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For sure with FRC Caymen; but surely FRUS can if that is where our interests lie.
Avi8r, be assured I'm shooting no messenger. This is not about Looed, I too am grateful for all his support. But it's purely guesswork to suggest the information being passed through these channels is anything accurate or reliable.
Shareholders should not be in the position like this, and a simple official comms message from the company to say we still exist is not sensitive. We are not asking for a grand plan, just confirmation that our shares have been transfered into the new entity. Why would that be a secret.
To suggest genuine shareholders are somehow at fault, doesn't make sense. We shouldn't have to "make some noise". I can't help think we are all, you, me, looed and everyone else continue to be hoodwinked.
If we don't hear anything from the company once it's officially put in the gazette, then I don't think we have a choice but to raise serious concerns with the Liquidators and the Courts.
Looed, rest assured I am not a keyboard warrior and I have already written to the company, but they DO NOT respond. Surely, you are not advocating we do nothing.
Can I respectfully ask, why are you in such a privilege position? Why do you receive communications from the company and have such faith in what is being said to you?
Many thanks in advance.
Looed, I've actually been very polite to you and I do not understand why you would take that tone. I have spent years researching this company and made meaningful and positive contributions to this board. Surely, you can see the present position in indefensible?
Looed, thank you. I know you understand genuine shareholders frustrations on here. If there is a grand plan, and you are not being strung along like all us other mushrooms, perhaps now is the time for the company to provide some evidence of how our beneficial interests are being taken care of.
The company has raised $500m USD mainly from retail shareholders that they used which to secure ownership of assets in Georgian, Moldova and Ukraine. We were also informed there was millions owed to FRC from the Georgian government in tax relief.
That company is now sinking, and it is not ethical for SN not to say anything. It certainly does not breed trust, with the people he took their life savings from. The only conclusion I can reached so far, is that any lies and diversion by any director, has been done to mislead creditors and shareholders. There has already been adverse findings with ZM in the courts.
Dishonestly putting peoples money at risk to enrich themselves is fraud. Running a company is this way may amount to fraudulent trading or even worse bribery and corruption.
The bottom line from genuine shareholders point of view is what are they nowmeant to think with this radio silence? We have no idea how the assets have been moved without a vote or how our interests continue to be protected by the person who we think is now responsible - SN.
It is not good enough, and shareholders would be naive to sit on their hands now. I'm sure Deloitte or whoever is the liquidator will do a professional job. But we now have the right, in the lack of any communication to make a noise about the situation and report any serious concerns of wrongdoing to the Liquidators, the Court and the Authorities.
Perhaps the company or whomever you have a line of communication may want to think about this. Deloitte are a reputable company, and I do think SN is trying to maintain positive relationships with the great and good in the US. Do we really need to be forced to take the kind of action. Any court, authority or ethical business would recognise their responsibility to shareholders too. After all, they appear willing to speak to your good self!
Looed, thank you. I will take a look at the new act.
Do we know who the liquidators are?
The bottom line is how can anyone trust SN and this radio silence strategy. FRR has a history of being economic with the truth and that's been polite.
The only positive from moving from the caymans to the US based company, is better governance. If there has been wrong doing by an American entity in ripping off shareholders, then that leaves better opportunities to report it to the authorities I would assume. Let's not forget that they have raised circa $500 million USD from investors, and therefore you can't just walk off with the assets amd transfer them away from investors. I would imagine that adds up to a significant amount of jail time.
Lifeishard.
That's my understanding. If the liquidators say we are no longer shareholders, then at least we can be a bit more confident that we have been moved elsewhere.
It seems to me that the appointed liquidators have a duty to communicate with shareholders who have voting rights. Would writing to them not put them under pressure to confirm or deny our position and stop this purgatory silence?
Section 115. Meetings to ascertain wishes of creditors or contributories.
(1) The Court shall, as to all matters relating to the winding up, have regard to wishes of the creditors or contributories and for that purpose it may direct reports to be prepared by the official liquidator and meetings of creditors or contributories to be summoned.
(2) If it considers it necessary to do so, the Court may direct that separate meetings be held of different classes of creditors or contributories.
(3) Subject to Rules made under section 155, meetings may be requisitioned by creditors, if the company is insolvent, or by contributories if the company is solvent.
(4) The votes of creditors and contributories shall be counted by reference to — (a) the value of their debts, in the case of creditors; (b) the number of votes, in the case of contributories whose shares carry voting rights under the articles of association of the company; and (c) the par value of all the shares held, in the case of contributories whose shares do not carry votes under the articles of association of the company and, where there are no par value shares, the net asset value of the company shown.
Interestingly there is also obligations in respect of companies that have disposed of assets or traded fraudulently. Section 134. Fraud, etc. in anticipation of winding up.
(1) Where a company is ordered to be wound up by the Court, or passes a resolution for voluntary winding up, any person, who is or was an officer, professional service provider, voluntary liquidator or controller of the company and who, within the twelve months immediately preceding the commencement of the winding up, has —
(a) concealed any part of the company’s property...
(b) removed any part of the company’s property...
(c) concealed, destroyed, mutilated or falsified any documents affecting or relating to the company’s property or affairs;
(d) made any false entry in any documents affecting or relating to the company’s property or affairs; (e) parted with, altered or made any omission in any document affecting or relating to the company’s property or affairs.. etc.with intent to defraud the company’s creditors or contributories commits an offence and is liable on conviction to a fine and to imprisonment for five years.
Section 147.
(1) If in the course of the winding up of a company it appears that any business of the company has been carried on with intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose the liquidator may apply.
It really would help if we had some form of official communication. Otherwise, I think innocent shareholders should not sit on their hands.
The Cayman Islands Companies Law (2018 Revision) establishes the legal framework for company operations and dissolution. Concerning the duty of liquidators to communicate with shareholders, the law emphasizes transparency. Liquidators are obliged to keep shareholders informed about the liquidation process, financial status, and any significant developments. This communication ensures that shareholders are well-informed and have the opportunity to participate in decision-making aspects of the liquidation, promoting fairness and accountability in the winding-up process.
Good morning, whilst SN present strategy is to be silent and this keeps us shareholders in the dark and not knowing where we stand. Has anyone been able to confirm who the Caymen liquidators are. Surely, the appointed liquidators have rules to follow and will be duty bound to communicate with any concerned shareholders that reach out to them. They will be mindful of there own reputations and hopefully do things by the book, and this surely cannot harm any current strategy, if the FRC in Caymen has now been abandoned by SN.
From a shareholders perspective, there is now nothing to lose. If we do not get any official confirmation re: the share register being adopted into the new company, then we have to assume we will go down with the ship and any window of opportunity is vanishing. What we will need is our own Alan Bates!
If Looed is unable to confirm the shareholding had been moved, and we are going down with the FRC ship, we should still have rights with any appointmented liquidators.
A right to be informed about the liquidation process, including the reasons for winding up, the appointment of liquidators, and the progress of the liquidation. May be a vote on key decisions during the liquidation process, such as the appointment of liquidators or the approval of a liquidation plan, and we should be entitled to a portion of the remaining assets after all creditors and other obligations have been satisfied etc.
If they're is wrongdoing on behalf of SN or the newly formed USA entity, like stealing the asset and defrauding shareholders, then that will come under American laws.
We will need to make some noise, very loudly!
Looed, thank you for everything and let's hope the company comfirm the shareholder registry had been moved into the American based FRUS LLC.
Importantly, doesnt the block licence need to be held in a Georgia based subsidiary, what is that company called. For some reason I was under the impression that too was called FRUS LLC.
Confused? Can anyone clarify, as companies in USA and Georgia should be public record.
I hope all us shareholders get a good ending to this sorry saga. However, it must be recognised that at the moment all that hope is pinned to snippets of second hand information and supposition. The company has done nothing to earn our trust, and who's to say we are still not being led down the garden path.
The only potential comfort that we cling on to, is the glimmer of hope stemming from the extention of this saga. The idea that there must be something, which is worth the effort of all these court cases. Fingers crossed there is, and that they delivery it.
I think it's about ethical organisational behaviour. Considering the past activity of those in charge at Frontera, they have the responsibility to lead the way. They have had an opportunity to rebuild trust with shareholders and they have not taken it.
Good morning all.
Looed, I really enjoy reading your posts in the shadows, and like everyone I am very grateful for all your research and communication on behalf of us genuine shareholders.
It would be amazing, if it was funny and it is not. If the company after deliberately employing a zero comms and zero information strategy, were surprised or complained when genuine shareholders try and fill the blanks. That is no way to carry on a business, and cannot be justified even in these circumstances. An annual update confirming they are still there and acting on behalf of our interests would be suffice. But nothing, no acknowledgment whatsoever.
Equally, considering all the past actions and inaction of those at the helm, where is the justification of that legislatory tone towards people who feel genuinely cheated, and many of whom feel the company has acted either neglectfully or deliberately, risking their investment and potentially their life savings. Its a bit rich!
Whilst I have no element of doubt about Looeds genuine intention to keep us shareholders updated with news that he is being fed (thank you again), it is ultimately second hand information, which none of us know, not even Looed, what is true and what is not. The company has taken not a single step to rebuild trust with us shareholders, not a single message. Blimey, they even struggle to get the admin right with the company registration.
It may be better that if people have any information good or bad, keep it close to your chest as it maybe useful. I recall this company has purported to have invested 500 million dollars in exploring block 12, most of which will has been raised from investors. They could be walking a very fine legislatory line themselves, with their past or current actions, I'm sure people in this group may agree with. Perhaps, if the company does read this board, they might consider us shareholders and do the right thing by communicating directly.
My understanding is that GOGC are the PSA partners, and their website no longer appears to mention any Frontera entity and its not clear with PSA company relates to each individual block.
Good morning, not sure if this has been discussed before, but I've noticed that "Frontera Eastern Georgia" has been removed as a oil production sharing contact partner on the GOGC website. No mention of any Frontera entity that I can see.
".... As of today, 24 Production Sharing Contracts are concluded between the Georgian State and investor companies and apart from GOGC, 7 oil companies are operating under these Contracts: "Norio Operating Company", "Block Operating Company", "Kura Basin Operating Company", "NVP Georgia", "West Gulf Petroleum Engineering", "Georgia Coalition Energy Limited", "OMV Petrom"...."
Not sure when this happened, but who now has the Block 12 PSA - things are less than clear.
I have invested and watched this share for years; it has been a baptism of fire into small stock investing and I don't regret a minute. I'm not educated in world affairs or stocks, but for me I don't think FRR will relist. Too much bad feeling and baggage.
I think it is now a binary play. We have either discovered a mammoth gas field (I believe we have) AND we can come through the storm of Zaza, external influences and just pure corruption to steal it away. Allowing us investors to sell the golden opportunity for Georgia to become energy independent and play their part alongside Azerbaijan in supplying gas to the EU. Or the opportunity and time has passed us by.
For sure if Georgia wants to be truly aligned with the West, EU and US interests, then there can be no better opportunity than now if they are sat on such an energy resource. I think all along in country security is what needs to be balanced here, alongside our control of the license and field data.
One thing is for sure, we are spectators and it is out of our control. Just maybe things across the whole region are coming to a head, wishfully thinking in our favour.