Frontera Resources Corporation Update Regarding Cayman Grand Court Action (3620L)

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RNS Number : 3620L

Frontera Resources Corporation

24 December 2018

24 December 2018

Frontera Resources Corporation

("Frontera" or "the Company")

Update Regarding 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 announcements of 12 October 2018, 15 October 2018 and 22 November 2018.

As previously announced, on 11 October 2018 Frontera Resources Corporation and its fully-owned subsidiary, Frontera International Corporation, (collectively, the "Company"), commenced an action (the "Action") in the Grand Court of the Cayman Islands (the "Grand Court") with respect to Mr Stephen Hope and Outrider Master Fund, L.P. ("OMF"). On the same date, the Court granted the Company's request for an injunction against Mr Hope and OMF restraining them from enforcing the security underlying the notes held by OMF.

On 19 November 2018, in accordance with applicable procedures, the Company filed with the Grand Court their Statement of Claim in the Action. In the Statement of Claim, the Company states that defendant Mr Hope is in breach of his fiduciary duties as a director of FRC and these breaches include, inter alia, attempting to deprive the Company of assets for his own benefit and/or for the benefit of OMF, failing to act in the best interests of the Company and its shareholders, failing to exercise independent judgement, and unlawful interference with the business of the Company. The Statement of Claim alleges that OMF conspired with Mr Hope in relation to the above matters. The Company claims damages against Mr Hope and OMF in the aggregate amount of US$56,287,800.

The Grand Court originally ordered that Mr Hope and OMF should file their defence to the Company's Statement of Claim by 18 December 2018, but this date has subsequently been extended to 28 December 2018.

On 18 December 2018, the Grand Court held a hearing regarding injunction granted on 11 October 2018 and, on 21 December 2018, ordered that it should be discharged, however the Company is going to appeal that decision with the appeals court. The Grand Court also ordered that the injunction should remain in force until the next hearing, which is to be listed in January 2019.

The Company intends to continue to vigorously assert its rights in the Action 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 
[e-mail] 
 
  Cairn Financial Advisers LLP   [phone] 
Jo Turner / Liam Murray 
WH Ireland Limited               [phone] 
James Joyce / Chris Viggor 
Yellow Jersey                    [phone] 
Tim Thompson 
Harriet Jackson 
Henry Wilkinson 
 
 

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December 24, 2018 02:00 ET (07:00 GMT)