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Hi, Vyrnwy Yep
smidsy Do you mean the agreement?
Magnolia Petroleum plc, the AIM quoted US focused oil and gas exploration and production company, is pleased to announce Western Energy Development LLC (�WED�) has received the first US$500,000 tranche of capital as part of its exclusive US$18.5 million capital management agreement with Magnolia. Magnolia will invest these funds into oil and gas properties in Oklahoma that qualify under the US Immigrant Investor Programme and in return will earn fees and equity in new wells and leases.
What's happened to the $18.5 million?
gorgeous george No - the model was the problem. They had no control. Over-expansion due to leveraging was the problem That's what I call mismanagement.
Will WED take over Magnolia?
More questions than answers for me. 1 Asset Fire-Sale to pay-off the Bank but then Debt free? 2. 62 Producing Wells... what value is placed on them? 3. What are WED's intentions in this debacle? 4. Having gutted the Company can we be assured that Corporate Overheads will follow suit? 5. The Directors have failed [miserably] in their stated aim. They lack credible support and are clearly very selective in their sporadic communications with the long-suffering owners of this shambles. Are they going to do the decent thing and just go? In truth, our money has evaporated under the control of the lady who once allegedly boasted "give me a dollar & I will give you two back!" Right now two cents if you junp quick.
It is not a pleasant situation to be in, I used to lose almost �50K on this share and stayed away for almost 3-4 years now but never expected it to come to this. At the end of day it is just money, your health and family are more important also very few people actually making money in AIM, most are in red (losing money) in different ways...All the best.
Shareholders are last in the queue.
Liquidation will be a cheaper option for me now.
after all the big talk and power struggles it comes to this............game over
you can still sell shares if you're quick before it's suspended.
So there we have it. They will need to dispose of c50% of their wells as I advised previously. They have restrictions on their account (interesting) and they have around a month for the repayment.
Even at �6 I'm still losing �3 on the deal.
occasionally my broker Halifax does half price dealings ,you could walk away with a fiver . When did Rita start paying herself a salary , i remember long time ago the carrot on the stick was Rita did not take a salary and the increase of the business was her in her interest . When did she sneak her exsorbadent pay salary in, i missed that bit . Hindsight is a wonderful thing ,should have gone with Mr Snead ,things may have turned out for the better , he obviously now knew the writing was on the wall ,but we were not to know .
It will cost me �12 to dispose of my �2.87 worth of shares or else �25 to send me the share certificate. So I will have a loss in excess of 100% of my original investment.
Correction to my last post which contained the wrong date for the last fundraising from shareholders. It should have read December 2017 not December 2016.
Mr English. Regarding the annual accounts of December 2016, the auditors advised the existence of a material uncertainty which may cast significant doubt on the Group and Company�s ability to continue as a going concern. When that was written, the company could and indeed did later raise funds from shareholders (December 2016). The company had a borrowing facility that it hoped it could renegotiate. Moving on from then .... The H1 2017 accounts last September, showed a slight worsening of the dire current ratio. The company's ability to raise further funds from shareholders is unavailable. We know that the company is intending to reduce or eliminate bank debt by well divestment. Forget what makes up current assets - it's the current ratio (current assets / current liabilities) that is important and that has been dire. That ratio, the total of Share Capital and Reserves ($0.8m H1 from $3.1m FY2016 and could go negative) and the auditors' report will tell all. Yes, they can raise funds by well divestment to eliminate bank debt. That will improve the current ratio but they will probably need to sell off 50% of those reserves to do so. As a consequence, It will also reduce their revenue generating capacity and with it gross profit to cover fixed admin and generate free cash flow.
Thanks for the info and update , grim times indeed . Im for no !! ,nothing to lose ,as mine is now just worth a slap up dinner at Mcdonalds anyway . Rita , stick it where the sun dont shine . This was going to pay my mortgage off early ,my hopes ,but its been so long a march ,ive nearly finished anyway . Fair chunk of cash i have lost ,wish i had bought a classic motorcycle instead ,would have increased in value and i would have a shiny toy to play with ,,but in the end its money luckily i can afford to lose , Sticking to blue chip companies from now on ,my Kaz shares have done really well . Best to all ,its been a lot of fun along the way everyday catching up on my daily Magp forum news ,going to miss you all. Cheers George
The votes will now be in and counted so the BOD probably know where they stand (or fall), I think it is unlikely that those attending the AGM will vote against the board. On that basis if there has been a shareholder revolt and a 'no' vote pending the BOD have 24 hours to decide on their next move. It does also provide the BOD with 24 hours to rally their supporters to attend the GM if things are looking uncomfortably close... Do those here saying 'no' have sufficient weight to reach 25% of the vote, maybe. But given there is virtually no information on who holds about 60% of the shares it's really quite hard to call. ----------- Where next... A 'yes' vote. You can basically kiss bye bye to your shares, they will disappear into the round filing cabinet in the corn of Rita's office. I expect some private investor will buy in and pick up the scraps so diluting the shares another 90% or so, perhaps this is the only feasible outcome with the current debt levels. A 'no' vote. The board are in a untenable position, they have admitted that they can't turn things around, have a bank loan that they are struggling to refinance and can't find further investment. Do they hang on and keep taking their salaries or do the right things and honor their obligation to find new (lower paid) leadership. Where does this leave WED? They either walk away or perhaps they step in and replace the BOD, after all they are the only known shareholder in a position to do so. Personally I'd like to see the balance sheet and details of the current assets, only then can you determine just how hopeless or otherwise the situation really is. I guess this might be forthcoming in the form a the board's spin on the EOY results, which if issued under AIMS rules will have to reflect some form of reality. see you all on the other side.
MAGNOLIA PETROLEUM PLC - Important Information Magnolia Petroleum Plc is intending to cancel the admission to trading of its Ordinary shares on AIM. Important Information & Other Key Dates: The Directors have conducted a review of the benefits and costs of maintaining the Company's quotation on AIM. Following this, the Directors concluded that the costs involved exceed the benefits and opportunities of the Company remaining quoted on AIM. The Cancellation is subject to shareholder approval at a General Meeting to be held on 7th June 2018. Subject to acquiring the necessary approval the Cancellation is expected to become effective as at 7.00am on 22nd June 2018. The last date for dealings in Magnolia Petroleum shares will be 21st June 2018 after which date you will not be able to sell or otherwise trade your Magnolia Petroleum shares on AIM. The Directors will consider the placement of a matched bargain settlement facility via http://magnoliapetroleum.com/. Once the matched bargain facility has been arranged, details will be made available to shareholders on the Company's website. Regrettably we are unable to facilitate trades using a matched bargain facility. Should retain you shares and wish to use the Company's matched bargain facility after the Company's Ordinary shares have been delisted you will be required to withdraw or transfer your shares from our nominee service. Should you retain your holding of Magnolia Petroleum shares we will notify you once the Cancellation has become effective or upon receipt of additional information from the Company. Subject to the Cancellation becoming effective Magnolia Petroleum shares will not be eligible to be held within an ISA product. Any shares remaining within an ISA product will be transferred to your share dealing account. Should you wish to find more information about the Cancellation of Listing, please visit the Magnolia Petroleum website, http://magnoliapetroleum.com/proposed-cancellation-of-admission-to-trading-on-aim
Think it’s fair to speculate that the mms or at least one of them working with the bod - clearly more buys than sells - auction transactions are clearly buys - but yet sp goes down - to potentially allow more bod and family buys on cheap - or they know good news coming so gathering cheap shares - for me and most others little point selling with nothing more than beer money to come out - interesting to see if this comment gets removed
Robsky When you write: .... "the last opportunity to have your say is looming 3.30pm on the 7th", that suggests that that date and time is the cut off for voting. It's not. That is the date of the General Meeting when the result of the vote will be announced. Quote from RNS... " Latest time and date for receipt of Form of Proxy ... 15:30 p.m. on 5 June". That is .3.30pm today.
If the company delists, what is to stop Rita (who has a share holding worth as little as the rest of us) selling the family silver for cheap. Any LTH returns will be far down the list of creditors that need to be paid off. If the company delists I expect holders will never see a return. As to alternative, we have no idea as the company have not provided any information.
Morning all the last opportunity to have your say is looming 3.30pm on the 7th and it is 75% of votes cast required to delist MAGP hopfully we can send Rita home to think again. Delisting if it happens wont be the end we will still have holding in the company which I beleive she and the BOD will go on to profit from GLA to all LTH's