NTOG Interim Results29 Sep 2017 18:51
With respect to our investment in Magnolia Petroleum (AIM:MAGP), we identified an opportunity where we believed our involvement would add significant value both to that company and to Nostra Terra. In response to the requisition for a General Meeting to seek change to Magnolia's board, Magnolia's existing directors chose to complete a highly dilutive deal, which we believe added precious little in terms of value to that company and was unfortunate for Magnolia's shareholders. Our aim is to exit our position, but as we paid significantly less than the current market price for the stock, we are in no particular hurry to sell and our expectation is we should be able to generate a profit for Nostra Terra.
And still it goes on hopefully they have reduced their holding now as at even at this sp they are making more money than we are ;-(((((((((