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Unfortunately Bezzy, there are also many shareholders that are left bewildered and frustrated by this status quo.
Its not a difficult question is it?
Who are the shareholders of FRUS? SN, you, me? This is not sensitive information.
Looed...
"As Hope and other creditors have discovered to their cost and dismay, to date, FRUS has been ring-fenced and put out of reach.". What about us shareholders, are we in the group too?
looed, thank you and you are right us shareholders are way down on the list, but it must still be worth letting them know we exist.
there is another consideration that you may be overlooking. if sn has done our legs. it will be important that the liquidators have as much information as possible about what has happened with this company and the timeline of events.
sn will have to make a declaration of truth. if he has done something shady, he will not be putting that in his statement. there are some good super ****hs on here, who have a catalogue of information that will be useful to the liquidatiors. the report you mention will go the courts, and if there is wrong doing it will also be useful to the police too.
Has SN new venture FRUS LLC been sold off from the parent company structure. At what price? Has he done this under value, maybe a 200k etc. Would this then allow him and his new mates to carry on and sign a new deal with GG.
The old FRC (parent company), us shareholders and the debt is all wound up? No wonder he's staying quiet.
Phil, I think you're bang on. I would say that if we were genuinely in SN plans, he would have said something. Any respectable CEO would. He could have issued something last week to put all this conjecture to rest. But he hasn't, and its clear he has no intention to.
I am confident I will get a response from Deloitte. How useful it will be I don't know, but its worth telling them I put money into FRC and I'm here. It's also a shot at trying find out what's going on.
Other than that I have the 6 nations to help me pass the time.
Monti, thank you and a fair post. I am not naive that I invested in a junior AIM O&G company. And you are right it has been 5 years, but in those 5 years a lot has gone on. Not least in our personal lives, bewilderment, confusion, dare I say even bereavements etc. You outline in your post some of what's gone on yourself; rogue CEO who tried to fraud us and snatch the company from under our noses with a spurious $5m loan; a Board Director who was forcing us to default on his own debt etc. This is no foundation for trust.
Whilst every FRC was in play, I felt like we were in the game. This is no longer the case, SN has silently thrown it to the wall. The only true thing I'm certain of now if that a court of law has removed SN and his merry men from the board of control. Deloitte, a respectable global company are now in control of FRC, the last known place where I believe my investment was and they are contactable. With SN blanking shareholders, what else is one to do.
Let's not forget that whilst FRUS was under the control of FRC, there was confirmation of a commercial discovery and SN was only recently counter suing for Billions $$. How come FRC can no longer pay its debts? Something is not right, and these are important questions Deloitte need to answer. Particularly the recent mechanism of FRUS removal from under our feet. If that has been done correctly, great nothing to worry about. But if it has been done improperly, then Deloitte have responsibilities to report it back to the courts, inform creditors and members, and dare I say cooperate with law enforcement if there are criminal suspicions.
Lifeishard - I'll repeat, its nothing to do with Looed, I'm sure he/she is only sharing what they believe to be true. Unfortunately, I've never met Looed and I cannot verify the whispers for myself. If you can, good for you. The words need to come from SN himself to have any weight. But, there is a reason why he is blanking shareholders and will not respond to emails. He doesn't want to be associated to the whispers. Is this who we should trust! I now have to follow my own instinct, and that has been to reach out to Deloitte. They are a respectable company, and they will want to play with a straight bat.
Have a good weekend too.
Lifeishard, SN letting the parent company go to the wall in my mind is what has significantly changed my mind. This is the company where we put all our hard earned money, and where are investment sits. SN has not even taken the time to tell us it was being wound-up. Is this the actions of someone looking after shareholders? Any respectful company officer would offer up even the smallest explaination. But nothing. I know others hold onto hope SN will take care of us, but this is naive in my respectful opinion. It appears to me FRC has dodged creditors, failed to pay the bills, we've had attempts to steal the PSA and now a court of law has had enough. This is not ethical business, and it speaks volumes about the way the company has operated. Now, SN silence speaks volumes too. Do we not think the competition, whoever they are, do not know about FRUS. It was all in the arbitration. This silent strategy is aimed at shareholders. Is it because he doesn't want us to know that he has moved FRUS from under the control of the parent company? Is this that much different from what happened with Green Capital? If SN was a standup guy, we would here from him direct, like we did when he was taking our money. He could put our minds at rest with a short official statement. Simply put, I smell a rat and it's completely unethical. I now have no reason to trust him, and I believe we are being played (I sincerely hope I'm wrong). If SN really wanted to, he could reply to emails like any other professional and respectful company. But nothing. It leaves me with the hope of getting some straight answers out of Deloitte, and if I do I'll happily share the response. If there is nothing to see, fine. However, if they have acted in any way improper or done innocent shareholders over, then Deloitte are duty bound to report what they find to the courts and cooperate with the authorities. I know others hold a different view, which I equally respect. So please respect my views too.
Avi8r, take a breath, I meant the company.
Plaster, its nothing to do with Looed, I'm sure he/she is only sharing what they believe to be true. Unfortunatley, the ethical behaviour of this company is not what I expect. The fact Looed has had to support them as outlined, screams either incompetence or dishonesty in afraid. But we are where we are, and Im hoping Deloitte will fulfill their responsibilities as liquidators and be more transparent. If SN has done right or not by investors, the truth will out.
How easy would it be for them to put on the website or reply to shareholder emails saying "we are continuing to work on behalf of all shareholders' best interests as we work to bring Frontera back to business". It makes no sense that they won't!
Looed, thank you and its pleasing you shared both sides of the debate. Just one observation, there is no FRC board. The courts have removed SN, and it is Deloitte that control that company now. Unfortunately, the message doesn't change anything, but thank you anyway for trying.
I just have one very important question. How does anybody know that when SN has moved FRUS beyond the control of FRC (parent company now with Deloitte), he has also taken us shareholders with him?
Whenever FRC was in play we had a reason to believe. Has he now not just dumped us alongside the creditors. If he has disposed of FRUS to new private venture, at what price?
Njames, I think your summing up is close to my way of thinking and fear. I have just read back over the arbitration decision. It was made clear that FRUS is a subsidiary of FRC. FRC was the parent and 100% owner.
If SN has moved FRUS from under that structure, at what price, was it for fair value and to whom. Lets remeber that FRC raised $500m from investors, and they confirmed a commercial discovery we believe is worth Billions (3.5b claimed at arbitration).
It could easily be another land grab from SN and any new associates, who want to sail off into the sunset. Can we put our faith in someone who dodges creditors, and treats shareholders with such contempt. There is no guarantee he has taken us original investors with him. That would leave FRC (and the original shareholders) left in the old shell and dissolved.
This is why I think it's important to ask those now in charge of FRC, Deloitte. I know others disagree.
However, what has happened to our investment, and the ownership of FRUS. Asking what SN has done with our investment and ownership of FRUS is a legitimate question. Deloitte will have the answers in light of his radio silence.
Like I said earlier, investors will have to make their own decisions, and I completely respect that. We can be reasonably confident that SN has moved the asset into his new venture FRUS, but there are then two schools of thought. Firstly, those who claim to be in the know. They believe (or hope) SN has moved the assets and protected our interests by moving the share register across too (based on the purported unofficial commentary from the company).
Second, those like myself, that have seen no evidence that SN has secured the interests of shareholders from FRC (Caymen), which is currently going through liquidation. I have no reason to hold such blind faith, or any reason to trust SN. He could easily just have himself and the interests of a few selected others that have registered shares in the new FRUS. Whilst original shareholders interests get wound up by Deloitte.
If the company is happy to send messages out to a select few, why not just let us all know? So with respect, I dont trust these whispers or the encouragement to not reach out to Deloitte who are now in charge of the actual company where our investment was made. We having nothing to lose. Any window of registering our views and finding out what has happened to our investment (however small) is now closing. In light, of the radio silence, I feel its worth every genuine shareholder in the original FRC reaching out to Deloitte, but people will have to make their own mind up.
All the best.
Looed, rather than fear mongering, allow others, including myself to make up our own minds! Their is nothing wrong with contacting those now in charge of the company we invested in, and yes asking some difficult questions. I have personally already done so.
Respectfully, your call to do nothing, does not strike a cord with me. Thank you.
Good morning,
For those that want a DIRECT source of information as to whats happened with their investment in FRC (Caymen) currently being wound up. I have confirmation that the appointed liquidators are:
Mr. Grant Hiley and Mr. Michael Green of Deloitte & Touche LLC, PO Box 1787, Camana Bay, 60 Nexus Way, Grand Caymen, KY1-1109. Caymen Islands.
They can be contacted via the following link: https://www.deloitte.com/cbc/en/contact/contact-us.html?icid=bn_contact-us
Deloitte are a reputable and well respected company, who are now officially in charge of FRC (Caymen), the version of the company that was listed and traded on AIM. The last known place where our hard earned money was invested.
They should now have access to all the company information. If you have genuine questions or concerns as to how your interests were managed or put at risk by the way the company run its affairs, the conduct of the directors (working against our interests), the reason why the company was suddenly and workout notice delisted or what's actually happened to the assets and our beneficial interests in them (without consultation or information with members etc.). Deloitte are duty bound to investigate and report any wrongdoing.
Hopefully, as some would have us believe, this is now an empty shell and everything is rosy in the garden. However, this is second or even third hand whispers. Nothing official. I think people should follow their own instinct.
In light of no official comms. There is a collapsing timeframe to identify yourself and raise any concerns. As respected posters have retorted; genuine shareholders don't sit on your hands do something about it!
Please if anyone can share details of the whole Zaza carry on and the US court findings, it would be appreciated. Many thanks.
Looed, I've made it perfectly clear that I respect all your efforts and its NOT a criticism of you. Its about the company.
Please be assured I write my own emails to the company, but they DO NOT respond.
For me now, the company will either release something to reassure us , I personally will be sending letters to the Deloitte or whomever else is appointed and the courts.
I have nothing else to lose, and unfortunately I do not have your relationship with the company, and I don't personally know you.
Please therefore put yourself in my shoes.
What would happen if we don't register any interest in FRC Caymen, and after creditors have been satisfied there is a remaining value. Would this only be distributed to those that have registered their interests with the Liquidators.
My money is that SN and others will have their end covered. We have no reason to trust him or this status quo.