@newbie - yes I agree it would tank. But it won't be a total wipeout.

@Andrew - Not sure about the extent of the oil money flows, but many rich Russian citizens have moved there to get away from Putin.

Edit: I have sold some but charts show that this news is positive and could break upwards.

When Russia invaded the Ukraine a very large amount of Russians Belarusian and some Ukrainian moved to Georgia transferring there Euros and dollars to Georgian banks. Mainly talking about entrepreneurs in the tech sectors who continued to work from Georgia.
Theses people are yet to move back and of course they may never do.
Also russian continue to use Georgia as a holiday destination.
As an aside the European bank of reconstruction and talking bollocks said the invasion would result in a recession in Georgia... economic growth rose from the normal 6% to 10%.

Georgia capital invests in
Bank of Georgia (which it was spun out of)
Insurance company
Electricity hydro and wind
Hospitals
Pharmacies
Education
Wine. All but the latter could be classed as defensive.
Also the share has only just reached it previous 5 year peak. Despite constant increases in profits and nav.

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Both london listed Georgian banks up 5% today.
Not spotted anything on the rns

I am continuing to add to Georgia Capital. Anytime I get a dividend from my bond proxys I look for something cheap. Monday it will probably be a bit more Georgia Capital as its down a bit at the moment.
Georgia capital recently had to refinance its debt at a higher interest rate.
But total interest payments is much lower as they didn't need to replace all of it.
I believe there is plan is to deleverage in 2-3 years time and start to pay a dividend.
Listing there assets seems unlikely.
The hospitals were on the UK stockmarket at one time but were bought back by CGEO. Basically profits rising share price falling. Assets in Georgia are of interest to other companies, multi national companies but that's it.
Worth noting they have sold individual hospitals off, no idea who the buyers were.
The pharmacies are expanding into neighbouring countries.
They did sell the water company to a multinational company and retained 20% with a put option to sell in I think 2 years time.
Getting rid of all companies where they don't believe they can grow them sufficiently to be of interest to a multinational.

Politics are problem or not. Depending on your views.
The party in power appears pro Russian. But wants to join the EU.
Some MP are clearly very pro Russian but I think the party (the Dream party!) is merely trying to avoid conflict. It appears to be still controlled by an ex Russian oligarch (from Georgia originally). He claims to have left Politics completely but his mobile was intercepted with him recorded talking to another Russian oligarch saying he could get the Georgian prime minister to agree to a business they were going to set up.
Basically anything i say goes.
I believe the risk reward here favours a buy. I sold in the past on the assumption of a fall in the lari. It's unlikely to fall that much that it will counter the discount.
Russia is now much weaker invading Georgia again seems unlikely. The neighbouring countries all look ripe for economic growth this looks like the best way in.

Worth starting a separate thread for CGEO?