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By Tom Winnifrith | Thursday 29 November 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.
Richard Jennings of Align Research has lost money on Mayan Energy (MYN) as have many others and he believes he has a strong case to try to reclaim that from ex CEO Eddie Gonzalez, director Charlie Wood and London's worst Nomad, Beaumont Cornish. He has today penned an open letter inviting other shareholders to join him. The, ever understated, Jennings writes:
As many of you will be aware, the events of the last 12 months in regards to Mayan Energy and the many misleading statements and outright untrue ones put out by both Chairman Charlie Wood and (as was) CEO Eddie Gonzalez have caused almost all shareholders to lose a great deal of money. These RNS’s were also signed off by the Nomad Beaumont Cornish.
Here are 2 prime examples (bold’s our highlights):
From 19 June 2018 HERE. In particular this para – “As development milestones and nitrogen test results become available, Zink Ranch will generate much news flow in the coming weeks and months. I am further encouraged that seasoned oil field professionals are interested in receiving shares as payment for their services in lieu of cash. This serves as a testimony to the hard work the Board and our employees have done not only in restoring the reputation of the Company with both investors and industry partners but also in delivering on our strategy to build a highly cash flow generative oil and gas company.”
From 8 May HERE. “The Board is committed to directing capital to where it makes positive returns for our shareholders and as such believe that our Texan assets are the optimum place for Mayan capital moving forward. With multiple additional low cost workover opportunities to further increase production identified across our portfolio of Texan assets,shareholders can expect more of the same, as we focus on building on the excellent production growth we have delivered to date, and in the process build a highly cash flow generative US onshore focused oil and gas company.“
We have spent the last few weeks exploring legal avenues for the pursuing of management & the Nomad in relation to losses incurred directly due to the reliance on those statements and are confident in our position of recovery against them due to reliance on these statements. We thus invite shareholders who wish to join with us in bringing a potential action against both the Nomad and Wood and Gonzalez to contact us directly at – [email protected]
We can confirm that we are pushing regulatory avenues to bring Wood and Gonzalez to account too.
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