The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares

Join ShareProphets at less than 2p per article

> All the big AIM fraud exposés

> 300 articles and podcasts a month

> Hot share tips

> Original investigations by our experienced team

> No ads, no click-bait, no auto-play videos

Find out more

Richard Jennings of Align sticks it to another corporate client - open (and damning) letter to Charlie Wood of Mayan

By Tom Winnifrith | Wednesday 3 October 2018

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

This is an interesting business model. Write to your client, for whom you have published bullish paid for research notes, open letters slagging them off. I wonder what the renewal rate is at Align Research? Anyhow the latest target of Align boss Richard Jennings is Charlie Wood of Mayan Energy (MYN) who received the stinging missive below today. Ouch.


I do not write this letter easily given the relationship between Align and Mayan Energy and our substantive holding in the company given the potentially negative impact this may have in regards to the contents herein.

I believe, as a shareholder first and foremost and a professional market participant, that the following issues require thorough investigation forthwith:

  1. Does David Khan still hold the 91.6m shares in the company? If not why has there been no TR1 disclosure as is required in regulation? If they have been sold in whole or part, the timing of sales relative to periods of his involvement should be investigated to ascertain if there were any regulatory breaches in this regard.

  2. Given the magnitude of the personal enrichment on your part re the Deloro deal and also Eddie Gonzalez can you explain to ALL shareholders why you have not made any personal investment in the company this last 15 months with your own cash? The placing in November 2017 provided in large part the funds to complete on the Deloro deal and yet we sit with an investment that on paper is now at a small loss based on the current PQE share price yet you have near 7 figures of value accrued to you. There is a mismatch here of significant proportions.

  3. Align, as the principal research provider were supplied information from you/the company that we have relied upon in making our recommendation and also committing our own cash – can you advise why there has been de facto no operational management Stateside that has made a mockery of these forecasts?

As one of Mayan’s principal supporters we cannot stand by and let what we believe are material assets of the company fester and not produce what the capital providers have entrusted you and the balance management team to deliver. The time is now for you to show decisive action for MAYAN shareholders and to show your ALIGNMENT with them (as we do).

We have 2 replacement directors in the wings ready to replace you and Mr Gonzalez (whose position is now totally untenable in our opinion given the abject non delivery of production over the past 15 months) that we believe can get these assets producing should you not be capable of doing so. I also believe that you should waive any salary whatsoever (including accruals) until such point as the company has produced a minimum of 3 months of 300 bopd production.

Chairman’s roles carry responsibility and you are fully aware that behind the scenes we have attempted to ensure the company is being run properly and value created for shareholders. The time for silence is over. Produce from the assets that you have raised millions for in the last 15 months or step aside and allow new directors that ARE capable of doing what we believed, mistakenly, the current management team were to have been doing this last 12 months.

Richard Jennings

Filed under:

Never miss a story.

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

More on MYN


Comments are turned off for this article.

Site by Everywhen