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Surely it would have to be £1’s for investors to let go? Either way it’s looking like a fabulous journey - either he comes and transforms it into the billion dollar company as he says and takes us all with him OR he puts up enough £’s and gives us all a handsome offer and takes it on alone?
building today, won't be long before every man and his dog will want in here.
just to be clear, I am a holder with a low average, and am very positive here already being in good profit, would not want anyone thinking otherwise, just trying to understand motives more and potential outcomes, and perhaps stimulate some conversation. GLA
I do, as to price, no idea, would completely depend on timings and where the business was at that point. But if you had all that money, experience, knowledge of the sector and contacts, why be listed here with all the regulations required and share the 'rewards' with thousands of others, when you could simply own the lot?
I am no expert, but just unclear what the actual advantages are to him of being Listed, can anyone perhaps enlighten me (and others) on the real benefits of being a Listed share, raising capital is one to be sure, but I guess he doesn't really need that bit, some kudos perhaps, but would he care about that? - what are the others?
So RMR1969 you think his ultimate aim is a takeover? Interesting. Any guesses anyone then of the likely offer?
bought another 5k worth.
MCCO, Mitch1967 and toolforthat, many thanks for the responses, Mitch1967 looks like your point on debt and ownership has started to be answered already! I personally do believe that at some point he is likely to buy out the business completely, just not sure why he needs the aggro of many PIs, however as long as the SP continues to rise in the meantime, and the offer is good, I am happy about that, even if it means we never realise the true potential value here over the longer term.
I too was lucky enough to be in FOOT, cursing myself that I didn't buy more when the shares were purchased at a very significant premium that one day and then remained in the 40s for a while, in hindsight it was so obvious what was happening I guess, but profit is profit and managed to double my holding in a short period of time as I hope many others did too.
Just the beginning. Once the sheikh is on the board expecting a significant rerate with his connections and ambitions. Can’t wait!!
"I have very clear ideas as to how significant value can be grown within the business,” added Sheikh Ahmed.
He did not comment on whether heavyweight partners may be sought to accelerate the pace of growth, but said his ambition is to build MX Oil into a BILLION -DOLLAR energy business over the coming years.
Roll on Friday!
Don’t fall for the ‘drop’ they know it’s going to take off massively now so they’re collecting- If you sell now well what can I say - a fool and his money are soon parted
He gets stuff done eh...who was in Nigeria last month... This guy is a golden asset - can’t wait for 7th to see what he has in the pipeline planned for us!
What’s interesting is that as soon as Ramadan finished the news flow gets underway, news rich period ahead imho
12% rise pre-trading. I shall watch this today.
Good news - Some final house cleaning from SO before the big news flow begins with H.H.....
MX OIL PLC
("MXO" or the "Company")
Aje Participating Interest - Title Update
MX Oil plc, an oil and gas investing company quoted on AIM, announced on 4 February 2019 that consent had been received from the Ministry of Petroleum Resources ("MPR") for the renewal of the OML 113 licence, which is part of the Aje Field, for another term of 20 years.
The Company had acquired an indirect interest in OML 113 when it purchased Jacka Resources Nigeria Holdings Limited ("Jacka"), a wholly owned subsidiary of Jacka Resources Limited, which was announced on 10 August 2016. Following receipt of consent from the MPR, the Company sought and has subsequently completed the assignment of its 5% revenue interest in OML 113 from Jacka to the Company.
Ministerial approval for the indirect acquisition of the interest was conditional upon the payment of the assignment fee, being $550,000, of which the Company had already paid $137,000. The Company has now settled the balance of the assignment fee.
As disclosed on 15 April 2019, subject to normal operating conditions and oil prices and production costs remaining stable, it is anticipated that the project debt on Aje Field should be repaid after the 12 lifting (expected in Q4 2019). The Company also advised that the Aje investment is anticipated to generate material free cash flow for the Company assuming continued stable production and no change to capital or operational expenditure at project level in Q1 2020. The costs of the assignment had been included in the Company's estimate and accordingly there is no change to the Company's expectations for the timing of either event as a result of the conclusion of the assignment.
Shareholders are reminded that should the price of oil or the production rate from Aje decrease materially or should there be unanticipated costs, or interruptions in operations, then it may take longer than anticipated to repay the project level debt and, in turn, take longer for the investment to produce positive cash flow for the Company and hence move to profitability.
MX Oil's Chief Executive Officer Stefan Olivier said:
"I am delighted to announce that we have now formally completed the consent process with the Federal Government of Nigeria and this formalises the legal title in our Aje asset."
No red button LSE
Over hanging debt cleared looks like they are clearing out the cob webs for a massive few weeks Name change end of this week as well they sp is going to fly
Project debt paid off this year
Things starting to take shape, expect a strong finish this week
RNS available
Now that's Ramadan officially complete, the free flowing news train will just be starting it's engines.. Going to be an incredibly exciting few months I think
I would share the view of tooldforthat that HH wants to invest in/ control a company which is listed, albeit on AIM, on the LSE. If, after a while, he becomes frustrated with the regulations restricting the operations of such a company, he may well seek to take it private, but I sense a level of purpose from the interview to simply turn around a poorly run company. I’m not sure what his relationship with the Chinese investors will be though. I had originally thought that they would organize a takeover for themselves. Maybe HH thought that too and didn’t want them to?
All speculation I know, but I’m expecting more solid news from the EGM on Friday
If I remember rightly he said he looked for a company that had been bombed out and not run very well but had potential to be transformed, that is why I think our current board will be gone in a year. Also this gives him an instant London listing so he could reverse assets into it
Just to be clear, I am a holder here, but as we all know / believe, the Sheik is looking to take an active role in the business and perhaps be on the Board, company even being named after him shortly, clearly very wealthy, already has significant stake, why would he not just buy the business outright, could easily afford to, why would he be happy owning only a large holding amongst many many other smaller PIs, rather than just buying it all up at a premium to current price. If he has huge plans in the future, surely better to do that now than wait until share price has risen hugely after plans shared / part delivered........................thoughts?
consolidation & name change
No selling for me, unless there is a very good offer