Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Why have former Directors asked ML to get involved to sort out MAGP? Brokers too?
What's the back story with Gavin and Stacey? (sorry, Thomas ...) How did they leave and is there any reason to think they might be disgruntled? Any possibility Gavin and Stacey, plus Snead, are looking to mount a boardroom coup and get back in, with NTOG's help? (I don't know the history here so forgive me for questions that are naive and off the mark)
Come on rita now, with all the confusion over ntog let's have a rns that impacts the SP. So we know when share talk are speaking to her?
Okenia - humble apologies - you are quite correct. I assume that the other former directors may be Thomas whatshisname and Gavin thingamabob?? If that's the case then how receptive is the remaining original Director likely to be to the 'outside help' from NTOG.
OM - listen to the podcast again, because what you quote isn't quite what he said You said: "They were approached by the COMPANY and brokers to bring their expertise to fix problems of excessive overhead and debt." (my caps) Actually, Lofgran says that NTOG were approached by "FORMER DIRECTORS and brokers in London" because they thought NTOG had the skill to sort out issues at MAGP. Those issues are it being "sub scale" and having excessive overheads, and the debt. MAGP didn't approach NTOG to ask ML to give them a helping hand. Former directors and brokers approached NTOG. I also note it was "former directors" in the plural - so unless that was a slip of the tongue it's more than just Snead. Who else might it be?
OM - could ring true as SOS was not being paid as you know; he only had his shares and didn't draw a salary. One could speculate that, a person not drawing a salary and being rewarded only by the sp, would be slightly hacked off to see his shareholding value reduce from a high of around $8m to just $125,000. Highly likely to cause friction at Board meetings and accusations of overhead excess even if it that was not particularly overdone. I don't remember feeling at any point that the Board were rewarding themselves excessively but SOS would not be patient if he felt that any overhead was more than it should have been. GLA
ML claims that the investment in MAGP is to expand their exposure to O+G in the US. They were approached by the company and brokers to bring their expertise to fix problems of excessive overhead and debt. £125k for 11%. Make of that what you will. Given the long held faith in SOS and RW, that doesn't sound like a ringing endorsement of past performance tbh. Hopefully NTOG 'do have the skills to turn things around' although what 'reduction of excessive overhead' looks like is anyone's guess. Did SOS jump before he was pushed?
From the other board. Apparently ML will be speaking about the MAGP share acquisition. It might give some insights. --- On Today’s Podcast: http://bit.ly/VOXPOD0788 Matt Lofgran, CEO, of Nostra Terra #NTOG Plus George Frangeskides, Chairman of Alba Mineral Resources #ALBA Bonnie Hughes Mining Specialist from Northland Capital partners on Savannah Resources #SAV
Snowball is now rolling and Rita is in control good one so I will be in this afternool. just a little top up.
NTOG couldn't wait. You need to separate the requirement to disclose a holding in a company (the 10% in MAGP) from NTOG's other obligation, which is to notify the market immediately of material acquisitions and disposals. The RNS is because of the latter. NTOG need to release an RNS when they make a material agreement and they sign the document. They've just done that with Snead, hence the RNS. The fact that they have signed an agreement to acquire his stock in 4 weeks time needs an RNS now, not in 4 weeks. It's a material purchase compared to the NTOG mcap so as with any other acquisition (e.g. a WI in a well) they need to state the cost to NTOG, in this case cash plus shares. The shares absolutely have to be disclosed (because it will require new shares to be issued). And it would have been weird if they had said "we're buying these shares for 20m shares plus an undisclosed cash sum". To give an example, if NTOG had bought £125k worth of Shell shares then they would have had to disclose that to the market because of the size of the purchase compared to the mcap of NTOG (the class test rule), but obviously they wouldn't be bound to disclose that to Shell because of the DTR rules (they would be under 3%). Two sets of rules.
http://www.proactiveinvestors.co.uk/companies/news/178477/magnoloa-petroleum-to-take-part-in-six-new-wells-to-be-drilled-by-marathon-178477.html Until we start seeing the income flow in from all this activity I don't think the market is going to move far at the moment :-( JUST A LONG WAIT. Just hope CLR results come in soon !
As per normal the 8 trades hidden on NEX Are buys the interest in Maggie is gathering a pace, the last few years in exploration is now moving into full field development density drilling. IMHO
Let's not forget, there have been massive trades historically (over 3%) which have resulted in diddly sqwat
Any company under AIM rules has to declare who holds shares over 3%. Therefore, irrespective of the price, an RNS stating SOS now owns 0 shares would have to be issued, followed by one declaring NTOG ownership. However, that assumes the rules are followed and NTOG maintain their holding. Equally, as okenia states, if the deal doesn't conclude until the end of June, maybe an announcement will be made then - but on that score, why didn't NTOG wait as well........... Curiouser and curiouser
I am pretty confused with regard the shares bought by NTOG. Why do we have to issue a RNS about the price paid. surely it is a private transaction and just the % of shares and not the valley should be published. All very weird
Sorry bud lol
Did you have to mention 'Elephant Oil' Only recently watched 'Grimsby' - that's put me off my breakfast!
Agreed Oil the detail of today's RNS is more than in recent ones as if to divert attention from the SOS activity, back to conspiracy theory, would like to be a fly on the broken arrow boardroom wall. Remember also there was a tie up with Burnell and Lofgran re Elephant oil ..
Hi Robsky, The tell for me is the continued silence from Rita. I know she isn't renowned for her comms of late but even by her standards, the silence is deafening. If it were simply SOS bailing out then I'm sure she would have mentioned it - even in passing in today's RNS. The fact that nothing has been said means that there is defo more to come IMO.........
Oilm definitely some weird goings on I remain sceptical or septic even lol
SOS 'selling' his shares to NTOG was a way for him to get on the BoD at NTOG - then investing in magp as per farm-ins....... Interesting times ahead me thinks
Morning disco the 250k @ .103 was me, it might take us a bit longer but the Snowball is now rolling and Rita is in control, NTOG want a piece of us. Slightly mystified by the smoke and mirrors share deals and not convinced that SOS is out of the picture but part of another deal not yet revealed. GLA
There are a few buys on NEX, one of which is mine.
me to okenia and I was all over the Moscow storms.
I think I've twigged why there wasn't a separate substantial shareholder notification RNS from MAGP - it's because the NTOG acquisition hasn't taken place and so formally speaking Snead still owns the shares. There hasn't been a change in beneficial ownership, so no TR1 I do note that as part of the NTOG deal with Snead they immediately have the power to direct the voting on those shares though - it to tell Snead how to vote. That gives them the immediate power, even before the settlement takes place at the end of June. Why would they do that (and announce it) if they just wanted to be a passive investor? I think it's one of the clues that NTOG don't see this as a simple passive investment. I do like a good conspiracy theory!