22nd Nov 2018 15:11
LONDON (Alliance News) - Frontera Resources Corp on Thursday said the Grand Court of the Cayman Islands ordered Director Stephen Hope and Outrider Master Fund LP to file their defence statement.
In mid-October, the European-focused oil & gas company alleged Hope is in breach of his fiduciary duties as he attempted to deprive the company of assets for his own benefit and for the benefit of Outrider Master Fund.
As a result, Frontera Resources and its subsidiary Frontera International Corp filed an action in the Grand Court of the Cayman Islands against Hope and Outrider Master Fund in relation to the loan notes issued by Frontera to the fund in 2016 and due in 2020.
The company claims damages against Hope and Outrider Master Fund in the aggregate amount of USD56.3 million.
The Grand Court has ordered that Hope and Outrider Master Fund should file their defence to the company's Statement of Claim by December 18.
"The company intends to continue to vigorously assert its rights in the Action and will provide further updates as they become available," Frontera Resources said in the statement.
Frontera Resources shares were trading 0.5% lower on Thursday at 0.41 pence each.