembering the email that SN and/or ZM were copied into erroneously that gave away Hope's true intentions. The long term health and prospects were at stake here. Something had to be done. Not been pretty since but looks like we may be pulling through and free.

Hope bought that distressed debt. In so doing, he put FRR under increasing unnecessary undue pressure. Agree BoD have questions to answer. But, for me at least, they're not the bad guys.

My interpetation of this sitiuation stripped down to the bare bones.

FRR found themselves with OMF after after debt sold on, learning very quckly of what Hope was after and the duplicity he would stoop to

OMF/Hope started to pile the pressure

By time of September to December, 2018, all had come to a head (with attempted default) and legal proceedings initiated

First judge Kawaley at Caymans ruled against FRR initially, and then intimated that perhaps we had a stronger case. However nothing concrete emerging, leaving Caymans action dissatisfactory

Legal action moved to California

Judge there not at all sympathetic. FRR seemingly not able to gain traction.

Sometime in that period, FRR succeed in securing DoS. FRR now twelve months to pay of the debt.

August jury trial due. Nothing for FRR to lose they are plaintiffs.

In the meantime, we hear of the Caymans lawyers taking action against FRR for unpaid legal bills.

In the meantime, again, we learn of Hope going after ZM and SN directly, for either 500, 000, 000 shares or cash or a mix of both. This latter action now confined to legal proceedings directly against ZM and SN suggests that Hope/OMF now know they have failed in their plan to secure [i.e. steal] FRR's Georgia assets.

The combination of DoS (and no news since of any issue with it) and this latter action by Hope against ZM and SN suggests that FRR have almost cetrainly broken free of the mess. Though will take a bit more time before this is clear and a bit longer till we hear.

Everything else, including Caymans lawyears actions and Hopes action against ZM and SN, is all noise.

Good luck to all the genuine folks here!

As got to be the SEC.

Hope could settle OoC but seems he wants to pursue. Or is it that we're not settling easy and this is him trying to strike back??

On the surface of it, if Hope is now after SN and ZM specifically, then this latter case shouldn't be slowing our preparations to returning to normality and signals that FRR is gradually breaking free of the mess.

Respect to you Mills. If they'd let me, I would tick yuz up a hundred times for those posts :-)

The NCCL JDA deal is a monster, and is binding. Our partners GE and CMEC no less (involving their top brass!). The project and JDA also included government-to-government discussion and partnership working. There is enormous political and corporate weight behind this. It is happening!

With JDA Ncondezi Power Project now hugely derisked. No longer a question of whether we can persuade GE and CMEC to come on board. These two behemoths are now working with us, and we are now partners.

We have a sense of the numbers involved here, and what is to come.

$250million to $300million in annual revenues (off 300MW alone)

£1.1billion in taxes and royalties over 25year project life time.

c.$50million to $70million in returned expenditure and subscription.

Yet we have an SP 7.3p and MC of £22million off the back of a binding JDA that leads us to all of the above?!

I am now moving personal assets to buy as much of these as possible.

Good luck to all genuine folks here!

NCCL, GE, CMEC, plus Chinese and Moz Government ain't messing around. Signing took place in Beijing. This doesn't happen unless it's for serious - and this IS for serious!