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With the various corporate governance issues at MAGP - the change-the-service-contract-to-screw-shareholders being the best example - do you feel RW is aligned to shareholders and has respect for them?
Hi, look at Nostra shere price over the last 5 year. from 30p to 1.6p. I dont think he can tell us that he will add SH value here. Look what he has done there. The cheek is unbelievable. Rita is a better option for me and I have voted for her to stay.
The guy is EX-GKP before it went to £3+ from 10p Restoring value to Magnolia On joining Magnolia's board my first priority would be to initiate an immediate strategic review of that Company's cost base and asset portfolio. It is clear to me that Magnolia is in urgent need of restructuring. The Company has spent a great deal on board remuneration and corporate overhead, while its asset portfolio has underperformed in the lower oil price environment. If we act quickly it is my belief we can preserve shareholder value. The next serious concern is Magnolia's debt position. According to Magnolia's 2016 Annual Report, that Company had net current liabilities of £$3,928,983, including the $2,638,447 debt to SNB Bank and $1,290,536 in trade payables. Magnolia has admitted that it is non-compliant with all of its banking covenants and that it is expected to repay its borrowing base on 8 August 2017 (at least $1,604,565). This requires instant action. At Nostra Terra we have maintained excellent relations with our bankers and creditors. We have worked hard to restore value to our Company's balance sheet. On joining the board I am confident I would have a positive role to play in helping Magnolia navigate out of the challenging financial position it now finds itself in. Once the strategic review has been completed and Magnolia's debt position resolved, it will then be possible to reform that Company's business model to restore value to shareholders. With its 10.9% stake in Magnolia, Nostra Terra is highly incentivized to see this happen. Our interests are directly aligned with Magnolia's existing shareholders in seeing that Company's share price rise.
Dear Magnolia Shareholders, I am writing this letter to clarify some points concerning Nostra Terra's ("the Company") investment in Magnolia Petroleum Plc ("Magnolia" or "that Company") and to address the boardroom changes proposed at that Company's forthcoming General Meeting. However, before I begin, I would like to assure all shareholders that if I were voted onto the board of Magnolia my primary goal as a director of that Company would be to work in the best interests of Magnolia. Just as I have helped oversee the restructuring of Nostra Terra's business model over the last year and a half, I am confident I can make a valuable contribution to the repositioning of Magnolia and restoring value to that Company. As Nostra Terra's representative on the Magnolia board I will not take any salary from Magnolia for at least the first year of my tenure. Nostra Terra wishes to help Magnolia's position and excessive boardroom compensation is one of the first problem areas we wish to address. It is clear from the outside that Magnolia's current business model is in danger of failing. By Magnolia's own admission that Company is "non-compliant on all (banking) covenants". Magnolia's borrowing base limit was $1,604,565 as of 31 December 2016, yet that Company's borrowings on the facility "amounted to $2,638,447". Magnolia's borrowing base limit "is due for repayment in full on 8 August 2017 and the decision to extend is at SNB Bank's (Magnolia's bank) discretion." Magnolia's 2016 Annual Report, states that they have net current liabilities of $3,928,983, including the $2,638,447 borrowings to SNB Bank and $1,290,536 in trade and other payables. Magnolia has warned its shareholders:
Post on ntog 13.16 Saturday . Says all we need to know vote rita
leftie, I enjoyed reading your considered message. I think this is a unsolicited approach which is a distraction and a waste of time . I also think that Rita will deliver given time. The news flow and developments recently have been good. I would vote against the resolutions, to keep Rita. My 27m for Rita and I will vote next week.
You can add 5.5 million from me and I only hope that Rita appreciate our feelings.
Rita has my support too. GLA
And another 12m+ for Rita
I'm happy to stick with Maggie,the other guys seem bad news to me!! GLA
Mr E, I agree. I don't like the NTOG approach at all. I think that may have got lost in my slightly rambling thread, I know that a few on here would like to see a 5 year plan, but given the current cash constraints and the bank insistence that other investments must be generated from within the company I can only see another year of stagnation until the well receipts improve. I don't think there is a plan at the moment, just survival. Is surviving justification for a salary given the market cap?
Mr E, As far as I can see from the MAGP shareholder analysis there are no really big holders lurking about. Of course, NTOG know that too and therefore their tactic must be to rely on PI apathy and bulldoze the Resolutions through on the back of the SOS holding achieving >50% of the votes cast at the GM on the 18/07/2017. It is good to see that the BoD and most former colleagues are putting up a united front and I do agree that there has been a pretty consistent message from the LTH's here. I can only echo your message.............Either way you still need to vote
I've just done a quick count up of the votes publicly pledged on here, does not include the board's own holdings... Rita: 8.95% NTOG: 0% Apologies if I missed any for NTOG, I did look. --------------------- Either way you still need to vote. Like any company this one is owned by the shareholders and should be taken in the direction they choose for their short, medium or long term benefit.
Leftie, I think you have provided a good summary and I for one generally agree with you evaluation of the situation. I'm not 100% happy with Rita or the performance of the company and would like to see Rita's remuneration reduced and the difference made up by a performance bounces linked to the company's results in some way. However, I do not see NTOG as a viable alternative, I can only see them striping the assets for self gain and moving on.
Sadly like many I am a suffering LTH here who has watched the SP decline over the past few years, whilst continuing to dream that Rita's oft repeated refrain of shareholder value will one day come true... Well the market certainly hasn't spotted the model so far, and now it seems that some of the directors have stopped believing too. So we have a very damaging split, with SOS looking to get reward for his investment, with some agresssive cost cutting and remodelling thanks to NTOG. So they plan to remove Rita. Fair enough a large salary, coupled with a small holding in the company does not give an indication of someone who is confident in the future of her operation. Her role in this has rightly attracted scrutiny, especially thanks to the precarious position we are now in with our banking covenants. So where should my votes go? With Rita for more of the same, and a hope that one day someone biggie will pick us up for a fair market value? Or with NTOG who are going to drive down the salaries and remove unproductive assets. Tempting. What will NTOG benefit by doing this? A lot. We have some great assets and great data on them, thats where the value in the company is. NTOG after picking up control for a very meagre sum would have access to some great drilling locations. That is surely worht a speculative punt. Admittedly I cannot access the NTOG 2016 financials as they are still overdue, but the last few years finances are not pretty. One thing they do have which MAGP does not is a very big line of credit with their bank. Their 2015 reports showed a net worth of -1.1 million. No shareholder value there. This has been on a downward trend since 2011 when it was at its peak of just over 2 million. Their equally well paid execs are hardly in a position to talk about sdhareholder value. Do they really expect people to believe that after not receiving a salary for the first year they would not extract reward for their efforts via some other route? As posted on this board they have history in this regard. MAGP on the other still have assets that would produce a shareholder value even after paying off the bank loan. I took a loss on my NTOG shares in 2012 and put the money in MAGP thinking the business model was more sound. I still believe that to be the case as long as MAGP can receive enough money from their existing drills to fund future plans. I haven't seen proof of this and therefore have doubts. However, on balance, I can only view NTOGS apporach as highly speculative and utimately a way to obtain a quick return that would benefit the execs first and shareholders second. In Rita I have to trust.
We are all behind you, glad to see so many here voting, I added my 2ml, it all counts!
Have they actually bought the shares yet will we see it as a trade on here or is it just a transfer of ownership
Morning all so much sense being spoken on here, my poxy holding of 2.5 ml also being stacked behind RFW , I would like to think that our loyalty will be rewarded by 3 when the pirates have been rejected.
On reflection nog letter to us gives no firm proposals to move forward. 21.5 million to rita
Plus with there final results and the letter. The sp for ntog has not moved an inch. Surely they'd be in a better position if they could deliver some results for there own shareholders first.
NTOG have delivered a sober assessment of MAGP and no mention of the more lurid episodes oft repeated here. In short and taking poetic licence, MAGP are in breach of banking covenants, they are pursuing the wrong strategy and RFW is not only expensive but clueless. We, NTOG, are very good at managing debt , will clobber overheads and really do care about the MAGP shareholders. On considered reflection, I am not convinced not least because I cannot form any rationale of benefit to MAGP shareholders as to why SOS would bail out to NTOG. Therefore, 17.6m shares voting with RFW.
Anyone to do with gulf keystone was dodgy as hell
My first and probably last post. LSH (long suffering holder) 1.5 million. I knew I recognised the name Ewen Ainsworth with dislike but couldn't remember why. Whilst possibly already posted I went back 10 pages and found no mention so Googled. Now I know why. http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9161384/Gulf-Keystone-creates-25m-exit-bonus.html I'll stick with Rita, voted by email on Motley Fool secure messaging, very easy.
What's in it for SOS.? I can't see him giving his holding away without some kind of prize.
Pirates starboard Man the cannons - hope they work we've not had to use them yet