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Goit: if we do get any chips back I will be cashing them straight in this time!
JimSlade: many thanks for your perseverance and for sharing with your fellow Fronterians.
Maybe you're right RR as I don't recall ever seeing a post of yours that is "extremely relevant to our predicament".
If there is a complaint to be made to LSE admin, it is that they're not taking down all your irrelevant posts.
So, logging on after a good day, to see six posts, one drills down in hope and expectation.
Only two find out two resident loons have, as all too often is the case, polluted our board with irrelevant tosh.
Please, please take pity on your fellow investors and go away.
Unfortunately I know that nothing positive will result from this post as neither of them listen or care about other people's sanity/feelings.
Bizarrely I expect that I am more likely to have my post removed/get banned than the two afforementioned polluters.
GLA sane fellow Fronterians.
Chileone (and others):
This is the message from the company that Jim Slade kindly shared on 19 September:
"Thank you for your messages and my apologies for the delay in responding. We are indeed continuing to make progress. However, due to ongoing legal proceedings that are related to the continued progression of our interests that our board is advancing, we remain restricted in our ability to share details at the moment for confidentiality/strategic reasons.
Please rest assured that we will be in touch once we are able. In the meantime, thank you for your continued communications."
Forgive me please, but isn't this close to what you are asking for?
I find it frustrating that some on here are directing their understandable ire at Looed and others, and suggesting drastic action, when we had a message a few months ago which was pretty clear.
Now, especially given my vast investment, I am not going to defend Nicandros, as his lack of communication is unforgivable as we have all invested our hard earned in this company and deserve to be told what is going on. However their last communication, albeit by an in-appropriate channel, was clear and I think that we have no option, alas, but to continue to be patient. Despite that being so so so hard.
Just my opinion.
GLA
Off topic - sorry
But a wonderful win for the Georgian rugby team against my countrymen. Very well deserved.
The deadline they have again moved was for tomorrow. I am being naive (and overly optimistic) in concluding that neither side has any intention whatsoever in meeting this deadline as an agreement is afoot? This would also explain why the court has approved the delay, in order to allow all parties to complete the i dotting and t crossing.
Hope presumably has to defend this case so am not sure that interpreting his robust defence as a positive is appropriate, or am I missing something?
That's it mapp, just totally decimate a whole industry that would also kill off the horse racing industry as a consequence. What about all the lost jobs and consequent impact on families?
Either think before you come out with your looney ideas and/or please don't inflict them on the rest of us.
Anyway, like Vicar earlier, I am now being dragged into posting a non FRR post on this board.
Can you and Rainbow please just go away and post your nonsense somewhere else rather than inflict it on us all by posting it on the Frontera board?
Looed
Many thanks yet again for finding and sharing all these updates. Your ongoing work in this respect is a real lifeline to us long suffering shareholders and the words do not adequately reflect our appreciation for what you are doing: thank you.
I don't profess to understand all the legal jargon but what this seems to say to me is that the discovery deadline was today and the delay to this, and all the other deadlines, has been agreed.
If this interpretation is correct then why would they leave the postponement request until the very last minute. Is the now delayed discovery on both parties, or just Frontera. It seems odd to table such an amendment right at the last minute.... unless it's an action both parties are complicit in. Or have I read too much positivity into this? Can someone with legal knowledge please explain?
Good morning Looed
Thank you for raising the stat accounts statement point with Frontera; it will be interesting to see if they have anything to say on the matter ... and/or anything else!
Talking of contact, the last I believe we are aware of was to Jim Slade on 13 July, which he kindly shared with us here. That brief contact included the following: "We are currently in the process of continuing to advance constructive change at Frontera and will be communicating with you about the company's progress in the near future."
We are now over two months on from that ... I guess people's perception of what constitutes "near" future differ ...
The GOGC annual accounts for the year ended 31 December 2021 have finally been published on the GOGC website. These are relevant to our investment as they include an update on the recoverability of the monies that the GOGC claimed are owed to it by Frontera. My interpretation of this year's update isn't especially enlightening alas.
The relevant section is note 25b on pages 34/35. A quick scan reveals that the wording is precisely the same as in the 2020 accounts with the addition of two paragraphs as follows:
"On 13 January 2021 an order was made by the Grand Court of Cayman Island pursuant to which the
liquidation of Frontera has been brought under supervision of the Grand Cayman Court and the JVLs
were appointed as joint official liquidators of Frontera (JOL).
On 10 February 2021 JOL made a declaration of Frontera’s insolvency."
The rest of the wording in the note still states that the GOGC expects to recover the amount they claim is owing to them of 18,522,000 GEL (equivalent to c£5.74m) from Frontera. But then the addition of the paragraphs above are statements of facts which cloud the reader's interpretation of the matter.
These accounts are statutory and are audited by KPMG and, as such, this note has been independently verified and applies as at the date they were signed, which was 7 September 2022. As an accountant, my professional view of this is that the auditors are as confused as we are as to what the reality of the legal position is and so they have covered their backsides by on one hand saying the monies are recoverable (good news for us!), but on the other saying that the company has been liquidated (curtains for us!). Overall I think KPMG, as auditors, have bottled the issue.
It would be interesting to read other folks take on this please.
Impressive deduction Piscean :).
Good to hear from The Old Trout; hope you're keeping well and enjoy your last night of freedom tonight!
(I was TheSaintAlways on the ii board).
In answer to your question Rainbow, I suspect Zenon100's point is that GB News is recognised as a very right wing news outlet and therefore is unsurprising to come out with such a comment. It is challenging to find an unbiased news outlet these days but, if you do want one, maybe try Channel 4 ... well until they get privatised by our Government, which is intent on silencing any independent news outlets.
As regards the boring aspect of Zenon's post, well I am sure no one will argue that you are probably the best qualified poster on this board to judge a boring post when you see one :).
Rainbow: please elaborate on which big industry companies who have massive number of shares in FRR. Well you won't, because you can't, as there aren't any. (If there were, the investments would be disclosed in their statutory accounts and our sleuths would have discovered them). You have spouted this carp before and I pulled you up on it that time too. I have done it again as there may be innocent readers who might actually believe what you have written.
It would be good if you stuck to your nonsense posts rather than posting "good news" which is a blatant lie. Better still if you didn't post at all unless you have something meaningful to contribute.
Thank you Looed.
Just to put the record straight, I did not say that the group had failed. I stated that the path they had followed (in trying to get the Company to communicate properly and follow proper statutory process) had failed.
I am mindful of the huge amount of work that went into setting up the group and have met, and respect, Devonian Exile, who I met at one of the meetings in London.
You interpreted what I posted differently so I just want to make absolutely clear that it wasn't my intention to be in the slightest bit critical of the group. Quite the opposite actually.
Lady mapp: don't feel sorry for Andrew Bailey. He has more money than most of us will ever see. He has messed up managing the economy and is in favour of continually putting up interest rates as a sole measure to tackle inflation which will just make us all suffer even more hardship (although I suspect you may not have a mortgage!).
Apologies for a non FRR post but I couldn't let the "sorry for Andrew Bailey" go!
erazzel: we already have a shareholders' group who have repeatedly tried to contact the Company. The group was formed in an orderly way with members having to prove their shareholdings (I think; unless my memory is playing tricks again). They contacted the Company in a polite proper manner but were pretty roundly ignored (again please correct me if I am wrong). So this path has already been trodden and failed alas.
RichieR: my understanding of where we are is as follows; although I am happy to be corrected of course if I am incorrect!
The company is now delisted so the shares have no market for them to be traded in, so the only way any of us could currently buy or sell them would be in a private transaction, although that would be a risk as we have been kept completely in the dark by the company as to what is going on so have no idea what they could be worth.
At the point of delist there were 15.761billion shares issued of 17.25billion authorised.
They could have issued the difference in the meantime without telling us which would have further diluted our shareholdings, but they should not be able to issue shares beyond the authorised level without our approval.
There are a number of potential outcomes from here as I see it:
1. we never hear a dickie bird from them - this is unlikely and illegal as we are shareholders.
2. the company goes into administration or liquidation - we would be told this by the administrator or liquidator as appropriate and we would in all likelihood have all lost our investments.
3. the company continues to exist as a private company - this is what has happened to date and the company has seemingly abused requirements for agms and publicising statutory accounts along the way. If this continues we will remain in limbo until one of the other potential outcomes happens.
4. the company returns to market - this would require a complete u-turn in the way it is being currently run as there would be obligations to do the above requirements to satisfy the regulators but there would then be a marketplace for the shares and we could all sell, hold or buy more(!).
5. the company is sold/taken over, either fully or partially - if this happened we would get to vote on the proposal and receive the subsequent pay off if a majority voted in favour.
I cannot think of any other possible outcomes so if others know of any please do elaborate.
It's possible there is good reason for the company's on-going silence, although not being able to give us any update at all seems implausible. It would hopefully be inappropriate to write this off just yet as they are continuing to spend millions in legal costs.
Hope this helps...
GLA
Lady mapp: your devotion to the LSE board is undoubtedly "exceptional" although I am sure many of us prefer it wasn't.
Your contribution is not exceptional. Being kind, the best it could be regarded as is sweetly deranged, but completely irrelevant and a pollutant to the board, only rivaled by RainbowRider.
Keep smiling :).
Frustrating to see you guys having a run in over a misunderstanding. Given tsbs is such an honest long standing stalwart of this board and Looed has worked tirelessly on our behalf, I hope that you both get to share a conciliatory celebratory pint one day with me (my treat).