CEO31 Mar 2022 13:02
Sooo as far as we know, way back in September 2020, G3 exploration announced a winding-up petition which had been presented by GIC to the Grand Court of the Cayman Islands, seeking the winding up of Green Dragon Gas. G3E said the petition was seeking the winding-up of Green Dragon Gas on the grounds that it was unable to pay its debts on a cash flow basis, and nominated the company's joint provisional liquidators to act as the joint official liquidators of Green Dragon.
Before that, Coal bed methane specialist Green Dragon Gas (LON:GDG) way back in the day announced plans to split off its drilling services business, Greka Drilling. Investors will receive three Greka shares for every Green Dragon share they currently own in the form of a dividend. Trading in the new shares begins on March 8. Greka will be handed US$50 million of additional capital which will help fund an ambitious 25 rig expansion programme. The group will also have a US$12.5 million revolving credit facility. Green Dragon, meanwhile, will seek a listing on the Hong Kong Stock Exchange, which makes sense for a company which operates in China. Chairman Randeep Grewal said the demerger will build on the early mover advantage enjoyed by the company’s Chinese operating arm GTS Zhengzhou. However, the business is targeting expansion opportunities in India, Indonesia, Thailand and Australia in the longer term. “We have built a standalone drilling business within Green Dragon since 2007 with a management team that has a combined 150 years experience of drilling,” Grewal said. “Upon admission to the AIM market of the London Stock Exchange, Greka Drilling will have a shareholder list that mirrors that of Green Dragon Gas. “The board believes that the separate entities will provide shareholders and the investment community with greater clarity resulting in improved access to the capital markets."
Randeep is currently spaffing alot of Greka news this year, which is yet another "G" named business which is interwoven in all this mess, has anyone put this ****bag on the spot regarding G3E? Is it me or is Randeep a cluster**** merchant hoping to fleece cash out of every investor?
Seems to me all of his other "G" companies are up against his G3E regarding the original summons: Cosimo Borrelli, Mitchell Mansfield, Greka Gas China Ltd., Green Dragon Gas Ltd., Greka Exploration and Production Ltd., GDGF Ltd., Greka GFC Ltd., Greka GQY Ltd., Greka GSN Ltd., Greka Guizhou E&P Ltd., Greka Energy (International) BV, Greka GFC BV, Greka GPX BV, Greka GQY BV, Greka GSN BV VERSUS G3 Exploration Limited!!
https://www.offshorealert.com/cosimo-borrelli-et-al-v-g3-exploration-ltd-originating-summons/
Do feel free to raise your questions directly with G3 Exploration's CEO on twitter, constantly - @randeepsgrewal