Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Bezzy: The Deloitte statement is clearly genuine yes, but please show me where it confirms what we've been told by the Company, ie that they're working with the (now removed) Directors on a plan to un-liquidate FRC?
Apologies if I have missed it.
And they've obviously released the statement to Looed as they realised they were going to have a lot of bleating on here from us lot having seen the Deloitte statement.
It seems to me we are being treated like low life, being thrown the occasional morsel at appropriate times to try to stop us from revolting.
Thank you for sharing this Looed.
My initial reaction was "good". However, on reflection, albeit brief, it seems to throw up more questions than answers:
1. As Monti has eloquently posed already: Why let it be liquidated in the first place?
2. Why didn't they tell us this immediately after the liquidation?
3. Is this just more costs (paying Deloitte etc)?
4. Is SN just stringing us along?
It just doesn't make sense.
And one thing that seems pretty certain is that those who were hoping for a quick outcome of this sorry saga will be sadly disappointed, as this could take many many months.
Anyway, the first thing that should be done is to get Deloitte to confirm the statement is true. That will answer number 4. I will be writing to them today.
Thank you for sharing Looed.
My guess is that Deloitte will probably drop this case now as they won't want to incur any costs as they certainly won't be spending their monies. They will be doing their best to find something of value to cover their fees. Bwtfdik.
Just a word on recent chatter on here. It seems to have thankfully drifted into calmer waters, which I hope is the case so that Looed (especially) can be given a few days well deserved break from feeling he has to post on here. Mind you if the Company updates him then I withdraw my suggestion! Have a good weekend all.
Tenners: I fully understand your frustrations and the rationale behind what you are doing.
But I would say that the Company have, via Looed, done exactly what you have asked in your last post, in that they have reassured us that we are part of the future (whether that proves to be the case we will find out sometime). What I don't understand is why they can't actually explain how. There may be good reason I guess...
Bigun: there are many shares not held by brokers in nominee accounts. The bulk or my holding is in a nominee account but those that were in my ISA account were not held in a nominee account and so when they were chucked out of the ISA on delist, I was sent a paper share certificate by Frontera.
What Frontera should hold is a share register of all the holdings in FRC, although that will be with the liquidator now.
Thank you for the clarification Looed; apologies I missed it originally.
Good post Monti. You're correct about the practicalities of what will happen with the liquidation process.
One question that Looed was asked, which I don't think he/she replied to (sorry if I missed it), is whether the last brief message was in response to cajoling from Looed or not. If the latter, then it would signal that someone at the Company reads this board.
Either way, what we really require from the Company is a clear statement explaining how we still have a partial ownership of the asset.
Ricardo you are correct, no-one has blamed Looed.
But I see that some have again raised questions about him/her. We have been here before and for me matters were put to rest and the vast majority concluded that Looed is trustworthy and most of us are immensely grateful, not only for him obtaining and sharing the communications, but also for his tireless sharing of his in-depth knowledge of the court cases (which just shows how hard he works on all our behalf). Yet again I say "thank you".
Tenners: the short answer is "no".
But there won't be anything there anyway as the asset was transferred to FRUS.
Tenners: am completely at one with your frustrations, as I am sure many other shareholders are. We have been treated shamelessly, and are now left with the Company that our shares are in being liquidated. It is not acceptable for the Company to communicate in the way it has; we deserve more both legally and morally.
I think communicating with the liquidators is pointless though as there is no potential upside to it as far as I can see.
Having said all this, I currently see no alternative than to wait and see what happens with everything crossed that SN is doing what is morally right. He keeps assuring us he is ...
Thank you Looed.
I never mentioned 2.5p and believe speculation on a price is completely pointless and premature and potentially irrelevant.
Looed: to us with a tendency to scepticism/paranoia at losing all our hard-earned, your last sentence is odd. It's completely at odds with the rest of your (eminently sensible) post. Can you please explain the logic behind it?
Looed: you're probably correct: from a practical perspective we have no option but to wait (with fingers and toes crossed). Happy to be corrected if someone does have a viable plan.
GLA
Fibber: he can give shares to whoever he wants in whatever the new structure is: so he could give his mates shares and not us.
Having been reflecting, my suspicion is that it's more how to treat capital losses that will be relevant here alas, and, they can be carried forward to offset against future gains.
Our shares are now no more, and, having fed us lines for years (yes, years) to be patient and soon we will hear good news, having seen our shareholdings now destroyed, we are still being fed the same message. We need proof now that we have shares in the new entity where the asset is (presumably FRUS).
Happy to be corrected, but from what we already know, SN has made deals to pay both YA and Mourant and, not only hasn't kept them, but has now reneged on them. Moreover, he engaged Yellow Jersey then didn't pay them and now they've, unless they've been paid, also lost their monies.
From where I sit we have no evidence to trust the guy, yet we are all sitting here smiling as he has given us the same words he probably gave the others he duped, and has been giving us already for years.
All the time, any window for us to do anything is closing fast.
Obviously I sincerely hope this is just paranoia but what do you guys think?
Good morning all
I hope everyone slept a bit easier; I certainly did.
So we will just wait now. Whilst we have reason to be optimistic, we should remember that we now have no rights or powers. We are completely at the behest of SN. He came across as honourable, especially in the televised court sessions with "Zee-eM", so fingers firmly crossed he does what is morally right and includes us all in the future of the business we have all put our hard-earned in to support, and since de-list have actually helped them significantly to get where they are now.
Looed: thank you for obtaining and sharing. That is reassuring. Let's hope they're good for their word.
SN wouldn't have let the liquidation go through unless he is confident that his asset transfer is beyond the reach of the liquidators. I have dealt with liquidators before and never seen any return. In my opinion our only hope (in relation to the liquidation) is to try to get it reversed.
Looed has made the Company aware of the concerns of us shareholders. They've had an opportunity to give us a reassuring message, but haven't. How long do we wait before taking some action?
The advice I've been given is that if we want to get the liquidation overturned we have to petition the court quickly, so I suggest that if nothing happens by Monday morning we could write en masse to the court and see what they say. I'm quite happy to draft a suggested communication; perhaps we can hone it over the weekend and then move into action on Monday, if the Company don't give us a plan that involves us in the meantime?
Thombola's contact has communicated with the liquidators. In my opinion, that's not the way to go, they don't want the liquidation overturned, they just want their fees, but I can understand the frustration of Thombola's contact and at least he is trying to do something.
What do others think?
I really don't think we should just accept that all our investments are lost without at least trying to do something?