Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.
If there is an NDA in place, then we can assume that it also applies to SN and by implication to Looed as well.
March 14th!
So is our next “big moment” coming on March 12th? Is that how long we’re going to have to wait?
I’m sure I’m not the only one hoping that Looed’s present silence is because a deal is close……
Thanks Looed. It seems likely to me then that it was in Mourant’s interests and our interests to move YA out of the way by forcing the liquidation, knowing that we could then go back to Deloitte to offer a compromise deal. YA obviously wanted too big a chunk of the pie.
I certainly haven’t written this off yet and am hoping the company’s efforts and your efforts will ultimately prove to be rewarding for us all. Thanks for all your hard work.
Thanks Looed. I took your message yesterday as being a positive, and whilst we are still very much in the dark, we seem to be nearing some kind of resolution.
Can I just ask a question please? Now that Deloitte are in charge, do they have to listen to all creditors before making decisions, or can they effectively ignore YA now and move ahead with getting the best possible deal for all? I’m presuming it’s the 2nd option, but I honestly don’t know!
Cheers tsbs1
Tenners and Phil
As a shareholder I want to completely distance myself from what you doing. I believe it could be damaging to my interests and want no part of it. I will not debate this with you any further, so please do not reply.
Thank you Looed. Your continuing support is much appreciated. It’s good to know that the company is still on our side. I suppose we all want this to draw to a positive solution as quickly as possible, but in the meantime, once again, thank you.
i’d love to get some “dough” back here ****nal 😀
Well spotted Looed. “In a constructive manner” implies to me that they are making progress in their efforts 😀.
I’m really pleased they’re still talking to us via you.
Thanks again.
Thanks Looed. It’s good to hear news from the company again, even simply a reiteration of past statements.
Life
I should point out that if my thoughts are correct, there would be the added benefit of certain undesirables being prevented from owning shares in the new FRUS and therefore they would be excluded from benefits of a large shareholder payout. In addition, by disbanding FRC, all liabilities owed to creditors would be wiped out and the likes of YA etc who allegedly actively worked against the company would also lose out. Only genuine shareholders would benefit, allowing for those who have helped ensure our positive result to also be rewarded by reallocating Zaza’s shares to these people as appropriate. All conjecture on my part, but it makes sense to me.
The above all depends on at least 2 assumptions:
1 - the assets are indeed worth a lot of money
2 - we as shareholders have indeed been included in the restructuring of the company
Life
I doubt the liquidators will contact us, not because the shares are elsewhere, but because I suspect they don’t have to, until at least the company has officially, completely gone. We still are shareholders of FRC, but they are in all likelihood completely worthless and will soon be completely gone.
What we are all therefore praying for is that SN and co have done the honourable thing and have duplicated the FRC shareholder register into FRUS. This would be our second set of shares. These new FRUS shares hopefully will be in line for some kind of monetary value/payout, either as shares in a newly listed company, or as many of us are hoping, as a a result of FRUS selling the asset to the highest bidder.
Lifeishard
Re your question, we are hoping that SN has copied the share register to the new company (FRUS) owning the assets. This would mean that we effectively have shared in both: those in FRC now worthless and soon to be deleted from our accounts, the others hopefully worth a fortune in the new company.
As to how the asset has been moved, it seems likely to me that the MOU (outlined by Looed) assigned it to “our” version of FRUS and hence in its new updated form, it was never in FRC. Hence the liquidators will be unable to touch it as, in its new form, FRC never owned it.
Kenco/NJames and others
I don’t agree with your view, but I think the idea that we have loads of options if we suddenly act now is laughable. We have very limited options and those options have practically zero chance of getting our money back. The only thing we can realistically do is to sit back and wait, and hope that the company does indeed do the honourable thing and stands by its shareholders. They have spent a long time defending the assets and it implies to me that our shares should be worth considerably more than we paid.
A couple of days ago everyone was apparently reassured: today some are spooked. Time to sit back and let this play out: we’ve waited this long after all and it doesn’t seem that we will have to wait much longer.
But at the beginning of the month it had been much higher from memory, after the news of the super majors had been mentioned in an RNS….
The other thing I’ve thought about today since Looed’s post is the implication for our isa and pension accounts. Presumably the shares will be removed from my fund and shares (already moved by HL from my isa) and from my pension account, and be replaced by new shares outside of these wrappers. Likely to be liable for capital gains tax here in the uk? Possibly advantageous if you close to your lifetime pension allowance? Disadvantageous if you were hoping they’d be returned to your isa?
The FRC website is still live (and seemingly unchanged from its previous very brief state).
https://www.frontera-resources.com/
I wonder for how long it will still be there - who after all has paid for it? Maybe FRC, and therefore it’s now owned by the liquidators, or SN etc on a personal basis and probably likely to be updated at some point. I’ll keep looking 👀.
Thanks Looed. It is great to see them referencing shareholders and the FRR family. Still hopeful and positive 😀