Frontera Resources Corp Live Discussion

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the_old_trout 22 Mar 2019

When news does arrive Yep, that’s my understanding jaytee…as long as FRR don’t issue share certificates.

jaytee41 22 Mar 2019

When news does arrive ok, so are we of the understanding that if we do re list then our current ISA shares will become active yet again ?

the_old_trout 22 Mar 2019

When news does arrive I held stock in both ISA and holdings accounts with both HL and II, so now I have the bizarre situation of all the stock I hold with HL now being in my holdings account and having some in both accounts with II. If it stays like that until relisting I would therefore effectively be obliged to go to HL for a bed and ISA in the 2019 financial year even though their charges are higher. Still it would be good to see some value in both accounts anyway! I remain of the view that we will not relist until October at the earliest, so anything before then would be a nice surprise. Tot

IrishPaul 22 Mar 2019

When news does arrive Probably/possibly. It could play a factor depending on how much money has been invested and if share price jumps upon relist

Fillpot 22 Mar 2019

When news does arrive Thanks Norris Reminded me not to use HL! Best of luck Regards

BilboBagins 22 Mar 2019

When news does arrive If they are not in an ISA are shareholders not going to get stung for a massive Capital Gain when they are relished and the shorter are toasted ?

Norris107 22 Mar 2019

When news does arrive P.S. ORIGINAL NOTIFICATION FROM “HL” BELOW Frontera Resources Corp: Delisting Your holding of XXXXXXXXX Shares within your Stocks & Shares ISA What has happened? Frontera Resources Corp Shares were cancelled from trading on the AIM market on 25 January 2019. The delisting followed the suspension of the Shares on 24 December 2018 due to the resignation of the Company’s Nominated Advisor (NOMAD). Why did this happen? As Frontera Resources Corp did not appoint a replacement NOMAD within 1 month of their NOMAD’s resignation their Shares have been delisted in accordance with AIM Rule 1. Important Information for ISA holders Please note, as a result of the cancellation of the listing of Frontera Resources Corp Shares on AIM, the Company’s Shares no longer meet the eligibility criteria to be held within an ISA. ISA rules state that any Share listed on a ‘Recognised Stock Exchange’ as classified by HMRC are eligible. As the Shares are no longer listed on a ‘Recognised Stock Exchange’ they must be removed from your ISA and you have the following 2 options to consider: Option 1 – Re-Register your holding into a Fund & Share Account. You may transfer the Shares into a Fund & Share Account free of charge. If you have an active Fund & Share Account open on Wednesday 20 February 2019 we will automatically transfer your Shares into that account. If you do not currently have an active Fund & Share Account open with us but wish to choose this option, you must ensure you have opened a Fund & Share Account before noon on Wednesday 20 February 2019. In most cases we are able to open a Fund & Share Account online or over the telephone on 0117 980 9950. Option 2 – Re-Register your holding and receive a Share Certificate. You may re-register your Shares into your own name and have a certificate representing your holding sent to you. An administration fee of £25 will be charged for each certificate produced. You can give an instruction to receive a Share Certificate over the telephone on 0117 900 9000. If we do not hear from you by noon on Wednesday 20 February 2019 your holding will be re-registered into your Fund and Share account. Alternatively, if you do not have an active Fund and Share Account open, your holding will be withdrawn into your own name and a Share Certificate will be sent to you. Please note that there will be an automatic charge of £25 for each certificate produced. Should you have any queries relating to the Delisting please contact us on 0117 900 9000. Please note, we can provide factual assistance but cannot provide advice about which option you should choose. We hope you are satisfied with our service. If you would like to set up new products, or transfer other assets you hold to Hargreaves Lansdown please go to www.hl.co.uk or call our Investment Helpdesk on 0117 900 9000.

Norris107 22 Mar 2019

When news does arrive With regard to the FRR / ISA situation - I can confirm that HL have moved mine from ISA to Share Account and notified me that they would be doing this after an enquire from me - "Thank you for your email. After reviewing your accounts I can see that yourself and Mrs M both have active HL Fund & Share accounts open. As you both have HL Fund & Share accounts open currently, on 20 February 2019 we will automatically transfer the shares from the Stocks & Shares ISA’s into those accounts. I can confirm there nothing further required from you regarding the movement of the delisted stock held in the Stocks & Shares ISA to the Fund & Share account ." Hope this helps - Good luck all, great to get some encouraging news and excellent feed back re the court case Norris 107

Does_not_listen 22 Mar 2019

When news does arrive Thanks all for the info. Mine are still listed in the ii ISA acount however at £0 and ‘invalid share’ showing when I try to open the detail. They have not been transferred to my trading a/c. Not overly worried since I know they’re still valid albeit difficult to access. Hoping for a relisting though and as mentioned above, on one of the main indexes would be a bonus. Fingers crossed for some news soon!

thefozzer 22 Mar 2019

News out I wonder if the non discloser of the T well flow rates was due to OMF hostile presence? It’s realistic to presume that if the loan is progressing that the flow rates from the wells are commercial viable.

thefozzer 22 Mar 2019

News out Good post Devex and nicely summed up. Hope has been exposed now right under the judges nose. I just hope the new finance is ready to be signed off and a settlement with OMF is swift. I think there’s strong evidence that Hope would prefer the asset over the 20m+

EyesonHawk2 22 Mar 2019

News out And now a view from Dickens by Mole this morning! "Free the obvious answer is that the combination of the Durham loan and the involvement of the industry partners was actually a credible finance arrangement compared to previous small scale efforts. They may have been hoping that they could force the board to resign by getting the injunction on the security lifted thus opening the sealed resignation letters and take control of matters to progress their own plans (like with another deal with the likes of MND - who do work for GOGC in Georgia). Just my opinion. But shareholders should be under no illusion here about whose side everyone is on. Its likely that is the type of evidence the discovery would be looking for. The company have been running on tight finances for several years and that is at the root of the company problems. I was watching Great Expectations on the tv on sunday. A tale of woe if ever there was one but a great observation on life by Charles Dickens! Mr Micawber view of commerce and life generally responates with what one sees at FRR. First Mr Micawber always believed no matter how dim the situation (he got locked up in debtor prison!) something would come up. Second a paraphrase of his view of commerce. Annual revenue from oil production $5m and annual expenditure $10m and debt of $40m with $4m interest and no booked assets - result misery. Annual revenue from oil production $10m and annual expenditure $10m and debt of $40m with $4m interest but booked assets of $400m - result happiness. Annual revenue from oil production $40m and annual expenditure $10m and debt of $10m with $1m interest but booked assets of $400m or more - unbounded joy. That is where we are at - Outrider are trying to prevent the company moving from misery to happiness because the only way to repay the debt and retain the asset is to grow the revenue and to do that you need to invest most likely with a jv or farmin partner. That was the case in December 2018 and is still the case today."

Devex 22 Mar 2019

News out My own read of the terms - with the first year (2017) being ok but the second year (2018) being very advantageous to Outrider - is that in late 2016 they were between a rock and a hard place. But they also thought that the cavalry (ie a strategic partner) would arrive in time to avoid the 2018 terms being applied. The evidence here is pretty strong - and the RPN conversions at 1.00P are a part of this. Plus LTHs will remember the first phone in with SN back in early 2017 - he was clearly talking to potential partners and expected an outcome during the next 12 months or so. The extensive 2017 WH Ireland report is further evidence My guess is that the likely partners even then were BH - and probably BP as well. But they wanted more evidence re the reservoir dynamics. However even without an agreement BH performed significant work for FRR - and almost certainly they are the major providers of the significant vendor debt that is to all intents and purposes unsecured. (And by now quite possibly exceeds the value of the Outrider loan note) The delay - with FRR needing production revenues but the potential partners demanding extended reservoir testing - caused an obvious conflict and eventually the need to lance the Outrider boil. Further thought - if you were looking at a potential joint ownership model with the likes of FRR any issues regarding debt seniority would be an issue - and would need to be sorted out.

thefozzer 22 Mar 2019

News out In hindsight it’s clear what’s gone on now. A critism you could level at FRR is that the renegotiation with Hope should have been a bit more robust. To be fair we wernt privy to that discussion though.

EyesonHawk2 22 Mar 2019

News out While we wait, something of an historic perspective on FRR from Mole (LSE) yesterday! "Bugsy the final critical part of the 2017 restructure was of course the imposition of a board member with a veto on funding to represent Outrider. While they permitted equity raises clearly any substantive non equity investment was nigh on impossible due either to their veto or more likely their secured preferred status with charges on the assets when combined with the solvency (low cash flow and high current liabilities) of the business. Its important to remember that since the restructure Steve and Zaza both dipped further into their pockets to support the critical fund raise in 2017 along with shareholders that kicked off the fund raises for the UD2 and Taribani campaigns without which the PSA terms would not have been met and the license lost. Zaza then for no other reason I can see than to support the shareprice bought yet again in mid 2018 in the open market at a really perilous time for the company. Yorkville have made matters considerably difficult over the same period by dumping their preference shares as fast as the limits would allow. Mostly small shareholders absorbed those shares and pitched in with the primary bids. That consumed a lot of potential funds for operations or to pay the impending loan interest. We also lost most of the 2017 drilling year while the various parties involved in the 2017 restructure looked after their own interests - so it was not unreasonable for Outrider to accept interest in kind in 2017. It was that action that meant the 2017 accounts aligned with the known terms on the loans and it was not until the H1 2018 accounts that something odd was visible for the first time around the interest. Meanwhile some very large vendor debt from 2016/17 remained carried forward to be settled in future (and to this day appears to remain unsettled identity unrevealed). The large industry partners also stayed in the background but started to show their hand just as the show down on the 2018 interest due in June 2018 reached its critical point in sept… We see Yorkville tried one last attempt to get their money out in sept and an intense shorting attack on the company. That then takes us to where we are now. An injunction on Outrider enforcing their security over the unpaid interest in place pending appeal on the fiduciary - Outrider having tried to use their own injunction now failed to block funding that would have been lower precedence and could have either paid them off or paid their interest. The key remains the ability to use some funds from somewhere to remove or accommodate Outrider and the activity in Moldova and Ukraine indicates the company is not dead. We wait on the outcome of that battle. It had to come to a head as it could not continue."

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