Member Info for bakky

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

NO!!!!

This is just a threat to shareholders - boot out a useless CEO and you might lose everything. Of course not everyone will lose if Rita gets the boot. Buried in the results statement was a note that if she is fired Rita will get a $350,000 payoff. Heads she wins, tails er... she wins and either way shareholders get to pick up the tab! What's not to like? Shareholders in Magnolia need to accept that this company is already ****ed. If they leave Rita in charge it is a slow death but they will surely go from minus 83% ever closer to minus 100%. if they vote her out on July 18 it may be a quick death but I kind of think that the last thing the bank wants is trying to get its cash back by running and/or selling the portfolio of crap Rita has assembled. But at least firing Rita will end her gravy train once and for all. We urge all shareholders to vote Rita out and Ainsworth/The Knife in

Less than lovely Rita Whittingham is doing her utmost to cling onto the gravy train for her and her relatives which is Magnolia Petroleum (MAGP). You will remember that there are moves to oust the proven failure and install one director from Nostra Terra (NTOG), Evan Ainsworth, and an independent director, Zac "The Knife" Phillips, the City's No 1 oil analyst. This would not be a change of control as Rita asserts since The Knife is independent, but a much needed boardroom clearout. Now to the defence document which is worthy of Jeffrey Archer. It is just low grade fiction.Rita starts by attacking Nostra Terra's record under its boss Matt Lofgran saying he is a value destroyer. Jeepers that is like Hitler attacking Theresa May for human rights abuses. When Lofgran arrived at Nostra it had debt of $2 million and cash of $2,000. It was bust. Its shares may have been three times today's price (adjusting for consolidation) but they were in fact worthless then. These days Nostra is fully compliant with its bank covenants and has real assets. I am not saying its shares are cheap or expensive but Lofgran has saved the company and turned something of no value into something of value. By way of contrast when Rita floated Magnolia on AIM at 0.55p I assume it was solvent as that is what its document claimed, although the involvement of Gavin Burnell of Globo infamy casts some doubt on that. The shares were then 0.55p. The results released three days ago from Magnolia contain an admission that it is in breach of a raft bank covenants so the bank could pull the plug at any time. Worse still, the going concern statement says that Magnolia must retain the support of the banks AND raise fresh equity just to survive. In five and a half years on the casino, Rita and family have hauled out almost $2 million in salaries, etc (hence the need for bank debt) and the shares are down by 83%.So Lofgran has transformed a bust company into a solvent one and lost shareholders 65% of their cash but arguably saved them from total wipeout. Rita has transformed a solvent one into one that is near as damn it bust and lost 83% of value. Who would you back?Rita throws a lot of mud which Nostra Terra says is factually inaccurate and I expect a detailed rebuttal next week. But it is the hard facts of relative performance that damn Rita, so forcing her to tell utter porkies. She claims that if the boardroom changes go ahead this could be seen as a change of control which the bank could use to pull the plug. Except that this is not true is it Rita? Firing 1 of 3 directors and bringing in one partisan player (Ainsworth) and one independent (The Knife) but leaving the casting vote with the ancien regime is NOT a change of control. Moreover the bank could pull the plug anyway since thanks to Rita's mismanagement Magnolia is already in technical default. This is just a threat to shareholders - boot out a useless CEO and you might lose everything. Of course not everyone will lose i

let's get real, just what have the current lot done, they couldn't make any money at $100+ a barrel..time for change!

Lindi, wrong again I'm afraid! ha ha!

just a LTH here who just happens to agree with TW this time.

TW,... and here's more! Earlier today i showed how Magnolia Petroleum (MAGP) has become a gravy train not just for CEO, not so lovely Rita Whittingham, but for her extended family as well. But when the operations are not generating cash how to fund the gravy train? Shimples: pump the stock with misleading RNS statements and do a discounted placing. Rinse and repeat. Want an example (for there are many)? Here goes. On 10 April 2017, NSLR released an RNS "operations update" HERE to tell everyone how great things are under her leadership.There was a lot of talk about exciting things, including 33 new wells in a play, in her own words “where wells are economic at oil prices around US$40 bbl”. That’s where shareholders money should be spent? Will she make money there? What’s the purpose of investing?  The wells are horizontal with hyperbolic decline curves. So at least they’ll have a big IP (initial production) figure that makes headlines look good which might fool enough people that they should buy some stock. The pump ahead of the dump. But if you look back Magnolia has released statements like this many times before. Pretty soon production from such wells tails off badly and the returns become minimal. The whole existence of Magnolia Petroleum, in it’s current form, is for the sole purpose of Rita keeping her and her family with money coming from the investors in London. Pump, pump, dump. That is the history of Magnolia and that is why you must vote to fire Rita Whittingham at the forthcoming GM - See more at: http://www.*************.com/views/29788/magnolia-petroleum-why-rita-whittingham-must-be-fired-part-3-duping-mug-punters#sthash.9bWQLvyV.dpuf

looks to me she is milking it for all it's worth...your game is up,...bye bye Rita.

And so the battle lines are drawn at Magnolia Petroleum (MAGP), the dash guzzling worthless AIM POS founded by Gavin Burnell of Globo infamy. On the one hand there is an overpaid incumbent board led by less than lovely Rita Whittingham and backed by an overpaid army of crony capitalist advisers. On the other side are Even Ainsworth from Nostra Terra (NTOG) and Zac "The Knife" Philips, the City's top oil analyst. Magnolia has accepted that a GM request to outs less than lovely Rita and appoint Ainsorth and The Knife is valid. So what is the voting maths? Those requisitioning the GM own 11% of the shares but brokers who have pledged support own another 10%+. The board of directors own just 5%. The remaining shares are owned by thousands of mug punters who have been suckered by Rita into backing ever more dilutive placings over the years. Collectively they own three quarters of the company, individually nearly all the holdings are so worthless that it is unlikely that many of them will vote.And if they do vote will they back Rita? Having lost nearly all their money while Rita trousered it in that seems exceedingly unlikely. In light of the revelations that will follow later today the chances of Rita getting any support at all from long suffering shareholders will soon go from Bob Hope to No Hope. In short Rita is toast. I happen to think that Magnolia is worthless whoever is in charge but Zac The Knife has a reputation to lose and will be ruthless in cutting corporate waste, so offers a glimmer of hope. Rita offers guaranteed failure. I urge all shareholders to vote accordingly. - See more at: http://www.*************.com/views/29782/magnolia-petroleum-part-1-back-zac-the-knife-phillips-and-sack-rita-whittingham#sthash.Sx2wl4wm.dpuf

Earlier today I suggested that less than lovely Rita Whittingham ( remuneration $245,438 in 2015 and $303,737 in 2014) would almost certainly be ousted at the forthcoming GM - the maths look grime for her as I explained HERE. But if you were still wavering, did you know about her family on the payroll? Oh yes, this is shocking.The key to unlocking this is the rift between co founder Steven Snead and less than lovely Rita. Snead quit the board on April 3 2017 after an acrimonious bust up with LTLR. The word from those close to the action is that the disagreements started during the downturn in the market when Snead felt the company needed to respond to the market conditions and make necessary cuts. An obvious employee to fire was Rita’s daughter, whom was getting a good salary and, it is claimed, doing very little. Rita fought with Snead to keep her daughter employed but in the end she was let go.In the same RNS as Snead’s resignation is a congratulations to Derec Normanwho was appointed as the new CFO. The company website shows Derec as CFO and VP of Accounting. Remember this is a tiny company so can it afford and does it need a CFO? Almost certainly not. So who is Derec? Knock me down with a feather he is Rita’s very own son-in-law. Once again, as mug punters forked out for ever more dilutive placings over the years with no payback at all, the real purpose of those placings becomes clear: maintaining not only LTLR but also her wider family in a manner they deem suitable. Once again we urge all shareholders to vote to fire Rita Whittingham at the firthcoming Magnolia Petroleum (MAGP) GM. Better still contact the company and say how you will vote so pushing Rita to save cash and walk the plank with some grace ahead of a shameful GM sacking. - See more at: http://www.*************.com/views/29783/explosive-magnolia-petroleum-part-2-why-rita-whittingham-must-be-fired-family-on-the-payroll#sthash.c5kO4yfs.dpuf

Earlier today I suggested that less than lovely Rita Whittingham ( remuneration $245,438 in 2015 and $303,737 in 2014) would almost certainly be ousted at the forthcoming GM - the maths look grime for her as I explained HERE. But if you were still wavering, did you know about her family on the payroll? Oh yes, this is shocking.The key to unlocking this is the rift between co founder Steven Snead and less than lovely Rita. Snead quit the board on April 3 2017 after an acrimonious bust up with LTLR. The word from those close to the action is that the disagreements started during the downturn in the market when Snead felt the company needed to respond to the market conditions and make necessary cuts. An obvious employee to fire was Rita’s daughter, whom was getting a good salary and, it is claimed, doing very little. Rita fought with Snead to keep her daughter employed but in the end she was let go.In the same RNS as Snead’s resignation is a congratulations to Derec Normanwho was appointed as the new CFO. The company website shows Derec as CFO and VP of Accounting. Remember this is a tiny company so can it afford and does it need a CFO? Almost certainly not. So who is Derec? Knock me down with a feather he is Rita’s very own son-in-law. Once again, as mug punters forked out for ever more dilutive placings over the years with no payback at all, the real purpose of those placings becomes clear: maintaining not only LTLR but also her wider family in a manner they deem suitable. Once again we urge all shareholders to vote to fire Rita Whittingham at the firthcoming Magnolia Petroleum (MAGP) GM. Better still contact the company and say how you will vote so pushing Rita to save cash and walk the plank with some grace ahead of a shameful GM sacking. - See more at: http://www.*************.com/views/29783/explosive-magnolia-petroleum-part-2-why-rita-whittingham-must-be-fired-family-on-the-payroll#sthash.tHQbKAPt.dpuf

it's about $43 b/e now I believe! plus a bit of bullshite factor

this is AIM, it happens all the time for no apparent reason,no need to panic just a few weak hand/short termers taking a bit of profit...still looking great going forward.

up 54%...big deal, so that's still half of what it was a few months ago!! ha ha! Genoma are bankrupt.FACT!! All this talk of legal action is all Boll**ks..won't happen just a smokescreen and diversion tactic...ha ha! Funny how the pondlife appears when the shares are red....appears some need a lower buying price eh??

The issue with Genoma was flagged up in the interims pre-Christmas. It owes Premaitha (NIPT) £750,000. That debt looks like a bad debt because the Swiss company has - despite its parent company concluding a fundraise - been having financial issues. So Premaitha has gone to court and had Genoma made bankrupt. Premaitha says it will provide for that bad debt but it can now pursue various options for getting the cash or other assets back as settlement. Indeed Premaitha sees a silver lining, stating: Furthermore, Premaitha believes Genoma's bankruptcy presents a commercial opportunity to sell to the sizeable NIPT customer base which had been built up in Switzerland and certain other European countries by Genoma when they were using the IONA® test from Premaitha, but which Genoma had recently been converting to their own in-house successor product. Premaitha will target these customers directly and through its recently expanded distribution network. Additionally, Genoma's bankruptcy simplifies the ongoing UK intellectual property litigation against Premaitha as there will no longer be a parallel action in Switzerland. Ends. Premaitha continues to build sales, but the big issue is the patent challenge from Illumina. We reckon that will go away and if it does these shares will fly. We may not be correct but that is our assessment and that is why we continue to rate the shares  - at 10.5p - as a buy - See more at: http://www.*************.com/views/29032/premaitha-puts-swiss-distributor-genoma-into-bankruptcy-buy#sthash.p1HFw6i2.dpuf

but Premaitha do have a product, and a bloody good one too!

Cameron resources??

Finally, the AIM rules are very clear. If something material occurs, good or bad, the company must immediately (next day at the very latest) make an RNS to inform the market. This includes if we determine that we will miss (above or below) the broker market forecasts by more than 10%. This is not something which is negotiable or, as I see some on the bulletin boards seem to think, that we can play around with in regards to timing. I now say to anyone looking at SRT as a possible investment, that firstly you should satisfy yourself that countries are now interested in monitoring their marine domain. Secondly that AIS has become a critical technology in any maritime domain awareness application. This is easily done through some googling. If you answer yes to both of these, make a few calls and do some more research in regards to SRT’s position in the global AIS market. In our view, because of the strategic decisions we made in 2005 to enter the market and the continue to develop the core technologies and derivative products and systems, SRT is the global leader in AIS across all product types and market segments. Given that position and the market created by the first two market criteria – SRT has a bright future. All that said, we are at the beginning of this market, its large and driven by authorities and governments who do not march to reporting deadlines or the speed of consumer retail markets. As such there is risk in delivery timings – sometimes this will be inconvenient and sometimes convenient. Unfortunately this bit is out of our control – although we try very hard to manage it operationally. I hope that the above helps. Feel free to share this email as you wish." I personally feel that we're very lucky to have Simon as CEO. His email has helped to allay my concerns, and I hope it will help other readers.