Member Info for FigTreeHarry

If the ASSETS outweigh creditor debts, it can survive, which is why we requested appointing JPL’S.

The phrase ‘trading out’ is commonly used to describe the process by which a company facing a serious cash flow problem establishes a strategy to survive current problems. Trading out can be either an informal arrangement with creditors, or a more formal plan in conjunction with licensed insolvency practitioners.

In this case - JPL’s appointed through court.

The foundation of either approach must be a sense that the business remains viable, and the financial problems can be surmounted. Trading out of insolvency can allow for some room to manoeuvre but it must also be accompanied by fundamental change if the problems aren’t to be repeated. The short answer is yes.

Wheres the new corportae update? This am

It states last night in the pdf, if solvent pay the shareholders.
The reg requirement of filed acc, may not be required for the foreseeable future.
Magmanusson believes the sp will return.

We expected liquidation of assetx, that is exactly what is happening, not a single shareholder incl Singaporean Govt has sold a dime. The rest bought in.

He seems a shrewd operator the CEO and I think he knows what he is doing and where this is heading in terms of share valuation.
Covid did not help G3e as it started in China, a lot of delays.
147 wells and a few more to go now.

Nordic Trustees were hell bent on getting debt paid asap. Overall this can be a win win for everyone all stakeholders. The reality is no large shareholder sold their stock holding. 92% of large holders are awaiting the end game. That is a give away.

Thats what I hope for, but let’s see what the ceo’S MASTER PLAN is...?

My gut tells me, re-list sp no one sells due to restructure news.
Sp continues to shoots up, new equity RNS issued, at top end sp price, 12.5% new equity at say £2.00 -£2.50.
Raising £35M -44m raised. This is possible due to lack of float and sale of big assets to be realsied and all debts to be paid off in full.

And nobody will sell until shareholder value of sitting assets is achieved or choose to.

I think it is goling to plan, the finer details are condifential until final judgement, but this is expected outcome as we expect. G3e is the same thing. Courts have to go by “original filings” i think. But JPL / JOLS have cleared this up i think.

Sp should resume and company is solvent.

Fingers crossed, this will be ok.
Who will buy all the assets? Bid war?
At what price?

Eaxctly, admin was never mentioned in RNS.

Lse Phobebus at 17.45pm - wrote “joint adminstrators” and started to confuse the board. A completely different thing.
Could be a innocent mistake by him/her thats all im saying.

Any ASSETS under G3E would include “companies under its registration, subsiduraries incl GDragon” it is still same company, Albeit a name change to G3E since 2018. Same thing in my opinion. I did question that a couple of days back. Bugged me in fact. The original bond holders Company name has passed through the courts over time. Without changing as it may lead to some confusion maybe in handling of case.
Trust me courts make errors.

Phobus 17:45pm read his email,
The word “liquidator” was changed to “administrators”

Here is where confusion started:

When the RNS came out someone on LSE wrote:
Now we get another RNS which states that, 'On 13 October 2020, by order of the Grand Court of the Cayman Islands, the Company was placed into official liquidation and ... were appointed as joint official administrators.'

CORRECTION:
The actual pdf/ rns states “ were appointed as joint official liquidators.' JOL’s. (Not ADMINISTRATORS)

SEPT Corporate update:
The Company has been informed that a winding up petition (the "Petition") has been presented by GIC Limited to the Grand Court of the Cayman Islands seeking the winding up of Green Dragon Gas Limited ("GDG"). GDG is a wholly owned subsidiary of Greka Gas China Limited ("GGC"), which in turn is a wholly owned subsidiary of the Company.

The Petition seeks the winding up of GDG on the ground that it is unable to pay its debts on a cash flow basis, and nominates the Company's Joint Provisional Liquidators to act as the Joint Official Liquidators of GDG. The Petition is listed to be heard on 13 and 14 October 2020.

It is acase of JPL have realised the court case should always have been: g3e.

Immyspecial i was thinking the same matey.

From another angle, if they were liquidating the parent company asset/s (which they would need to / it is the same company, name change from original Bond buyer to new name G3e ) and all its subsiduary, thats potentially even a bigger lion share for everybody. Original bond buyer was green dragon which is G3E.
Why am I thinking of Phillip F. Greene. Hahaha..

Oct 13th reads
Adjourned winding up petition
G3 Exploration

Does this mean further adjourned?

Blame me for the response :))

Recall response from courts:

His Lordship has advised that there is confidential information to which only the attorneys are privy to in these matters, therefore the Courts cannot at this time provide any information to outside parties.

Nonetheless, your email query was forwarded to the relevant parties.

Worded DREADFULLY....

Exactly Roobs, no one sold.
Just buyers