L1, I agree entirely and echo your point that insofar as the Placing goes "we have no good reason for it." Magnolia had enjoyed a band of significant Long Term Holders who I suspect are now disillusioned with RFW & SOS not because of the low POO but simply as a result of a lack of communication. They lauded new additions to the Board; are we aware of any benefits? They tell us in cursory terms that we must have two nasty, value-diluting Placings to drill; are we any the wiser as to why, what alternatives are available and what are the potential outcomes? All of that said, I suspect in common with most holders, I see little point is selling at these levels and will simply consign Magnolia to the [very] long-term "put that down to experience" draw. I do hope RFW and SOS take note but like Bakoven my personal experience in getting a response is that they have been ominously quiet.
My feeling is still that we have a very experienced BoD who may surprise us all by taking advantage of the low POO and picking up some competitors on the cheap. In that respect, if indeed that is a strategy, we have the most knowledgeable BoD in terms of identifying excellent land prospects in the area as that is SOS main day job. What seriously aggravates me is not only the first, but then a 2nd Placing at 0.10p - it just kills the value and I agree that we should be using the Credit Facilty not Placings to fund our future. Bitterly disappointed especially as we have had no good reason for it. Anyway, still here for the Long Term but confidence in BoD deeply dented. GLA
Guidedog7 - Anything that I say now would be a kneejerk reaction. I certainly have some prickly questions for SOS/RFW but, given past evidence, they wouldn't be answered. This group of long-term holders, on the whole, has stuck with the company since its AIM listing in November 2011. Generally, we have treated it differently; i.e. unlike those also-rans that have littered the LSE bbs. It seems that our special respect for the team is yet to be rewarded.
In my case, I said that I would see it to the end-game. That hasn't changed. Any ideas I had about adding millions to the stake are scuppered because management has not come up with any solutions to an awkward problem. I suspect the biggest fly in the ointment is a marked slowdown in payments by our principals.
My hopes rest on the outcome of the November OPEC meeting.
Good luck with that. Comma with the BOD are seriously lacking over the last few years. Most likely due to the tin hats time with the POO. But there certainly should be more than we have had. Certainly a different attitude from the management we saw in the fledgling years.
To the BOD of Magnolia Petroleum Companies. Well said Lionheart I have always respected your posts and appreciated them greatly, as you have much knowledge of the markets in the UK due to your financial background. Rita please kindly take note and respond. I still have a large holding here, as do many members of my immediate family. Steve, if Rita does not respond to we genuine holders, please could you also discuss our concerns? And give them your immediate attention. This would be very welcomed. Response would be much appreciated from the BOD of MagP to many of we UK investors . Anyone concerned kindly forward this to the Magnolia Petroleum Company. I await confirmation from the BOD to this email.
Staggeringly disappointing to have yet another Placing at this pathetic level. Huge dilution now and, sorry to say, in Rita I NO LONGER TRUST. This for me is the straw that breaks the camel's back but my holding is worth so little as to make selling a waste of time. The BoD, once feted for 'being aligned to shareholders interests', has deserted us. Absolutely disgraceful RNS imo. GLA
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