focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
If she manages to get the sp to at least 1p I will buy her a unicorn to ride and a new pink hat...
Who bought 11million of shares
Cheeky little rns tommorw please, Keep the momentum going
Where u seeing this?
Vox showing Like 12mill shares bought today.
Lol, not really what I had in mind
Some movement in this SP. Is needed. Come on rita!!!!!
Shouldn't there be a rns to confirm the Wed deal.
Shouldn't we get an rns about the shares for (wed) today
Further to Nostra Terra's RNS of 26 May 2017, the Company confirms that on that date £125,000 was paid to Steven Snead et al ("Snead"). As a result the Company acquired the beneficial rights to the 204,226,749 ordinary shares of £0.001 each in Magnolia ("Magnolia Shares") with legal title to be completed by 30 June 2017. Both parties agreed that completion will now take place by 31 July 2017 and that the Company continues to have direction over the voting rights of the Magnolia Shares until then. In addition the Company retains the right to issue 2,400,000 new ordinary shares of £0.001 each in Nostra Terra and receive back £60,000 prior to the transfer of the shares from Snead.
Today's announcement is an interesting development for a company, and one that on the face of it makes sense for shareholders, albeit it with a wrinkle which leaves its impact lessened. The management services deal with Western Energy Development LLC (“WED”) is one that in isolation would be a good use of the Company's under-utilised Management team, as the fees would certainly help offset the cost base's erosive effect on shareholder value. However, what we don't understand is the reasoning behind offering 29% of the Company's shares for the privilege of management contract. We believe that this would have been better and more simply arranged as a JV structure, with each party (WED and Magnolia), participating in the economic benefits of the JV's activity alone. That way, the JV would be charged management fees on a day rate basis that reflects the man days of work undertaken. What WED gets under this structure is participation in the Company's pre-existing assets. Consequently, shareholders are entitled to ask what exactly they are getting in return for their paper. By our estimation, the Management cost element of the fully deployed $19mm fund (once it has been raised, if the text of the RNS is to be taken litterally, i.e., only permission has been provided to raise $19mm) amounts to $385,000 (assume to be per year). This is made up thus: Category Value Management Fee ($500/$500m) $185m Earnings (capped) $200m Total $385m If we assume this lasts for 10 years, at which point the valuation contribution tails off due to the time value of money anyway, it provides ~$2.4mm to the current value. On a pre-dilution basis, and here we assume that the current portfolio is perfectly valued by the market, this gives an uplift in value to 0.18p. However, the dilution effect on the overall portfolio means that this is reduced to 13p per share. This means that the 25% interest in the asset base has to generate 0.05p per share, or $1.36mm, of value for shareholders, to be able to call this transaction value neutral for pre-existing shareholders. Of course, this ignores the acre fees, which is a single transitory effect, and even if taken in year 1, and therefore not subject time effects, implies that the Company will be buying or leasing 2,715 acres to leave the pre-acquisition position value neutral for shareholders, which isn’t outrageous, but has to incurred in full within 3 years, otherwise its impact is diluted. On balance, we believe that this is a good deal for shareholders, which could have been better, as the value increase from this transaction is more than diluted by the questionable issue of shares to WED, but is a better deal for the Management team, which now needs to be the focus for shareholders. What shareholders need to understand from WED & Management is how long it will take for the $19mm to be raised, and what the likelihood of success is. To our mind, the only change to the transaction
Management Services Company: What shareholders need to understand from WED & Management is how long it will take for the $19mm to be raised, and what the likelihood of success is. To our mind, the only change to the transaction should be the use of JV vehicle, or saving that, a proportionate issue of shares to the deployment of the capital. But in doing that, Management would face a greater exposure to the demands of the shareholders. In doing this deal in this manner, by diverting attention from its “day to day” operation, obfuscates the cost structure, which we believe is excessive for the current, and future, asset base.
Plus with there final results and the letter. The sp for ntog has not moved an inch. Surely they'd be in a better position if they could deliver some results for there own shareholders first.
Well he was clear about what he wants to do. Reduce debt. And no mud slinging which was good
12th July AGM To recive the report and accounts To re elect Leonard Wallace as a director To re appoint pkf Littlejohn llp as auditors and to authorize directors to set there fees Any idea? These don't match magnolia petroleum website. Came from barclays just now
Just sent my vote, Come on rita.
Hopefully ntog will come back with some facts, with a response to the 'inaccuracies', maybe it's time for all the mud slinging to stop, And someone actually tell the LTH'S what they intend to do with the company and the sp.
Another 900,000! 5 mins later.
I phoned barclays they said would email in next couple of days.
Ntog recognize magnolias rns yesterday and will respond to there inaccuracies within that rns in the coming days.