Frontera Share Discussion Threads

[thefozzer] 16/10/2018 10:03

Exxon (for example) wont be going anywhere. The Super majors want in.

[contra] 16/10/2018 09:59

Just a quick look in here to see how the shorters are bearing up under the increasing strain they must be under.

The deliberate distortion and the opinionated ignorance they are displaying shows increasing desperation.

[wshak] 16/10/2018 09:54

thefozzer,

Of course I know the history between Outrider and FRR. I pointed out yesterday how FRR had said exactly the same type thing back in July 2016, claiming that they could wriggle out of their $30m debt, only to completely cave in some time later, giving Outrider new notes AND security over the company's Georgian assets.

FRR chest beating here:



FRR humiliation here:



Of course, it'll be different this time as Zaza looked very confident at an unregulated investor meeting. You had to be there to see it ...

[loglorry1] 16/10/2018 09:51

@fozzy you live in a very strange world. There is no doubt YA have put FRR in default. FRR have said so. They've said they disagree but so what? Obviously they'd say that.

I've never seen a senior secured loan note without a cross default and acceleration clause. It's very very likely to be there.

FRR saying they disagree again with Hope! Again so what?

This is not a case where a judge looks at people's characters. It's just simple hard facts that count. If you don't pay then you are screwed. They haven't paid!

I think there's a very strong chance that we are days away from Outrider getting security over all FRRs assets.

I expect even after that you'll argue things will be ok as FRR will be able to somehow win them back.

[mick1909] 16/10/2018 09:50

Did you look into your accountants eyes when he said you dont have to pay tax??

[thefozzer] 16/10/2018 09:48

Shak,

Of course Mr Hope is after his $30m and whatever else he can get. If you have done your research you'll know what he tried to do with FRR in years gone by.

Anyway, it's down to the lawyers now.

[wshak] 16/10/2018 09:41

thefozzer,

Outrider's $30m junk debt is worth nothing like $30m in cash, mas the debtor has no means to pay - that's why they were given an extension for so many years, with security of assets thrown in. Hope is not risking $30m - he is trying to recover what he can from the loan.

Perhaps Zaza needs to look into his eyes and murmur a few soft words?

That should do the trick ...

[thefozzer] 16/10/2018 09:40

Brent,

What an earth are you on about? The 2nd RNS was an update ref Mr Hope and his activities.

No need to look for conspiracy theories, it's clear to the market what the situation is. It's a lot of uncertainty. It's your best bet if you're short although the market does seem unfazed by all this. I guess it's because it lends more weight to the view that Frontera is actually potentially substantially undervalued.

What's your handle on Share Prophets Easy?

[thefozzer] 16/10/2018 09:29

Shak,

FRR is running on Fumes as the T wells have not been put into production due to the interest from the super majors whom have been testing them.

Ref the GOGC and YA, well the super major knew about these two entities when taking an interest so this will not stop a FO/JV between FRR and the Super Major.

With reference to outrider, there is uncertainty for sure and it's now down to the courts to resolve. If the issue can be resolved quickly then I can't see it delaying or stopping the super major deal. Mr Hope is taking a massive risk with his $30m as if his actions caused FRR any kind of loss then you can expect FRR to go after Outrider. I agree that Outrider is now the bears best chance.


With respect, I'll pass on taking your financial advice as your track record is a bit of a mixed bag to say the least.

Cheers

[easybrent] 16/10/2018 09:26

- Frontera Resources came with a very important update on the 12 Oct, the company is in a dispute with its largest lender Outrider over the 2020 Notes and because of this dispute FRR requested an injunction over the security underlying the note.
- Frontera came with a further update on the issue yesterday, probably because the AIM regulator or some other regulatory body complained that the 12 Oct RNS lacked details and transparency.
- Frontera management is doing something very odd in yesterday update, they are changing the wording around the injunction which is very odd as its material information. Int eh 12 Oct RN they wrote “injunction regarding the security underlying the notes pending the outcome of the dispute” this is a very normal procedure that the borrower asks the court for an injunction so the lender cant take control of certain asset before the dispute is coming to and end. The Cayman court also granted this injunction the same day which shows that its most likely an interim-injunction (Frontera failed to inform the market in the RNS what sort inju8ction they have requested and been granted).
- In the 15 Oct RNS Frontera is suddenly writing “injunction regarding the security confirming the Company’s position”, this line has a whole other meaning and I doubt its true, it would be very rare if the court could approve an injunction confirming the Company’s position the same day. If the injunction is an interim at the 12 Oct RNS pointing towards the court has not confirmed Frontera’s position only confirmed that the court want a legal ending to the dispute before Outrider could take control of certain assets.
- Its very surprising that Frontera NOMAD can let the company send out these RNS with significant inconsistence.


12 Oct RNS
“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 in relation to the loan notes issued by Frontera International Corporation to Outrider Master Fund L.P. in 2016 and due in 2020. On the same date, the Court granted the Company's request for an injunction regarding the security underlying the notes pending the outcome of the dispute. The Company intends to vigorously assert its rights. The Company will provide further updates as they become available.”

15 Oct RNS
“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.”

[fulhamjohn] 16/10/2018 09:16

WShat

Just been looking at your accounts, etc. (By the way there is a glaring error in your last updated Confirmation Statement but I'm sure your accountant told you not to worry about it!)

I'm a Chartered Accountant myself so I've drafted you an updated tax note to pass to your accountants, Adams Moorhouse. Let me know what they think.


Taxation
--------

Taxation for the year comprises current and deferred tax. tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity OR WHERE I CAN GET MY ACCOUNTANT TO TELL ME NOT TO BOTHER DECLARING IT.

Current or deferred taxation assets and liabilities are not discounted

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date EXCEPT WHERE I DON'T WANT TO BOTHER WITH THE LAW AND JUST AVOID DECLARING IT.

I think it's quite snappy and will cover both the accountants and yourself in the event that you "forget" to declare any more income or gains.

I won't charge you a consultancy fee for this - although you'll probably still claim it on you tax return anyway

Cheers

FJ

[wshak] 16/10/2018 09:05

thefozzer,

You may be better off looking at the history of what I wrote on company's like AFR and PCI and what happened in the end.

You (finally) acknowledge that FRR is running on fumes, yet they have creditors demanding immediate payment of $30m+.

Assuming you are correct and FRR see off those beastly chaps short term at Outrider, how open do you think think they will be to extending the maturity date again when it becomes due?

Apart from anything else, there is simply no way ANYONE would farm-in to FRR's acreage when there is so much doubt over title.

Despite the fact that the share price is only modestly down (25% from the post Zaza Love-In), the company is in serious trouble as chickens are coming home to roost.

Is there ANY third party that they have dealt with that isn't taking them to court?

[mick1909] 16/10/2018 09:01

So would he only have to paid 20% if done legally? As by going thtough the courts he could have ended up paying 70% but ended up paying 30% of £150k profit from sale of 2 flats

[fulhamjohn] 16/10/2018 08:57

WShat

Straight question - do you still have the same accountant who either:

a) incompetently cost you a big tax fine; or
b) lied through his teeth to avoid you getting an even bigger tax fine

I presume (a) was what you will claim happened (although the Courts belived it was (b)) so surely you sacked him?

I think the readers deserve to know

FJ

[fulhamjohn] 16/10/2018 08:54

WShak
16 Oct '18 - 08:28 - 21511 of 21513
0 1 0
If YA are shown to have done something wrong, any award would be made through the courts.

No-one can simply remove the debt, which is a completely different matter.
_____________________________________________________________________________

WShat your grasp of what is legal and what isn't has been shown to be minimal in your tax matters. Why would anyone believe you know more in this case?

Who told you the above anyway? Your accountant? LMFAO

FJ

[mick1909] 16/10/2018 08:36

Well frr have its like you decided not to pay your taxes then the court said hang on a minute yes you do and made you pay 30% instead of 70%So the court might say YA you were naked shorting so frr are only liable to pay 50% back

[wshak] 16/10/2018 08:28

If YA are shown to have done something wrong, any award would be made through the courts.No-one can simply remove the debt, which is a completely different matter.

[mick1909] 16/10/2018 08:25

It doesn't but if naked shorting is proved then frr will fight to have the debt removed

[wshak] 16/10/2018 08:22

Why would meeting debt obligations stop FRR from investigating anyone?

[mick1909] 16/10/2018 08:19

Because they want them investigated

[loglorry1] 16/10/2018 08:18

Frr can pay YA off from oil proceeds from t39 see message below
-------

But if that was true why haven't they?