The court filing below hangs Frontera (FRR) in its own words. It makes it clear that it is in default on the Outrider loans so is likely to lose all its assets. It also lays bare its failure to secure external funding throughout the past nine months and its now utterly parlous financial state. The shares should be suspended first thing Monday. If not they will utterly collapse. If you have ignored my repeated warnings and can sell Monday do so at any price. And this document may trigger another FCA investigation.
For it shows that Outrider can veto any new loans - surely that is something Frontera should have revealed when claiming it had a $60 million term sheet (i.e it had asked for a loan). Surely that non disclosure misled investors? How long can Nomad Cairn continue to act for Frontera? A resignation and share suspension surely cannot be ruled out in light of this latest bombshell.
on ShareProphets | Comments