Member Info for Ivyspivey

Rob
Look at the e mails p 22 and p23.
Clear that the 250m shares refers to the Sept 30;note and of Hopes acceptance if either the cash or shares

Mole thanks for detailed post.
Two questions.
Still does not explain why SN/ZM did not simply give Hope 250m shares each in lieu of $2m to avoid default.This appears acceptable to Hope from the e mail.
If Hope did not veto the various March/April fundraise attempts would they have met the $10m investment criteria hence make the $2m interest payable in kind.

They have to agree the leave terms and that is what has to get a majority in Parliament which does not seem very likely.
If the MPs put the country first you may be able to get a consensus but far too many politicians only thinking about their own interests so deadlock.
As far as I am concerned they have spent 2 years arguing the toss and people on both sides are still getting excited about the other side.
During that time the real issues facing the country like the NHS/ the economy/ law and and Order/Education/Foreign Policy/Defence/Homeless and many others have been ignored as Brexit has been all consuming.
Yes the outcome will effect these policy areas but the complete inability of the politicians to deliver the referendum result is testament to their lack of ability and their commitment to putting personal interests to one side.

The referendum was won by Leavers and that is fair enough.
But Parliament has not made its mind up on what direction to take and it is certainly not a cast iron certainty that any motion moving forward will have a majority.
So something has to change and that means possibly a General Election and/ or 2nd referendum to try and resolve the matter but that us more in hope.
Complete Dogs Dinner and most people sick to death of it.Only politicians and very pro remain/Brexit folk get animated.
Personally could not give a stuff what happens as wont make a jot of difference and lots more important things to worry about imo
Have a great Xmas all

Both YA and Outrider shares that were/could have been pre sold would have been legitimately been received from FRR/SN/ZM if they decided not to make cash payment but if they had not been officially authorised and YA/Outrider were deliberately pre selling to lower the SP to get more shares etc then I can see why FRR May have defaulted.
Hope may well have had the shares by settlement date I dint know when the 5m seller started.
I am just trying to rationalise why FRR defaulted and as they did it with YA and then successfully agreed an out of court settlement I just wondered if they did the same to Hope.
If Hope did pre sell unauthorised shares then this would have been a much bigger crime than YA as he is on BOD.
Anyway soo know hopefully

They obviously had decided in advance to not deliver shares which they could.This is why I raised issue about Outrider possibly pre selling if Hope knew that FR would not have the cash to meet Sept 30 deadline.
So is it a repeat of the YA situation where FRR defaulted knowing that the entity owed money had been pre selling shares that had not been authorised and look how they managed to secure an agreement with YA.
Obviously just speculation on my part but really can’t see why they would take a chance on default when they could have avoided it unless they were 100% confident they were secure and could get out if it if they lost the case
Want a clear RNS with news and time to consider it

It is clear that Hope was quite happy to take 250m shares each from ZM and SN in lieu of the $2m so whether FRR had the money or not is not important.
ZM and SN clearly have the shares so could easily have delivered them to Hope and avoid the default.
So the question is why?

News as is in meaningful

They can easily get an RNS out as they were aware of issues on Friday and of course drop in SP.
So they have w/end to decide what to do.
I would be astonished if there is no RNS tomorrow with some kind of news/update.The only reason like ToT I feel we may get a possible suspension is due to the inevitable volatility and the wish to avoid that.
If any RNS contains news so we are all aware and can make our own decisions moving forward then that is a different matter so non need to suspend.

Think Tiddly Ted poo was right in my last mention of the great man.What a Dogs Dinner lol.
Have decided what I am going to do.Hopefully suspended to make decision for us.If not sit tight and buy a few more if this drops which I think it has a good chance of doing in the morning.Question is how low and how quick it will respond on the day.
Have you decided about Wolves Window yet.It might be back on the agenda.
Won’t spoil my Xmas whatever happens here.Just drink a bit more

As others have said although these e mails etc have given us an insight into behind the scenes they are several weeks and months old and everything will have moved on in the process including legal advice etc.
So we can only judge in hindsight but even then the last 2 months remains hidden from our view.

KenParticularly given it is Xmas eve.A day traditionally with very low trading and “ less experienced” MMs on duty.All leads to more volatility imo

Think it was clear from e mail trail that FRR were circumspect in providing Hope wiith lots of operating updates.
Nor surprising given historic nature of FRR in playing things close to chest and given Hopes history of revealing info to 3rd parties.
Do I recall correctly from e mails that Hope asked a question about Varang.A blast from the past lol

In these situations always feel it is more cock up than conspiracy.
What about FRR and Outrider trying to get an agreement re Sept due debt but could not rearrange things and 30th September deadline past.FRR could not afford $2mvso Hope asked for shares( this is in e mails).Rather than issue shares which would depress SP they launched injunction and claim re Hope breaching fiduciary issues as Hope claimed default.They then put damages in there a few days later.
So this 5m seller( not sure when they started) could be Outrider pre selling to put pressure on SP prior to $2m being repaid or pre selling post October to get some money back.
They may have borrowed these shares from same folk as the other shorting crew hence the likes of Share Prohets etc being aware of seller.
So as was case with YA if FRR have evidence of Outrider pre selling then they would be confident of a similar outcome.
Anyway confident this will be sorted as no one wants to risk a adverse decision.
Sunday morning musings only

Tot on ii
Must admit I concur with much of what he says

Sorry I’ve not been contributing since Friday afternoon. Xmas shopping , family duties and football have all intervened. Suffice to say we now know a lot more about what’s been going on, some good , some bad, but we certainly don’t know the full picture which will have been put before the Cayman Islands judge last week and his response to it. Given the spin being put on things by the shorters and the disclosure about BP’s involvement I therefore think that the only sensible thing for the company to do is to put trading into suspension to prevent a disorderly market in the stock.

To me it does seem highly likely that the judge did not see fit to lift the injunction against Stephen Hope and Outrider on the basis of the information before him, since that would have required an immediate RNS. In all probability he will have made both parties fully aware of the possible implications of a full trial and made some suggestions towards an out of court settlement, which would explain why we have had no news update. I am therefore firmly in favour of trading being suspended pending such settlement, or judgement against Outrider and Hope being given. Monday will be a nightmare otherwise.

Have a good weekend all and let’s hope that common sense prevails.

Tot

1onic
That is why I am hoping for suspension

Thanks Mole,
Did not want to read the 100 pages in the Mortgage document.
Presume you read the last bit of the e mail document is the presentation highlighting the cash flow forecasts for 2028 think written in December 2017 and then compared the May/June figures with the actual as produced in 1H 2018/results which showed the Amat/June was estimatest were were not achieved

Equally Pecten,
Can’t believe that ZM would risk FRR for a missed $2m.
Know Mole highlighted that suspension would be a bad thing but on some ways I would be quite happy with it until this matter is settled

Thanks ODR
Makes sense so debt seniority as far as FRR Is concerned is a red herring.
Perhaps that is why FRR agreed to Hope having a veto as they knew any reasonable refusal would represent an alleged breach of duty

Lot of comments on ADVFN about seniority of debt and Hope having veto on finance that subordinates Outrider debt.
However if his main fiduciary duty as a FRR director is to protect and enhance FRR and any refusing of an offer of funding even if it is not subordinate to Outrider is counter to this then he must be in breach.
I know that he has fiduciary responsibility to Outrider and that may be consistent with vetoing any offer of alternative funding that is not subordinated but this was a conflict of interest waiting to happen.
Anyone know what takes precedence in these situations