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Magellan Petroleum Corporation Message Board

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  • taffytaft taffytaft Aug 6, 2010 3:19 PM Flag

    Very strange

     

    What it boils down to is that there's really no way anyone who halfway believes what we have been told could be selling at $1.80 unless they DESPERATELY need the money (Is that the situation, Igor?) in which case they shouldn't have been holding stock at all.

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    • I tried to address this valid concern earlier. The ECP fund is the reason the shares were sold- this fund is independent from all of its investors, including, Borgacev, who just happens to have a 60% interest in the ECP Fund. Nevertheless, the ECP fund management is independent of all its investors. Borgacev is in complete control of YEP, which will soon own about 33% of MPET. The ECP fund still has about 900,000 shares of MPET. Borgacev is still going to make the investment at $3/share; in his first investment he paid a similar premium to our market price (he paid $1.15 for those shares) and got some warrants. Ihis can all be confirmed with MPET's IR. You have to read the details of the 8K's- here are some:
      Under the Term Sheet, YEP would acquire an additional 5,200,000 shares of the Company's Common Stock (the "Shares") at a price of $3.00 per share (the "Transaction"), pursuant to a securities purchase agreement to be negotiated.The purchase price is approximately 71% above the closing price of the Company's Common Stock calculated as of the close of trading on May 17, 2010. After completion of the Transaction, YEP's ownership position in the Company would include approximately 20.5 million shares and approximately 4.4 million shares issuable under YEP's existing warrants, or approximately 33% of the outstanding shares of the Company's Common Stock, calculated as if the warrants held by YEP were fully exercised. YEP has informed the Company that it may make its investment in part through the ECP Fund, SICAV-FIS (the "ECP Fund"), a specialized investment fund based in Luxembourg.

      About YEP and the ECP Fund

      YEP was founded in 2007 by recognized entrepreneur Nikolay V. Bogachev. The ECP Fund, SICAV-FIS is a Specialized Investment Fund in Luxembourg – a regulated vehicle under the supervision of the Commission de Surveillance du Secteur Financier (CSSF) there. The ECP Fund, SICAV-FIS is managed by an entity that is INDEPENDENT (emphasis mine) of its investors.

    • thumbs up!!!!

      I agree it is a very good buy at this level

 
MPET
5.12-0.03(-0.58%)Sep 27 3:59 PMEDT