Replies to post #19868 on PCT Ltd (PCTL)

[Dclutch72]

PR came out last night announcing the end of the Magnolia deal (the company PCTL was originally doing a deal with back in April).

We know that that deal expired since in a previous 8K filed by PCTL it had stated that the LOI they entered into with Magnolia would expire if no agreement was reached... and we know no agreement was reached. That was months ago.

This PR hit last night ~8pm from Magnolia


https://www.globenewswire.com/news-release/2019/08/21/1905133/0/en/Magnolia-Colombia-Announces-Termination-of-Letter-of-Intent-With-PCT.html

It's basically an officially announcement/update that the deal is off, no agreement was reached, etc.

Which we all kind of knew already. But still, it's interesting that they would release it at 8pm on a random Tuesday in August so many months after the terms expired and the deal was essentially off.

Speculation is now that they were prompted to release that update as part of the ongoing Ontario arrangement. I.e. someone called them up and said "Hey Magnolia, can you please put out a brief statement officially announcing you're no longer in talks with PCTL since we're about to close this deal and need to tie up loose ends."

Again, speculation, but would make sense.

[tradenride]

https://web.tmxmoney.com/article.php?newsid=6459391466548602&qm_symbol=MCO