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Magellan Petroleum Corporation Message Board

  • sentinelious sentinelious Oct 22, 2007 10:16 AM Flag

    All MPET owners must read and sign

    Important Notice To All MPET Owners and Management Read and Sign.

    As a Major stock owner I disagree with any manipulation with the stock price. Do not reverse split this stock, this will lead to one way downfall in the stock price.
    The only way MPET stocks will benefit their owners is when MPET management will start pumping and selling more oil and gas from all the successful wells and eventually increase the P/E for this stock.
    This is my opinion; please respond so we can build a coalition against the reverse split!

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    • I will certainly vote NO.
      It's a rip-off by the Board--They will retain the same number of Options, which increase in value by the amount of the reverse-split ratio. That's a good reason for them not to own many shares of Common, which they don't. FSCHU2's idea for the directors and mgt to buy more shares is a good one; but, as he knows full well, they might say they will, but won't actually carry it out--remember, this is basically the same crowd (Largay, et al.) that ran CSPLF while fighting against shareholder interests.
      (It makes one wonder if we're witnessing the fine hand of Ben Heath (if still alive) on this bunch of his people. Two of his companies (CSPLF and Coastal Caribbean) are gone and MPET may be next....)


    • I have a large number of shares---have for years--
      Will vote NO---Agree with these messages on voting NO to this
      Have advocated a buyback for a long time--It is an insult that this board does not show confidence and take part of the cash to buyback---this is THE way to keep the stock above $1.00, AND is a bargain. It is time for the board to be accountable to the Owners! I fear manipulation and a set up for takeover attempts/buyout/sellout.

    • I agree with you and will join your coalition. besides pumping more oil and gas in order to raise the price, there are dther actions that should be taken.

      1) The company has lots of cash and more coming in. Have the company announce a buy back of a minimum of five million (5,000,000)shares during the period ending 12/31/2008.

      2) Have the officers and directors each buy a minimum of 25,000 to 50,000 shares over the next year.

      Each of these actions would send a clear signal to the investment community that the company, its officers and directors, have the utmost confidence in the company and its future.

      I have rarely posted on this board and I urge all not only to join this coalition, but to call, write, and come to the Annual Meeting to voice our opinion on the future direction of the Company. I intend to do all of this and more.

      • 1 Reply to fschu2
      • I also will vote no, but mainly for a reason not yet mentioned.

        What I don't like is that the number of authorized shares will not be reduced after the split. Take a hypothetical 1 for 10 reverse split. We would each have only one tenth of the number of shares we started with, but the remaining 90% of the shares would be available for such things as stock options for the officers and directors. Bad BAd BAD!!!

        Another thing, its too late for this year, but let's think of some good shareholders' proposals for next year - like no more stock options for management. Another might be that directors should serve without compensation except reimbursement for expenses. I want directors who will act on behalf of the shareholders because they are shareholders, so maybe requiring directors to hold a significant position of ownership would be a good proposal.

        And, let's put up our own candidates for the board of directors slots, and I don't mean by giving them the shares.


    • You can count on me to vote NO. Everyone should make sure they get a proxy.

      24 years of Waltar McCann .... disaster!


      • 1 Reply to xxxfinance
      • I'll vote no and here is why...

        Mgts' premise is that they need this capability to ward off possible Nasdaq delisting should the pps drop below $1 for 30 consecutive days.

        The real world is that the Naz does everything in its power to keep from delisting companies. It doesn't want to lose the fees nor take the negative publicity hit. They give extension after extension after extension. I have never seen them delist a company sooner than 1 year AFTER the initial problem has been formally declared.

        There will be plenty of time to react to that problem IF IF IF it occurs. But if we give this reverse split authority to management, then the street will hang this over our heads until 2009. It will be very difficult to move the pps up.

        I think it's better that management start looking at ways they can influence the pps upward. Start being proactive about sharehoilder value. Such as more info being released to the market. More communication. Get the wells that are drilled, connected and pumping AND TELL THE MARKET ABOUT IT!!!!!!

        I think a lack of communication with the market and shareholders is a primary reason that we are in this position. Don't tell me that they are dependent on the primary operator to release info. IF THEY DON'T KNOW WHATS GOING ON WITH THE WELLS, THEN THEY ARE NOT DOING THEIR JOBS.

        One thing I firmly believe is that if this authority is given, then management WILL use it! If they reverse, then you will have fewer shares, but the authorized number of shares will not be changed. Therefore management could issue many many many more shares in the future.

        The typical case is that after a reverse, the pps drifts back down to where it was presplit. They even acknowledge this case in the proxy. I don't want a 1 for 10 reverse split and then be trading back around $1 to $2 in a year.

        I vote no.


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