RE: Appeal against the T.I.12 Aug 2021 00:19
In the Financing Update RNS of 12th Dec 2018 it said
……The company is pleased to announce that on 11 December 2018 it signed a term sheet (the "Term Sheet") with a New York, U.S.A.-based fund seeking to secure a loan of up to $60,000,000 (the "Transaction"). The Term Sheet is not a commitment letter, nor a commitment to providing financing to the Company…..
It finished by saying …
……The loan would be secured with a first lien on the Company's Georgia assets or a pledge of shares of the Company subsidiary that holds such assets, subject to definitive agreements……
Now we have these latest court docs which say
….The Green Capital Contract
On April 25, 2018, shortly after the Georgian government initiated the international arbitration and at a time when FRGC was in desperate need of capital to try to actively develop the area covered by the PSC and avoid its forfeiture under the government’s claim, FRGC entered into a Forward Sale and Purchase Contract (the “Forward Sale Contract”) with Green Capital. See PX 7 at 1. Green Capital initially pre-paid $2.8 million under the Forward Sale Contract, but the contract was amended on October 19, 2018, to increase Green Capital’s pre-payment to $10 million. See id. § 8.3, Addendum #2 § 1. The October 2018 amendment also granted Green Capital a security interest in
FRGC’s assets……
If I am understanding correctly we announce term sheets with the NY folk that if formalised would give the assets as security when 2 months earlier we had already signed them up to Green as security , or am I reading it wrong .
But most importantly I cannot see any RNS announcing the security being given to Green Cap , as now detailed in the court docs , that happened two months before we suspended .
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