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Only got 3500 shares so not a huge amount in here, but still a tidy profit whatever I do.
Not sure how big ur holding is but have you considered selling say 50% of ur shares. A common mistake made by private investors is to trade on a binary basis. Sell 100% in 1 hit. Most institutional investors will exit a position at various stages.
Everybody has to do what is right for them and yes you are correct in that if this offer is rejected the share price will go down, possible back to the £5.09 that it was before ENOC made their offer. I bought into Dragon at 32p and at £7.50 that would be a nice little profit, but when I think about the cash balance in the bank, the gas that will be coming onto the market soon and the new wells in Iraq, Tunisia and other regions my price of £10.00 seems reasonable. Good luck in whatever you decide to do.
production touched 100,000 bopd last week.
What is the daily production for DGO cheers
Davie I held these shares through the last attempted bid. The bid failed and the price plummeted so this time I will say "Yes". A bird in the hand.....If the price drops much more I will probably sell before the formal offer as this could drag on and on.
Contrary to my post on Monday, it now seems as if a considerable number of shareholders are against the offer and they include Baillie Gifford who hold 7.2%. Obviously not the done deal ENOC would have us believe. I do think the company is worth more and previously put an exit price for me of £10.00, so I may well be in the no camp.
Does anybody know an estimated time scale if deal goes through?
Correct - high pressure seawater injection systems for LAM platforms to be purchased this month.
Improved offer tempts Dragon: Dragon Oil has agreed a £3.7 billion takeover after a higher offer from Dubai-based Emirates National Oil Company (ENOC).
Looks like ENOC were not going to get their fingers burnt like last time. It would appear that they had a meeting with the largest shareholders and came to an agreement to buy at £7.50 thereby guaranteeing a majority in favour. It looks like a done deal so I don't know if it still has to be voted on by the other shareholders.
On the 9th June 2015 Dragon oil produced 100,658 barrels of oil. This is 12,000 bopd up from Q1 this year and has reached that goal of 100,000 bopd. They are now looking at modestly upping that plateau rate using secondary oil recovery techniques.
I am sad to see my shares go at what I think is a low price but the IIs think the offer is fair and they are more knowledgeable than I . Does anyone know the likely time scale to completion? I cannot decide whether to bail now or, if completion will take months, whether to hang on for another a possible further dividend. Also will we have the opportunity to phase the sale of our shares. I have held share for decades and most are now in ISAs but some would be liable for Capital Gains Tax if I have to sell everything at once. Nice problem to have though..
Summary The board of ENOC and the independent committee of the board of Dragon Oil (the "Independent Committee") are pleased to announce that they have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Dragon Oil not already owned by ENOC. · Under the terms of the Offer, Dragon Oil Shareholders will be entitled to receive: 750 pence in cash for each Dragon Oil Share · The Offer values the entire issued and to be issued share capital of Dragon Oil at approximately £3.7 billion and the issued and to be issued share capital of Dragon Oil not already owned by ENOC at approximately £1.7 billion. · The Offer will be conducted by way of a contractual takeover offer and will be conditional upon (amongst other things) the receipt of valid acceptances in respect of a majority of the Dragon Oil minority shareholders (equivalent to approximately 23 per cent. of Dragon Oil Shares in issue at the date of this announcement). Once this acceptance threshold has been reached, ENOC intends to procure the de-listing of the Dragon Oil Shares from the Irish Stock Exchange and the London Stock Exchange. · The Offer provides an attractive opportunity for Dragon Oil Shareholders to realise their investment, at a significant premium and in cash. The Offer represents a premium of approximately: · 47.2 per cent to the Closing Price of 509.5 pence per Dragon Oil Share on 13 March 2015 (being the business day immediately before the date of the first approach by ENOC); · 40.9 per cent to the volume weighted average Dragon Oil Share price of 532.5 pence over the 90 day period ended 13 March 2015; and · on a cash adjusted basis, 93.3 per cent referencing the Closing Price of 509.5 pence per Dragon Oil Share on 13 March 2015. · The Offer represents a substantial increase to the initial proposal put forward to the Independent Committee on 15 March 2015. · The Offer will be fully financed from ENOC's existing cash resources and has no pre-conditions. · The Offer Document, containing further information about the Offer, will be published, other than with the consent of the Panel, within 28 days of this announcement and will be made available at www.dragonoiloffer.com and also at www.dragonoil.com/investors. · Commenting on the Offer on behalf of ENOC, Saif Al Falasi, Group Chief Executive said: "Following our announcement on 21st May, outlining a possible cash offer for Dragon Oil, we met with a number of shareholders in order to give them the opportunity to provide feedback. As a direct result of these discussions, we decided to further improve our Offer to 750 pence per share, which the Independent Committee at Dragon Oil has recommended.
Do we just do nothing if its agreed as i dont see any mention of asking the shareholders and they just sell them for us or do we have to actually do something with our accounts
I was looking for north of 800p, sad to say I think this may go through at 750.
nice rise.
Hi, When you say green light does that mean its been accepted by the board or just green light for an increased offer Thanks
ENOC offer of £7.50 per share has been given the green light
Wow ....... what a start to a Monday morning. Ive no idea being a novice in holding shares but noticed a slight jump at the ENOC level offer stage then it slowly fell away... why the huge surge on this Monday morning....
few institutions increasing holdings. Possibly to fight any takeover offer???
ENOC offered 455 in 2009 when there was no was no funds in the company. The funds are now worth 2 50 a share which means ENOC new offer is 35 pence more than 2009 offer
lots of buys going through today
Many thanks for your help.
Yes you will be liable to pay Capital Gains tax on any amount after deducting your annual allowance. Go to Government website it will help you.