Ann: Notice of Annual General Meeting/Proxy Form, page-155

With reference to the RBL facility.
The terms “binding” and “commited” are responsibilities on the borrower not the lender and a “financial term sheet” is not necessarily legally binding. Also the term “secured” relates to the asset being secured. Then if external circumstances substantially devalue that asset, I am not surprised the banks pulled the pin. Nothing much FAR can do about that. Major shareholders would also be fully aware that the RBL facility did not have a bank guarantee attached to it.
No doubt the issues facing FAR are a challenge but then many oilers are under the pump ATM. Pressure brought on by unprecedented external conditions relating to POO, and the Coronavirus affects on demand.
Shorters will use this opportunity to put their spin on this, tree shaking greedy buggers, with major shareholders rounding down to limit loss they didn’t see coming.
AIMHO
No one could have predicted a storm of this magnitude apart from the clairvoyant immortals GO and his four legged friend.

DOC due to circumstances sorry you couldn’t hold on.
MC