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Once we break 0.20p again .. it should be lift off after that... galaxy well .. helium play ... falcon results.. lots to look forward too.. my target is 1.5p here.. just about timing it right now
That's okay but thanks for the apology but I wasn't referring to voting rights I was referring to the level of dilution 104m shares paid to directors is 4% of the current issued stock. 104m share + 104m exercised warrants is only 6% dilution of the fully diluted shares (i.e. if all warrants were exercised and because normal shares. That's 208m of 3.6bn shares (current + unexercised) Those figures are why I didn't consider it to be much of a dilution.
It's still better that they take cash as it exists and by the time the AGM happens 3 days before Christmas day we should hear that F1 is connected to the gas pipeline infrastructure and delivering plenty of gas. That should raise the price and then 52m of the granted shares would be rated at 0.08p and the other 52m at 0.15p In other words the shares should be worth a lot more on the open market than than the calculated price and they are granting themselves massive bonuses. I don't see why they shouldn't be granted like most companies do options , i.e. something like 10,15 ,20% discount to the average closing price over the previous 5,7 or 10 trading days before the AGM. That would be fair to shareholders and allow them to offload on the spread and get their money. giving themselves shares that instantly multibag is a kick in the teeth to investors, many of whom already see them as greedy AIM lifestylers. This will do nothing to dispel that opinion among those people whether they have an equity interest in MSMN or not. I am more ambivalent about them as I think they have done a good job in the last 2-3 years and don't care that much so long as we see it move forward to profitability from here and have an mcap to match.
Cheapskater, sorry. On a second read of your post I see you qualified the warrants as 'exercised warrants'.
Cheapskater, you raise a couple of interesting points.
To be clear, if you hold your shares in a nominee account then the proxy form on the website is no good for you, which is what you say, but I wanted to make that crystal. Your name is not on the company's share register so will not be recognised. Stockbrokers can have a variety of processes to facilitate a nominee vote. Some simply don't allow it. If it matters to you, contact your broker and if they are not helpful, change brokers. To be honest I haven't voted my shares for over 20 years.
You are wrong to include warrants and, if I understand you correctly, the share issue under consideration. Warrants don't have voting rights.
Incidentally I don't see these resolutions as a biggie for shareholders one way or the other - there has just been £900K placing, which puts the amounts in perspective. It matters more to the BOD participants. Terms are potentially very attractive compared to the cash.
You can download the proxy form at the bottom of the PDF on the website. I'll put the link at the bottom but sometimes links get removed. However, as protect.scot posted, it's unlikely that anyone here is holding shares under anything other than a nominee account, so you won't be able to do it. The number of shares they will get when the resolution is passed represents an extra 4% of the current issue and with warrants assume all other warrants are exercised too then that represents 6% of the fully diluted value of MSMN. It's not enough for me to talk to HL about voting down the options. Frankly if this company succeeds as looks likely next year then I don't begrudge the people that took it there even if they were at the helm when it went all the way down. Oil prices have been massively volatile in the past few years. They often are but it's more so than usual of late and that does impact their ability to raise funds and do deals. It's been pretty good since they tied up with Baja, and even the Blackstone thing wasn't a failure, just a limited success. So I am going to sit back and hope the revenue from F1 gas is going to be reported before the AGM and send the sp to above the main warrant prices. If it's high enough and I'm quick enough I may try to top slice or unload everything in the expectation of it dropping towards the warrant prices and reload. Good luck with whatever your strategy, stay or leave lets hope we all turn into big winners in 2021.
Judging by recent comments I suggest anyone that wants to understand the AGM process goes to the Mosman website and reads the Notice of meeting and memorandum.
It is standard stuff.
The BOD has proposed the resolutions and these will pass unless voted down by the majority of shareholders weighted by % of votes held.
The majority of shares are held by U.K. retail investors and as far as I can tell the largest is AFval Valli with 8%. If you hold shares directly in your name you should receive a proxy letter giving you the opportunity to vote. If, like the majority of retail investors your holding is held in a nominee account then you need to contact the nominee administrator for the proxy. The proxy, in this case JB, will vote on your behalf in accordance with your wishes as described on the proxy form.
Very few retail investors will submit a proxy vote, AV may be the exception. Votes for these 'non voting' shareholders will be cast by the Chairperson JB in favour of the resolution. This is clearly laid out on the proxy form.
"The Chairperson intends to vote all available proxies in favour of the Resolution. If the Chairperson is your proxy or is appointed your proxy by default, unless you indicate otherwise by ticking either the 'for', 'against' or 'abstain' box in relation to the Resolution, you will be authorising the Chairperson to vote in accordance with the Chairperson's voting intentions on the Resolution."
I would expect the result of the votes to be 100% or 92% in favour of the resolutions depending on AV's wishes assuming he casts his vote.
Unless the retail investors participate in the AGM, Mosman is run at the full discretion of the BOD, primarily JB and AC. In that sense 'gerrymandering' is a fair description. A 'lifestyle' company is another.
Standard stuff for many small AIM companies. But then, you know that.
Directors made the commitment to not get paid all the contracted amount of cash when the oil price was crap back in February/March. The price was set at the share price at that time - nothing strange going on at all. Then that offer was repeated to make sure there was enough money to drill Falcon and priced at the share price at that time. Directors have no say in what shareholders decide at the AGM - I don't think they can even vote. Its up to shareholders to decide - use cash to drill and pay in shares or spend the cash paying the overdue amount owed. You can make that election on the proxy form.
It's worth pointing out that there is a gerrymandered AGM coming up where shareholders can only give proxy votes to the people there i.e. the BoD. One thing being voted on is giving the BoD shares in lieu of 50% pay. The details are in the RNS on 15th September but basically 52m shares @ 0.08p + 52m shares @ 0.15p and 52mm warrants @ 0.15p + 52m warrants @ 0.23p. These which are the same terms as earlier placings and not the last one in October. Or AU$150k instead. I hope they will be responsible and take cash but I doubt it given where the company looks to be heading as they are granting themselves 100% interest on the earliest cut. This might be part of the reason the price is being held back and not just the October placing shares. In the grand scheme of things 104m extra shares is a drop in the ocean on 2..6bn and the 104m warrants will bring in about another £200k on top of the £1.36m for the other 560m warrants @ 0.23/0.25p when exercised so that's £1.5m in new funding at known price points only 52m of which are at the current ask. I'm therefore surprised if it is affecting the sp in any significant way but who knows how other people think. They might just look on it as potential dilution. Technically it is but most of it at prices nicely above were we are now so I just don;t understans why the buyers aren't here pushing this up unless they are trying to time the market. I don't have the minerals to play that game. It still looks cheap to me where it is give what should be coming.
As others have indicated, maybe with MSMNs history it's going to have to show categorically that money is coming in from all the workovers and new drilling before some investors are willing to get involved. I've been following this for some months now and I feel the company is definitely going in the right direction. I am going to top up early next month so there's a good chance things'll spike just before I do....
I really want to hear news soon on another drill adjacent to Falcon-1 where the Galaxie Drill planning is now off the boil.
I do believe that a recovery in oil and gas prices has started and feel that will only gain momentum, so whilst drill costs are lower and before they start to rise significantly we need to be drilling.
I don't care if it is workovers or new drills, the more we can do now in this period the better.
The share price imho is not reflective of the current position Mosman is in, but 'fair' is not a word you can use in an AIM market it seems, it could still be in this range and not moved higher due to residual placement shares from that 20th October RNS where the shares hit the market on the 26th October, so 720 Million shares to be cleared, we are now a calendar month on, say 20 trading days on from that 26/10/2020 date, with the volumes we have seen I would have hoped that would have cleared that volume and any prior warrants, perhaps just need another RNS to finally clear it and then we should move higher.
I did say at the time on the placement we would be treading treacle for a while in terms of share price movements, but We have made great strides recently with Stanley-4 and Falcon-1 and want that to continue, the market and share price will catch up at some point.
that is a big call you have just made remember they did a capital raise for £0.9 Million on the 20th October 2020,
from RNS on that day ..
'...Details of the Fundraising
To fund the drilling of a proposed significant Galaxie well, installing Falcon production facilities, and for working capital, the Company has raised £900,000 (before expenses) by way of a placing of 720,000,000 new ordinary shares of no par value in the capital of the Company ("Placing Shares") through the company's broker Monecor (London) Ltd, trading as ETX Capital, at a placing price of 0.125p per share (the "Placing Price") (the "Placing"). Investors are also receiving a one for two warrant exercisable at a price of 0.25p with a term of 24 months (the "Placing Warrants").'
I don't think you 300,000 AUS number is accurate, are you saying we have burned almost one million dollars in a month?
well the market knows that mosman will do another dilution soon. so that's why the sp stays where it is at
Yes it is becoming very boring.
I give up on price Vs fundamentals on Msmn!
This is just not right given RNS updates etc !
Let’s see what next news brings .
Gem gone quiet ?
Dyor my opinion