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It has been pretty quiet today for this one.
Things might be better with new CEO - LKY.
hOPe for the better ! Good luck to those whom have vested !
My broker asked me to buy when it was $0.15 citing it involved in oil and coal business. I asked him did he keep track the leadership quality of the management. I told him if CEO and Chairman hold >30% of the company shares then I would consider to invest. He did not reply, Why?
MEDIA RELEASE
Magnus? subsidiary APAC Coal Limited to lodge prospectus on proposed listing on Australian Stock Exchange
Singapore, April 4, 2008 ? Magnus Energy Group Ltd. (Magnus) announced today that its wholly-owned subsidiary, Apac Coal Limited (APAC) has lodged a prospectus on a proposed listing on the Official List of Australian Stock Exchange Limited (ASX).
The initial public offering (IPO) of APAC will invite up to 75 million new shares at an issue price of A$0.20 each by way of placement, and will not involve any preferential offering to the shareholders of Magnus.
The proceeds raised from the IPO will be used mainly to fund the development of APAC?s coal assets in Indonesia and to provide it with working capital.
"The IPO of APAC marks a major milestone for Magnus as we execute our strategy to increase and exploit our assets in oil, gas and coal," said Magnus Managing Director Richard Chan.
"It will allow our coal division to fund its immediate construction and production programs independently. It will also enhance and unlock the value for Magnus Group?s investments. This, coupled with our upstream oil and gas investment activities in Australia and our crude oil producing oilfield in Jilin Province, China, puts Magnus on track to enhance our business and financial performance," said Chan.
APAC, which is engaged in the exploration and evaluation of mineral resources, was incorporated on 29 June 2007 as a public company limited by shares under the Corporations Act 2001 in Western Australia. It has an initial fully paid-up capital of A$2, which is held entirely by Magnus.
Applications for the IPO of APAC are expected to open from 12 April 2008 and close on 15 May 2008. The intended allotment date and date of listing on ASX is expected to be 21 May 2008 and 5 June 2008 respectively. These dates are indicative only and may subject to change.
Subject to the approval being obtained from ASX, APAC will acquire 100% of the issued capital of PT Deefu Indonesia Chemical (PT Deefu), which will simultaneously acquire the 5% minority interest in PT Batubaraselaras Sapta (PT Batubara) at an aggregate consideration of A$40 million to be satisfied by the issue of 200 million new ordinary shares in APAC at A$0.20 each. This consideration was derived after taking into account the unaudited financial statements of PT Deefu and PT Batubara for the period of six months ended 31 December 2007.
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Antig Investments Pte. Ltd. (Antig), a wholly-owned subsidiary of Magnus, currently owns 72% equity interest in the capital of PT Deefu. The remaining 28% equity interest is held by Advance Assets Management Ltd.
PT Deefu was set up to conduct wholesale trading (export and import) and has not commenced operations. Currently, it is a 95% holding company of PT Batubara. The remaining 5% equity interest in PT Batubara is held by Jake Pison Hawila. PT Batubara, a coal mining and coal products marketing company, has also yet to commence operations.
On 20 November 1997, PT Batubara executed a Work Agreement for Coal Mining Enterprises (CCOW) with the Indonesian government, giving it the right to conduct coal mining operations in the Kuaro coal formation located in the Districts of Batusopang, Pasir Balengkong and Tanah Grogot, Pasir Regency, East Kalimantan province which covers an area of approximately 68,360 hectares.
Based on raw coal analysis carried out in two potentially economic coal seams on approximately only 1.3% of the CCOW area, the JORC (Joint Ore Reserves Committee of the Australian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia) compliant resource estimate of indicated and inferred coal reserves was approximately 5.12 million tonnes.
Assuming that 75 million new shares in APAC were subscribed, the listing of APAC is expected to dilute Magnus?s equity interest in APAC to approximately 47.34%. Following the dilution, APAC would become an associated company of Magnus.
About Magnus
Magnus is a Singapore-listed company specializing in the upstream petroleum and coal businesses. Its core focus is petroleum, coal production, and low-risk exploration and field development. Magnus is positioning itself to be a leading regional producer of oil, gas and coal. In 2004, it acquired the Mid-Continent Equipment Group Pte Ltd ("MEG"), one of the largest stockist and equipment suppliers to the oil drilling market in the region.
Building on the success of its MEG acquisition, Magnus has made forays into the upstream oil & gas sector, through a farmout agreement for gas excavation in Southern Australia and also the acquisition of three producing oilfields in the Jilin Province, China. Magnus? wholly-owned subsidiary Antig Investments Pte. Ltd. also has a majority interest in a coal concession which has a Work Agreement for Coal Mining Enterprises with the Indonesian government to explore, mine and extract coal from the Kuaro coal formation located at Kabupaten Pasir, East Kalimantan, Indonesia.
penny stock rotation play, its magnus turn to move up, up... ho say liao
144 million more shares floats.
more supply means...
Magnus Energy Group Ltd. ("Company") wishes to announce that, further to its announcements on 6 October 2006, 6 November 2006 and 1 December 2006 in respect of the Placement, the Company has been informed by the SGX-ST that the 144,221,585 new ordinary shares in the Company are listed and quoted on the SGX-ST with effect from 9.00 am on Tuesday, 5 December 2006.
From SGX website update today:
Magnus Energy Group Ltd ("Company") wishes to announce that, further to its announcements on 6 October 2006 and 6 November 2006 in respect of the Placement, the Company has on 1 December 2006, received the approval-in-principle from the SGX-ST for the Placement.
The approval-in-principle granted by the SGX-ST is not to be taken as an indication of the merits of the acquisition by the Company of an indirect 75% interest in Songyuan Yongda Oilfields Exploration and Technology Co., Ltd, the Placement, the Subscription Shares, the Company or its subsidiaries.
The Company will make further announcements in due course when the Subscription Shares have been listed and quoted for trading on the SGX-ST.
By Order of the Board
Magnus Energy Group Ltd.
MACD crossover.
volume shrink and testing the resistance of 0.19.
finally it moved up from 0.175 support after testing for 5 days. Volume also increasing.
See MACD indicator likely to cross over.
buy up @0.18 and ask volume is more than 2x bid volume, most likely supporting around 0.18.