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#1

Just to ensure those who read both the main boards have it - I posted this on LSE today in response to various questions…

"I wasn’t going to post but decided in the end to update.

  • FSHG signed up members collectively have around 4.5 billion shares. Whether all actually feel “signed up” is probably debatable
  • We have tried 7 or 8 times - as recently as 11th September - to contact the company. We have not been successful.
  • We said all along we will only contact the 520 or shareholders on our database when we have tangible information. We don’t as yet
  • We have one or two lawyers in our midst who have offered advice and comment. The facts of life are that this is now a US HQ company, registered in the Caymans and operating in Georgia. London at this point has very little to do with it - no assets, no office and no resident directors.
  • Unlisted Companies registered in the Caymans have very few rules to comply with regarding shareholders. It is all on the web if you look for it
  • However the Articles/Memorandii do require shareholder approval if significant change to structure is required - eg to the
    authorised share capital. At some point there will have to be contact - most likely when the legal mud has cleared
  • Frontera is clearly still alive and kicking - somehow. If there is a potential “Resurgem” moment the general view of the FSHG team is to make sure we don’t jeopardise it

Back to my box"


#2

Excellent effort Devex whether it comes to something or nothing. I am sure your efforts a widely appreciated.


#3

Game over jerk offs.


#4

Premature boost11 you know it. More to it.


#5

ZiggyZag posted on LSE. Assume booster alluding to this. Premature to assume anything negative here given the twists and turns we are witnessing.
As expected from CaymansMon 22:24

Confirmation below from todays Caymans Gazette that DTI were successful in their request for court supervision

FRONTERA RESOURCES CAUCASUS CORPORATION
(In Official Liquidation)
(The “Company”)
Company Registration Number: 97554 TAKE NOTICE that by order of the Grand Court made on 12 September 2019, the liquidation of Frontera Resources Caucasus Corporation, registration number 97554, whose registered office is situated at FTI Consulting (Cayman) Ltd, Suite 3212, 53 Market Street, Camana Bay, PO Box 30613, Grand Cayman KY1-1203, Cayman Islands, was ordered to continue under the supervision of the Grand Court pursuant to section 124(1) of the Companies Law (2018
Revision).
AND FUTHER TAKE NOTICE that David
Griffin and Andrew Morrison of FTI Consulting (Cayman) Ltd, Suite 3212, 53 Market Street, Camana Bay, PO Box 30613, Grand Cayman KY1-1203, Cayman Islands, have been appointed as the Joint Official Liquidators of the Company.
AND NOTICE IS HEREBY GIVEN that creditors of the Company are to prove their debts or claims within 21 days of the publication of this notice and to establish any title they may have under the Companies Law by sending their names, addresses and the particulars of their debts or claims to the undersigned, or in default thereof they will be excluded from the benefit of any distribution made before such debts and/or claims are proved or from objecting to the distribution. Dated this 30 day of September 2019


#6

Just what do they think they’re going to liquidate? Booster may be premature, but this lot look like they’re having trouble getting it up…

This is the Caymans, not the Old Bailey. Next.


#7

Shocking to see so much ‘troll’ posting on FRR BBs over the past week, and even more difficult to explain when apparently some shorts may have been paid? So, what is the motivation for all these negative postings and personal attacks? I would be ‘dancing in the streets’ if my short was settled…definitely a cigar moment…

So, lets try to break this behavior down: Hyper trolling is continuing because there has been no break of news on the YA front - this may have caused a panic amongst the cabal. Instead, if the US$2.2m has been repaid, then this a big indicator of life. If this is the case, where did the money come from to pay YA? I don’t think the Directors would have stepped in given the courts cases personally against them, so the natural assumption is that money came from oil production from Taribani (?)

According to Zaza, he said in the Ukrainian article that FRR recorded a profit of US$1.2m in FY 2018 and this was based on 500,000 barrels of production, which roughly equates to around 1,370 bpd. Now if the daily production remained constant (i.e. @1,370pd) and you times this by 9 months of 2019 (or 180-days) and then times this by an average brent price of US$55, you get y-t-d revenues of US$13.5m [not bad at all]. This is more than ample to repay YA and at the same time pay for a few trips to the Georgian Winery or Ukraine.

We must also remember, that these co#k suckers that have been incessantly posting on FRR since the delisting and are also close to YA via TW [who is the Grand Master co#k sucker]. Had the YA loan not been repaid, we would have heard of this by now or [alternatively] the initiation of some legal action. The YA loan had to be repaid on the 1st July 2019.

So, the more the scum scream on BBs, the more reassured I feel.

Having said all that, we are not out of the woods [not by a long shot] but a successful conclusion to the Arbitration hearing this month, we may finally see the chink of light at the end of the tunnel [for me a successful conclusion will be the conversion of the PSA to a production license].

As usual, its JMO.


#8

Nice post, Symore (as usual) - but isn’t 6 months = c. 270 days?


#9

Could you point me to FRR’s accounts for year to Dec 31 2018 and interim accounts to June 30 2019 which indicate these levels of production and profits.
There is unfortunately for shareholders very substantial evidence,including that from court papers, that the company has been engaging in improper conduct & is financially insolvent.The company has of course failed to contact its shareholders since it was delisted for failing to meet AIM rules.It has even undermined shareholders rights by failing to maintain its share register.

Are you so “wet behind the ears” in your financial understanding to believe any honestly run company behaves in the the manner of Frontera.It and its directors are a shambles & a disgrace and probably much,much worse.


#10

I stand corrected qed123.

9months x 30 days = 270 days x 1,370 barrels per day x US50 POO (to be even more conservative) = US$18.5M in revenues (not profits).

TX2 - you are quite correct that shareholders should be given access to the YE2018 audited accounts and H1 to 30th June 2019, which should have been released [latest] by 30/09/2019. But there may be some good reasons why this has not been done [ongoing litigation?].

However if any one official from FRR or Flagstaff is reading this post, please do oblige us with some summary financial info - it may bring some closure [either to the holders or to the shorters]. Anyway in the absence of this financial info, the next best thing we can do is take CEO’s publically stated comments for basing some very high-level numbers.

As far as improper conduct and financially insolvent accusations go, you could easily level these to a number of larger corporates such as Thomas Cook, Debenhams etc. On the insolvency side, there are a dime a dozen companies that are managing their liquidity/solvency in a similar manner [FRR are not an exception perhaps the normal for a similar sized PLC on AIM].

Now, if you don’t mind answering a question of mine, what’s your interest in FRR [and plz don’t say you are a shareholder because you never have been]. You may say that you are an armchair pundit just watching things unfold in which case you can take your opinion to TWat and crew.


#11

Spot on SB. Have to say that if I were involved in multiple litigations the last thing I’d want to do is give the other side access to any of the detailed information that would be available in company accounts. Besides, they would clearly be unable to make a ‘going concern’ statement with the litigation ongoing so there is no point.

The continued involvement and hyper activity of the trolls never ceases to amaze me. If they’ve been paid out they should be laughing all the way to the bank and never look back, the same as any investor would when one of his/her investments has been subject to a takeover bid at a substantial premium. There is clearly some hidden agenda here or they are just very sick and twisted individuals who take delight in other people’s misery.
ATB,
Tot


#12

There are no good reasons for FRR and its directors conduct only bad ones!Let’s not beat about the bush the company is a sordid fraud.Sure not everything is a fraud in addition it has squandered $100’s million of shareholders money since the early 2000’s on totally futile operations in many locations badly executed & managed!Don’t the alarm bells ring a tiny bit when after all these years & money it is only producing a couple of hundred of boepd that does not even cover its basic running costs let alone new exploration very litlle more I think than the soviet wells were producing in Georgia at the start.Forget ZMs recent deceptions!The recent accounts & production claimed figures don’t exist…

Of course I am not a shareholder,as a serial investor in small listed & unlisted small companies I have made a few poor investments,thankfully many more good ones, but even I am not daft enough to “invest” in a Cayman Islands outfit that has a record of failure dating back years.Note NEVER buy shares in companies listed in Cayman or BVI.YOU HAVE NO RIGHTS as you have now found out.
I know FRR was originally legally based/incorporated in Houston USA.But if this company and its directors were even of the slightest competence it could have listed in USA not on the AIM market.
Above all do not put more than a tiny part of your capital in each company and learn from your mistakes.

I am glad to see Devex has now produced one correct fact in his posts namely “I have not heard from Frontera” every other post he and fellow rampers of this dire outfit has turned out to be false!


#13

TX2, if you are not an FRR share holder, why are you so interested? and so totally full of s**t?


#14

Zara claims 200 staff working for FRR!!!
Let us ignore that is true or false
There must be some Georgians on this B/B
Can Approach the staff for some light?


#15

Whilst on the subject of Employee numbers , Visit the Frontera Resources LinkedIn “page”
It states 201 - 500 employees
With 49 employees on LinkedIn

One employee that stands out for me is :

Mehmet Yukler ( senior VP )
Apparently this chap is the father of quantitative basin modelling.

Google Mehmet Yukler and read his cv ! Quite impressive.

49 Genuine Frontera Resources Employees on LinkedIn working in IT, Geology, logistics etc

This looks and feels like a company, which is very much alive , thriving and growing.


#16

. . .and treating its bonafide shareholders as peasants!

Throw us one of SB’s bones please Zaza

Yawn


#17

Funny that the above was posted by Greyhorse and 24 hrs later we get Hullcity on LSE stating he’s been corresponding with disgruntled ex Frr employees, tactics perhaps still at play here…of what type I’m baffled


#18

He spells it Grayhorse, chilternsmtb
Maybe he’s a yank
Perhaps it’s a color thing
Talking of yanks. I wonder if we come out of this a US company, a Cayman company or something else?!


#19

As long as we come out as a viable company and the shareholders aren’t part of the Liquidated company