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Done and dusted.. 10p per share. Anyone who thinks, hopes and believes that this is not going through should start chasing rainbows as they have more chance of finding that elusive pot of gold than stopping the bod !
Guess this really does mean goodbye to all.
I would be interested in what the process is for the capital reduction court hearing . This is not something I know about . Thoughts please .
From alanadale, who asked me to post.... Its not over till the fat last sings and she hasn't sung yet. Watch this space!!!
Fnx del I've invested with Halifax so will they sort out the monies
The capital reduction court hearing is on Friday the 6th... Once that goes a head, then the company will inform the LSE that the shares are to be delisted before trading on the effective date (9th of March) Cheques will then be sent out on or before the 23rd of March for all those shareholders on the register on the 3rd of March... If you hold share certs, then they will be cancelled by the company and they will have no worth....
With all this sh@t going on will we still get the 10p or will it be lost for ever and we get nothing at all ??
I believe the share will remain suspended until they are officially delisted next week. So they may not be sold now...
I am amazed and very impressed by all the time that the minority group have spent on this matter. I hope that a few extra pence is extracted from FTO coffers, but it may be a Pyrrhic victory, after all the great efforts that have been made. I still think that 10p is about right, looking at the spread of share price over 20 years +
still suspended,and may they be sold today?
Court sanctions scheme of arrangement Fortune Oil is pleased to announce that the High Court of Justice in England and Wales has today made an order sanctioning the Scheme by which Fortune Dynasty's acquisition of Fortune Oil is being implemented. The Court order sanctioning the Scheme has been filed with the Registrar of Companies. In order for the Scheme to become fully effective in accordance with its terms, the Court will now need to confirm the associated Capital Reduction at the Reduction Court Hearing. This is expected to take place on 6 March 2015. Provided the Court confirms the Capital Reduction, it is expected that the Effective Date will occur on 9 March 2015.
Nick I am a member of the Minority Group and I also wish to pay tribute to Alan Mackie and others who are fighting in court today on behalf of all non-consortium shareholders----they should be applauded and supported in their opposition to this travesty. Sometimes the small guys can win against the powerful bullies We await developments this afternoon and our opposition today may explain the share suspension . By dallo I second that dallo....
From the iii board... Many thanks for this... I was at the court case this morning. It was adjourned for lunch and was due to start again at 2.05 but sadly I cannot be there for the afternoon. Representation from FD seem professional and accommodating to the minority shareholder group who are being treated generously by the judge. At the time I left the following seemed clear. The judge whilst recognised that that Fortune did achieve the necessary vote seemed surprised as to how few minority shareholders actually voted. I believe that only 14% of minority shareholders (representing 48% of the contested shares (not the consortium shares) actually voted. Fortune Oil representatives referred to the CVR as an "embarrassment clause" , which led to a few sharp intakes of breath. The judge seemed to be suggesting that the offer of 10p was a premium to the previously traded share price. I think ultimately this is how it may end up however; • The judge seemed to be suggesting at one point that Fortune Oil were valuing the business at 10p a share and their stake in CGH at between 0 and 5p a share • She seems to be warming to the idea the CVR element was presented in a way that many shareholders may have felt that there was a realistic opportunity that they would receive 15p • She actually agreed with the investors chronicle document that 10p a share seems cheap. When I left Fortune Oil representation had not had the opportunity to reply although they seemed to be taken a back a little. I suspect in the end that the judge will allow Fortune Oil to proceed BUT she appears to be warming to the idea that all is not correct. .... .... in the end you may not agree with the action of the minority group but fair play to them for sticking up from proper values. If they succeed today and are like minded then you should join the group, you know how. By Nickname1973
I sympathise with Bruce Jamieson, and the fearful care home costs, which had FTO done as it ought to have done over so many years, would have been more than covered, with plenty to spare. A very few thousand doesn't go very far these days, especially when it comes to the perils of advancing years. I was a youngish man when I first heard about FT, and was advised to have a punt. It was only a punt, and one may as well have put money into GW Pharma at 40p per share, at around a similar time, which has done quite well. Luck of the draw but at least most of us will be up to some degree. I am sorry to have been dismissive of the idea that FTO was going to offer more than 10p per share, but it never seemed to be likely, and does not really look as if it is going to happen. It has been a frustrating share to follow but there was always money to be made, so not all was bad about FTO
Just looked on the London Stock Exchange website and it appears that the suspension is just routine released at exactly 7.30 am today obviously a timed announcement pending the hearing. However, it seems to have taken a long time unless there was a delay. Another site wondered if the judge had made a comment about the shareholders' constitutional rights? Wishful thinking I am afraid. One never knows. Where are we to re-invest?
May the Force be with you! I wish I could help. I looked on the Internet saw the suspension but the comment about it was hidden on the computer below the line. One other really odd point is that the suspension was apparently made well out of office hours. Having a trust holding of 18,000 shares dating back to 1997 but with reinvested divs and 51,000 shares in my SIPP including a big top up following the Shares article a year ago I am not uninterested in the outcome. I am not all that well off following expensive medical treatment for a family member and 6.5 years care home costs for my mother before she died in 2007. Therefore every little helps and it is certainly true that we are being sold short. Of course this is not AIM but seeing the stitch ups on AIM for Chinese shares like Naibu I suppose we should hope for the best.
Thanks guys and dolls, I really enjoyed the banter on this forum and thanks for all the advice, humor and drama. Everyone take care and who knows we might meet one another again in different company ( the pun is intended). C
Hello Bruce I resisted this deal all the way, however I am unsure what the pre-cursor to this temporary suspension is. Are you in a position to help please?
Ah!...Gotya! I think everybody is just resigned to the end game. But I regard it as interesting. Also, the court was 10:30 this morning and due to last at most an hour. Surprised the company has not issued another rns giving details of the scheme court decision by the judge...
Del44 mentions the suspension but no one whatsoever has passed a comment!!!!!
I think we have.... Read the posts below....
The shares were suspended on a temporary basis early this morning. Strange none of you lot have commented! This is apparently nothing to do with the court hearing.
Hope springs eternal...:-)
Hope we do get more can't see it.
I think the pending announcement will be in response to the Judge's decision, ref: the sanction hearing today.