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MrEnglish - I have to admire your positive view on Rita's $228kpa salary and $350k break clause. "The only argument against Rita that I can see is that she gets paid and has negotiated a position that protects her income; well done Rita. Personally I'd like somebody who can negotiate those kind of deals on the team." MAGP is a loss-making £2m market cap company surviving on placings. Yet this remuneration package should be applauded because it shows her negotiating skills!? Pray, negotiating with whom, exactly?
Read this before you vote 'I honestly cannot remember how many times iv heard " NTOG will fly". Ntog in the early days did fly because of the hype and ramp crew who pumped it so hard. NTOG will never fly, no matter how good any news is. Matt lofgrunts past history coupled with his bad management and poor leadership is still present. He once said "onshore USA is the place to be ". So what does he do, gets involved in a JV in Egypt, that went pair shaped almost immediately . His credibility is non existent . In 8 years he is yet to drill his own well....loads of promises in the past, but it never comes off. This is a lifestyle company.'
Directors change. New approach. Presume sale of assets at knock down price and restart as tech company! There's no suggestion of NTOG shares.
What happens if they win Then do we just end up with some shares in a company called magnolia petroleum that makes IT stuff? Or a measly cash payment for our shares and magnolia just disappears Or do we get ntog shares
Thanks OM. I don't think he'd sue either, but just throwing a suggestion out there. Especially recently, you just don't know with this company!
stis - I really can't see how SS would sue MAGP or RFW. He resigned and left the company so it wasn't as if he was 'unfairly dismissed' or anything like that. Therefore, what grounds would he have to sue? MAGP is an oil and gas company, not a tech firm. If SS wanted cash to support No 1 Son thenyou'd have thought he'd have gone all out to max value in MAGP before selling rather than the fire sale approach he has adopted. All smacks of sour grapes to me.
I see that all is not happy on NTOG. A few have no faith in the BOD.
I asked III for my forms :) may even purchase a few more. Feels like I have some power which makes a nice change :D Question for you all, what do you think will happen to the NTOG/Snead shares if Rita wins?? Will they try to remove her again?? Buy up more shares for a takeover, or cut their losses and run?? Could SS even try to sue the company/Rita for some reason?? They're the only options I can see...
cant believe I missed this RNS last night, sneaky little buggers. My votes will all be going to rita
Rita has my vote. We can't let SOS & Co. win this one.
ah right okay. In that case Rita needs your vote! Come on guys and gals, read the RNS, read it again if you need to and make sure you place your votes. Tell you friends, tell your family, tell you dog if that's going to help. ---------------- Personally I bought into MAGP as an oil company with certain stated aims, okay so its not gone that well for a few years, mainly due to a dramatic drop in the POO, to sell out on the cheap now such that others can make a quick buck doesn't fit with my idea of where this should be going. The only argument against Rita that I can see is that she gets paid and has negotiated a position that protects her income; well done Rita. Personally I'd like somebody who can negotiate those kind of deals on the team.
The ntog pirates will never get a go on miss F!!!!!!!
Even vote counts.
I've got a puny 500k but suppose it could make a difference I've contact HL to see how I get the voting option Rita's got to stay. I've been here since early 2011 we need to see the original plan through Boooooo to the ntog pirates
The family holding was still on the maggi website so I suspect a separate holding from SOS so 15.9% total 305,598,000 that's if some more have not been acquired on market. still in the red corner but only a poxy holding compared to you big hitters lol
Forgive me if I have the wrong end of the stick but Snead family llc has 93m or 5%. I'm under the impression this is a separate holding from the 210m SOS has transferred to NTOG. Am I wrong? Hope so ha!
Given that as little as 50k (50m shares) might be enough to swing the vote are we going to see an increased level of trading in the next couple of weeks, perhaps from the board or those trying to move in? Also, Rita always talked about her friends / family holding shares, I wonder to just how many she is 'related'?
Disco, 305m or so are bound to vote for them? where does this figure come from ? SS holds / held 10.9%, circa 210m, where are the other 100m coming from.
I believe that the board can current count on the following support, any more? Rita 43.5m Ron 49.6m Len 19.6m Derec 13.2m Lanny 9.7m Disco 30m Kammi 25m Suzanne 21m MrE 34m That's 245.6m, (12.7%) This is a ordinary resolution so a straight fight, most votes win. YOU DO NEED TO VOTE by 3.30 p.m. (BST) on 14 July 2017 ---------------------------------- Just had a look at my broker and it doesn't appear to be out there for voting yet, I sure that people will feed back here once voting opens.
Whilst I will be happy to read any proposal from Messrs Snead and co that may eventually arrive, my initial reaction is that they are pushing an elephant uphill on this one. That leads me to conclude the Snead/NTOG tactic is simply to rely on PI's not voting. I suspect that like me, most shareholders have trading, SIPP and ISA accounts with various providers. From recent experience with Keras, I can say it proved simple to contact the various providers and get the proxy vote registered.
"We firmly believe the hostile and unwanted actions of the Snead family and NTOG have already caused material damage to Magnolia and its shareholders by negatively impacting the share price, the Company’s ability to raise funds to cover potential drilling commitments has been adversely affected." Looking back at the SP graph over the last 6 months I fail to see any evidence that the requisition RNS on 2 June has negatively impacted the share price. MAGP looks unchanged and range bound to me. Now it may be the case that RW has been trying to get another placing away and the brokers have not wanted to play ball because of the uncertainty (a fair position actually). But that's not what she's said. http://magnoliapetroleum.com/wp-content/uploads/2017/06/MAGP-Final-Results-19.06.17-Final-Clean.pdf RW gets USD$228k salary. The Annual Report says: "Under the employment agreement with Ms. Whittington, approximately $350,000 USD will become immediately due and payable by the Group." Ie she's on an eye-watering 18 month notice period. And she's now using that as a bargaining chip (you can't get rid of me because I'd cost too much).
We have 21 m for rita
Super! Good work. Make sure you vote. I've 30m for Rita.
Call your broker!
I'm with H&L what do we need to do to vote?