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Rita is our ONEANDONLY big deal maker, well done to all that sail in her.
Brilliant RNS in my mind, glad my vote was for Rita, regardless of her renumeration and hiring family members for key positions. At least hiring family members virtually guarantees they wont turn on her and stick the knife in her back. Surely now then if SS and NTOG do attempt their actions, not only would they possibly have to pay back the companies loans instantly, they would also forfeit the agreement with WED? WED have done the deal with Rita and the current BoD, so to me that would vanish if a new BoD were to come into power. Wouldn't be surprised at a nice blue day today following this
I like this bit... Magnolia CEO, Rita Whittington said, “For Western Energy to entrust us with the management of up to US$18.5 million of their clients’ funds, together with their agreement to receive shares in lieu of a cash fee for the deal, represents a major endorsement of the current Board and management team. It is a real triumph for the Company in the face of significant competition and cements the relationship that started in late 2016. In an extremely challenging oil and gas market, the Board believes this deal will deliver significant near-term growth in Magnolia’s revenues, profits and shareholder value and at the same time raises our profile in key US States and with potential operating partners.
New pink hats for Rita and all her family..
I'm thinking they'll be voting against the resolutions too ha ha ha!!!!
Where does this leave SOS and NTOG
Well, Well, Well. ( please excuse the pun) Brilliant.
FANTASTIC NEWS well done Rita. NTOG bye bye.
WoW.....
It's infuriating reading the salery RW has been paying herself, and to have the audacity to appoint family members into senior positions is a joke! Don't get me started on the notice period. To those of you saying she's been doing a good job, get your heads checked! A 0.10p share price is no acheivment and she's never going to turn this around.
If your still reading the Board check out Sefton again. A post by one of the new directors has been made.
Voted - envelope posted. 32.5m for Rita.
No point buying those additional shares today for the OGM. Holdings Record Date: 30-Jun-2017 Vote Deadline Date: 12-Jul-2017 Don't forget to vote!
There may be just a slight chance that we get some of our money back :-)
Yep - don't remind me. Still feeling the pain my friend.
Take a look at Sefton (SER). From memory I thought that you had a holding at one stage.
Just to clarify the protagonist position is that it would be a better direction - DEFINITELY NOT MY VIEW.
Regarding your comment ref there is no suggestion that they want to takeover MAGP I'm afraid that i would have to disagree with that. The legal form is indeed not a takeover but the substance of what is being proposed clearly is. Cutting off MAGPs head and replacing it with other people who will presumably lead it in a better direction is a takeover of sorts. There is no getting away from that - it's plain as day in the rhetoric being employed.
I get what you're saying but this challenge is being mounted from NTOG. If you're saying that the issue at stake is whether or not the remuneration package for RW is ok given the loss making state of MAGP I would suggest that NTOG is absolutely no different, indeed worse as a turnover proportion as I've clearly demonstrated. People who live in glass houses really ought not to throw stones, let alone boulders in their case it seems.
Are you a PR person for NTOG. Its the cheek of NTOG that I am amazed by. They dont stand a chance in my view. We will manage well without there help.
To clarify, the proposal is not to appoint two NTOG directors. It's to appoint an independent director in the form of Zac Phillips, an extremely well-respected oil and gas analyst from SP Angel. He's not a director of NTOG and afaik has no connection with them prior to this requisition. He would be a tremendous asset to the MAGP board in any set of circumstances. The other proposed director is the non-exec chair of NTOG but more importantly is the current CFO of San Leon. That's hardly a piddly little oil and Gas play. He's also waiving any fees from MAGP for the first 12 months. I would suggest both proposed directors are serious heavyweights and would enhance the MAGP board. There's also no suggestion publicly (other than BB posters saying "go on make an offer for us") that NTOG want to takeover MAGP and asset strip it. Ignoring the rather obvious point that they don't have the financial clout to mount a TO, their actions don't fit that. The proposal to replace directors would not see NTOG gain control of MAGP via board voting. What it would do however is parachute a couple of new names onto the board who would no doubt shake it up. Zac Phillips is very outspoken in public (he's called "The Knife" as a result) and I am sure would take an equally robust approach to the Board. Given the evidence of RW's behaviour, a good shake-up of MAGP might be just what it needs.
The question is not whether NTOG v MAGP is the better. It's whether the remuneration package for RW is appropriate for a loss-making company with the tiny mcap MAGP has. It's whether her actions (and the wider Board) give evidence that she prioritises shareholders over herself and her family. I would personally say that her action of responding to a GM requisition by immediately writing a new service contract for herself that doubles her (already generous) notice period is an action of someone who treats the shareholders (who own the company she works for) with contempt. Employing her daughter (historically) and her son-in-law (currently and in a senior position). Were these two individuals REALLY the best qualified people she could recruit to the posts? Taking a very substantial personal salary for a company with the size and (lack of) profit MAGP has. Are these the actions of someone who is putting shareholders first? Or someone who sees MAGP primarily as a way to enrich herself and her family by way of fees and exhorbitant severance terms?
I think over the last few weeks or so a lot of mud has been slung. There are some who believe that RW is paid too well and as a result believe she is taking the mick with regard to the company, shareholder value etc etc. The miracle cure to this is to apparrently put in place 2 other directors from NTOG. I've looked at remuneration from my own opinion of mickey take factor. NTOG dir rem last year was 178k on revenue of 282k - 63% of revenue generated (not profit) went on paying the directors. MAGP was 453k on 1273k representing 35%, of course a much lower proportion. Now of course directors must be remunerated that's not the issue here. However, I fail to see how the accusations against RW can be seen in any light other than completely hypocritical. Make the revenue and take a higher salary. Current ratio of remuneration to turnover in NTOG is imo beyond excessive and certainly does not appear to be in line with shareholder interests.
Sorry I have not seen her contract. There is a ****giiing match going on. Rita needs to be payed. CEOs salary is determined by Renumirations committees of the board.She is doing a good job in my view. I will let you make up your own mind.This is a takeover attempt on the cheap, if they want to take us over they should make a bid for the company. They are not doing that are they? So I am happy to tell them to take a walk by supporting Rita.
http://guerillainvesting.co.uk/2017/06/30/magnolia-petroleum-support-rita-whittington-otherwise-gameover/ Please vote boys and girls