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On the green form put your name in the "Against the scheme" box.... and date it. That is your proxy form. On the yellow form, put your x under the "Against" box...sign it and date..... Good luck...:-)
Can you divulge any more information croke? What email was sent to you?
Thanks Del44 for some useful information. I have two holdings thru HL and Lloyds and now need to try and work out how to cast a NO vote fo both
on the 18th dec disclaimer should I agree or disagree. the email sent to me today says I should agree. I do not want this to go ahead. need advice on this matter. if I disagree does this mean I am not letting them use my shares to vote.
quilly: Sorry about your Nan's passing...... FTO is in an offer situation. 10p cash plus cvr for each share on the register at a certain date. FTO and concert party own around 56% of the company currently and need to get 75% of the shares to de-list the shares. If enough scheme shareholders vote in favour of the deal, to get it to 75%, it is binding on all shareholders. If it fails, the scheme fails. FTO has an option to change the terms of the offer, should that happen. If you do or dont vote, the outcome is binding on all shareholders..(minority shareholders) Should Fortune Dynasty get 75%, they will cancel the current FTO share certificates and send out the offer to those shareholders on the register at the stated date.... Good luck all...:-)
Hi, I am new to all this and in need of some direction as to what I should do for the best. My nan gave me some shares just before she passed away, these where my granddads. I have been sent these forms with regards to this take over and need to know weather to fill them out and sign or do nothing. Thought I would try here first before going to see someone.
I read stuff from HL and it raises more questions than it answers. I read the FTO advice that UK residents should opt for loan notes and not CVRs. There seems to be many with the view that this is a rip off and we should use our holding to cast NO votes to try and stop this process going through. The other view is that if it was a rip off then the share price would reflect this and would be higher than the ten pence offer. Maybe the share price is stuck at just below ten pence because whatever the the true value of FTO there is little confidence that it will be fairly distributed to the shareholders.
Can repayment of the loan under the loan note in any way be interpreted as non-taxable transaction? (FTO-shareholders actually give a high risk loan to Fortune Dynasty Holdings Ltd which may or may not be repaid.)
Mmm ok .....just wondering whether the loan note would expire after 12 months same as the CVR or whether theres a loop hole that extends their longevity...as I KNOW theres more value in FTO than we are receiving
I too received the stuff from HL this morning. My understanding is that you will receive your 10 pennysworth if you do nothing and you may stand to gain an extra 5 ps worth during the next twelve months or so. UK residents are recommended NOT to opt for loan notes. I do not know why but I suppose it may be to do with redeeming them if they are issued against the promise of sales shares in CGC which are not dealt on the LSE
It is not quite as simple as that. Sometimes if you do nota accept an offer you remain a minority holder considered hostile. You may then get a further chance to be bought out later.
In amongst the garb from my broker (HL) this morning on FTO was this line..... "If you wish to receive Loan Notes in place of your CVRs please read the Scheme document carefully...." Loan Notes ? Havent read the full doc yet but has anyone seen this alternative offering ? Is there any difference materially ?
where do I go to get the election form? any help welcome!
I have the online forms. Only 2. If you vote yes or no to both and dont fill out the other form, which is cvr related. If the offer gets 75% acceptance then shareholders on the registered date will have a cheque sent out to them ans the shares will be cancelled.......The certificates will have no value after that....
Sorry to be so dopey but is there ANY advantage in signing Page 2 Box 2 re the CVR's or is it best to ignore the whole document? and, If I don't sign will I get the 10p per share automatically? Thanks.
Court Meeting to approve Scheme 9 February 2015 (or as soon as reasonably practicable thereafter) General Meeting to approve Resolutions 9 February 2015 (or as soon as reasonably practicable thereafter) Scheme Court Hearing to approve Scheme
When will we be able to vote?
Agreed. Which is why I have decided to vote against the scheme. Let them make an improved cash offer and.... openly f**k the scheme debacle. If scheme shareholders don't approve the scheme, then Dynasty Fortune have to right to change to an offer only bid.....
Any thought of getting anything from the CVR is pie in the sky thinking
Your registrar maybe had one too many sherries ! But, it's a learning curve. Simply a case of sell now or hang around for the 10p. The red herring 5p will never happen. It's unfortunately a done deal. G.l.
Nice find and good article.... Thanks.....
Having read this link I have learnt that CVR stands for Cumulative Vendor Risk http://www.forbes.com/sites/greatspeculations/2011/05/09/shadowy-shares-the-dark-side-of-contingent-value-rights/
There is ONE small bit of hope I see in all of this.....and that is under the trigger point... a) the Fortune Oil Group and China Gas Group shall, during the CVR Term, have completed Sales to a CVR Third Party solely for cash (or, if a Sale includes any non-cash consideration, where the cash consideration is an amount in excess of HK$11 per share), an aggregate number of Relevant China Gas Holdings Shares exceeding 199,385,362 China Gas Holdings Shares (representing in excess of 35 per cent. of all of the Fortune Oil Group’s direct and indirect (b) the volume-weighted average per share price of all Sales solely for cash (or, if a Sale includes any non-cash consideration, taking into account only the cash component) of Relevant China Gas Group Holdings Shares during the CVR Term up to and including the point that paragraph. A CVR third party could be Vitol!!!
(c) CVRs The CVRs will not be represented by any certificate or other evidence of title.
The Independent Fortune Oil Directors believe there is a material difference between the net realisable value and the gross market value of its China Gas Holdings Shares. This is largely due to the limitations on Fortune Oil being able to dispose of the China Gas Holdings Shares held by China Gas Group. Such disposal of China Gas Holdings Shares would only be permitted in a limited number of circumstances and, in respect of a number of such China Gas Holdings Shares, such shares are subject to the consent of a third party. In addition, a material portion of the proceeds of the sale of the China Gas Holdings Shares held by China Gas Group would likely be offset in order to repay borrowings in China Gas Group. For the reasons outlined above and in paragraph 6 of Part 2 (Explanatory Statement) of this document, the Independent Fortune Oil Directors believe that a sale of some or all of the China Gas Holdings Shares is unlikely. The Independent Fortune Oil Directors are nevertheless mindful of the possibility, however remote, that Fortune Oil’s holding of China Gas Holdings Shares may be sold by the Fortune Oil Group following the completion of the Acquisition. Therefore, in order to protect the interests of Fortune Oil Shareholders should this occur, the Independent Fortune Oil Directors have secured an arrangement whereby, pursuant to the terms of the Acquisition, Scheme Shareholders (other than Restricted Overseas Shareholders) will receive (in addition to 10 pence in cash for each Scheme Share) one CVR for each Scheme Share that they hold at the Reorganisation Record Time. Although the Independent Fortune Oil Directors believe that a sale by the Fortune Oil Group and China Gas Group of a material proportion of their current holding of China Gas Holdings Shares is unlikely, the CVRs are intended to enable Scheme Shareholders to share in the proceeds of such sale, if certain conditions and thresholds are met.