Member Info for FigTreeHarry

Almost 6 weeks now...

A good read Mark.

https://en.m.wikipedia.org/wiki/Provisional_liquidation

Incl part on Caymans.

I wish JOL would have stated adjourment in RNS.
Rather than having to scrape for this legal information.

POOR COMMUNICATION IF EVER.

Hope you are right Mark. It makes perfect sense for all stakeholders in the projects. They obviously have a price in their heads considering how long this has been going on (Covid is partly a fault for delays in sale)

Home country buyer, largest gas assets in Asia, existing customer base with expotential growth potential.
Price it, sell it, pay Nordic and let’s move forward to a new chapter for G3E with cash in balance sheet.

What is not to like!!!

If, Zeneca and N4P have a collaboration - that would be a pocket rocket.
Wednesday is always a good day for N4P.

That is it...
Case likely adjourned for a few good reasons. Including current valuation of all assets, may need site visit and review of books. Buyers identified, negotiations etc..
Once re-listed it will be public notice/ RNS and on the Cayman’s Judiciary website.

Time for a cuppa tea..

The local citizens and the local Gov in the China District wants production and sales to restart as soon as possible. Is likely adding heavy pressure to resolve and get local backing to restart all operations. To continue with Operation activity is G3e’s goal with surplus cash On balance sheet, no debt and possIbly a rights issue as part of restructure. Just my own thoughts..

If a Valued price for Identified producing valuable assets has been agreed and buyers confirmed And sale commencement confirmed that would be the silver lining for all stakeholders.

All left overs over to shareholders.

So nothing happened as far as HIS LORDSHIP is concerned. It did say “adjourned” which i questioned last week.
The corporate update is an update from JOL’s. As they have to as part of their role. I have ping a clarification just in case there is a point in the RNS.

Magnusson messages below (somewhere) seems this is just a process now.

If I get more info I will share.

James,
Liquidation discussions has been going on since Dec 2019. JPLs v JOLS’s -
Go though coprorate updates from 2018. Seeling assets/liquidating assets to satisfy bond holders is not unexpected news.
More details will follow from JOL’s from Mark.

Gentlemen,
Like to share this with you, i appreciate the update over anything so far:)

Dear Mr XXXXXXX,

Thank you for your email.

The matter was adjourned. A new date has not been assigned yet and a new date canvassed for relisting.

There has been no Ruling or Judgment from the hearing thus far.

Have a pleasant day.

Kind regards,

Sheneen xxxxxxx
Personal Assistant to the Honourable Justice Robin McMillan (RMJ)

This is from aug 2020 -

https://www.oilcapital.com/companies/news/215349/g3-exploration-aims-to-exit-china-completely-within-three-years-215349.html

I doubt he has any further info than what ky courts have published.
I will email and await further clarification.

Fingers crossed this works out good for all stakeholders, which is what everybody is hoping this outcome will lead to, once creditot is paid back. Company still solvent - Restructure / refinance options follows, and cash goes back to company shareholders on balancesheet. Operational activity stays with g3e.

Rukul,

Sorry not trying to mislead, just my view. To elaborate:
I wrote that reading, into the JPL notes regarding regulatory requirements and temp suspension on LSE. The view is the accounts delay/ suspension are both related. Now co in liquidation mode, if acc’s due is not an important or a reg requirement. Sp could return. This is what JPL’s will be looking into.

Gheko,
One of the LSE rules relates to accounts due. “You are allowed to temporaraily suspend if you rquest this”
They took advantage of this, however the JPL’s are looking at reg requiremnents and if not required now, I think sp will return back. Tactical approach, while they restructure / refinance a new deal.

Ok, no worries. That’s good news for now:)

The company is in liquidation, and its assets will be sold to pay crditors, once paid if solvent the rest (cash ) goes to shareholders.
This is the job of JPL’s as requested and agreed by BOD’s in 2019.
The company is solvent and not in administration.
The sp should return, as the JPL’s note.

Read magnusson message below.

Hi Rakul,
you wrote new coporte update this am?
Were you refering to the one from yesterday evening? Or a new one you read this am?