Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The next little red dot really is all important; but please, Rita, give the market and your loyal shareholders a meaningful insight as to where we are now, and where we are headed, along with clear supporting data that will move us onward and hopefully upwards; be it exceptionally good news or otherwise (but preferably the former). Management should be well aware that it is those of us heavily invested here and left waiting in the dark that are really feeling the pain. To be fair though, and it has already been said, management salaries have held up pretty well under the circumstances, so maybe it�s not all bad�.eh?
I fully relate to the post of yesterday from BM and add my own endorsement to the recommendation logged by Trytime. It touches on all salient points and wraps up my personal feelings on where we are quite succinctly. Clearly there are a good number of stoical LTH who are experiencing a serious loss in value here, of which I am one. Nevertheless, I will see it through to the end, whatever that means. My poor judgement perhaps, but it really grieves me to acknowledge that I have no realistic expectation of ever coming close to recouping my outlay built up over the last 6 years. In the light of the SOS � NTOG episode, Rita�s WED deal did seem to be a proposal that offered the potential of reinvigorating Magnolia�s shareholder value. At the time, it did fire me up, and although I was looking for more substance to the deal as set out, I had faith in Rita�s judgement and in her pledge to shareholders. As BM mentioned, the deferred shares element of the consolidation piece could really have been much clearer, and this still remains unclear to most of us, if not all, I think. Neither our BOD nor WED can be pleased with the SP performance. Surely this wasn�t part of the plan. Everything aside, I do wonder about the WED perspective. They are our major partners and (gifted) shareholders. They have begun to fulfill their role quietly in the background for the time being. Speculatively thinking though, at what stage might we see their involvement and influence increase over the direction of Magnolia, and what impact would this likely have on the Company, or am I totally off the mark? Joining you in the darkened room... GLA
Poacher, on reading your post I genuinely share your pain. Let me tell you that your situation is a mirror image of my own in so many ways, in terms of timescale, financial commitment, sentiment etc. Maggie became my passion and turned into what seemed to be some sort of self-imposed curse. Yet despite everything, I have remained committed and continue to be so; only partly because I see there�s probably no point in doing otherwise. Nevertheless, following the WED arrangement and improvement in POO, I�ve become tentatively hopeful that things will shortly prove more positive, and might just help us keep more than the shirts on our back.
Good morning all. It has been said, but the next RNS is ALL IMPORTANT. We have been put through the ringer, had the promising sales pitch and comforting words that signal imminently better times. What is now required are solid, encouraging signs that our position has demonstrably improved and heading in the right direction, crucially setting out numbers that firmly underpin that reasonable expectation. The numbers must be nothing less than supportive of this, and positively grab the attention of the market, not just serve to placate long suffering and hopeful LTH�s. Holding back in posting results, if that�s where we are, is rarely an inspiring indicator�.we shall see.
To be honest Smidsy, following yesterday’s RNS announcing the first investor under the US Immigrant Investor Programme, I rightly or wrongly, was expecting a placing to follow soon after. So today’s RNS, stating as it does, that a placing has been secured was no real surprise to me. My understanding from Rita’s RNS outlining the deal struck with WED has always been, to be expectant of placings. I have re-read the various RNS documents and I don’t feel that I’ve been misled, as my clear anticipation remains that I expected to see a small number of placings to coincide initially with the arrival of new investors. However, I have obviously read the situation and documents differently to many others; therefore my understanding may be wrong. We all detest the dilution of equity, and, believe me, I am in the worst of all situations with Maggie and yes I feel sore about it, but I have confidence in this programme, I see why we need to underpin it, and I’m solidly behind Rita and the WED arrangements, so I intend to see it through.
Hi Stisbury, I echo both Poacher and Smidsy�s comments thanking you for taking the initiative to contact Rita, and for the feedback following your exchange. I certainly see Rita�s prompt reply as being a positive sign that she is empathetic with shareholder concerns (especially LTHs). Her remarks reinforce all we have heard so far, and I remain persuaded that she is doing everything she can in actively moving things forward as quickly as regulatory red tape et al. will allow. For most of us, it has been such a long, and mostly uncomfortable, journey to this point. Even so, we have recently given Rita a massive vote of confidence, which she clearly values. Now, with our hopes raised of better times �soon�, it is not unreasonable for shareholders to be anxious as to the pace of progress and rightly impatient for news, particularly when it seems slow in coming, and especially when we observe others (e.g. NTOG) apparently moving stridently ahead. Nevertheless, my hope and expectation is that things will not drag on for too much longer and that we hear something specific and of substance within the next couple of weeks.
Good morning GD. Yep, sorry to say that I'm certainly one who needs to meet �1 to break even, which, in my lifetime, will no doubt be less than achievable, so I'm licking my wounds at the moment.:(((((( This has been my most disappointing investment by any measure, yet my confidence in Rita remains firm. I'm pleased she has taken the lead and that's why I'm still here, (was never sure about SOS). However, like everyone here, I'm interested in how the partnership with WED will work and just what their contribution and level of input will be on a day to day basis. For me, I can wait a day or so for the next RNS, but when it does land, it will really need to be one that grabs the interest and confidence of the market; one that clarifies the strategy going forward, and provides update on personnel and involvement, with positive news on any shoots of deliverables already lined up or in the pipeline, with probable timescales.
I really don't speak with any authority on this and may, therefore, be completely wrong, so I stand to be corrected by the more experienced among us. My understanding is that each new consolidated share has two elements: 1 it is an Ordinary share, and 2 it is also a deferred share, with this element lying dormant until the share price reaches 9.9p, when it becomes active and takes on a value that can be traded and will be eligible for payment of dividends. So effectively the �consolidated� share would hold the value of 2 shares from that point? The 'ordinary' share element has value from the outset of trading from day 1, and may be sold at any point, for whatever the share price is at that time. However, when sold at a price below 9.9p the 'deferred' element will hold no value and will be lost with the sale of the 'ordinary' element. I guess this is the incentive for us to retain the consolidated shares we now accrue.
I decided to bite the bullet and have voted for the proposal. As with you GD, the ramifications for me are enormously painful and probably not too dissimilar. I�ve been fearfully expecting consolidation for some time but having looked at where we are and how this could benefit Maggie commercially in the long run, although regrettable, I consider this to be the appropriate action for the BOD to take. :(((( I have no doubt that WED (if not the instigator) are fully behind the proposal. So many of us are long suffering, but if we didn�t believe in the Company we wouldn�t still be here; would we? To receive a few words of encouragement from our leader would be great, and we can always hope, but I guess anything uplifting is unlikely to reach the market at least until this is out of the way.
From the series of larger sells recorded since the NTOG purchase of the SOS holding in MAGP, it seems likely that they have already off-loaded a few shares, perhaps for pocket money or to test the SP by shaking the tree a little, apparently to minimal consequence. Comments made in the NTOG RNS, relevant to their MAGP venture, pointed to our BOD and supporting shareholders having backed the wrong horse. We can speculate of course, but that�s not how I see it; as things stand, I am long suffering but don�t, as yet, consider myself as an �unfortunate� MAGP shareholder (as they might describe me). In the long run, I doubt MAGP would have gained much benefit from any future arrangements under NTOG. It�s interesting that although NTOG would have already made a decent return on their investment, rather than divesting further, it would seem they are comfortable enough to retain a large shareholding in MAGP. I�m happy to follow this lead and will continue to retain my (not so large) investment in MAGP.
Fret not fellow traveller. I have it on good authority that the Lady in the pink hat is preparing for the replacement of fresh sails, significantly more robust than before. Over the coming weeks, commencing next, we can expect to see initial steps taken aimed at settling Maggie into a seaworthy and ever strengthening state, securely positioned for her long (but not too long, I hope) and successful voyage.
GD7, you are not alone :-)) I can only confirm the seller is not me. My take is that NTOG would seem to be most likely candidate.
Appears to be an encouraging fillip in support of investment in (UK) Scottish based O&G industry,… not!
It’s probably not unreasonable to expect a slight hiatus with regard to updates, for the time being anyway. I would like to think that when it all does really begin to unfold, releases likely to affect the SP will come thick and fast. I’d be disappointed, however, if there’s nothing reportable within the next couple of weeks, if only to cover off at least a couple of points raised by GD7. I still believe it unlikely that any substantive news will arrive until mid-September; although I sincerely hope this is a pessimistic timeframe. Like so many of us, I’ve been on board Maggie a lifetime already it seems, so a few more weeks is no big deal. It would be helpful to understand the level of interest shown by potential investors in the BB-5 Immigrant Investor programme, numbers in the pipeline etc., particularly relevant to Maggie’s interest; and, specifically, info relating to the success rate and conversions based against numbers of prospective applicants. For me, that would provide one indicator on which to form a basic level of expectancy and confidence, plus an insight as to possible impact on timescales.
It would be nice but it may be a little early to expect any news likely to produce a decent and sustained uplift in the SP. As well as moving the plan forward, I feel that there are a number of imponderables to get out of the way, which may take some time, and could have a drag on the SP in the meantime. With regard to the timescale before any meaningful and impacting news breaks? Realistically (maybe pessimistically) I’m looking at end Q3 to mid Q4.
My money would be on a WED appointment. I'd be surprised if it were not a consideration under the CMA.
Bakoven, thank you for posting that useful link. When taking my first look at MAGP, a few years ago now, I very much saw Rita as being in the driving seat. Over time SOS has seemly increased his presence by taking a more prominent role, in my view, with Rita becoming rather less visible. From a distance I was forming the opinion that although there appeared to be common understanding on strategy SOS and Rita’s views were increasingly at odds, and SOS was becoming mostly resistant to Rita’s initiatives. Certainly, I think this is particularly true in respect of the minuscule participations, as you put it, that have been a constant frustration to me as well, and I’m sure for many other shareholders. Rita is already showing energy and determination to move things forward positively and at a pretty rapid pace; it’s as if the shackles have been removed at last. It’s early days but the signs as to the speed and direction of travel are encouraging to me, I like and approve of the steps taken so far, and although I should know better, I’m increasingly optimistic as to the shape of things to come. What would be appreciated is a greater transparency of what is happening on the ground and results that are more meaningful, timely and posted more regularly.
Rita seems to be earnestly preparing Maggie for the voyage of her life by ensuring she is seaworthy and in the strongest financial shape in order to take full advantage of the opportunities that the WED relationship is sure to deliver. With a following wind, there should be some exciting times ahead. So, maybe I’m missing the point or reading it all wrong but the plan now unfolding would surely have been hatching for some time; the financial benefit of the "consultancy" trial was certainly lauded up at the time. Given the apparent growth potential here, it leaves me somewhat perplexed as to the sense, and rationale behind the action taken by SOS, his chosen running mate and its timing.
It was encouraging to see such a timely RNS from Rita today, who seems reinvigorated and back to her old-self. She clearly has her plan all worked out, and today’s RNS is a signal of that, which reinforces my own confidence in her and BOD. It seems that she is now positioning Maggie for a solid push forward, which bodes well for your predicted 0.5p for end of Q3, GD7. Looking forward to steaming ahead!
I must say that I was hoping for little more than a flicker of interest from the market to uplift the SP. But now taking a more pragmatic view on things, certainly in my case, I realise that I was being far too optimistic and wishful in my expectation of the market’s positive recognition of the new order at MAGP, with investors eagerly taking up positions and buying into the vision. On reflection, my personal take is now that the SP is more likely to improve in line with proven results as they are reported, and when there are demonstrable signs that the WED/MAGP partnership is delivering; I’ve no doubt this will happen and I’m betting on a short timescale before this begins to transpire. Only when this becomes clear will things really kick off, and then we can rightly expect a more significant advancement in the SP.