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It doesn't say a proposed deal with MAGP in the RNS. It says 'The Magnolia Shares have been purchased from Steven Snead, the former CEO of Magnolia, and his family' There is no mention of any proposed deal with MAGP itself, I'm afraid you've mis-read the text.
(and that header should say WHY, not the rest of the text - flipping autocorrect filled the rest in duh-huh!)
It doesn't say a proposed deal with MAGP in the RNS. It says 'The Magnolia Shares have been purchased from Steven Snead, the former CEO of Magnolia, and his family' There is no mention of any proposed deal with MAGP itself, I'm afraid you've mis-read the text.
On the Company website no notification of that RNS yesterday headed from NTOG ? Also why does it say a proposed deal with MAGP when Mr Sneed has resighned Already if it is his shares we are talking about ? Very foggy Indeed ?
Guys clearly the company is worth a lot more than intimated on previous posts ., I agree with Okenia in that respect also Snead wanting out hmmm but I think there is a bigger picture that by definition is camouflaged by AIM Snead is not daft. FWIW RFW still gets my vote in the red corner this might just get MAGP back on the radar given the extent of our well programs. GLA
There's no way someone holding a 10% stake could have sold it on the secondary market for anything like 0.1p. 0.06p is probably about right for an off-market transaction of that size. It's very common for a departing director to then dump their stock. It's very difficult to sell while you are still in post (as you have to declare and it bombs the SP and sentiment) so he may well have wanted to liquidate that position for a while. I wouldn't read too much into this other than an ex-director getting what is probably a fair price for such a large position. The more interesting question is whether NTOG will be just a passive investor of whether this is the start of something more "corporate" ...
"10% is a minority holding anyway. You can't just multiply that by 10 and say that's company value." You make a good point there.
Hey GD Yes, don't get me wrong, I'm not sat here with my head in the sand and I definitely appreciate GG and L1's posts. However we must remember SS resignation RNS - there is absolutely no love lost here between him and the Bod so we must IMO take that into consideration regarding his wider motives. SS selling out is hugely different to RW agreeing to a placing at a 47% discount. There is no comparison and I don't sign up to this price being indicative of true worth. I suppose you can choose the blue corner or the red. Blue is that the company is close to failing and RTW is just desperately desperately trying to save the company. Red is she knows what she's doing, she's got a plan and she isn't a busy fool. I'm in the red corner. All the best.
NEW 5 year business plan needs to be issued now with realistic targets. So will we?? 1 Stay as we are and prove up reserves on our acreage 2 Sell out as a 100mil $ company WILL WE GET TO THIS VALUE NOW 3 Acquisition time THIS IS NOW THE MAIN Q/A AFTER NTOG BUY 10% OF THE COMPANY 4 Buy back placement shares to increase company values when cash is available ? 5 Are we being held back by our partners on the release of data to the market i.e. what's happening with the CLR wells how much longer will we have to wait for the results? 6 WILL OUR PARTNERS BE HAPPY JOINING THE NTOG GANG! ?
Morning discopablo I agree this is a private sale as there is no response from Rita hopefully she will give us her version next week. Other share holders hold 89.1% of the company so NTOG will still have to buy at least 41% to take control. So hold on everyone and hopefully this will push up the SP if this is their aim to buy. MAGP share holders http://magnoliapetroleum.com/shareholders-analysis As NTOG now hold they will be added here in time along with JIM
This is a private sale, not a placing. Whilst I appreciate prima facie it doesn't look good, it doesn't in my opinion mean the shares are worth 0.06p. For all we know he could be privy to something in ntog making the shares he just purchased cheap as chips thereby having to take a drop in the magp value to equalise his deal. 10% is a minority holding anyway. You can't just multiply that by 10 and say that's company value. Having said all that WTFDIK!
RNS of 3/4/2017 was not exactly a fond farewell..... " announces that Steven Snead resigned from the Board with effect from 1 April 2017. The Board accepted Mr Snead’s resignation and the parties agreed to waive any notice period by mutual consent." At the time, it all looked a bit strange and I suspect today's news points to an almighty falling out between the Board and Mr Snead. I doubt we will ever know the facts. It is hard to argue with the much respected L1ionheart's implied valuation but equally I suspect a good few will tough it out not least because the previous Market Cap was already severely battered even without this latest blow. All of that said, looking down the road, Rita should have some good news with pending wells but let's not pretend AIM has anything to do with fundamentals.
I am looking forward to the partnership however that may run a new lease of life just maybe ? NTOG on google finance down 98.28% since 2007 MAGP on google finance down 87% since 2012 A thought for any long termer's hanging on. Best Luck all..
I am at a loss as to why he might have taken this course of action as well..I really thought we might be seeing some light at the end of the tunnel recently..still some folk are still buying GLA GandTxx
Has SOS got financial problems with his other businesses? Does he need cash in a hurry? After five years striving to produce a profitable company in Oil E & P I somehow can't see him giving his shares away without some serious reasons. I was under the impression that SOS was a wealthy man.
Something is brewing in the background, Snead is not a dumb businessman....there is a reason why he has agreed to payment in NTOG shares.....watch this space
Both company's issued the same RNS to the London stock exchange at 1315 Both headers were NTOG ? Strange ? http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/exchange-insight/company-news.html?fourWayKey=GB00B1G3RY22GBGBXASQ1 http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/exchange-insight/company-news.html?fourWayKey=GB00BZ76F335GBGBXAIM
Hopefully your 2.4M NTOG shares will produce a good return in the not to distant future.. Best Luck.
The RNS was for NTOG but posted on here and not on NTOG LSE page maybe we will get a MAGP RNS to rub it in.. Best luck whatever..
No information given to NTOG holders yet.
........or, on a more positive note, that people think/know that this is a prelude to a full bid from NTOG which would also underpin the sp in which case, well done guys and I've left too soon! It's actually the one share and BB, where I would genuinely be chuffed if that happened even if I had sold out. GLA
Could be that everyone is in bank holiday mode and not interested in Maggie.
I totally agree but, for all my LTH friends, I am delighted that, so far, the sp is holding up. I can't think why it is but, I am delighted for you!!
Thanks L1. I suppose the big question is 'why' did SOS sell his shares. Why did he leave the company without giving any reasons to the shareholders? I think we should be entitled to a RNS from Rita giving us the version of events.
Hi Smidsy, several reasons: - mainly because of the price of 0.06p, a 47% discount - that's worse than a heavy placing! - SS therefore agrees that the value of MAGP is now only 0.06p or less per share - SS left and we still don't know why - NTOG are not a very credible partner/investor imo due to their track record of Placings and dilutions - Was the sale down with the knowledge/approval of the BoD? - If so, and they are OK with NTOG, then why couldn't they convince Matt to pay more than 0.06p considering we keep hearing about how their reserves outweigh our MCAP, etc, etc, etc Yawn, Yawn If we hear anything positive from the BoD for this situation, then I may well buy back in but I think the sp must drift back to 0.06p in recognition of the value ascribed to the company by a local competitor, just like it would if there had been a Placing at a discount. You know I wish all LTH's well but I had hoped that, if SS sold, he would place his shares at somewhere near the current sp and a 47% discount to an already bad sp is a bad sign wouldn't you agree? Put another way, if 10% of the company has been bought for £125k, then 100% is valued at £1.25m, not our current MCAP of £2.11m surely, ergo a drop in sp is imminent imho.