Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Still red. Too much hot air from share prophets. It's a bit rich for SOS to kick back and let them do his dirty work imo.
Look what happened at Bowleven. Crown Ocean (the activists) were able to communicate with Bowleven shareholders in several way. Since NTOG control the votes of >10% there's no reason why they can't do an RNS "noting the letter to shareholders from Snead" if that's stuck on the web somewhere. However there's also no requirement for him to say anything more at this stage and may not do so.
Suzanne - "protect my own back". There's a massive corporate governance issue here. This is not acceptable behaviour from a CEO, sorry. Magp is owned by its shareholders. RW is paid a salary (a good one) by the company to work for the company (ie the SHs). It's not her company. It's the SHs. A GM requisition falls on her desk and the first thing she does is write a new SC that awards her a bigger payout if she loses. In what way is that additional expenditure in any way, shape or form going to benefit Magp shareholders? What's even more worrying is that rest of the board (did the independent non-execs approve this?) let it be signed. That tells you they also think it's perfectly fine for the board to treat SH with no respect and to view magp as their personal "piggy bank". You HAVE to have a CEO and board that you trust are working in the best interests of SHs. I would suggest that RW's recent actions indicate that she isn't.
SOS get his message across to us? He won't be able to use a Magp RNS and I doubt whether he is allowed to use a NTOG RNS so what is left for him unless NTOG has plans to buy more MAGP shares? Anyone with any ideas?
Until i hear from the prospective directors about their plans i am fully behind the status quo as they appeared to be doing well. As to rita I also would protect my own back. So my one percent is with the present board i vote today .
Bakky, I was about to ask the same question. Haven't had time to read through your posts in detail yet this morning, but I will later today. However, in the interest of transparency you should probably explain your interest in MAGP. Are you a share holder, present previous or future, do you have some other interest?
Bakky, thank you for your concerns. I have made my decisions on my research and not because of anything you or any one else said. Likewise the decision to vote will be my own and not because what you say.I still would like to understand what is driving your interest here. You are spending too much time and energy here trying to discredit Rita, what is it all bout. Do tell. I asked you this before,please reply. Have a good day and dont get upset, we can have different view. Its been a good opportunity for me to buy more. Thou people need to make there own mind about investment.If they want to takeover why cant they make a bid for the company? They want to takeover the company through the backdoor. They must think that the company has a future and is worth taking over. Have a fun day
I had a good laugh at this you said earlier,, 'Bakky, you are trying too hard to discredit Rita, she was doing fine untill this fiasco' You bet she is doing just fine as we have found out...family doing ok too it seems...feckin everyone is bar the shareholders it seems! I feel sorry for the people here who reckon they have anywhere from 20 to 50 million of these near worthless shares, frightening!!
OILMAGNET...yes I remember Quindell + others who said the same thing about him, look what happened to them!
Kammi, are you for real?? don't shoot the messenger, they are not my words are they, just want to let people know what is being said and if it's true then your beloved Rita stinks the place out..You go and vote for her and keep her in the lifestyle she has enjoyed at our expense.BTW just tell me...just how much return have you made on your investment with Rita in charge...a fool and his money are EASILY parted...I rest my case m'lud!!
http://magnoliapetroleum.com/wp-content/uploads/2017/06/Proxy-GM-July2017-FINAL.pdf
Unfortunately things such as Rita's family members, her service contracts, the deals she made - all easy enough to verify. Likewise easy enough to disprove if the facts are actually malicious lies. Facts can be checked. Anyone who is a shareholder can ask to view Rita's service contract at the companies registered address. Drop the company an email and set a time to pop into the London office. Then report back as to whether the substantive allegations are correct (new SC signed after the GM requisition, notice period increased to 12 months, etc). If you're passing thru London it's easy to do and your legal right under CA2006. I would suggest a sensible strategy with any AIM company is have a very sceptical mindset, don't fall in love with people or company, and do some DD legwork to kick the tyres. With the allegations made - which are very serious - that is now essential.
I know, let's all take the word of some low life scum who threatens to discredit company's who don't shell out for a stand at his organised investor event. That sounds like a great working strategy. mmmmmmmmmm...........
Bakky, you are trying too hard to discredit Rita, she was doing fine untill this fiasco, under hand tactic came about to unseat her. If they want to take over this company make an offer to the shareholders. Opps they cant afford this as they must be short of money. I personally doubt your intentions mate. You are working too hard ****ging Rita. I am just buying more and hope people make there own mind up. I will be supporting Rita after reading your posts.
Hopefully ntog will come back with some facts, with a response to the 'inaccuracies', maybe it's time for all the mud slinging to stop, And someone actually tell the LTH'S what they intend to do with the company and the sp.
vote for this woman????
That is priceless. What do you do as a CEO about to get booted out of office at a GM? Answer - write yourself a new service contract that awards yourself a massive payout! Win vote - stay in post on big salary Lose vote - walk away with fat cheque and company holed beneath the waterline Just when you think you've seen it all at AIM companies (and oil and gas are particular notorious in this respect), an even more eye-watering example of corporate greed and placing yourself (and family members) before that of the company and its shareholders raises its head. I did say this sort of this leads to both sides airing their dirty laundry. In this case it looks like MAGP's laundry has been dragged through a sewer first.
still voting for Rita????
It gets worse... According to clause 3.1 in Rita’s November 2011 agreement she was “employed on a full-time basis”. Rita’s new agreement uses words to the effect that she is not contracted to work for a set amount of time as it is impossible to allocate a time allocation to an executive director. It is now left at her discretion how much time she spends on Magnolia to discharge her responsibilities to the companyThere was no mention of a non-compete clause in Rita's 2011 Service Agreement but that was not needed as she was "full-time", however her new agreement contains the following states she is barred from owning >5% of any “cost bearing interest” in oil & gas wells, unless the board approves it. - This actually is now in direct competiiton with Magnolia. She operates in the same areas and most of Magnolia’s working interest are less than 5%.It is interesting that Rita's new agreement explicitly bars her from owning >5% of in “cost bearing interests” in oil & gas wells. Technically Belle Trace - the sordid tale of which is related above - is a “mineral rights” business, though from a shareholder perspective this is surely semantics.Belle Trace bought the mineral rights described above in February 2016, before the 31 March Commencement Date of RW’s new service agreement but most of its activities are covered by the "back dating" of the commencement date of the new agreement. Clearly since she was not "full time" in the Magnolia time machine contract the hope is that her activities at Bele Trace can be whitewashed. I think not. This change of contract switcheroo is shameful. The attempt to cover up what went on at Belle Trace where Rita clearly put her own - sordid - interests ahead of those of shareholders is bad enough. The doubling up of her payoff if/when she gets fired is something Magnolia simply cannot afford - it is already in technical default on its $2.6 million loans - and is a clear case of Rita putting her own greed ahead of shareholder need. If Cairn has an ounce of integrity it will be demanding the immediate sacking of Rita by her fellow directors (with a zero payoff as she would be leaving for what is gross misxconduct) and calling off the GM as it invites Ewan Ainsworth and Zak The Knife Phillips onto the Magnolia board. If Cairn will not act, it is off to AIM Regulation we go not to report Rita but to report the hapless Nomad and Jo Turner & James Cathie in particular for failing to eal with what is tantamount to theft from shareholders. Chaps round at hapless Nomad Cairn of Cloudtag infamy ...you are on notice from the Sheriff of AIM, you have until noon today.
As we saw earlier as I relayed the sordid take of Rita, her brother and Belle Trace, not so lovely Riita Whittington, the shamed and embattled CEO at Magnolia Petroleum (MAGP) entered a service contract with her employer on 11 November 2011. On 2nd June 2017 the company received a GM request to, inter alia, fire Rita. So what to do? On 5th June Rita signed a new service agreement which had a “Commencement Date of 31 March 2016.” But that is a red herring, the key issue is that it was agreed and signed post GM requisition. So what has changed? According to Magnolia’s Admission Document (15/11/2011) all the executive directors at that point had 6-month notice periods. Rita's new service agreement gives her a 12 month notice period. This means that if the GM goes the wrong way (for Rita) her payoff doubles tyhanks to her new contract signed 3 days AFTER a GM request to oust her! The additional cost to Magnolia shareholders is c$177,500. Knowing that a GM loomed and that Rita would almost certainly be voted off - as explained HERE - changing this contract is little more than plain theft. Those losing are long suffering shareholders, the winner is Rita. How on earth can Rita's fellow directors have agreed to this? This is a truly shameful rape of corporate governance standards. This alone should see hapless Nomad Cairn, demand the immediate sacking of Rita - she is simply not a fit and proper person to run a cat's lavatory let alone a company on "the world's most successful growth market".
At a number of levels this is critical and adds to the, already compelling, case for diching Rita Whittington at the forthcoming Magnolia Petroleum (MAGP) GM. Putting family on the payroll is bad enough, operational failure & misleading statement after misleading statement are clear but this is sordid.Rita is the “sole operator” of Belle Trace Resources - that is to say she owns 100% of it and has 100% control. Belle was incorporated on 30 December 2015 as you can see HERE . On 11 February 2016 the District Court for Oklahoma decreed that Belle Trace Resources had bought net mineral interests in three areas of Coal County Oklahoma for $200,000 (Rita signed these documents and they’re notarized as well). Rita knows this area well as Magnolia is active in the same county.The net mineral asets belonged to the estate of a chap who had just died. Mark Hunt, attorney, was the Personal Representative of the Estate selling the net mineral interests. Mark Hunt is Rita Whittington’s brother.Between 1 April 2016 and 1 May 2016, Belle Trace broke up these assets into parcels and sold these net mineral interests to 5 different parties for a total of $691,500. Hence Belle Trace, sole owner, Lovely Rita, made a gross profit on these transactions of $491,500 within 3 months of acquiring the mineral rights.Now why does this matter? Well I am no expert on ethics but if my old man died and I discovered he owned some mineral rights up in Warwickshire and the lawyer running the probate said he'd sold them for £200,000 I might be happy. But if I found out that within three months they'd been flipped for £691,500 and the flipper was our lawyer's sister, I'd be totally ffing outraged. Wouldn't you? We know Rita likes to keep things in the family, clearly so does her brother.There is a second issue. Rita's service agreement (dated 11 November 2011) explicitly stated that she was “employed on a full-time basis”.Given that she was working on a “full-time basis” how was she able to set up Belle Trace? Why has her involvement in Belle Trace not been mention in the 2015 or 2016 audited Annual Reports? (Nor was it ever disclosed in any RNS)Rita will no doubt claim that Belle Trace is a “mineral rights business” and therefore not in competition with Magnolia, which acquires “cost bearing interests” in licenses which contain oil & gas wells. Legally she might be right about this, but from a commercial and shareholder perspective this is semantics as a - very well paid - CEO surely she should have done this cracking deal for Magnolia ( where she was a full time employee) not PA?According to Magnolia’s admission document the Company “engages in the acquisition, exploitation and development of oil and gas properties primarily located onshore in the United States”. From a shareholder perspective this also surely includes the acquisition of mineral rights?The case for firing Ri
Well she's not short of a bob or two, especially after the profits from flipping the assets from that mineral rights thing just posted on SP (c/o her brother the lawyer). If true that story is quite shocking (as an aside).
Could be anyone BOD, SOS or NTOG expecting a push from both sides for shares in the run up to the vote.. Let's see IMHO
Another 900,000! 5 mins later.
First 17 seconds of trading and a buy of 1.86 million. (is it Rita stocking up?)