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Good morning, I have received a new message from the company, which is similar to its earlier messaging on this issue:–
“The company does not understand why certain brokerage houses are sending out this messaging.
Frontera is in the process of changing its registered agents in the Caymans.
The company has not been struck off.”
Thanks and very much appreciated Looed.
Good morning Looed
Thanks for sharing the message you received from the company yesterday morning.
May I ask whether it was in response to a message from you or did you just receive it from them unprompted by yourself? If it was the latter then it would be clear that someone is monitoring this Board on behalf of the Company.
Morning ODR1 – I don’t know if they monitor the BB, it’s certainly possible, but in this instance the message was in reply, as I had been trying to follow-up with them on this issue.
Regarding the company being ‘struck-off’. There are examples in the public record regarding the status of FRC outside of the Cayman Registry. For example, the various Texas court filings has many references to the company as “Frontera Resources Corporation, a Cayman Islands company”.
And don't forget that FRC is a nominal defendant in the original Texas case, so is 'live'.
I may be missing part of the story but according to AJ Bell, they have removed shares from my account because of notification in the Cayman Island Gazette. They replied to me:
'Thank you for your message.
After referring to our Asset Servicing they have received the below link referring to this stock has appeared on the struck off list of the Cayman Islands:
http://gazettes.gov.ky/portal/pls/portal/docs/1/13018551.PDF
This is available to view from Page 71, where Frontera make an appearance on Page 78. If you do have any evidence this stock does have value may you, please pass this along as we can then review.'
I do note that the Gazette is dated 12 October 2020 and within the Struck Off section it states 'TAKE NOTICE THAT the Registrar of Companies, having reasonable cause to believe that the undermentioned companies incorporated under the laws of the Cayman Islands are no longer carrying on business or are not in compliance with Sections 168 and 169, intends to strike the said companies from the Register as of the 30th October 2020, in accordance with the provisions of Section 156 of the Companies Law. '
Unless something happened before the 30th October or subsequently, is there any light on what may have happened for the company to say they have not been struck off?
ILP
Thank you StarRage, I will respond to AJ Bell.
Probably the most positive frr message I've seen you post Starrage! Perhaps the tide is turning afterall!
I have queried this with my broker and they have responded with a listing on page 78:
http://gazettes.gov.ky/portal/pls/portal/docs/1/13018551.PDF
Thoughts on this?
I cannot see a p78
Looed, AP,
Think this is the strike of notification that I posted back in Oct 20 . My post is now missing from my history.
We had a lot of related posts over next couple of days or so , as after I posted someone , Earsbern ( sorry if not you Ears) I think , wrote to the Co citing my post and asking for clarification .
Co responded with something along the lines of admin error that was being rectified.
Not sure if we ever saw any proof that it was actioned , having said that didn’t Mole post recently on the matter indicating no evidence of strike off or something similar
Page 78 when looking as a PDF. The page is numbered 1584 on the document itself.
The heading of the relevant section is
TAKE NOTICE THAT the Registrar of Companies, having reasonable cause to believe that the undermentioned companies incorporated under the laws of the Cayman Islands are no longer carrying on business or are not in compliance with Sections 168 and 169, intends to strike the said companies from the Register as of the 30th October 2020, in accordance with the provisions of Section 156 of the Companies Law.
CINDY JEFFERSON-BULGIN Registrar of Companies
There are a few hundred Co’s listed including …
FRONTERA INTERNATIONAL CORPORATION
FRONTERA RESOURCES CORPORATION FRONTERA RESOURCES GEORGIA CORPORATION
FRONTERA RESOURCES OVERSEAS CORPORATION
I posted the message from this message from the company on 27th Aug -
“The company does not understand why certain brokerage houses are sending out this messaging."
Frontera is in the process of changing its registered agents in the Caymans.
The company has not been struck off.”
I also posted this on 27th Aug -
"Last November the translation fund bought some records from the Cayman Registry - this is the post discussing the entry for FRC
"I did company search, detailed search (turned out to be the same thing) and director search. This the info from the 3 searches
FRC has 2 directors - Luis. E. Giusti & Steve C. Nicandros
Entity Name : Frontera Resources Corporation
Jurisdiction : Cayman Islands
Registration Number : 256380
Registration Date : 17th May 2011
Entity Type : EXEMPT
Registered Office : MAPLES CORPORATE SERVICES LIMITED
P. O. Box 309
Ugland House,
South Church Street,
George Town,
Grand Cayman KY1-1104
Cayman Islands
Initial Subscriber:
Authorised Share Capital: CI$565,800.00
Nature of Business:
Financial Year End:
Status : ACTIVE
Status Date : 17th May 2011"
(The report was dated 23rd November 2020)"
StarRage also posted this on 28th Aug -
"Ilikepeas, Section 169 is about paying the annual fee, which it appeared (surprise, surprise) Frontera hadn't paid at the time of the notice. I have gone through all of the Cayman Gazettes and FRC have definitely not appeared in the list of liquidated companies, so it's obvious to assume that they subsequently paid the fee, so I would go back to AJBell and ask them to provide a Gazette listing which shows the company has been liquidated. I can assure you they won't fins one as it does not yet exist and the company is still currently alive."
Looed
Part of my post a couple of days ago said .
When this issue first cropped up the Company said on July 4th
…….."Frontera changed registered agents in the Caymans several months ago. We will look into this further and revert to you soonest."
That sort of indicated some form of **** up due to change of agents and they will sort it .
Today they say( Aug 27th)
“Frontera is in the process of changing its registered agents in the Caymans. “
So I wonder , is this ANOTHER change of agent due to previous NEW one ******* up …..
Whats your take on the two messages , are we on agent no 3 do you think ?
ZiggyZag - I didn't read it that way, but its entirely possible your theory is correct. Perhaps it takes time for the admin side of things to be established in full. The evidence supports the company statement that FRC remains active.
Looed thanks for your post .
I don’t have any theory , just frustration over the lack of official comms and clarity re the issue .
However assuming Company is active and as they say “cannot understand why some brokers are taking the view that they are not “ why they don’t officially announce their status backed up with the relevant info .
On the back of all the other issues , SOME OF WHICH clearly and understandably they cannot officially communicate on , surely this is a subject they should ….and indeed want to ….. put out an official statement in order to clarify to all and put the issue / confusion to bed.
Or do they expect the brokers to monitor this message board and take the lead from what they read here re the companies status in order to manage their clients investment .
Ziggy - I think any shareholder would expect their broker to have at least a basic grasp of how things work in the Cayman, and at least know how to read a Gazette - The edition referred to was published 12th Oct and clearly states the companies listed run the risk of being struck off on 30th October which we know didn't happen, as should the brokers if they bothered to actually check.
Further to StarRage's reply, I checked all Gazettes and found that only Frontera Resources Georgia Corp and Frontera International Corp had been liquidated (Gazette issue 26/20 and issue 3/21). I followed up to my broker who responded:
'Dear ******,
Thank you for your message.
Please be advised that upon further review, your Frontera shares, along with other shareholders, will be re-instated to your account in due course.
I can only apologise for any inconvenience caused.'
Very generous of them to re-instate all other shareholders to my account ;-) LOL
Thanks again StarRage
ILP
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