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Is it possible that the vote got carried due a lack of votes cast in the second run?
I am amazed that RIta is allowed to trouser £200K from this.
i still have a feeling what we were voting for changed,
almost like we need to change our votes to yes instead of the original No
Morning Mr E, the smell has reached Newbury too. AIM has a presence on the London Stock Exchange website with full contact details and I too shall be contacting them later this morning.
Something here has been totally fiddled or corrupted and needs to be complained about to the FCA , I for one and mos on here never changed our votes, A2 bought more but aren't counted but obviously someone bought more but were allowed to be counted or the count was a farce in the first place.
Time this scam was reported IMHO .
something probably is worng...
Something here isn't quite right
I very much doubt many voters changed their vote between the initial postponed meeting where they failed to reach the required 75% and the actual meeting. The only material change I can see is that 7.7m additional shares were issues, as far as I can see without voting rights in place in time for the meeting.
We are then told that the 75% need to carry the delisting as now been reached, no actual number of votes cast.
Does anybody know how to raise a query with AIMs? Surely they are required to publish the actual voting numbers.
Did anybody here actually vote in favour of delisting?
?
Actually I meant just like aim
It’s up and running at the address Below No rules on the forum either unlike AIM
I still have the domain magnoliapetroleum .co.uk I will pop up a forum on there but I’m away camping with little ones at the moment.
What happens to the Directors shares?
there is no way they have put the shareholders first as they should do.Talk about manipulation for their own gains, jeeez! I expect they worked on the assumption that by manipulating the sp down sooooo low that peeps holdings were hardly worth the effort and everyone would just accept their corruption, and that's how it's panned out it seems.Rita and family ride off into the OK hills with the company never to be seen or heard of again!!
absolute crooks, shouldn't be allowed to get away with it!!
Morning maggots.
Can someone verify that I am not becoming docile in my old age but I am sure that I saw a RNS posted around 5.10pm yesterday evening giving the counts of the votes and the final result. I didn't have the time to read it properly and decided to check it today. However there is no RNS showing.
Can this be possible that a RNS can be withdrawn so soon after it is posted or is it me that should be making an appointment with 'specsavers'.
Conspiracy dogger, all resolutions passed meaning we are selling some assets in OK and ND and delisting
not sure how it was done or indeed allowed given that the first vote failed
but was abandonned and the fiddling starts where the hell is the FSA.
There is already a fb page that could be used from way back when, I think its still active will check and post a link
What a great timing for LSE to go down.
Looks like we are about to be de-listed. Is there anywhere else that we can all meet for a catchup ? How about Facebook ? Oldfriendsofmagp?
So long, and thanks for all the fish.
Just in case MAGP does disappear from here after tomorrow, I just wanted to bid a fond farewell to all the LTH's whose comments have brightened up this board over the years. At a risk of this turning into an Oscar speech, thanks to the likes of Robsky, Smidsy, Guidedog, A2, Mr English, Lindi, Big Col C and all the others who I never got to meet but whose comments I have much appreciated, especially after my cancer diagnosis made worries about the oil and share price seem slightly less significant. I hope this does survive and we get the chance to have a drink sometime, somewhere but if not, then it's cheerio from me GLA
There you go Another 2.8k buy 350000 - if it’s same person they now own at least 4% from buys today - are you there mr buyer - would you care to share with us ?
Well there’s some great science and calcs there mr English you could well be right and I might be wrong. But I believe the only relevant question is what do Rita and the board want to really have happen ? They obviously want a viable future with an income stream for them and sink or swim the assets pledged to be sold to settle the loan will have to be sold (unless a takeover or other occurs before proposed delist date) WED would not have took shares at 0.35 unless they could either sell at a quick profit before delist (unlikely) or hold long term and they cannot influence the vote - so presuming they expect to delist they have to have a plan to make use of the remaining interest in the 60 / 70 something remaining wells with a finance Plan - and that’s why I’ll be staying in with at least some shares
The cynics amongst us might agree that the BoD simply mentioning delisting would crash the SP and allow a favoured partner a distressed price to hoover-up shares. Some might even think that if it was not that difficult to cover the loan by selling assets did the BoD wait until it was too late; a good bit of "we are all doomed", AIM Rule 15 & Chapter 11 thrown in and unsurprisingly the SP goes into freefall. It seems to me that WED are key to all of these machinations and clearly shelling out $0.5m for wells is not a stretch for them. In short, I suspect Mr E is right; current PI's get shafted and Magnolia II [or at least the BoD and WED] go hand in hand into the sunset, largely at current shareholder's expense.
CORRECTION... I apologies, the new shares are not admitted to trading until 26 June 2018, as such they cannot be used to effect the vote. Although I remain convinced the BoD will have some other fiendish plan.
I think the RNS yesterday is probably confirmation that this is going delist and your vote as a small share holder is worthless. What? I hear you ask... --------------- Previously we were asked to vote on the company delisting from AIMS, the vote we were told was more than 50% in favour, but did not reach the 75% required. Previous share base was 35m and we know the vote was somewhere between 17.5m (50%) and 26.25m (75%). If you then increase the share base by 7.7m to 42.7m and assume that all of those 7.7m vote in favour of delisting you get... 17.5m + 7.7m -> 25.2m which is 59.0% of the (35m + 7.7m) vote Or 26.25m + 7.7m -> 33.7m which is 79.5% of the (35m + 7.7m) vote - they are over the line... However, that all assumes that you have 100% of shareholders voting, which I very much doubt. If we assume that only 70% of share holders have voted the numbers change significantly... working with 70% of the original 35m -> 24.5m So... We then estimate the vote was somewhere between 12.25m (50%) and 18.38m (75%). If you then increase the share base by 7.7m to 42.7m and assume that all of those 7.7m vote in favour of delisting you get... 12.25m + 7.7m -> 19.95m which is 62% of the (24.5m + 7.7m) vote Or 18.38m + 7.7m -> 26.08m which is 81% of the (24.5m + 7.7m) vote - they are over the line... We obviously don’t know where between the 50% and 75% the vote fell, but I’m willing to bet that the number of additional shares issued, 7.7m is enough to more the line to a point where they are over it. ------- The only positive I can see is that WED have also put up the cash to purchase 500k of Oklahoma wells needed to cover off the debt, it's looking very much like a buy out by them working with the existing BoD.
I still think 55 / 45 against - Wonder what the 5k buyer knows that we don’t - no say in the vote so either short term kill, longer term hold or blind gamble -
Further to my previous posts, I've had a couple of calls from HSBC InvestDirect who have been unable to find any indication from MAGP that their delisting plan has been put aside. Their information is that the meeting tomorrow is to formally announce the delisting and that "subject to shareholder approval" it is going ahead.Quite how things will pan out regarding the vote I don't know, but it seems the company think they will have a mandate to go ahead. One way or another we we'll soon know. I'm assuming an RNS will be issued tomorrow or on Monday at the latest when we poor S/H's will be told what we have decided (Or what has been decided on our behalf!). There appears to be a plan B and maybe even a plan C but whether or not any of them give any real hope, who knows. I think it's time to man the lifeboats.....we're going down. GLA