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Your shares are all dead meat. Sorry mates.
Yes Logical I remember you well from when you phoned in on a post-earnings conference call a few years ago to ask some questions, you inquired about ASK if I remember correctly (ASK1 and ASK2). Michael "um" Young was kind enough to recognize you as a long time "loyal" shareholder. I actually have that recording, so I would know your first name then also. Am I correct matey-mate?
As an interested party with a potential legal claim against MXP (per my barrister), I shall be in attendance. I have several questions for MXP based on various representations made by MXP in audio presentations and via investor presentations. Uytas will have to be explained in detail. I shall administer a very uncomfortable interview to the acting CEO or the Wordsmith, whomever draws the unlucky straw. Come ye all to enjoy the show. I shall attempt to convince various securities regulators to attend as well. I intend to deliver a ferocious cross examination. God help the poor sole who has to endure my verbal wraith.
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True indeed. Here's the zinger though - I got out with 25% of my investment back because I sold out before MXP went lights out. I walked away from MXP with over $100K 3 days after I sold and the shares settled. You won't. MXP has got you bent over a rusty rain barrel with a firm two-handed grasp of your greasy mullet. And they are about to go to town on you and rabbit-punch you and elbow-bomb you in the back of the head during the ordeal. Think about what a chainsaw enema would feel like, because there is one running full throttle with MXP at the handle, and the tip of the high RPM blade is aimed directly at your poop shoot, and unlike the average Friday night rear-door ramming at your flat with HIVorsoreass at the yoke, you won't enjoy this one and can't call "Uncle" to bail out and make it all stop. MXP is about to blow out your candle. You'd better shake the dew off your lily because MXP is about to butter your bread. The writing is on the wall. The doomsday RNS is probably on the teletype machine already to send, just waiting for the Wordmsith of MXP to give the all clear. Death is in the air, the stench of MXP's gangrene stock grows closer each second. Will you be able to sleep tonight knowing that the end of MXP creeps close?
On the bright side, you probably make more money per hole drilled than MXP does. Remember that the next time Coggy is giving you a high hard one for your 50 pence fee and smile big.
"I just hope MXP took advantage of the LOW oil prices, as it is to MXP advantage if a deal was done at those historic low prices, because the burden would be significantly reduced..." So would the shareholder equity unfortunately. Your stock is burnt toast mate. The company is completely insolvent and the remaining assets are tied up in a Kazakhstan bankruptcy court trying to fend off vendor claims. The bad news will hit any day now, complete wipe-out coming via massive dilution or administration. I wish it were not so, but it is so. This blanket denial is going to eat you chaps up. You lads should prepare yourselves for the swordsman's final cut. It is coming. Soon.
"The above is best case scenerio .[sic]" No, it is not. It is not even a remote possibility. You are suggesting that the AGR "working capital" deal would mean an increase in shareholder value that is by itself above and beyond the 65% dilution. No way. That is ridiculous. The AGR deal simply allows MXP the possibility of living to see refinancing, which will mean massive additional dilution. The current share float is gone my friend. This was all explained in the various RNS releases. Why do you think, in this sea of depressed oil prices and tax liens, that MXP successfully refinancing its debt would increase the current equity value per current outstanding diluted share? Without taking future dilution into consideration, do you realize how outrageous that sounds?
Thank you for the information logical2010. I honestly did not know that the AIM would allow a completely insolvent and bankrupt company complete with outstanding tax liens to trade on its exchange. That is really quite disgraceful if you think about it. Not a great advertisement for the AIM by any means. Does anybody know who the next MXP victim bank will be? Surely the MXP band of snake-oil salesmen have set up shop in the next town by now and targeted another lender with pretty Powerpoint presentations showing "giant underwater coral reef atoll formations that resemble carbonate buildups [or they could just be shadows]." They are about to try to clip Sberbank for half or so of the $80 million principal that they borrowed. I wonder if another large bank will be dumb enough to make the same mistake. If so, the future dilution should put the share count well into the trillions.
I thought that a company could not be listed to trade whilst involved in a formal insolvency proceeding such as administration or its subsequent equivalent. You are insane if you think that the LSE is going to let MXP back onto its pet mini-exchange whilst it is in the middle of shafting Sberbank and its vendors and investors and taxing authorities out of millions of pounds of money. Bankrupt companies trade on the pink sheets and nowhere else. As long as the company is in bankruptcy it's not going back on the AIM (or anywhere else) to trade - that is my opinion anyway. Maybe Kaz will let it on its market though. Oh wait...there's that little tax matter...
I fancy tea also. And I am told that green tea helps offset the nausea caused by the AZT treatments. For details and advice, you should follow up with Coggy.
Admin coming soon. RNS any minute now.
What are you smoking Smuttongeoff? Post AGR close, you would have instantaneous 2/3 dilution right away, but only if viewed in a static vacuum with no market impairment for future dilution or reduced EBITDA, and you now have to account for the new tax liabilities and defaulted/accelerated Sberbank note and such and weaker oil prices, and do not forget this little gem: "Further significant financing will be required in the mid and longer term to re-establish going concern status and viability of the business." It doesn't matter though, MXP will not remain on the AIM IMO. As for me and my motives, I have merely been presenting the bear case, albeit to an under-educated audience saturated with overly-caffeinated, delusional bulls. I'd be short the stock now if that were possible. Of course it is not. The "highly geared" group of smooth talking American cowboy jackasses is admittedly completely insolvent. What a tragic destruction of investor capital. MXP is worth, right now, $0.00 per share. Maybe less.
"Basically speaking. We are shafted .?" Shafted yes for certain, but not because of the pending delisting from AIM. They can "cancel" your shares from trading on their exchange, but they cannot "cancel" your shares from existence. That is not possible. You still own the shares, regardless of their complete lack of monetary value and possible derivative shareholder liability. Not to worry though, the actual shares themselves will be canceled soon enough in administration. Shafted for certain mate, and about to be properly fuct like a tied goat.
Are you blokes dating now? The exchanges between you have become quite affectionate and sweet.
Ah yes, the self-employed sort you are indeed, tis the one thing a common street beggar may claim with head held high. And tis a good thing HIVorsoreass. It might be difficult to market one's self as a prospective business man to a potential employer with such an ignorant admission floating about. I lost my pants and shirt on MXP no doubt, but I most certainly did not buy the shares knowing that the blokes serving as operator were likely to sink the company into administration. A man would have to be willing to put his soul at hazard to do such a thing. When I initially purchased me shares, Goldman Sachs had a buy rating on the venture, as did many other analysts, including that string-fellow Brendan Long chap who appeared on video each day hyping MXP. To buy common shares even after MXP was proven to have misled the public as to Uytas would have been financial suicide in me novel. Twas a huge scandal in me book. Indeed, me thinks that the Uytas misrepresentations might make a good securities fraud case for a talented barrister. The Uytas representations made by MXP versus the Uytas reality are two very different animals. I have reviewed investor presentation slides and investor conference call recordings several times now, tis no doubt about it, twas a most nasty deed done by MXP. At a bare minimum, the recklessness exhibited was extreme and unforgivable. If I am sore about it, Sberbank must be absolutely livid, and that Brendan Long chap, who is much respected as an analyst, was made to look a plain fool as well, almost as silly sounding as you HIVorsoreass. Off to the pub now lads for a pint and to locate a new lady, as me last lady was recently tossed back into the sea by yours truly. A cold and scaly fish she turned out to be. You are free to go now gents. Carry on.
"the difference is i bought in with the knowledge that the company was on the verge of admin, so if it goes tits up ive only my sennn to blame [sic]" Yes I grasp that concept firmly, though I am not certain that I would brag about such a thing if I was you, and whatever you do, never put that little accomplishment on your CV.
You are spot on ivanoftenpoundedass. I realized that MXP gave me a high hard one with the Uytas misrepresentations right before I made my last large purchase, so I wanted to vent a little. Unfortunately, you may be in the same boat soon. Perhaps then we can vent together, that is, if you are not off swabbing the decks with Coggy I mean.
Here is just a little Friday present from me to the MXP team of managers that have hurt so many of us so very badly: FU. And while it hurts financially having lost so much money due to the lies, deceit and reckless misrepresentations made repeatedly by the senior managers of your company over the years, I nonetheless cannot fathom what it must feel like for each of you when you try to go to sleep at night, each night, knowing that you have destroyed so many families and so much investor capital in that same time period. The guilt and angst that each current and former MXP corporate officer must feel each night as they lie in bed trying to sleep must be overwhelming. And it should be. So FU MXP BOD, both past and present, each and every one of you. While I will take no pleasure in watching the investments of the retail shareholders who post on this message board go to zero value, I will take pleasure in knowing that each MXP BOD member has lost everything in the pending raging MXP fire.