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Whilst I would agree that an amalgamation of asserts and a reduction in cost based would be great it would have to have been done in a friendly and cooperative manor. In this particular case I see nothing but a hostile take over attempt with the sole purpose of asset stripping MAGP
I agree, my assumption is that this termination clause was agree with SS when he first took her on as CEO.
Dump them. Spend the £24 on broker fees, sell they lot, move brokers and buy them back.
Okenia, I'm not suggesting that the position with Rita is in the interests of the MAGP shareholders, ideally she'd work for free and MAGP would be able to sack here at any time. If the proposal here was to replace Rita with somebody whom was going to add more value then it may be worth taking the hit and moving on, however the suggested replacements appear to be a all about asset stripping. Do you really think that her two replacements are going to reduce the wage bill? Once they have control they no doubt award themselves very well. WRT 'negotiating with whom' - you'll see in recent RNSs that MAGP have entered into new wells 'at no initial cost', basically the operator is stumping up MAGP's initial share of the drilling costs and MAGP are 'repaying' them later from the monies generated from the well. Okay, so MAGP will probably end up paying a premium (call it interest if you like) on the cost, but the alternative is that MAGP did not take up its percentage holding in the well. On the plus side it de-risks the investment, if the well fails to produce MAGP are not out of pocket but still have access to the drilling information.
ah right okay. In that case Rita needs your vote! Come on guys and gals, read the RNS, read it again if you need to and make sure you place your votes. Tell you friends, tell your family, tell you dog if that's going to help. ---------------- Personally I bought into MAGP as an oil company with certain stated aims, okay so its not gone that well for a few years, mainly due to a dramatic drop in the POO, to sell out on the cheap now such that others can make a quick buck doesn't fit with my idea of where this should be going. The only argument against Rita that I can see is that she gets paid and has negotiated a position that protects her income; well done Rita. Personally I'd like somebody who can negotiate those kind of deals on the team.
Even vote counts.
Given that as little as 50k (50m shares) might be enough to swing the vote are we going to see an increased level of trading in the next couple of weeks, perhaps from the board or those trying to move in? Also, Rita always talked about her friends / family holding shares, I wonder to just how many she is 'related'?
Disco, 305m or so are bound to vote for them? where does this figure come from ? SS holds / held 10.9%, circa 210m, where are the other 100m coming from.
I believe that the board can current count on the following support, any more? Rita 43.5m Ron 49.6m Len 19.6m Derec 13.2m Lanny 9.7m Disco 30m Kammi 25m Suzanne 21m MrE 34m That's 245.6m, (12.7%) This is a ordinary resolution so a straight fight, most votes win. YOU DO NEED TO VOTE by 3.30 p.m. (BST) on 14 July 2017 ---------------------------------- Just had a look at my broker and it doesn't appear to be out there for voting yet, I sure that people will feed back here once voting opens.
I've made up my mind.
TW is a first class d*ck. He's in for personal gain and is as dodgy as the rest of them. http://guerillainvesting.co.uk/2017/03/31/exposed-tom-winnifrith-going-jail/
Please invite both parties, "the existing board" and "the new investors via Steven Snead" to publish a statement of intent via official company channels. I.e. As part of "circular to shareholders" prior to the general meeting. Perhaps this is already the intention?
Disco, This all reminds me of a question a colleague asked me prior to Brexit; "Are you for or against it?" My answer at the time was that I didn't feel qualified to make a judgement on the matter as neither side was able to provide any clarity on what it actually meant and in fact they were all just lying through their teeth to promote their own agenda rather then providing the facts. As such my feeling was that things should remain unchanged until such time as somebody could demonstrate a good reason for change. So to here and now: Remain as we are, which I'm the first to admin hasn't gone particularly well of late, but still alive where others are not and seemingly able to mange the debt and new proposals. Switch to the unknown, no published plan, no statement of direction and in all probability an attempt to asset strip on the cheap. At the moment Disco I'm moving towards the status quo. They have their 10%, if you want control then you'd better start buying another 41%, mine are available at the right price not via a back door take over.
or should she go now.... Rita stays: There are continued costs in retaining her services and the service of others, does this represent good value? More importantly what will that mean for the NTOG holding, will they just sell out or stay and cause additional unrest? Rita goes: There are costs in terminating her services, I don't believe there is any great risk to the position with the bank, even if the bank staff are 'Rita's friends' then then there are other banks. Clearly the NTOG boys want to replace Rita with themselves, something I'm concerned about as it then means that are in a position to reallocate value from the company to themselves...
Please keep the information coming, my votes are up for grabs at the moment. One thing I suspect TW (has his own case come to trial yet?) has got wrong is the statement about the smaller PIs not taking an interest or being bothered to vote. Put the information before them and their votes will come...
Perhaps NTOG plan to plan turnips on the land, better profit than getting the oil out.
I'm currently struggling with this one, yes a shake up might be good, there again if that ultimately results in a shake out of the smaller PI investors at minimal cost then its not so good. Believe it or not the balance of the voting power probably sit with the smaller PI, however most of the time they fail to turn up to these event and fail to vote by proxy. Clearly this is hostile, otherwise Rita would step aside, so SOS and Rita have fallen out, SOS has sold out to NTOG, where does it go from here, you do you trust with your investment.... As I say, I'm struggling with this one, more information please. Could somebody give both Rita and SOS a call and get to the truth please.
If you were looking to invest in oil Oklahoma what would you want, ideally the drilling result information from several major wells from several major companies. How do you get this information on the cheap?
Clearly we all need to see what of any 'silly' proposals might be made before deciding if and maybe how to vote. The issue is that everybody here should have their own short or long term interests in mind such that we don't sleep walk into a situation that suits somebody else at our expense. Frankly if it all goes very wrong and we all lose out then that's life, but I'm certainly not prepared to lose out so that somebody else can profit. ---------- Why SOS has walked away is somewhat of a mystery, on the face of it he's lost about 90% of his original investment plus all the time and effort he's put in. Okay, so he's employed (and paid) a few of his family members, but he's also provided free office space so on the balance I suspect he's put in more than he's taken out. Why he would leave his baby at this stage is very strange, as ever the company would do well to improve it's communication with a clear and transparent statement...
Strider, That's a good start, 4.5m is about 0.23% of the company. Given any hostile (silly) action would require 75% of the vote you alone can 'cancel out' 13.5m Mr. Silly shares..