Member Info for WHamBoy

Ziggy - just reread your 2nd post and now realise that we, at least, are in agreement on this "order". Hopefully it was agreed between FRR and Hope as well! Good night.

Ziggy - the word "order" in this context does not mean that FRR and Hope we're forced into ADR. Your own post stated the following:
"(2) Selection by Stipulation or Order. If the parties agree to a particular ADR process at the case management conference and the assigned Judge approves, the Judge will issue an order referring the case to that process. Alternatively, even if the parties do not agree, the Judge may issue an order referring the case to ENE, Mediation, or a Settlement Conference."

Agreed its not quite the OOCS that many had hoped for, and yet, taken in combination with the other FRR doc seen today, definitely a step in the right direction. We now have increased oil/gas reserves stated on an official FRR document, and an agreed ADR process for the fiduciary case, a process in which Hope had previously refused to participate (we already knew that FRR wanted to explore ADR). Altogether therefore I am a little more positive today than I was before. Likewise, all those shorters will be a little less confident of their future financial health. Ok, so the roller-coaster ride that is FRR continues, but maybe, just maybe, this is nearing its conclusion. I know it says 120 days for ADR, and a court date for July 2020, but I suspect this will be declared one way or the other a long time before then. GLA

Free - what you've said makes sense. Hope could have gone to court at any point. Knowing money has always been tight in the FRR camp, he has chosen to press home his claim for either the shares or full payment of monies owed to him, at the time when he thinks FRR are least able to come up with the cash. StarRage kept going on about this being either cash or shares, but in my opinion, Hope never wanted the money, as he knew that the shares were far more valuable. Once the asset was moved out of reach (if indeed it has been successfully moved), he could have gone to court at any point. As FreeatLast pointed out, Hope chose to go to court at the point when the YA payment had been made, when Zaza and SN are least able to pay up on time and Hope is therefore most likely to get the shares that he now wants. Bad for Zaza/SN if Hope pulls it off, but seemingly good for all us other shareholders as it tells us that our shares are still worth something. GLA

I agree with others that the events of the last couple of days have left us all very confused and at this stage, I think any guesses as to what is really going on is just that: a guess. For one thing we are always behind the curve in terms of the timing of our information. Today’s docs from Sycric were from May and June and tomorrow brings us the start of August, so a lot has happened since then. And since then we have had news of Zaza and SN in Ukraine, media reports that defy belief as to the size of the Georgian assets, Hope suing Zaza and SN for half a billion shares and the DOS being called into question in the Caymans. Where this will end I just don’t know. Richie Rich or P*ss Poor? What I do take comfort from is that the shares were significantly valuable enough for Hope to sue Zaza and SN in order to get some of them. I just don’t think he would do that if they were likely to have no future value. I think he knows Zaza/SN can’t pay at the moment and wants the courts to order them to pay in shares before it’s too late and they can finally pay in cash. I hope it’s his last desperate fling of the dice to get more from his time in FRR, than his loan notes would otherwise generate. GLA

Perhaps that’s why they said no! :)

TSBS
The “Georgia has 50% bit” refers to the licence, where we get 50% if the proceeds of any sales and the Georgians also get 50%.

Just spotted the dates - the large letter was in May, giving us 30 days. The other two are June, which is in-line with the 30 day limit, but which also seem to say no to the transfer. We then had 30 more days to appeal, which takes us to mid July.

Probably is a typo as it’s Frontera everywhere else in the document.

So am I right (after a very quick read) to say that the Georgian authorities have looked at our request to transfer the assets but have said no at this stage, citing lack of documentation, but have given us 30 days to put it right? Or is that way off the mark and I need to go to law school ASAP?

Sycric - could you interpret what you think these docs mean (for the rest of us who don’t look at company docs that often). Thanks

The rollercoaster ride continues....

Was this prompted by our inability to pay our lawyers bill?

Is it one step forward and two steps back, or vice-versa, who knows? One concern that I have is that all this running round in Ukraine is them trying to salvage something of the company, having lost much if not all of the Georgian assists already. It would be a shame if that were true, given the size of what we think is there. That said, perhaps we are about to learn of some very good news. Time will tell.

The website says 12.7 tcf with only 9 tcf recoverable. We had our own assessment of 202 tcf, but this discussion has come about as a result of the media article that claimed 30 million trillion cubic metres.

We also used to have a disparity between the 202 tcf of gas that we claimed and a much smaller amount that is stated on the website (12.7 tcf). Now we are claiming over 30 trillion cubic metres, which I reckon is over 1000 tcf. Someone check my maths please as surely this can’t be right!

For the record, I filtered StarRage last night, not because of what he was saying regarding the DOS etc, but for the arrogance he spouted in every post. Life is too short: we may come good, things may go badly, but either way I decided that I didn’t want to read his posts any more.

That’s a bit harsh Minden. Whether you agree with Gipps51 or not, he is entitled to say that he thinks this will turn good. Personally I wish I wasn’t so exposed, as if it does go bad I will lose a lot of money. On the other hand, I can understand why some (including myself) think this will eventually come good.

Just spent the last 20 mins checking my sums again and again, and they are right. The implied value per FRR share is greater than 0.4 pence each, based on Hope's willingness to swap his proportion of FRR for the 2 million pounds he is owed. (As these sums initially times by the total number of shares only to later divide by this same number, it really doesn't matter how many shares there are when calculating an implied value per share - the total value of the company changes, but not the implied value given to each individual share).

My apologies - I couldn't find the total on the LSE website. The total value still works out the same, as below:
When we delisted, according to TSBS, there were about 16 billion shares, at 0.3 pence each. I reckon that's about 48 million pounds in value for FRR. If I'm right in saying that Hope wants the shares because they are worth more than the 2 million pounds that he is owed, his half a billion shares would be approximately 1/32th of the whole company, implying that he believes that the company's present value is greater than 64 million pounds (and presumably much greater given the fact that he is willing to go to the hassle of going to court for it). Assuming the lower bound of this value, 64 million pounds divided by 16 billion shares suggests that the present value of our FRR shares must be at least equal to 0.4 pence each and potentially far greater than that.
It was because I knew the total value for FRR worked out the same no matter how many shares were in circulation that I was happy to post the sums anyway. It is good to have it based on the right numbers. Many thanks (and I hope this now right!). By the way, my average price per share was 0.37, so it suggests a small profit may be coming my way.