15 Oct 2018 07:00
15 October 2018
Frontera Resources Corporation
("Frontera" or "the Company")
Cayman Grand Court Action
Frontera Resources Corporation (AIM: FRR), the European-focused oil and gas exploration and production company, provides the following update further to its announcement of 12 October 2018.
As previously advised, on 11 October 2018 the Company and its fully-owned subsidiary, Frontera International Corporation, filed an action in the Grand Court of the Cayman Islands ("the Action"). The Action has been filed with respect to Mr Stephen Hope and Outrider Master Fund, L.P.. It is the belief of the Company that Mr Hope is in breach of his fiduciary duties as director of the Company. These breaches include, inter alia, attempting to deprive the Company of assets for his own benefit and/or for the benefit of Outrider Master Fund, L.P., failing to act in the best interests of the Company and its shareholders, and failing to exercise independent judgement. The Action includes Outrider Master Fund, L.P. for conspiring with Mr Hope in relation to the above matters.
Frontera International Corporation also claims in the Action damages against Mr Hope and Outrider Master Fund, L.P. for seeking to procure a breach in relation to the loan notes issued by Frontera International Corporation to Outrider Master Fund L.P. in 2016 and due in 2020 (the "Notes").
Further, the Action states that the Company and Frontera International Corporation claim that Outrider Master Fund, L.P. has no entitlement to take any steps to enforce against security underlying the Notes and, as announced on 12 October 2018, the Grand Court of the Cayman Islands granted on October 11 2018 the Company's request for an injunction regarding the security confirming the Company's position.
The Company intends to continue to vigorously assert its rights and will provide further updates as they become available.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Frontera Resources | (713) 585- 3216 | ||
Zaza Mamulaishvili | |||
info@fronteraresources.com | |||
Cairn Financial Advisers LLP | +44 (0) 20 7213 0880 | ||
Jo Turner / Liam Murray
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WH Ireland Limited | +44 (0) 20 3411 1880 | ||
James Joyce / Chris Viggor
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Yellow Jersey | +44 (0) 203 735 8825 | ||
Tim Thompson | |||
Harriet Jackson | |||
Henry Wilkinson | |||