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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:
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.
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