MGX - Mount Gibson Iron

[Boggo]

hmm amazed at the lack of interest in this on this forum

Don't let the lack of discussion on here fool you Laurie, there is a lot of interest in MGX at the moment.

The number of sub $5 stocks just on the S&P ASX300 that are putting in exceptional performances at the moment is even more amazing

This stock was a candidate for tech/a's breakout etc thread (https://www.aussiestockforums.com/forums/showthread.php?t=20906) but I think that most of the subscribers to that thread would probably agree that there would be about thirty pages if we were to to post up all the possibilities with an associated commentary, I could probably have posted over a dozen in the last week, MGX being one of them.

(click to expand)

 

[laurie]

Thanks for the chart Boggo its a nice trend up without the steep climb I await the day they announce their first dividend oh to remember the days of it stuck at .80cents

laurie

 

[shinobi346]

I'm still a holder from many years ago. I'm too am waiting for their first dividend. In the latest BRM report they compare against a few other mining companies, MGX being one of them and they don't look too shabby.

 

[laurie]

Trading halt? possible capital raising, don't think so the only thing that comes to my mind is Takeover offer!!

laurie

 

[skc]

Trading halt? possible capital raising, don't think so the only thing that comes to my mind is Takeover offer!!

laurie

Haha. I wish it's a takeover as well. But it just looks like they need some time to count those AGM votes...

 

[shinobi346]

I hope it is not a takeover. I haven't got my first dividend yet!!!!

Besides, I don't want shares in a limosine company.

 

[skc]

I hope it is not a takeover. I haven't got my first dividend yet!!!!

Besides, I don't want shares in a limosine company.

LOL. Wah Nah announces simultaneous scrip based takeover bid for every iron ore company listed on the ASX...

 

[skc]

Today's price action really highlights how jittery and irrational the market can be...

The chairman stepping down was announced back on 9 Nov. The only thing that happened in the AGO was that one Director didn't get elected. But the share price dropped as if the company has issued a profit warning. The SP opened at $1.73! And now has traded it's way back to $1.95 compared to yesterday's close of $2.01. And this against a sea of greens amongst the iron ore stocks today.

Unbelievable.

 

[pixel]

Today's price action really highlights how jittery and irrational the market can be...

The chairman stepping down was announced back on 9 Nov. The only thing that happened in the AGO was that one Director didn't get elected. But the share price dropped as if the company has issued a profit warning. The SP opened at $1.73! And now has traded it's way back to $1.95 compared to yesterday's close of $2.01. And this against a sea of greens amongst the iron ore stocks today.

Unbelievable.

Could some insightful person please expand on the intricacies of yesterday's votes and withdrawn re-election nomination? A spill attempt perhaps??

 

[skc]

Could some insightful person please expand on the intricacies of yesterday's votes and withdrawn re-election nomination? A spill attempt perhaps??

A decent piece on the situation.
http://english.capital.gr/News.asp?id=1088357

Shareholders of Mount Gibson Iron Ltd. (MGX.AU) went against retiring chairman Ian Hamilton and voted down the re-appointment of one of the company's non-executive directors, in a move which leaves directors linked to APAC and Fushan, among the company's biggest customers, holding a majority of board seats.

Lee Seng Hui, a non-executive director of APAC Resources Ltd. (1104.HK), which owns 25.85% of Mount Gibson, was reappointed as non-executive Wednesday. With Hamilton and Knowles gone, that leaves seven directors in the board of Mount Gibson. The vote Wednesday effectively gives control of the company's board to shareholders APAC, a Hong Kong-based commodities trader, and Fushan International Energy, which owns 14.24%.

 

[NewToTheTrade]

MGX- Mount Gibson Iron

Hi, couldnt find a thread about MGX so just made one.

What do you guys rekon of this stock
(Not asking for buy or sell)

 

[NewToTheTrade]

sorry, didnt see a thread. My bad.

 

[tinhat]

Re: MGX- Mount Gibson Iron

Hi, couldnt find a thread about MGX so just made one.

What do you guys rekon of this stock
(Not asking for buy or sell)

Great potential. The issue of getting a balanced board has not been resolved though, and one wonders whether it will be resolved. I own, but I'm cautious. I paid too much for my MGX shares too, so at this stage, I will be happy to get my money back. I am confident that I will.

 

[trader045]

MGX

Does any one hold MGX (mount gibson....) looks like it has good fundomentals what are your thoughts.....

 

[Miner]

For those following MGX would have noticed the bomb shell news in ASX today with trading halt and Luke Tonkin's resignation.
CEO/MD goes and comes but what also goes and comes - shareholders future.
Luke IMO has been doing very well. But aparently some of the capital projects executed in pear shaped. What is more interesting the wording of the ASX announcement from MGX - after negotiation Luke has resigned. He is going to stay for another 6 months for transition.
Questions :
Was Luke asked to resign ? No news there !

Has Luke resigned on his own for what ? If got another job then 6 months notice is long time .

Is he a scape goat of some thing market will come to know later ?

Is there a take over by which the new owner has put a condition to have Luke to leave the organisation till the new owner comes in?

Why the SP went down by 4.58% today prior to this announcement and why the announcement was not made before the market opened this morning?

MGX fundamentally a good company. There are surely lot many news will come to see next few weeks.
Disclaimer : DNH

 

[notting]

Questions :
Was Luke asked to resign ? No news there !
Has Luke resigned on his own for what ? If got another job then 6 months notice is long time .
Is he a scape goat of some thing market will come to know later ?
Is there a take over by which the new owner has put a condition to have Luke to leave the organisation till the new owner comes in?
Why the SP went down by 4.58% today prior to this announcement and why the announcement was not made before the market opened this morning?
Disclaimer : DNH

Was Luke asked to resign ? - They could say anything to that.
Is he a scape goat or some thing market will come to know later like a take over? - Unlikely they could be sued for not disclosing it.
SP down - perhaps people like him and he could not be convinced to stay given he was being rail roaded by Chinese white anting to get control of the resources. Our pollies are not protecting us from China.

MGX is a good company now it's controlled by Chinese and share holders have been robbed.

 

[laurie]

This what happens when too many owners hold approx. the same amount of shares in MGX like a ship without a captain or rudder

 

[Miner]

Today's price action really highlights how jittery and irrational the market can be...

The chairman stepping down was announced back on 9 Nov. The only thing that happened in the AGO was that one Director didn't get elected. But the share price dropped as if the company has issued a profit warning. The SP opened at $1.73! And now has traded it's way back to $1.95 compared to yesterday's close of $2.01. And this against a sea of greens amongst the iron ore stocks today.

Unbelievable.

Did you mean AGO or MGX ?
The CEO of MGX has resigned and unsure if Chairman also resigned on 9 Nov ?

 

[skc]

Did you mean AGO or MGX ?
The CEO of MGX has resigned and unsure if Chairman also resigned on 9 Nov ?

Miner that post was from Nov 2010. And I had a typo of AGO instead of AGM.

It's all too confusing

 

[notting]

Bounced with good volume off previous resistance where it also bounced with good volume at around 1.18 to 1.20.
However the market could be about to collapse so not going in at this point.