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Its a windup from Zibs that's all. We got to see it play out and then find if we are involved chill.
I emailed Bryce last Wednesday with holding name and proof like I was told to do by another holder. Still waiting but at least I will know the content of the email now thanks to FSG. Won't chase though as no point now.
I suppose you are right about restructuring Maxcady but the only hope there is that SN and Zaza have plenty of shares so would be diluting themselves and I am sure I remember Zaza quoting when the restructuring first surfaced that he wrote they wanted to realize some return back after 20 plus years. GLA
Have been asked by Alan Brookemia to post this message for tsbs1 and EXxoc they will know what it means due to him being banned on LSE they will know why QFI!!.
please tell tsbs1 and EXxoc no hard feelings and if they contact me then I shall afford them the same courtesy
Just thought I would update what Brookemia put on the advfn site.
I have had contact(s) with Frontera and as soon as I am permitted then I will furnish all that for which I have been given permissions.
I stress that I am not of the opinion that I am the only Investor to whom communication has been made, possibly wrong, however despite the silliness being played out on LSE BB I shall not divulge any details unless authorised.
The only reason I can think of no communication with FSHG- if true-is FSHG is made up of a number of Investors and loose lips etc, but that is my opinion and not fact.
We have waited two years now, so patience is the watchword, there are many who have more at stake than me, some in dire straits, and I sincerely hope they manage to salvage something out of this.
I believe Brookmania with what he says but I find it hard to believe that FSG have not been in touch with the same persons in/associated with FRR or maybe they have and can't say, anyway from Brookmania on advfn minus the personal attacks on some on LSE.
It beggars belief that I have got a preliminary answer from The Frontera Attorney, then I get a reply from Frontera itself-with a cautionary request not to publish full details until authorised, and then you get the cranially-challenged??like Earsbern/Bedex/tsbs1 who are unable to comprehend the need for confidentiality?? who ties up their laces and dresses them in the mornings?????
This is Brookemia's last post on advfn and as he said he doesn't mind it posted on LSE so you make your mind up about him.
For the doubting thomas(s) on LSE who are questioning my Frontera communications veracity, I can assure you that there are more people than me-who actually post on LSE-that have made contact with Frontera and received the same communique-or possibly more-and have not publicly stated it. The reason being that their wise counsel prevented them getting the same vitriol from possible low/non-achievers like Earsbern, Bedex..........
Easier to criticise for these types with their myriad complexes, rather than due consideration
I have received bile from Earsbern, Bedex and others, incidentally Earsbern was an outrageous ramper of QFI- the share I previously referred to, and which I EXPOSED as a fraud when they did NOT have a contract with ARAMCO as they falsely stated.
Quite ironic, sometimes, to see persistent postings from those who vilify others??
Earsbern was one of a collective-who successfully got me banned from LSE for nothing, except challenging their outrageous falsehoods-encouraging more to invest in that dog of a share, so be careful of his postings people. I had no ulterior motive,could he say the same??
To the poster who says I use “I”and Capital letters for my ego- I do NOT need to, check Companies House ANGLIA HOME CARE LTD I sold it for OVER £1M ??
I am-unlike some on here and LSE-as straight as an arrow, and was an unpaid Director of a National Charity to treat head-injured patients- nothing to prove, but I will help where/when possible.
No problem someone on here reposting on LSE??
I have copied one of his posts from advfn site posted on 16th Nov. Although he seems a very cynical and dissatisfied poster of FRR and I certainly sympathize and agree with him there he does genuinely believe he has made contact with FRR. I am skeptical with his claims and motives untill he comes up with further evidence.
Incidentally I stopped using Advfn site on FRR years ago as there were so many shorting idiots pouring bile and vitriol on any Frr positive poster.
SK2, all very quiet on FRR, Linsenmayer- Attorney- has refused to answer my emails, despite assurances of his wishes for dialogue🤥
ZAZA schtum except on Georgian election, something COULD be being worked on in background, but with more court cases than Rumpole👨�⚖� could ever dream of, I think that this will just trundle on. I am puzzled as to whom is paying for the legal services
Lawyers are not stupid, and with historical experience, why would lawyers in London take on Queens bench stuff if no chance of receiving fees?
Very mysterious, only thing I can think of is, deal has been done and legals have access to knowledge and GUARANTEE of payment.
Yes and with hope saying they have invested 35m
Is incorrect bought a discounted 5m from distressed seller. Just so the Georgians know who he really is.
the_old_trout
Well it sounds like the many months of brinkmanship have now come to a head and my hunch is that unless Hope has got his hands on the bulk of Zaza and Steve’s shares put up as security for the loan notes a humungous number of new shares will need to be issued to accommodate Outrider in exchange for cancellation of the notes. That’s where we come into the equation as a vote would be required to approve the restructuring.
However, the company would still have no cash to fund its activities, so the prospect of further dilution comes into play unless there is a big partner waiting in the wings for a farm in or buyout . In the latter scenario they would of course require a significant share of future returns so anyone who thinks they are going to get rich quick here when everything is resolved is likely to be disappointed.
One possible scenario here given recent events with BLOE ( Directors of Solo Oil and their associates acquiring notifiable positions) is a merger with another company that wants in to Georgia. Solo are closely associated with Aminex and I believe that both are looking to diversify away from Africa now that they are in the monetisation phase in Mozambique, but I would imagine that their initial target is BLOE. Merging with a listed company that can attract significant capital investment certainly seems to be an option imo, given the obvious lack of confidence in the current management as a consequence of what has been revealed in the court documents.
Devex post.
Hi TOT
I am not even sure that SN has much in the way of loan notes - all the declared loan notes were exchanged back in 2017. So unless new ones were implemented since the last published accounts then their financial stake is in the same stock that we own. So whatever the views about this mess the directors core interest is in the $25 to 30 million they paid for their shares over many years.
The current brinkmanship here has to represent the end game - and lord knows how that will work
Dave - charging off to the FCA is in my view also a non starter. Even if interested (which I doubt) they are pretty powerless here - there is no registered UK office, no listing for 2 years now, no UK assets, no UK employees or directors and no known UK commercial activity. From my experience the FCA will only deal with issues where there is a current UK status of some sort.
Personally I struggle to see how SN/ZM can retain their historic investment value here without the shareholders benefiting in some way - and that is our only hope. Chances look very slim in my view - but at least they haven’t thrown the towel in yet.
Re pursuit of other action and some of the exchanges on LSE - well Hope and Outrider have probably spent a small fortune on smart lawyers chasing these guys down and thus far have got pretty much nowhere in the US, Caymans or Georgia itself. And a great mystery to me has always been that there are a whole series of other serious creditors - owed over $20 million at the last count - who have not taken any obvious legal action. Why I ask?
Afraid my view is we have to sit this out and watch from afar - painful as it may be
His take on events fwiw but it is anyones guess whats going on , still written this off 8 years of wasted energy on this share drawing to a close.
Symore_Bottoms
Very strange going-ons and difficult to decipher. One day we have a press release from Outrider pleading with the Georgian Govt to award them B12, and on another day, we have Zaza declaring that Outrider would become a shareholder in the new company. They only way I can reconcile this conflicting information is that FRR are going to compulsorily convert OMF’s debt because they can justify it on the grounds that these Cayman FRR-entities are being liquidated and creditors‘ dues are being replaced with ordinary shares. It happens all the time, debt to equity swaps but with the big difference that this is being done on a unilateral basis. However I’m no companies law person, but may be there are some provisions in the law allowing them to do this. And even if there wasn’t any, what is Hope going to do, spend millions more on fighting them on this? Don’t think so. The big worry for Hope is how will they value the new company and what % will Outrider get for their $35m debt? May be the answer is in the 700mbls recoverable, paid $1 per barrel so say 35mbls which is 5% of the new company? Very simplistic approach but 5% sounds about right for his CLNs; hence Hope getting the begging bowl out for the Georgian Govt.
Anyway, just food for thought…
I see those buys were from yesterday 12th after RNS and at 1.9ish so well down now.
Well we know why Frontera did not pay Mourant and why they moved to California with the litigation . Seems damming in what Mourant were doing and why did they do it if true. It was like they were working for Hope not Frontera.
Just read the article and unfortunately he says he needs more time in sn speak that could be how long is a bit of string. I have reluctantly written this off as unless SN can pull a rabbit out of the hat the signs don't look good. It would help if we got a sign from someone close to the operation.
And that's why RR has not been on the board today as he is embarrassed he has been caught out as it's totally fabricated in my view.
We don't need this it's bad enough we have had no communication from our leaders without getting up peoples hopes as if he is in the know with information privileged to himself.
For what its worth I am in the wait till the elections are over camp.
Or is your post an attempt to dissuade Looed from sending his letter?
I think you hit the nail on the head with that one ZiggyZag what a juvenile desperate made-up allegation to sway people.
Sounds like he has reverted back to Steve Nic stance of treatment of shareholders when Mole went to the agm in Texas and was ignored by SN and not allowed in to the meeting as he did not have proof of shareholding. Not good and I am not impressed by Zaza considering he was so open to pi's not so long ago. Not impressed by him at all.
skyisthelimit not if we relist then are shares are worth something.
He sounds Georgian judging by all the spelling mistakes maybe a plant from GG.