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Stefan has done his work, now thankyou and goodbye.
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Richard Carter, Chairman of ADM Energy and Designate Interim CEO, stated: "We believe ADM Energy has an exciting future. The appointment of His Highness Shaikh Ahmed Bin Dalmook Al Maktoum as President demonstrates His Highness's personal commitment to this Company. We enter this new chapter focused on capturing what we believe to be a significant opportunity to grow the business and create value for shareholders.
"Also, on behalf of the Board, I would like to thank Stefan for his invaluable contribution and devoted service to the Company. Stefan played a vital role in positioning ADM Energy for future growth'
Guys this below is CERTAINLY NOT going to happen overnight and there's lots to look forward to.
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The Company intends, in due course, to recruit into key executive management positions and appoint further independent non-executive Directors and has retained the services of a headhunting firm in this regard. As noted in the announcement of 15 April 2019, Shaikh Ahmed Bin Dalmook Al Maktoum also has the right to appoint one person to the board of directors, subject to requisite regulatory approval and process.
Shaikh Ahmed Bin Dalmook Al Maktoum, President of ADM Energy, said: "I am delighted to become President of ADM Energy. Since investing in the Company, my conviction has only strengthened regarding the potential value of the opportunity.
"The Company's strategy is to grow and to create a larger, balanced portfolio of projects in line with its investing strategy. We will aim to leverage our extensive contacts to identify investment opportunities in undervalued production and near-production assets, primarily in Africa. I am confident we can add significant value to ADM Energy for the benefit of all stakeholders."
I'm sorry Latino but neither is there a big bounce coming, there is a patient new outlook on the horizon and a big company to be built.
I'm sorry i don't buy that, they have been told to exit, they have done their work for the Prince now it's a thankyou and goodbye.
There is absolutely no need to talk up ADME now, we know exactly what is happening and need to be patient.
The company will not rush out any old statement (and i do not want them to) just to please impatient in for a quick buck private investors. He has CLEARLY stated his intentions going forward and NONE of these things will happen in a matter of days.
I have patience and will have to look forward to the future announcements of what headhunting they have done and all the news on further projects clearly stated in the articles below.
Yes i jumped in too early but when all is said and done at the end of all this we will have an oiler with 50m shares in issue and a clear statement of intent going forward, unlucky if you're a trader but i'm here for the future ride and there is plenty of upside potential going into the future.
I don't expect anything quick on the headhunting side or projects these things take time, but it would be nice if we got news of a buyer for all the sells.
Is it this?
Nigeria-focused MX Oil has changed its name to ADM Energy, this week appointing principal investor Sheikh Ahmed bin Dalmook Juma al-Maktoum as president of the AIM-listed explorer - who promptly outlined his expansion plans.
Maktoum, a Dubai royal prince, said he intends to grow the company by creating “a larger, balanced portfolio of projects, leveraging extensive contacts to identify opportunities in undervalued production and near-production assets, primarily in Africa".
ADM chief executive Stefan Olivier has announced he will step down when a new chairman is appointed, while Richard Carter, now non-executive chairman, will until then act as chairman after which he will become interim chief executive.
The main ADM asset is currently the Aje field on Nigerian Benin Embayment block OML-113 where it partners indigenous operator Yinka Folawiyo alongside London-based E&P players NewAge, Panoro Energy & Energy Equity Resources.
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So we know 100% Stefan is stepping down, now I feel stupid and should've sussed this, in my eyes he's either decided or more likely told to move on completely. Hindsight is a wonderful thing but i suppose there was every chance he could've continued to hold his stake, I think part of the package was he was told to move on and if you like this was his golden handshake.
What pleases me is the sells have buyers and if you look back over the last week there is not a fantastic amount of difference in the buy/sells daily ratio.
Let them be gone and look forward to the proper new start.
WMS James, have you got a link for that upstream please.
Listen, this is a parting gift if you like from the Sheikh to all the parties that organised him full control of a listed oil company . He wants shut of all the old and to bring in his own new. They would've wanted something to shift out and let's be glad that the Sheikh wanted this so much that he's doing what he's doing.
Let them be gone and then let the new team get to work, I for one did not want them around and they are disappearing within 2 weeks of the new company, In hindsight yes i wish we knew this was going to happen and to be coming in at these levels, but there is a lot to come from the new team and lots of upside potential, we've seen how much it moves and how fast and that works both ways.
Out with the old and in with the new and only then will he release his intentions going forward.
None of us know, i'm just going on the premise Rome wasn't built in one day.
Now have a good day all.
Yes absolutely right, no one knows when news will come and that's the way i want it and the way a good outfit should operate, one thing i don't want is desperation statements to appease pi's.
Headhunting in one week? Headhunting someone special will not take one week, finding, interviewing? Come on how long seriously will it take to appoint a brand new team? Get all the contracts wrote up? Get people to leave their current positions? People don't just leave a high profile company on a Tuesday and start for ADME the following day.
There is a process and it will take weeks,.
Look forward to the news and the previous positions they held and for whom.
Someone has also stated on another board something i hadn't thought of but could well be true,
We have a current board here that are going to be replaced (that has been clearly stated in the opening RNS) they could easily have been instructed to sell all their holdings as part of a severance package and agreement whilst ADME move forward with no old MXO smells left to linger, it is certainly something to consider and only time will tell.
They have clearly stated they are on a headhunting mission, this will NOT take days to complete, so we can look forward to a brand new board and hopefully a who's who in the oil and gas industry and a clean wiping of the slate of the old MXO.
I have patience and am prepared to let the shorters have their day in the sun.
Groover a '1' share going through means absolutely nothing and certainly doesn't mean someone bought 1 share, it is just a odd share left over in a buy or sell previous order e.g in lay-mans terms...a broker has 25651 shares and someone buys 25650 the 1 goes through on it's own on the next trade, don't fall for all the 'it's a sign' trash talk.
It's a shame we didn't know but it seems a gang of shorters have been heavy at work here and you need to have the balls to ride the storm, mm's do have juniors reading and gauging reaction on the threads and take full advantage to strip the weak, if you take a look back and read the last weeks thread you can virtually feel the fear of the desperate who came in for a quick buck but are now petrified as the shorters are ruling the threads and mm's also taking full advantage of raping you of your shares on the cheap, insti's are not dumb and do not want to pay the same price as pi's when they are buying thousands, so say to brokers 'go and get us a good price, all you can at lower levels over the next 2 months' they will have spoke to the company and probably have a horses mouth infomation on when the action might start. ADME are not interested in pleasing Joe Bloggs pi, if they want a serious business and future they want to appeal to serious investors and any order could be in the background for all we know.
Trust your judgement, this is a high risk/reward play that is not going to go bust in 6 days of market reaction, they have at least 3 years of exciting future ahead of them.
Relax, ADME seem to be relaxed and not just rushing out any old trash statement.
Goodness me traders really are a fickle bunch, do you really expect the headhunting to have happened in 5 days, i'm glad you're all getting what you deserve - absolutely nothing, the company is not interested in pleasing penny traders, they owe you nothing - nothing at all.
There's a whole host of things that could've been happening in the background in the last few days, orders, shorters, previous mxo'ers, old employees/directors etc etc etc...Do you really want them to build Rome in 1 day? Or indeed expect them to?
What does Buffet always say about traders ? That about transferring money from the impatient to the patient.
I have no doubt that over the coming months we will get loads of news, but you can bet your bottom dollar it will not be released urgently just to appease pi's, I expect nothing for at least 2-3 months and then a steady newsflow, if you can't handle that move out and move on I do not want a big business to dance to the tune of pi's, and nor shall they.
You are only concerned if you bought in here for the short term, those that did their homework should've expected a re-trace to lower levels and should now be adding for the future ride. You will have had a lot of tired old MXO holders who just see the chance to get out with something perhaps after expecting to lose all in the old MXO. They don't see the bigger picture, let them depart you need buyers and sellers for a good market. The spread has tightened up suggesting the earlier wide spread was to deter buying perhaps order filling, news will be the big indicator here and only the patient will be handsomely rewarded, let them do their headhunting and report back to us, the brave should cease this opportunity and hold and accumulate.
Thanks for that,seems like they're building up to something,the dust needs to settle here then i feel,and watch with interest,IDE needs watching as well for news they've put a lot of strength in there and not just for nothing.
They'll have 66m shares on return which will interest insti's which in turn will bring up interest in IDE.
Whats the share price expected to be after consolidation?
Can someone please workout the consolidation i'm on a train and internet is not good i'm struggling to read the rns.
This is so desperate now,not even directors buying can even slightly nudge sp up. Got to be a lot of background sell orders,and goodness knows how many,we know Slaters fund are trying to exit with millions,BUT,could all the other insti's have seen enough now and see better opportunities elsewhere. You got to admit this is high risk when good news sees it dead.....what will bad news do I ask?
Daily chart seems to suggest otherwise,not exactly wicked movement is it. Who would want to buy when even the supposedly best of rns does absolutely zonk. Prepare yourself better for the coming downward spiral continuation would be more appropriate I feel,any bad news sees this plummet by huge %'s and so called good news sees no movement whatsoever. That should tell the seasoned professional lots. aimho and gla.
Again,don't hold your breath and be more concerned when mxcp start to sell boosting their coffers for other projects.