Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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The board are the ones shutting this down. They have decided to call it a day.
Thanks for that A2. Nothing back from HSBC yet so it looks like I may just have to play safe and let my original objection to delisting stand & abstain from the asset sale question. Better get back to work and start trying to refill the coffers. Hold tight all, its going to be a rocky ride!
Someone just took nearly 2% of company - tempted for some more myself - pretty sure bod arnt going to allow this to go down or allow the asset sale - has to be a plan C also
thats pretty similar to the hargreves landsdown information. However they are telling me that i can no longer change the vote so i presumed the dead line has past
No, that's not what I am saying. The issue is that there appear to be two opinions about what motion we are being asked to vote on. According to the RNS and the note on the company web site, the motion is to dispose of assets to raise $1.5m to offset against our $2m debt. (We'll leave aside the issue of $30,000 from the disposal of Roger Swartz that many of us didn't know we still had and the fact that there is no mention of whether this move will mean the bank are happy for us to carry on trading with a reduced debt level) If your decision is to vote yes to that, you would just ask your broker (In my case HSBC) to register a yes vote. HOWEVER according to my HSBC letter, the motion is to delist so a yes vote would be to allow that. There is a statement that if you voted against the original motion to delist which was aborted due to the company not getting the requisite 75% then you need not vote again as your No vote would carry. So far so good but both the RNS & HSBC seem to have just one motion up for vote. Just different ones. So, if you still want to vote for no delisting and that is the motion on record, then you don't have to do anything but if the motion is to dispose of assets and you want to vote yes, you have to say so. If however you say yes to asset sales and it turns out the motion is for delisting, your yes vote will overturn your original no vote. Of course if you vote yes and the the motion is for asset sales, you are OK. CLEAR? Hopefully HSBC willconfirm later today exactly what motion or motions are on the schedule and I will be able to cast my vote without blowing a fuse or disagreeing with myself! Good to see your name crop up again, us LTH's have had a rough ride that doesn't look like getting any easier anytime soon. Hope the family are well and that there are still funds available to for their future education so that they don't make the same kind of mistake we appear to have done :-(
Morning guys - here’s what’s popped up in my account - looks good enough to cause at least some confusion THAT THE DISPOSAL OF THE ASSETS INCLUDED WITHIN THE TARGET ASSETS (AS DEFINED IN THE CIRCULAR OF THE COMPANY TO ITS SHAREHOLDERS DATED 7 JUNE 2018 (THE "CIRCULAR")) BY THE COMPANY, ON SUCH COMMERCIAL TERMS (INCLUDING AS TO CONSIDERATION) AS DETERMINED BY THE BOARD OF DIRECTORS OF THE COMPANY, FOR THE DEBT REDUCTION PROGRAMME SET OUT IN THE CIRCULAR, BEING A DISPOSAL RESULTING IN A FUNDAMENTAL CHANGE OF BUSINESS FOR THE PURPOSES OF RULE 15 THE AIM RULES, BE AND IS HEREBY APPROVED For Against Abstain
Are you suggesting by voting no we have actually all voted yes to delisting
Thanks for the responses to my earlier post, I've contacted HSBC InvestDirect and they are looking into this to see if they can clarify exactly what is up for discussion. When we originally got them to register our opposition to the delisting proposal they had no info on the wording of it but as there was only one motion it wasn't an issue. Now though, they have a delisting motion on file but the MAGP web site and RNS only mention the plan to raise funds to offset against the debt by selling assets. That means that as things stand we could not be 100% sure which motion we are voting on. Difficult if you are in favour of one but not the other. The letter does say that unless you change your vote for the original motion to delist it will stand this time as well BUT that doesn't allow for a yes vote on asset sales without running the risk of that turning into a yes vote on delisting if the motions have been switched. HSBC are meant to get back to me once they have sorted out the confusion but June 22nd is rapidly approaching. I am definitely not confident that something dodgy isn't going on here.
Hi A2 makes you wonder where we are heading with this if they still cant manage 75% of the vote (which I hope) then no delisting although reading from HL and the warnings it is like a foregone conclusion yet if the motion is not passed again the BOD need to have a rethink. Other things at play here IMHO
looking at my holdings in HL any new shares bought after the annoucement there was to be a vote couldn't be included in the vote. i bought some more a few weeks back and they cant be counted for the vote. with HL if you had previously voted they just applied the same vote to the second vote. you just had to tell them if you wanted to change it
Hmmm thank-you barrel maker - i havnt received anything at all from td had to contact them with my NO to delist vote which apparently closed today. So there’s no mention about the plan B to sell the wells ? They can’t simply omit this - surely there has to be a vote on both - or a singular vote for plan A or B ? Question is how many are bothered to vote a second time - hasn’t really been any volume of selling since the meeting - in fact more buying - but who ? And for what purpose ? either way with 2 appreciable options now on the table how can they possibly expect to get 75% approval to delist ?
Yes I think you are right barrelmaker , confusion has been thrown on the reason for the meeting 1 delisting was voted down and abandoned and now because the bank pulled the loan another vote for the same thing with different circumstances ... Still a no for delisting from me and the BAKKEN is back in fashion again and becoming more valuable so even more in favour of sticking two fingers up getting another bank and director guarantees with the money they claim to have made from PNR 1&2 and ripped from shareholders here. The FSA should be watching this IMHO
Just had a notification from HSBC InvestDirect about the meeting on June 22nd stating that subject to shareholder approval MAGP will delisting from the AIM. This seems contrary to the declared vote on disposal of assets to clear some of the company debts. If you are voting at the meeting through a nominee account like HSBC be careful to ensure you are voting on the right resolution. This looks suspiciously like an attempt to get the delisting through via the back door. The communication from the board on this matter has been woeful. Firstly we were asked to consider delisting with no reference to the plan B of well disposal to pay down the debt, then when that was allegedly abandoned, we were given the option to vote for sales with no comment on the ongoing plan to continue trading if the plan was accepted or details of an alternative outcome if it was turned down. Now suddenly the delisting vote is back on the table on what was meant to be a one proposal vote. I don't pretend to be an expert on this or even the best informed but there is an ominous feeling that we are still being taken for a ride.
Magnolia Petroleum doubles Magnolia Petroleum PLC (LON:MAGP) is the day’s top riser, more than doubling to 0.88p. The junior oiler said last week that it needed to sell assets pretty quickly in order to pay back a loan that its lender had called in. Magnolia has now agreed to sell all of its stakes in North Dakota wells for US$1.5mln which will be used to “substantially clear” a large portion of its US$2mln lending facility. Vernalis surges as it reveals talks with “several” prospective buyers read more... http://www.proactiveinvestors.co.uk/companies/market_reports/198859/vernalis-surges-as-it-reveals-talks-with-several-prospective-buyers-198859.html
Probably own only one tenth of one percent of each of remaining wells. All depends on investment co who own one thrid of magp.
This is really very strange. Selling 31 wells getting putting themselves in a much better position how much will that net them?? Leaving 79 wells that are worth nothing or a market cap of almost nothing
Thanks Zarquon, i checked it out after reading your post, and they do make it sound dramatic, " Magnolia shares rocket' and they're still almost worthless,.. or could the BOD have something up their sleeves? with a reverse takeover going on behind the scenes, Magp own 108 wells but have to sell 31 wells to repay the loan and part of its debt reduction programme, surely this is achievable isn't it? what with todays oil prices there would be i imagine a queue of buyers lining up to pick up the bargain priced wells.
Maggie gets column inches in Daily Mail Finance today.
Who’s ramping ? It’s now priced to totally fail - but got at least half chance of succeeding in some viable form - it’s no worse than plmo pcge ura ect with mkt caps of 1 to 2 mil
On paying back the back the overdraft how much would the rest of the wells be worth ... ??
Ramped up, back down to .40 get out while you still can!!!!
taken from the website: Rita Fern Whittington Chief Executive Officer, President and Executive Director Mrs Whittington is a petroleum landman with more than 32 years’ experience in acquisitions, operations and management of oil and gas properties. She joined Primary Natural Resources I and II as a senior member of the asset management team, where she was jointly responsible for company growth. Both companies were sold in an aggregate eight-year period generating a 3:1 return on equity Where is our 3:1 return except in your pocket
The new tag line of be afraid is at least more realistic to the previous cut and paste tagline of building a significant oil and gas company and building shareholder value.. At least she has noticed that she has not and will not build any shareholder value.
Well played you - sp dropping and dropping you can sell 200000 no probs - but cant even get price to buy £50 worth
this to rise over 200%....:-(....Come onnnnnnnnnnn MAGP :-)