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OK...I found it....:-) If you check out the 2014 full year results, you will find that on page 38, under significant shareholdings, the following... HSBC Global Custody Nominee (UK) Limited......86,349,377...... 3.34...... Indirect. Kerry Holdings Limited, the main investment holding company of the Kuok Group in Hong Kong, has the ultimate beneficial interest in 84,828,800 ordinary shares registered in the name of HSBC Global Custody Nominee (UK) Limited. The most recent rns does indicate that they have upped their holding by a few million... http://tools.morningstar.co.uk/uk/stockreport/default.aspx?tab=3&vw=story&SecurityToken=0P00007OBL]3]0]E0WWE%24%24ALL&Id=0P00007OBL&ClientFund=0&CurrencyId=GBP&story=364539644220575 But the majority, they already held and have held for quite some time...
Del I received it at 1041 today. RNS 9101A. It's on the morningstar.co.uk website. Would be fun to see Kuok take on Vitol ! rgds
Just that 90 million shares is decent amount to have bought on the day of the announced offer....
Have checked around there...cant find anything... Can you post a link please?... Thanks...
Del Well, I received an RNS which somehow seems to have slipped the FTO net on LSE. Have a look at Morningstar. Rgds
Hi rugs... Do you have a link to that... Cheers....
Further my earlier post I think it is interesting see that he bought 90 mio shares on 18 Dec the same day the news was released of the offer. He is one of the richest men in SEAsia, heavily involved in anything and everything. He is a very shrewd cookie.
If there's a no vote the share price will probably drop to around 6p again but I'd expect it to rebound in time, as it always does. It is immaterial in my view though, as if you'd bothered reading my posts, you'd know that I don't think the BOD will let the company continue to trade - ie. they will push through the buyout even if it means having to increase their offer to secure the majority
Astute or not the board have caused your knickers to twist... :~}} on a serious note be careful what you wish for. We seem to be in agreement on most things but a no vote could lead to a huge drop in the sp ! Do you not agree ? The bod have all the aces, unfortunately. Anyhow all will become apparent in the next few weeks .
As in a previous post, you've completely made up some stuff to suit your argument..................this was the exact reason why I didn't sign up previously (because of idiotic posters), but alas I thought this board was different. So to clarify, at no point did I state the bod have a case to answer in court, far from it. They have done nothing illegal, some might say they have been unethical in talking down the share recently but I hardly call that answerable to a court of law. Nor do I think the board decided on a whim in November to take the company private, I think it was over the past year since the share lost it's premium status and could not get sufficient support from major investment companies, that it became inevitable. I certainly do not think they have been concocting this for years, the vagrancies of the stock market over several years, the energy sector in general and also the unknowns of Chinese policy make me believe that's far fetched. I am not convinced they are quite as astute as you do but that is merely a matter of opinion. I also have never said I think we will get a new offer of 20p a share. I believe they have a fair understanding that 10p might be enough to push through the buyout with sufficient support, but I think it is by no means a certainty. Hence why I have been trying to drum up support to vote no. I am firmly in the belief that they would rather pay 12p now than wait for another year or 2, where they'd have to pay significant extra fees and there is absolutely no certainty that they'd get it for less then, particularly when the CGH is likely to be in an even higher value company - that's where my view differs significantly from yours. In future I'd appreciate it if you didn't make up stuff which I have never said, it's not big nor clever, even if one of your friends thinks so.
Robert Kuok taken an interest in FTO ?
Good post mate!!!
I appreciate an opposing view can be scary when we are in the dark. The bod own 56% of the company and thus the other shareholders are an annoyance ! They have turned Fortune into an investment company which always stifles the sp as does the lack of a dividend. This was not done by accident or on a mere whim. These are very astute businessmen who want the rest of their very undervalued business back under their control. They will know exactly what support they have from Dels' 13% of minority shareholders as stated the other day. They will also have worked out that many shareholders will be content with 10p, as like intergalactic they have made a huge return on their original investment. If the vote does not go through we could be wishing for 6p a share or perhaps as many hope the bod will come back with an enhanced offer. Personally I think the vote will be passed. You have to remember that the sp has never been over 14p even when Fortune was performing at its peak. The bod are firmly in the driving seat and a buyout has been mentioned and mulled over for many years across the various boards. The sp has reflected this uncertainty as has the huge private holding by the bod. Being an investment company unless the bod want their money out of Cgh they are in no hurry. Great thing are expected in the Chinese energy sector so I would be surprised if the bod are in a hurry to sell. Pay 10p next year or 5p in 2016 perhaps. These are a discussion forum and perhaps you are right - the board only decided on a whim in Nov to take the company private and yes they have a case to answer in court and perhaps we will get a new offer of 20p a share ! Good luck with that :~}}
Shatter - I somehow don't think the BOD would want to wait a year or 2 to drive this deal through, far from it. And if the vote was unsuccessful and the share price dropped and they tried another buyout at a lower price, what makes you think that vote would succeed? I think you're taking scaremongering to a whole different level. I think your synopsis that the BOD have been working on this for years to steer the company into a cul-de-sac is a bit far fetched to say the least, particularly bearing in mind their substantial holdings in the company.
I totally agree, however a major big time shareholder could possibly fetter the running of the company e.g they could stop them from de-listing for a start, also I believe but not certain that all special resolutions require a 75% vote. I could be completely wrong here I am not a corporate lawyer. The foregoing could hinder their ambitions and convince them that their only solution is to sell the company. Again all speculation.
If they own 56% of the company, I don't see how they could be left open to predetors. They can't be force to sell their shares?
Life indeed is just a blink of an eye..... Good luck to all in the new year......
What a thoroughly pleasant note to finish the year on, and I wish the same to one and all. It sounds as if you will be fine even at 10p, and please don't let all the other stuff ruin any part of the New Year for you. Life is quite short and far to precious to eat away at oneself on account of FTO.
Hello nickyg I am very pleased for you and sincerely welcome your gains after all that is what we are in it for. Like you, I ventured into FTO many years ago and have to admit I have deployed the wrong strategy in terms of maximising my returns on these shares; although I am still very comfortably in the money having bought a large tranche of them for 1-2p and held onto them; I would possibly have made a lot more using your method when aggregated. I should be more objective and take my profit on what I could obtain now which is no small sum; however the derisory nature of this offer vis a vis the value of FTO has turned into a running sore that is eating away in my psyche. Perhaps it is clouding my judgement which is not a good thing. To conclude on a more positive note, I wish you and your family all the very best for 2015 and I extend this greeting to ALL of my fellow investors in FTO. You are a grand lot.
Well Intergalactic, the FTO SP dipped to 6.5ish and I bought my usual quota at that price and the price is now at 9.6 and I sold before Christmas, and made Skiing money. It is a fairly regular thing with FTO, and the only reason I have kept an eye on them since the early 90s. It has required very little forsight of the Markets and seems better than the GGs, where one can lose one's pants. I am a small time player and have always been happy with small regular profits, but if FTO shareholders do hit it rich by some bizarre twist of fate, god luck to them, and I might feel a mutt for not holding on and fighting the Chinese for a few more pennies. I really do not think that FTO will stump up any extra cash for shareholders, but that is only a view based on nearly 25years of holding on to some vague feeling that one day I will strike it rich. Fortune Oil, what a great name!
nickyg If FTO has been planning this for eons I assume that this foresight has enabled you to sell any shares you own long before it hit its current price?
I think you are all in some kind of mid christmas influenced timewarp, if you really believe that FTO are going to pay you some real profit. Ten pence is as good as we get, and be grateful, or suffer and get less! FTO have planned this moment for eons and don't give a damn about losers. We all know it is worth more, but but it means nothing.
Hello shatter Thank you for those kind words. One thing - please point out to me where I said FTO was a dead donkey? Kind regards Intergalactic
Calm down dear! A drama queen! Yes ! Your love for Del is admirable. Why do you believe Fto is a dead donkey! Fortune is worth at least twice the present offer and as Del and I have both explained if the vote is unsuccessful the resulting sp might be frightening ! The bod are in no particular hurry to drive this deal through ! What's a year or two especially if you can pick up the company for a fraction of today's price. I will repeat this again for the last time --- I am unhappy with the proposed price ! Fortune is worth a great deal more but do you really think this is a spur of the moment deal that the bod dreamt up over a long weekend ?The bod have possibly been working on this for years and have carefully steered the company into this cul-de-sac. They maybe believe that a "yes vote" is a real possibility as the minor shareholders and pi's consider the alternative.. I have been in a number of companies that have been taken over and there is always the "Sue them brigade", but they have all gone through ! G.l
It is a dead donkey as far as us shareholders are concerned. It always was, 20 years or more ago, and anyone who had any sense knew that it was. The woo family firm are long time planners who don't give a s.... for pathetic small timers such as us, so forget any big bonus. Take the steak knives and run!