Frontera Resources Corporation Update Regarding Cayman Grand Court Action (2442I)
2018年11月22日 - 11:02PM
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RNS Number : 2442I
Frontera Resources Corporation
22 November 2018
22 November 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
and 15 October 2018.
As previously announced, on 11 October 2018 Frontera Resources
Corporation ("FRC") and its fully-owned subsidiary, Frontera
International Corporation ("FIC"), commenced an action (the
"Action") in the Grand Court of the Cayman Islands ("Grand Court")
with respect to Mr Stephen Hope and Outrider Master Fund, L.P.
("OMF").
On 19 November 2018, in accordance with applicable procedures,
the FRC and FIC (collectively, 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 has ordered that Mr Hope and OMF should file
their defense to the Company's Statement of Claim by 18 December
2018. The Grand Court also gave directions in relation to the
application by Mr Hope and OMF to discharge the previously granted
injunction; a hearing to deal with that application is expected to
take place in December.
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
info@fronteraresources.com
Cairn Financial Advisers LLP +44 (0) 20 7213 0880
Jo Turner / Liam Murray
WH Ireland Limited +44 (0) 20 3411 1880
James Joyce / Chris Viggor
Yellow Jersey +44 (0) 203 735 8825
Tim Thompson
Harriet Jackson
Henry Wilkinson
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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