Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Disgraceful really that a fundraise happened last year whilst knowing about the 2017 land access laws. Mike just glossed over it though with a couple of lines stating that some legal formalities were required before drilling. Turns out he never had legal access and I think he knew that all along and has massively underestimated the resistance he has met whilst continuing to distract us with rig information. For me this is an unforgivable oversight and shows the lack of understanding regarding Mongolian law and their people’s will by Mike and his team. I’m invested here and would love to see oil however I don’t believe we are any closer than last year and at some point the money is going to dry up. I wouldn’t want to be raising knowing that I don’t even have permission to access the land, that’s a tricky one to explain to potential investors as the car is now out the bag unlike last year.
MB is already so mired in his lies that he doesn’t even understand how he refutes himself. In August last year, he declared about “excellent relationship with the Mongolian government…” and today he admits that during all this time the company has not made any progress in resolving this issue and its “field operations remain on hold pending progress on the land issue”.
And at the same time, again and without any shame, he continues to lie, saying that he works day and night on to solve this issue, but does not give a single fact of how exactly he does it or with whom he meets. Moreover, we do not even know where he is in Mongolia or Hawaii. This is more of a disgrace than CEO.
All in all I feel embarrassed for Matad.
It’s clear the current management group cannot operate in Mongolia. I deal with the government most days on matters. It’s not that difficult.
If I were the Matad management group I would buy a couple of gers, pitch them in the Soum they have the license issues in and until the matters are concluded stay on site. This is what they are paid for, to manage.
There is no Matad presence in Mongolia, they are wasting shareholders money, and shareholders time.
It’s time the performance of the company was brought to the attention of the UK regulators. No forward looking statements I believe will legally protect Matad as I honestly believe they are misleading shareholders, which creates the question has securities fraud been committed.
I will be reporting Matad to the UK regulators on my return to the UK in early October. Enough is enough.
bowley, please tell US if you found MATD office so you would be able to have a chat with them or not?
TIA
That is the most correct conclusion Bowley and absolutely necessary step to undertake by every self-respected LTH.
Glad to know that I am not alone now in my intention to do the same and ask SFO start investigation this crook in case of no drilling and another wasted year.
bowley, please tell us more about your investigation.
thanks
Dear Bowley
The company is called Petro Matad. not Matad. You have already been caught out pretending you were Richard Bowley. You cannot answer even a basic question as to what was said at the mining meeting you purported to have dropped in at. My conclusion is that at best you are a fantasist but more likey a common or garden paid deramper.
Come up with some concincing and irrefutable prood of something please.
Why dont you report Petro Matad to the UK regulators now? Why do is it have to wait for you to return in October? Do they not have email?
Employee benefit costs increase to USD874,000 from USD331,000.
Since they work DAY AND NIGHT they get 2.5 times more!
God save us.
Curious.
Send me an email. Richard.bowley@eot.mn
That’s my government email address. Happy to validate my who I am.
EOT manages the governments 34% investment in OT which to date has invested $14bill.
Slightly different economic size of scale to Matad, hence the confusion I guess why they struggle to operate in Mongolia.
Look forward to hearing from you.
Bowley, why don't you investigate thoroughly while you are there please if you have time ofcourse.
Surely you may find someone to talk to regarding MATD.
TIA
Bowley thanks. I'll try you at your linkedin account. Cheers
What I have done yesterday, which is probably more useful, is respond to Minister J Ganbaatar's Facebook post, which is promoting a Minining exhibition event to attract investment, explaining to him exactly why foreign companies should NOT invest in Mongolia. At least not until they sort out their conflicting laws which grant licences but refuse to deal with access issues and pointing out that local people are hostile, expect foreign investors to spend millions finding them resources but to get nothing in return.
We all know (or should) that AIM is like the Wild West and the UK regulator will do diddly even if there is fraud. Maybe a good old-fashioned lynching....
There are 3 problems here:
MATD isn't inform investors properly! While there hasn't been any progress they pay more salaries to themselves!
MATD keeps saying government has heen supportive which is absolutely not true. MB hasn't been in the country where he should which is very important.
LOCALS who didn't care about environment while explorations and now they are difficult!
MONGOLIAN GOVERNMENT who are supportive! They keep talking nonsense!
As I always said MATD has given Mongolian government wrong message by keep saying they have been supportive!
MATD should starts criticising Government for not helping. That may help.
We can't just wait 3 years and still waiting for LP.
It is just a plot from government and perhaps MATD is part of that and MB is acting as scapegoat, period.
curiouser - excellent. Thank you for doing that. That's the sort of posiive action we small investors can and should be doing and sharing via these bulletin boards rather than the "trader agenda driven *****ing & moaning "!