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You are of cause correct. I knew I must have done something wrong...
Disco, I have been doing the same basic calculation. I.e. $10m invested by WED would on the basis of the pilot equate to about to about $4m in value to MAGP. Even if you apply an error of 100% to this that is still in effect $2m for 769 shares. $2m -> £1.5m @ 769k shares is 2p per share issued - really ?
My thinking was that these share are probable not eligible for the vote having been assigned after the record date for the vote. You do raise an interesting point that SOS/NTOG will now hold less then 10% so can't actually call the vote in the first place. Perhaps that was why the BoD were seeking clarification on if the request was legitimate in the first place. However you look at this it is shocking news for the NTOG pie-rats, the do not get control either way and if Rita doesn't retain control WED can simply walk away and they (NTOG) don't get any of the pie. Something major obviously needed to happy here to prevent MAGP remaining becalmed even if the POO picked up, this does appear to have fitted new sails to the old girl.
okay so the general consensus is that this is a good thing... 763,730,000 shares $10m minimum / $18.5m maximum investment Fees payable to MAGP (of which WED) is a shareholder? WED can't sell any shares for two years or until they have invested $10m or a change of control (unlikely as they now hold 29%) I think what it is saying is that WED will 'own' asset, but MAGP gets 25% of the asset value and revenue from the first well in each spacing unit + a management fee. If that's incorrect could somebody please attempt to explain things to me... Can any body fathom out what value this places on MAGP shares?
No point buying those additional shares today for the OGM. Holdings Record Date: 30-Jun-2017 Vote Deadline Date: 12-Jul-2017 Don't forget to vote!
I've just done a quick count up of the votes publicly pledged on here, does not include the board's own holdings... Rita: 8.95% NTOG: 0% Apologies if I missed any for NTOG, I did look. --------------------- Either way you still need to vote. Like any company this one is owned by the shareholders and should be taken in the direction they choose for their short, medium or long term benefit.
Leftie, I think you have provided a good summary and I for one generally agree with you evaluation of the situation. I'm not 100% happy with Rita or the performance of the company and would like to see Rita's remuneration reduced and the difference made up by a performance bounces linked to the company's results in some way. However, I do not see NTOG as a viable alternative, I can only see them striping the assets for self gain and moving on.
Some of you guys and gals seriously need to switch brokers. Mine, TD Direct Investing, allows you to do it on-line with about 5 clicks of the mouse.
Have now managed to get voting complete on my 'other' account (which wasn't previously registered). Have also prompted a colleague who has a reasonable holding... All in about another 1% of the share capital covered.
Bakky, I was about to ask the same question. Haven't had time to read through your posts in detail yet this morning, but I will later today. However, in the interest of transparency you should probably explain your interest in MAGP. Are you a share holder, present previous or future, do you have some other interest?
As the company is clearly having a cash flow issue perhaps Rita would be good enough to consider payment in shares. 350k at 0.6p is erm... a lot of shares. actually just shy of 60m, or about 30% of the company. Perhaps she'll then request a GM with a couple of proposed board changes. You really couldn't make this up...
The current direction of the SP suggests that 0.06p is quite possible over the next few weeks in the run up to the GM. Maybe get yourself the bargain of the year or maybe its good money after bad? Anybody tempted?
Not sure why the system placed ********** over the company name? Let's try a different variant: TD Direct Investing
All, Please be bothered to Vote, I'd really like to see the actions carried by more than 50% of the share capital. Obviously I have a view on which way I believe is best for myself, the majority of the share holders and the company (in that order), but more importantly you need to vote such that direction is decided by the majority of the share holders. Don't think just because you only hold 1m or even 100k of shares it doesn't matter, they all count and they all add towards the total. Vote Vote Vote.
Voting very easy and FREE for TD ********** customers, about 5 clicks of the mouse and you're done.
For me at least Google finance has stopped tracking MAGP on the 16/06/2017. Is anybody else seeing the same problem?
Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company announces that former board member and main share holder Steven Stead has failed to reach an agreement with the pirates from NTOG over the purchase of his now worthless holding in the company. Rita Whittingless commented that there was really no need to worry as she would dig personally dig the next well with her bare hands if that's what it took. Meanwhile self proclaimed prophet Will Tinnifrith commented that this like every other company was completely pointless and all share holders should just sell up and spend their days reading his drivel instead.
The SP is taking a pounding, hardly a picture of company where somebody is trying to buy up the stock! If I were Rtia (salary £200k+ per annum) I'd put my hand in my pocket and buy 5% of the share capital, less than 100k at today's price. The EOY account have just been published so I doubt there is anything preventing the board members from trading the stock... Come on BoD, show us the colour of you money.
Lindi, Now now, do you have any evidence to support that?
Qinj, Okay, so tell us and provide some evidence. I think that ALL LTHs on here are open to evidence back information. I notice that you've sent me a 'private message'. sorry, as I'm not a premium member I can't access this feature.