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Further fall here or strong rebound. no interest at the current level for some bizarre reason
Big buys today
Thanks for sharing
ECR Minerals The company has traded sideways at the bottom for a fair few weeks, this has given an opportunity for weak holders to wind up their positions, whilst allowing speculators to accumulate. This company had no issues building a book to raise cash at 1.8p however due to the summer lull the SP has eroded, I see this as an opportunity and believe whilst the slow pace of life at the surface appears to have frustrated some, the energy into the metals space (particularly gold) shall be recognised as the gold price soars along with copper etc etc. ECR shall show there hand in the coming days weeks and months which I see as the major catalyst to future upside potential. The cautious punter may await news first
No matter what the twitter lot say inc. Doc H they got AGQ and Jims William very wrong. How can you trust a man who says he has the funded cash who then does this??? Is he a crook Recent podcast says there is a trade but I disagree
The guy is EX-GKP before it went to £3+ from 10p Restoring value to Magnolia On joining Magnolia's board my first priority would be to initiate an immediate strategic review of that Company's cost base and asset portfolio. It is clear to me that Magnolia is in urgent need of restructuring. The Company has spent a great deal on board remuneration and corporate overhead, while its asset portfolio has underperformed in the lower oil price environment. If we act quickly it is my belief we can preserve shareholder value. The next serious concern is Magnolia's debt position. According to Magnolia's 2016 Annual Report, that Company had net current liabilities of £$3,928,983, including the $2,638,447 debt to SNB Bank and $1,290,536 in trade payables. Magnolia has admitted that it is non-compliant with all of its banking covenants and that it is expected to repay its borrowing base on 8 August 2017 (at least $1,604,565). This requires instant action. At Nostra Terra we have maintained excellent relations with our bankers and creditors. We have worked hard to restore value to our Company's balance sheet. On joining the board I am confident I would have a positive role to play in helping Magnolia navigate out of the challenging financial position it now finds itself in. Once the strategic review has been completed and Magnolia's debt position resolved, it will then be possible to reform that Company's business model to restore value to shareholders. With its 10.9% stake in Magnolia, Nostra Terra is highly incentivized to see this happen. Our interests are directly aligned with Magnolia's existing shareholders in seeing that Company's share price rise.
Dear Magnolia Shareholders, I am writing this letter to clarify some points concerning Nostra Terra's ("the Company") investment in Magnolia Petroleum Plc ("Magnolia" or "that Company") and to address the boardroom changes proposed at that Company's forthcoming General Meeting. However, before I begin, I would like to assure all shareholders that if I were voted onto the board of Magnolia my primary goal as a director of that Company would be to work in the best interests of Magnolia. Just as I have helped oversee the restructuring of Nostra Terra's business model over the last year and a half, I am confident I can make a valuable contribution to the repositioning of Magnolia and restoring value to that Company. As Nostra Terra's representative on the Magnolia board I will not take any salary from Magnolia for at least the first year of my tenure. Nostra Terra wishes to help Magnolia's position and excessive boardroom compensation is one of the first problem areas we wish to address. It is clear from the outside that Magnolia's current business model is in danger of failing. By Magnolia's own admission that Company is "non-compliant on all (banking) covenants". Magnolia's borrowing base limit was $1,604,565 as of 31 December 2016, yet that Company's borrowings on the facility "amounted to $2,638,447". Magnolia's borrowing base limit "is due for repayment in full on 8 August 2017 and the decision to extend is at SNB Bank's (Magnolia's bank) discretion." Magnolia's 2016 Annual Report, states that they have net current liabilities of $3,928,983, including the $2,638,447 borrowings to SNB Bank and $1,290,536 in trade and other payables. Magnolia has warned its shareholders:
What evidence is there to say they will or won't raise. I'm interested in light of total balance. Doc has said he is not long or short and that Horgan is a decent bloke. i am confused??? https://soundcloud.com/doc-h-4/dlc-12-6-features-bzm-clon-irr#t=0:00
I'm not sure why this was removed but here are the points you said you would answer in a rebuttle *Clontarf Energy has ensured survival by maintaining their exploration interests and by raising new funds when available. *Licencing terms are tough. We have applied for Block EG-23 and EG-21. EG-23 is in shallow water and has had a few wells. EG-21 has had a number of unsuccessful wells. Clontarf specialists believe that modern analysis techniques on available data will reveal new targets. *in current liabilities is an amount of £890,567 (2015: £800,567) owed to directors in respect of directors’ remuneration due at the balance sheet date. The company has been clear that they seek to review new assets and business of which the comment that they have a funded current program for 12 months then subsequently becomes discounted as the newly acquired assets then present further expenditure. Additionally shooting seismic let alone drilling offshore is expensive, they DO NOT have the financial capacity, therefore, one has to assume that the comments by the company of taking money when it can get it, versus the financial disparity one, should assume a placement is pending. This could be at 0.30p 0.50p 0.80p – I have no idea however the share price has jumped 150% in recent days, ” what do you honestly think the company are likely to do? ”
No gold in last lot of assays, so they move the goal posts. Hardly a great confidence builder but Paul buying could be interesting
Sound Mark II The ‘new Sound’ will be focussing on South America, not North Africa, and the company is launching a £23mln funding ahead of its first deal. http://www.proactiveinvestors.co.uk/companies/news/176516/echo-energy-new-sound-to-raise-23mln-ahead-of-first-acquisition-176516.html
Spin off of another company, little interest so far
Good feedback from nettyb and yoloman for attending the event. I see everyone is behind this and DH suggesting Malcy should put it on his list https://soundcloud.com/doc-h-4/dlc-18-4-today-i-cover-asa-wsg#t=0:00
Independent Resources IRG has announced that following its earlier news regarding ownership etc it will proceed with a strategy based on a regional gas focus in South and Central America. They are planning an exploration and production campaign based on a ‘multi TCF, low cost onshore gas programme’ piping to high value markets on the continent. Initially they are to concentrate on Bolivia, Colombia and Brazil where the management have many years of experience. Funding is to start with £10m of equity from Spartan Fund and €15m of debt from Greenberry both which will have warrants attached. These funds are intended to be used to evaluate, drill and develop assets acquired by the company and it is planned that, with approval, the shares will be consolidated by 25:1. Existing assets in Italy and Egypt are for sale and in Tunisia are under review. I will write more tomorrow as I am heading now to the GM and strategy launch for what will become Echo Energy, however with such a strong team of backers, regional knowledge and significant potential this may become very much one to watch…
Typo: Firm time. TY m8