Magnus Energy's new board's priority will be to boost sales: activist shareholder
Former managing director wants to leverage on his network of experts and business partners in the oil and gas sector to resurrect the investment holding company
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Angela Tan
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Singapore
CHARLES Madhavan, one of the two activist shareholders instrumental in ousting Magnus Energy's chairman, two directors and independent auditor, wants to leverage on his network of experts and business partners in the oil and gas sector to resurrect the Catalist firm.
At a recent interview with The Business Times, Mr Madhavan, 61, shared his frustrations, shock discoveries and plans if his team gains control of the board. Magnus is an investment holding company which derives nearly 70 per cent of its revenue from its 55 per cent stake in Mid-Continent Equipment Inc, an oil and and gas equipment distribution business in the US. Its share price has plummeted from 40 Singapore cents in October 2014 (before the start of the conversion of the convertible notes to shares) to as low as 0.1 Singapore cent before trading was suspended on Aug 23 following "the relentless issuance of convertible notes by the company and the subsequent conversion of those notes into shares".
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