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You have my vote!!!
My 25 mil will for Rita. She needs our support and many like me who are more interested in the success of the company then the other lot will vote for her.
By my reckoning wag has about 5m. 428k per quarter since June 2015 (resigned feb 17 i think) and signed up for 2.8m on appointment in June 15. So let's say that's 140m against resolutions. 305m or so are bound to vote for them. Get voting!
So I've got the following : Rita 43.5m Ron 49.6m Len 19.6m Derec 13.2m Lanny 9.7m Not sure about the Hoff! Total 135.6m.
Oh crap - it's an ordinary resolution - do they only need 50% then?
Rita gets all of mine. Simple as that. But please let's all make sure we vote!!!!! I cannot emphasise that enough. Do not rely on others. Remember that SOS et al need 75% if the votes cast, not 75% of total shares. I apologise for teaching anybody to suck eggs here but how many have they got 15% or so? So let's call it 20%. That means we need 7% to stop him. 20/27 being 74%. 7% is roughly 150m shares. This should be achievable given Rita and other people mentioned in the RNS plus us lot!
Well Rita gets my vote..
So there we have it. At last there is at least one side of the story regarding the parting of the ways at board level. It would be interesting to hear the other side, but when it appears to boil down to a suggestion that MAGP sell all its assets when prices are near rock bottom in order to change direction and go into a line of business totally different from the one previously followed, I personally see very little to recommend it. On the other side, under Rita's stewardship we have secured a line of financing which seems likely to end if this action was approved. New proposals are still coming in offering us the chance to participate in proven fields which should consolidate our position as one of the companies who have seemingly survived the tough times the industry has just gone through. The plan for the company still seems to be to use the board's expertise in the industry to prove up an increasing acreage thus building the value of shares which if NTOG and SS were to gain control, could conceivably be written down to virtually no value at all. Each to their own but I'm solidly behind Rita & Co and will be voting accordingly. There may have been accusations of nepotism in the past with members of Rita's family coming on board but the alternative is to climb on to a company and business plan run by SS's family so I'll stick by what we know and hope for a brighter future. Steven Snead seems to have lost faith in the MAGP model and other posters have expressed similar sentiments but we are still alive and kicking and appear to have everything to play for. Don't let's sleepwalk into losing all we hoped to achieve. Make sure that every available vote counts. GLA
I've made up my mind.
So, the rift is exposed. I guess the answer to where you vote is simple? 1. Do you want MAGP to continue plugging away in low risk oil, where it effectively has a solid platform on which to develop further production, in the hands of a COO, who it now appears has delivered much of what has been achieved over the last 18 months, without the support of the CEO. Do you think oil has a future and prices will rise going forward. 30% year on year overhead reduction is pretty impressive in anyone's book (although it begs the question why it wasn't don earlier??). 2. Do you want SS to take control and move into the technology sector, using MAGP as a shell? What does anyone know of his Son or his capabilities as an IT whiz? How much funding would be needed to develop this. Would a fire sale of MAGP 'assets' be enough to clear debts and other financial commitments (Would Rita sue for compensation??). Good to finally have some understanding of how MAGP got to where it is today but FM, this has all the makings of a Shakespearian Tragedy/Comedy with a few historical elements thrown in for good measure: Et tu Brute! Agreed, SS's side would be interesting but as likely to help the outcome here as the 2 sides in the Brexit debate - and look where that's got us. GLA
TW is a first class d*ck. He's in for personal gain and is as dodgy as the rest of them. http://guerillainvesting.co.uk/2017/03/31/exposed-tom-winnifrith-going-jail/
If they want to take over they should make a cash offer for the company. This will allow us all to consider our options. This way they want to effectively take over the company without laying out the money. Why oh Why would anyone in there right mind would want to get rid or a CEO who is doing well. There is asset backing for our shares. Snead and co should take a walk and I like other shareholders have a load of these and would be supporting Rita.
SonsofG - no!
Look at Tom Winnifriths research on MAGP before doing anything hasty. He is the sheriff of AIM
Strong RNS from Rita. Wasn't expecting to read that at 17:30. I'm currently on Rita's side. But would like SS view...
Rita has answered every proposal, time for ntog and snead to tell us what they propose, and how they will drive the SP. Rita still has my backing.
Wow!
<$43 !! Not ideal for the bank loan extension!
Which one Ophelia?
Good grief - Is that a serious comment ?
Mr E - 100% with you on that. I couldn't have put it better myself and is what I was trying to suggest in my 17.19. You don't start ripping into people unless you can offer a better solution. So far the silence is deafening. I would be amazed if we didn't have something like the document you suggest in your 22.54. I've been through this before and that's exactly what happened. All the best.
Please invite both parties, "the existing board" and "the new investors via Steven Snead" to publish a statement of intent via official company channels. I.e. As part of "circular to shareholders" prior to the general meeting. Perhaps this is already the intention?
Disco, This all reminds me of a question a colleague asked me prior to Brexit; "Are you for or against it?" My answer at the time was that I didn't feel qualified to make a judgement on the matter as neither side was able to provide any clarity on what it actually meant and in fact they were all just lying through their teeth to promote their own agenda rather then providing the facts. As such my feeling was that things should remain unchanged until such time as somebody could demonstrate a good reason for change. So to here and now: Remain as we are, which I'm the first to admin hasn't gone particularly well of late, but still alive where others are not and seemingly able to mange the debt and new proposals. Switch to the unknown, no published plan, no statement of direction and in all probability an attempt to asset strip on the cheap. At the moment Disco I'm moving towards the status quo. They have their 10%, if you want control then you'd better start buying another 41%, mine are available at the right price not via a back door take over.
Agreed. Red til I die.
I've not heard anything good about NTOG yet. All I've seen is hyperbole on a grand scale from an unsurprisingly biased source which hasn't even got its facts straight, never mind the name of the person they're trying to oust. I'm still red.