Fortune Oil Share Chat (FTO)

ENN one of the bidders for CGHs has announced the postponement of its EGM document...
http://online.wsj.com/article/BT-CO-20120228-710563.html?mod=WSJ_Energy_middleHeadlines

A deal is been hatched and everybody now has a bit more time to review.
More importantly FTO has more time to gather more shares in target before any increased offer makes it difficult...

That ENN article posted on your BB only confirms the announced intention of the acquisition made last December.
It is in no was meant to be interpreted as a done deal....It is not.
Read my post below.
Many thanks..

Some rough calculations.
.94m shares @ £24m..average HK$3.10
106m shares @ £38.5.average HK$3.60
Rough cost per share..HK$3.38
That fulfilled our obligation under JV agreement with partner.

Of course since then Fortune Max has begun buying.
ENN hold there EGM on 28th Feb to approve offer for CGHs...so expect some news after that event..If passed, then it may open the door for the bidders to up there price.
The long stop date is March 31 2012 by which all approvals should be granted for bid to proceed. Certain ministries in China must approve the T/O...This date can be extended if need be.

Found this article from December about the bid...and it gives a bit more background to this TO....
http://online.wsj.com/article/SB10001424052970203430404577096200753931124.html#articleTabs%3Darticle

This is from Blomberg November 2011, after CGHs half yearly results..http://www.bloomberg.com/news/2011-11-29/china-gas-net-rises-fourfold-as-home-industrial-users-increase.html
These figures are set to jump massively in the coming years as more and more ordinary Chinese people begin using transported gas supplies instead of burning the traditional wood supplies in there homes to heat them selves.

Look at the last sentence in the report This investor clearly has a deep pocket. After Friday's RNS from FTO....we may be closer to revealing who this mysterious investor is!!!!

Shush crusher you will wake everyone. We are all doing our research for a PhD in the world worst share.

Dear oh dear, what a ****e share this!!!

CGHs has announced they will not negotiate until the bid is raised...read here..http://www.goodreturns.in/news/2012/02/15/china-gas-refuses-negotiate-buyer-raises.html
Expect more announcements from all parties involved in the end game.
This take over has begun to make quite a bit of news in the far east mainly because it has not gone to normal plans...

Partly because the bid is happening in Hong Kong we may feel detached from it.
CGHs share had fallen badly in 2011 but nor only because of the embezzlement story but because CGHs had also just issued over 700 millions shares @ HK$4.31 per share. A massive placement like that can depress any share for some time...read more here...http://news.alibaba.com/article/detail/energy/100406984-1-china-gas-prices-%2524400-mln.html

The story about the directors is just that...a story at best...Read here for more...http://news.alibaba.com/article/detail/energy/100430239-1-china-gas-says-top-executives.html

Best result for FTO is a bid collapse. FTO are financing there stake from internal group profits and so can stay the distance longer then speculators. They are clearly demonstrating to the Chinese authorities that they are here for more then quick profit. This is highly commendable in Chinese business circles and will not have any adverse effects on the groups ability to win favourable future contracts should the Senopec bid ultimately fail.
The current yield on the investment is about 1% and not 6% as some BB have posted.
But this investment is not about current yield..it is about future profit in a dynamic internal economy.

PC has entered into arrangements with lenders. While the news may be slow regarding this bid, it is becoming intriguing. I believe SK Holdings and FTO are now with in striking distance of scuppering the current bid for CGHs. ENN are in no position to increase the bid as this would leave them very exposed to high long term debt to finance. The Government in China may now withdraw Senopec from the deal and leave CGHs open to an other bidder. Beijing needs to show some what of an openness of its markets for foreign bussiness

Deals can still be done here!!!!!

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=FTO&ArticleCode=jlrq567p&ArticleHeadline=Re_China_Gas_Holdings