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All you need to know to make an informed decision is in that link....Peruse it carefully fellow shareholders....and if you see anything that doesn't make sense...post about it so we can all be helpful to each others......:-) Good luck... http://www.fdynasty.com/download/78
Just checked the RNS. It is the details of the offer with voting paper attached. Not the actual acceptance papers. As usual in these cases. Surprised the registrar did not mention this to me. I specifically asked for timetable! Hope this reaches me in Italy all right. Apparently no problem having a foreign a address.
This seems strange to me. Usually the votinger goes out first?
The formal offer document has been send out today....it is no longer a proposed offer... http://www.lse.co.uk/share-regulatory-news.asp?shareprice=FTO&ArticleCode=czb5t1xw&ArticleHeadline=Offer_Document_Posted
Having been in stocks and shares as a professional for many years (since 1968) IQ know plenty about corporate actions, from rights, scrip, placings, IPOs etc etc. I have never known a registrar to tell anything other than the truth - it would be illegal for them to do anything else as it would give unfair advantage. Anyway the .16th has come and nothing announced so I think we just have to take what I have been told as Gospel. I have this trust holding dating back to 1997 and a SIPP one just about 5 with a top up a year ago. So I know this company quite well. A lot of people seem to be expecting a miracle which will not happen. A 56% shareholder holds a lot of bolts to his crossbow!
I would double check anything your registrar friend told you....finger on the pulse and all that. G.l.
Thank you Del44, bit worried for a moment, as I'm rather old fashioned. By the by, are you male or female?
Thank you .
Laugh Out Loud....:-) Or it could also mean Lots Of Love..... But in the context below....Laugh Out Loud...:-)
I'm not 'au fait' with chat room parlance. What does LOL mean? Please explain, as you do know a lot about stuff.
You have no idea but I read the document released on the 18th of December 2014.... If you read the time table under 13.3 in that document, it gives you a time table. That is where I got the information from..... Perhaps the registrars know more then the board...:-) Wouldn't surprise me though...LOL.
No idea where you got your dates from. Had reason to ring the registrars today regarding a joint holding. I asked about the scheme of arrangement. I was told that nothing whatsoever had been agreed and that it was a proposal only. Nothing will come out until March at the earliest. You will be very disappointed if you think something will happen this month! It won't
Good news for Maoming venture... http://www.bloomberg.com/news/2015-01-13/china-imports-record-crude-as-price-collapse-spurs-buying-spree.html
For those still in, these are the dates to watch out for..... Dispatch of Scheme Document, together with the Forms of Proxy and Form of Election 16 January 2015 (or as soon as reasonably practicable thereafter) 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 26 February 2015 (or as soon as reasonably practicable thereafter) Reduction Court Hearing to approve the Reduction of Capital 2 March 2015 (or as soon as reasonably practicable thereafter) Effective date of Scheme 3 March 2015 (or the Business Day following the Reduction Court Hearing) Dispatch of cash consideration Within 14 days after the Effective Date Good luck to you all.....:-)
I would imagine by holding FTO as a private company for say a year...would easily lead to a doubling of your investment, if it were to be sold on as a going concern investment company..at least a doubling... My expectation is that Vitol with its near 45% in Fortune Dynasty will have a greater plan for CGH....Those two are matched up for sure.....and Danny boy has his angle in there as well.... Its a low ball offer on the cash side only....as to the cvrs? Time will tell....
Fair comment, Intergalactic, and I have been with FTO since the very early 90s as well, but was always aware of it's shortcomings but was young enough to anticipate a huge windfall over a 20 year period. Well, it hasn't happened. I remember investing in a company called Tamaris many years ago, and becoming infuriated by the casual way in which the shareholders were treated when it went belly up, and although the situation with FTO is bit different of course, the irritation is similar. The initial investment was tiny, and there were a few returns along the way but we all thought that it was a shabby job. I am not belittling those who feel strongly enough about the situation with FTO, that they want to do something about it, but I really feel that it is a waste of time. One would prefer more money per share, and if it does happen on account of disgruntled shareholders swaying the FTO board, I shall sing their praises.
nickyg - You are right in the sense that investing is swings and roundabouts and I am one of the lucky ones that will be well in the money. My main gripe is that we have a company in FTO that some small investors (myself included) have invested in for the long term. FTO is asset rich if the balance sheet is correct; thus the true return from our endeavours is being snatched away. I do not call 10p generous (your wording is a double negative which is the same interpretation) when the value of the of the company is well in excess of 20p per share (I believe previous estimates have put it circa 28p per share however I stand to be corrected). The share price started its downwards momentum when the BOD announced that no dividend was to be paid and this is where we are. I am resigned to a fait accompli, however I cannot interpret this offer as the board doing me a favour; granted they will be left holding the consequences of the Armenian adventure, I only hope the Armenians are as mercenary to FTO as the BOD has been to us small investors.
I suspect that those shareholders, who had in the back of their minds an idea that they were going to pump money into a fighting fund to oppose the "shameless" way they believed FTO had treated them, are now rather more relaxed about the whole situation, and gradually coming round to the not ungenerous 10 p,(maybe a little more)per share. To those who have to take a loss, it won't have been the first time, and if it is, then they have been very fortunate indeed. FTO was a gamble from the start, but very few will have lost all, unlike some other forms of gambling I can think of, where the whole lot goes and depression really sets in!
Cheers mate... The Baggies have just beaten Hull 1-0, Pulis is in charge and I have a possible 10p cash offer on the table at the moment.....Well 2 out of 3 aint bad...LOL... Have a good weekend yourself....
Thankyou for your honest opinion. I also feel that the offer will go ahead. In some ways it is preferable as each individual investor knows were they now stand. A no vote could see us on very rocky ground ! I will stay to the end for the extra 4-5%, having been here for years and in the hope that the cvr isn't a huge red herring. Wishful thinking i know but i am hoping that the bod have made promises concerning the 5p for a favorable vote.. Enjoy the rest of your weekend.
Looking at the recent disclosures through rns releases, I would say most certainly yes now.... What ever chance PIs had, is most likely gone now.. Those blocks of shares belong to friendly holders of the board in my view. Plus...FIL have been net sellers in the last quarter...no reason to believe they are going to make any kind of stand......The offer document may have a little more intention in it regarding the cvrs....that may give a stronger indication that they intend to give some value to them..... Just a hunch. I could have sold yesterday for 9.55p. With the market looking wobbly...I suspect many PIs may take the cash, in order to reinvest in any potential downturn in the market....Just my reading of it at the moment...If as an investor, you feel the cvr element is worthless, then why not sell in the market for the sake of .45p per share plus commission...unless your tight like me...:-)
Not wanting to put you on the spot , buuuuttttt, do you reckon this is a done deal ?
Under the terms of the Acquisition, which is subject to the Conditions and further terms set out in Appendix I to this Announcement, if the Scheme becomes Effective those Scheme Shareholders on the register of members of Fortune Oil at the Scheme Record Time...... Effective date of Scheme... 3 March 2015 (or the Business Day following the Reduction Court Hearing) So still time to load up and grab a few % upside...:-) http://www.lse.co.uk/share-regulatory-news.asp?shareprice=FTO&ArticleCode=sugy8ad4&ArticleHeadline=Offer_for_Fortune_Oil
So the offer is 10p per share plus 5p CVR. Do you have to have held the shares prior to a certain date? I assume the deal could be rejected of course. I keep a loose eye on here as sold after the special dividend but could be interested dependent on details.