Member Info for Ivyspivey

Think it is secured against ZM and SN to tune of 500m shares( mind you may be fixed at that SP at time).May be many more now

Again personally pleased this has come out in open over a W/end so people have an opportunity to gather thoughts and perspective as nothing worse than making important decisions in a vacuum or more likely in a maelstrom of conflicting views and opinions,which the MMs will seize on.
Also allows FRR and the Nomad to consider their thoughts and hopefully issue some clarification on Monday morning.
Really need to step back and not panic and FRR setting their stall out may help stabilise things as without news there is likely to be SP volatility on Monday which will not generally assist the LTH here at least in the short term imo

Yes clear as mud.
Think one of biggest cards in our favour is that if there is no agreement then the terms of the Georgian PSA ie because of change in “ ownership”will likely revert to Georgian govt and that is not in inetests of FRR or Hope.
Assuming of course that people are still pragmatic I can still see an out of court settlement as don’t think any of the parties is totally without blame.
Should say this is based on the evidence available.The alleged evidence vs Hope does look telling but there are a few bits and pieces which FRR have kept “ hidden”.
They may have had reasons for doing so but need to communicate much more openly in future

Thanks Mole,

Could it be the 5m seller( can’t remember when they started) is related to Outrider trying to secure a non cash interest payment by getting more shares.
Since the court action started may be just a way of putting more pressure on FRR.Seems more likely than the transfer suggested by Kickmuck imo.
Also do you think there is a chance sgares could be suspended on Monday or at least must be fair chance of announcement until Court case is sorted.

Also interesting YA agreement was after 12th October so they must be confident in future if they are to get their money.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=FRR&ArticleCode=4s2c591l&ArticleHeadline=Update_Regarding_YA_II_PN_Ltd_Matter

Also if you look at last accounts the Accounts payable figure has increased by $2108559.This must be the interest payment to Outrider due end of Sept of $2018823?

The $2m payment which is 1st 2 quarters of 2018 (renegotiated on 31st March 2018) seems quite high at 10% unless it covers the full loan amount due in 2020 and originally due in 2016 unless it was full settlement if interest st a mid point rather than simply 2 quarters.

Also interesting alleged text from Hope re suspending of shares unless Cairn said that no new info would be presented at 4th Oct SH meeting

Agree Emblaze
Presume ZM could have paid the $2m due if absolutely necessary due to the fact he had access to $5m earlier in year unless that was only for operational spend.
Really don’t see how they would risk FRR future based on a court case however strong their case but as you say they are fully aligned with SH and know they will fight like hell to retain asset.
Once this is settled and again would not discount an out of court settlement.
Similar to YA situation FRR “defaulted” as we understand yet secured a great agreement.Oerhaos they are expecting the same here but Hope will be a tougher nut to crack hence court action.

Morning Arsenal
My understanding it was an interest payment due 30th September 2018 due to Outrider on 2020 due loan nites and nothing to do with YA
Others can correct if necessary

Yes the evidence does appear to be stacked up against Hope but FRR must have been aware of the risks of defaulting by not paying the interest on the loan notes due end of September.
So personally I am looking forward to comments over the W/end of Mole/Devex/Tot and others as to why they think why FRR have gone down this route.
They obviously believe they have a strong case but why wait until default before beginning the action vs Hope as their is evidence much earlier on in the year.
Perhaps it was a case of giving him enough rope but look forward to others input

Much calmer on Nasdaq today

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1onic
Off to try some of the grown up juice.Wont have enough to regret it tomorrow but pretty daft already so a few more dead brain cells won’t matter.
Good w/end all

OK Ole GS Norway back garden.

Yes could said it was my back garden but pinched it from the Block Energy twitter feed lol

https://pbs.twimg.com/media/Du86AGqX4AAXR0K.jpg

Happy Xmas all and looking forward to some informative posts over w/end and Monday morning

Merry Xmas one and all.
One of GLs first jobs at Merck was to launch an HIV treatment called Crixivan to the world.I only mention it as poignant that the original researcher a scientist called Irving Segal sadly died in the Lockerbie bombing 30 years ago today.
BW to all

Irving Segal who died was flying home to his family for Xmas.
It was only later on that I became aware of how much he had done.
The $400m is more like $1bn these days and Crixivan only took 42days to be approved given the desperate need for HIV treatments at the time.
By coincidence my MTFB mate launched Crixivan worldwide but yes have a great Xmas and wish you a healthy and a happy 2019

Also we have the ethical policy of FRR stated on the website with roles and responsibilities of BOD members which Hope can be judged against

Fitting on this day to recall a Merck Scientist who unfortunately died 30 years ago today.It is a reminder of the critical role that these fantastic researchers play in developing new treatments to cure the worlds ills.SCLP are fortunate to possess one of these special people in their ranks.
I was fortunate to meet Ray Gilmartin and his words were the absolute tragedy of robbing the world of a likely outstanding contribution in research and development.
Thank god that Lindy has been able to continue with her outstanding work in meeting some of the major health challenges of the day and to what she will bring to the future.Have a great Xmas all

http://news.mit.edu/1998/gilmartin-0304

Ma5k
Appreciate there are 2 sides to every story but the evidence of SN afadavit seems pretty clear cut re breach of fiduciary duties by Hope.
Not quite sure what mitigation you can give if you refuse a $5m offer and then come up with a $2m offer in its place with strings.

Few general points.
Everyone agrees that this is worth fighting for and the underlying asset is not an empty box.
The BOD have been fighting hard to retain control despite the best actions of Hope et al to take over and crash FRR and then asset strip.
Whilst FRR did appear to default at end of September there do seem a lot of mitigating circumstances and Hope definitely does seem to have not performed his fiduciary duties as a member of the BOD in the best interests of FRR.
Just wonder if FRR could have avoided the default situation and paid the £2m via ZM and then taken Hope to court for breach of duties or whether they set a trap.
Interested in others views

Thanks Star
Really informed reading and explains much.
Mole look forward to your interpretation of events.