I seems pretty clear to me what is going on. Jamie Nemtsas and Co (not sure who this is but it appears there is a Co) are going to either make a take over bid or gain control of the company some how in order to change management and fix the problems within MRG.
This is my thinking / reasoning is as follows
After reading the article in AFR this week in regards to the board of MRG and the original founder Jamie Nemtsas being in conflict as the reason for him leaving, which is in completed contrast to the original statement by the company that Jamie is going back to wealth management firm "Wattle Partners" I decided to call the wealth management company. The response that I received was that Jamie was an original founder and non executive chairman of the firm, however, they had not seen him for a couple of weeks, he was due in later in the week for a board meeting. My take from the conversation was that he is not actively involved on a day to day basis and does not appear to be taking any further role than what he had prior to leaving MRG. Wattle Partners did provide myself with his mobile phone number which I have been trying to no avail at the moment. Added to this his brother Andrew was effectively removed from the company with-in (I believe) seven days after Jamie, this was essentially a business that had been in his family for three generations.
I have also questioned some of my contacts in the finance game about Jamie, the feedback is that he is a very good operator and a well connected business person liked by various sorts of pools of capital both here and overseas.
So, in putting the dots together, I suspect that Jamie may be behind what is going on with the share price and wouldn't be at all surprised to see that he was behind all the volume yesterday. My conclusion from the information gathered on this forum and from without is the he will either influence management and board change by increasing his associate shareholding (which I also believe includes all the HNW investors in Wattle Partners) or he is trying to take the company over. I could very well be wrong in my conclusions, but lets see if I am
I have tried to call Jamie on his mobile a number of times but he isn't answering or returning my calls. I will post further if he tells me anything.
MRG Price at posting:
42.5¢ Sentiment: Hold Disclosure: Held
