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By Tom Winnifrith | Monday 15 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.
Charlie Wood the interim CEO at Mayan Energy (MYN) managed to cling onto his role at last Thursday's GM despite the very serious evidence of a massive COI over the Deloro deal which saw his wife get almost free shares in Deloro while Mayan provided most of its funding. So how on earth did Wood win the vote. Richard Jennings of Align, Wood's bete noire, makes some observations:
1 The vote in favour we are certain was the result of largely 3 blocks of voting – 1 being from a client(s) of a close associate of Woods, another a personal friend of his (both we believe being immersed in some of the conflicts of interest we have highlighted in the company) and, ironically, the voting of the Mayan stock held in Deloro (the vehicle he used to enrich himself largely at Mayan shareholders’ expense)
2 Many shareholders contacted us going into the vote to relay that their brokers required 7 days notice minimum in order to vote and thus they were unable to as time did not allow. One contact was a group holding 170m shares and there were 2 other individuals holding 30m and 40m respectively. Should these votes have been cast the result would have been rather different.
Given the above, Woods should be under no illusion that our critique of his role and actions this last year are rendered muted nor indeed that the strength of feeling against him from many, many shareholders has changed. He is on borrowed time now with regards to finally getting production going during his “interim” status. The one positive thing however is that this publicity and pressure, I believe, will finally galvanise him into action, not least to try and rescue what remains of his reputation. We suspect news on production and getting to the all important min of 200 bopd will be forthcoming in the next couple of months.
The clock is ticking to restore value in Mayan given the considerable asset base and I remain, as one of the largest shareholders, on Woods’ case to ensure this is delivered.
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