By Ben Turney | Thursday 16 July 2015
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.
What constitutes a “fair and reasonable” related transaction? This is the question shareholders in MX Oil (MXO) should be asking themselves after discovering on Monday that their company has agreed to pay Cornhill Asset Management a $1.8million bonus for sourcing the 5% stake in the OML 113 licence, offshore Nigeria. The $1.8million, contingent on two relatively minor conditions, is an extremely generous reward to Cornhill and its shareholders for an investment made less than six weeks ago. There are further difficult questions to answer about this transaction so I contacted Andrew Frangos, CEO of Cornhill Asset Management and Chairman of MX Oil, to see what he had to say.
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