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Directions hearing - The directions are intended to make sure that everything to do with the case is known to the court and to both parties before there is a full court hearing. There are several purposes behind this. One is so that it becomes clear which parts of the case are disputed and which are not – only the disputed parts will need a judge’s decision. Another is so that the court can make the right arrangements for the hearing, including allowing enough time for it and selecting the right level of judge. A third – just as important – is so that the parties themselves get a full understanding of each other’s case. This third purpose enables the parties to concentrate their preparation on the disputed issues. This will help the judge to reach a decision on them. It also makes it easier for the parties to "settle" the case – to come to a sensible agreement which makes a hearing unnecessary. The parties have legal duties both to help the court and to try to reach agreement.
I would advise people to filter him/her. It’s one thing to be critical, point out and discuss the negatives however Cristal has posted before saying that because he once held and lost money in FRR he now hopes the company fails otherwise he would have imissed our. Sad individual. Also - your point one is mute as in the emails it clearly states the company was/is in discussions with BP.
Spoke to YJ last week - already posted about it. Tim said that he is still speaking with the company and they will RNS anything price sensitive without a nomad. He also said frontera had not been happy with cairn for a while - I suppose the relationship completely broke down just before Christmas
That is true - however you, and nobody else but the nomad and potentially the company knows why the resigned. Not suggesting there wasn’t plenty of reasons - and I do not expect a new one to be in place by the 24th for what it’s worth.
Morning, Lots of worry and anxiety understandably floating around. For me it’s fairly obvious an OOCS will be reached, the rest is just positioning (injunction etc). Hopes entire fund is only worth $60 ish million and it will certainly not be liquid - he will not risk losing the breach of fiduciary duties case. Imagine if the injunction is lifted, but then he loses the main case - how would hope raise $56m? He would get pennies on the dollar for the illiquid assets he holds. I would say though he’s in a decent position from what information we have available. We just all have to sit tight and let it play out, I am slightly annoyed that in my opinion it’s unlikly a new nomad will be appointed before the 24th, meaning that if the shorters are trading via CFD’s they will get a 100% payout.
It’s private investors. Last check was it’s down to $69m AUM
That is most certainly not true.
It’s probably because there’s nothing to say now till the next RNS
As Js has said I wouldn’t read too much into it - it could just be abit of bad feeling with then resigning
Yeah I wa surprised he came out with it - I just asked what was the score with Cairn and he said there’s had been issues for months and frontera were not happy with them
Just to add to this I’ve had a chat with yellow jersey which also confirms the company will RNS anything significant without a nomad. He also said that there were issues with Cairn going back several months. - frontera were not happy with him.
The appeal court sits once a quarter, the grand court handles cases daily.
YeH they will be delisted from the AIM. You will still own the shares it’s just difficult to trade them.
I would tend to agree I would be very surprised if a new nomad is in place by the 24th Jan. But who knows with this share so many twists and turns
That’s quite a good post. If this was all some huge scam why would Zaza have participated in the primary bid raises and the further equity stakes? Why would he have bothered to answer investors questions at those meetings? He didn’t have to do that. Why would SN and ZM swap thier notes for equity? That said it is possibly they have monumentally cocked up with the debt and it could all be over - looking for a positive statement shortly that a deal has been reached.
On face value it dosnt look great at the moment but one of the problems is we don’t know what frontera have in hope - other than the emails that were used in the injunction. Again I raise the point as to why didn’t SN/ZM offer thier shares as agreed and then proceed with the legal arguemenf. They are not stupid people and I’m sure they did have a plan, obviously this plan might be going as they intended, or things have taken a turn for the worse. I do still expect some kind of OOC settlement I’m just not too sure what it will look like. Probably some kores paid off, hope removed from the board and we live to fight another day is the best we can hope for.
That’s all well and good as I’m sure we all agree however where does the other $12 mil come from? I can’t remeber exactly but ain’t the outrider notes $32mil as it stands?
Between them it’s into the $10’s of millions, so I’m sure they will be fighting as hard as they can. On the nomad - all good points however it could also just be due to the fact that frontera requested all communication between the nomad and outrider in the discovery. If the nomad had been communicating with hope that’s a pretty untenable position for them and I suspect the best course of action was to resign.
On the point of the GG cancelling the PSC in the event of a default. I find it interesting as the new 60m facility will apparently be secured against the same PSC? Not sure SN’s statement holds much water to be honest
Possibly - but the way Hope words the email dosnt give me that impression.