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I think at this moment in time, the price is about right considering yesterday's rns... It is just a case of waiting for the document to arrive and it should put more meat on the bones of rns. On balance, there would appear to be a lot more buying at these low prices today then yesterday. I would not be a seller at this moment. Like leaving a football match, with 5 minutes of injury time to be added on now...LOL.. Stay in your seat...:-)
the MM's are working for the brothers?
No need for apologies sir....and I understand where you are coming from...... Disregard my post and have a great Christmas......
Providing I do not have to sell the family silver it would have my support. Let us not make life easy for these opportunists.
Could the 5p bonus be a necessity to placate/ buy the 18% of extra shareholders who are needed for the 75% ? I am just thinking aloud. Keep toying with the idea of buying some more.... better than a savings account, even without the 5p !
Shareholders will receive 10p per share from 57% shareholder Fortune Dynasty, a company owned by entrepreneurs Daniel Chiu and Dennis Chiu and Vitol Bermuda. They'll also be entitled to a further 5p per share in either cash or loan notes, but only if 35% of the company is sold and at an average of HK$11 within the next 12 months. Expect nothing, and any extra will be a bonus.The deal will become effective in March 2015. "In recent years, Fortune Oil has struggled to gain sufficient interest from investors to maintain a reasonable level of active trading in its shares," said Fortune Dynasty chairman Daniel Chiu. "This has resulted in a disappointing performance for many shareholders, including myself. Since the disposal of the natural gas business in 2013, the divergence of interests amongst Fortune Oil shareholders has become increasingly apparent. "Together with my consortium partners in Fortune Dynasty, we believe a cash offer at a substantial premium to the current share price is the best means of resolving these divergent interests, and provide a means for all shareholders to realise value for their shares in cash." What about a whip round for Daniel? After all as he so rightly points out that the pi's have turned their backs on him.This poor chap has suffered too :-{
I totally agree calisto, however I am out of my depth on this type of action, perhaps some more learned/hardened investors out there could come up with an effective approach to achieving this aim. Bringing people together would be the answer but how?
A poster on the II board who owns millions of shares says he is consulting his lawyers. I consider this is the only option left open for us small shareholders. The take over has to be approved by the English High Court as it is being made as a scheme of arrangement under the Companies Act. Counsel must be instructed to appear on behalf of us private investors to oppose the approval of the scheme on the grounds that it is an oppression of the minority shareholders. Trouble is someone will have to organise a class action and this will mean us being asked for financial contributions towards the legal costs. I stand to lose £20,000 if I do not get my 5 pence per share so I would be willing to stump up a few hundred or so. Yes I agree that if we can get more than 25% to vote against the proposals the bod will not be able to pass the necessary special resolution. Again the trouble is that the bod know that its private shareholders are good at whingeing but poor at standing up to the board. Sadly a number of p.i.'s have foolishly sold out recently allowing the bod in league with the mm's to reduce the sp to 6 pence. This enables the bod to say to the court look what good boys we are in offering 10p per share, a substantial premium to the pre-offer sp. They will also be able to argue that the concert party will be taking on the risk of further losses from the Armenian fiasco - a not insignificant point. I have been a shareholder since the last century and it is very tempting just to take a reduced profit now and put all these Chinese chequers behind me. If we really can get a class action going at a reasonable cost to individual shareholders it would have my support but I am not holding my breath
I am of the same opinion as you. I will hang around for another 3 months and take the 10p on offer. Whats 3 months when many of us have been here for years ! I believe this is a done deal which has been meticulously and expertly planned over a considerable period of time. Fto have walked the sp down without the true value of their assets being realised and almost certainly knew that any vote would be a formality ! As for the 5p, thats in 'Never Never Land'.
Sorry Del44, and I wasn't intending my post as a form of smugness. I have made substantial losses with Tesco, Balfour Beatty and several others so know the feeling of doom, and was only showing the pattern which has emerged over many years with FTO, but seems to have been missed by newer investors, who are seduced by the vision of big bucks. It would have been tempting to buy back in over 10p, expecting the share to soar, but it never has, and probably never will. I am not really much of an investor, and tend to take punts, some of which work out. Even clever investors don't get FTO. For those who paid a little more than 10p, I don't think they will lose much, as long as they didn't put in big money. If they did, they were playing a dangerous game and just plain gambling. I will cease with the boring mantra. I was a younger man when I first heard of FTO, but am now prematurely grey, and have become like the Ancient Mariner, who bangs on and on......Sorry.
I'm really pleased for you nickyg but do you have to keep repeating that mantra each time you post? There are plenty of investors who are stung by this company. Many who bought above 10p. We all make our own investment decision...some work some don't..... GLA....
Here we are again, but sooner than expected. Buy at 6.50p and sell around 10p has been my mantra for years, and I gave up worrying about the BOD, and Mr Woo's plans for the company. I wasn't expecting a double whammy this year, but not only has FT paid for a good Summer holiday, but also a good Christmas and two weeks Skiing. However, this pattern cannot last, as there must be countless numbers of shareholders who have the same views as me and have got used to making 5 or 6 thousand pounds each year, and I imagine that the Chinese BOD hates the idea of having no control over such a simple process. I really don't give a damn about FT as a company, but it has been a good run over the past twenty years, and provided much amusement, as well as frustration.
I wont sell into the market at the moment. Most likely I will take the terms of 10p cash offer with the cvr string, just to be on the safe side!! Or for some strange reason if the bid should go above 10p in the market, I will take that. Quindell and Kenmare?...A year you would want to forget Andytigger...:-(
Many thanks ...got most of mine around 10 p so may get better result than with Quindell and Kenmare !!
Thanks del, I bet reading all that rns and wailing through the bla,bla, took sometime ! I need 14p so I'm unlikely to get that but if it spikes around 12p ii'll sell fnx
Would be nice to think we could put up a bit if affirm rather than just bending over and say do your worst. We need to get it out in the media somehow and attract some fresh money in to stop them getting to the 75% they need to leg us over. It is probably futile but it would be nice to think we can at least expose the BOD for what they are and how they have manipulated the company to their own ends
More or less...yes..... They need 75% of the scheme votes to go through....Highly likely they will get that as many investors here have had enough with this company... It is a low ball offer but an offer an a way out none the less...
So to help a ' thickie ' are we saying that if one had bought FTO in excess of 15 p one is going to lose out financially ? Thanks
It's a done deal unfortunately and the bod will simply sit on their hands until April 2016 when they can sell their holding in Cgh without having to pay anything to us unfortunates. Shrewd businessmen some would say !
Hi cipro..... The offer is 10p....CASH!! The carrot is another 5p...BUT IT DEPENDS ON TWO THINGS........ (a) the Fortune Oil Group and China Gas Group shall, during the CVR Term, have sold to a CVR Third Party, solely for cash, an aggregate number of the 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 interests in the China Gas Holdings Shares at the date of this Announcement); and (b) the volume-weighted average per share price of all China Gas Holdings Shares sold by the Fortune Oil Group and China Gas Group to a CVR Third Party, solely for cash, during the CVR Term shall be in excess of HK$11. That is an interesting number.........199,385,362...because FTO own DIRECTLY...197,371,463..... We own indirectly through CGG....737,374,000 but we do not have control over the selling of these shares according to the board... So then, we do not have enough shares outright to trigger that clause A above....:-) So it looks at the moment unlikely to happen.... So we have a 10 p cash offer on the table......that all.......:-)
That 5p ! I wouldn't be spending on the strength of it...
Rns heavy with lots of info some a little hard to grasp ,me not understanding some of the lingo teccy stuff lol where do you think the sp could end up just before the offer is taken up , or will the drive north after del have a good xmas
8 months ago this was kicking around the 13p level ! You have to admire the bod as they have managed to drop the sp by 50% resulting in a very Merry Xmas. What do you give a person with everything for Xmas ? - a £500 million pound company :~}
BRIEF-Fortune Oil gets buyout offer from consortium led by directors Thu Dec 18, 2014 3:16am EST Email Facebook Twitter Dec 18 (Reuters) - Fortune Oil Plc * Offer for Fortune Oil * Recommended acquisition of Fortune Oil Plc resulting in holding by Fortune Dynasty Holdings Ltd * Acquisition, including CVRs, values entire issued and to be issued share capital of Fortune Oil at approximately 388 mln stg * It is anticipated that acquisition will be implemented by way of a court-sanctioned scheme of arrangement of Fortune Oil under part 26 of act * Consortium currently holds about 56.91 pct of issued ordinary share capital of Fortune Oil * Cash offer at a premium of 58.5 pct over closing price of 6.31 pence per Fortune Oil share on Dec. 17 * Shareholders of Fortune Oil will receive: for each fortune oil share: 10 pence in cash; and a contingent entitlement to a further 5 pence in cash or loan note(s) * VSA Capital Limited is acting as financial adviser to independent Fortune Oil directors Source text for Eikon: Further company
....just in from work and was amazed to see a big blue day. Before going to the rns, I guessed as to what may lie behind this move upwards....Surprise surprise, it was a tabled offer in cash of 10p per share...I suspected it a while back...:-) Just going through the rns now.....