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About a month ago I had the option to buy into RRL range or FTO fortune Oil. I've been in fortune Oil before and thinking it;s usually a pretty stagnent share, I opted to go for the riskier RRL. Well there you go, lost half my investment in a now suspended share verses a significant oppertunity to make some decent money. Ah well maybe RRL will come out of suspension and actually pump some oil Well done to all FTO's
Pleased for you, mate. Unfortunately I'm in FDM – False Dawn Minerals.
With fortune oil today, very happy. :)
See what he reckons
The price now is roughly the lowest price it gets to over the years then up to 14p. Should have sacrificed my kids presents for a load yesterday!!! B@££@ck$
Yes. Anyone selling here can only be the ones lucky enough to have bought in over the last few months sell off and to be fair hats of to anyone that did that. I shallnt be selling my small holding and i'll be crossing my fingers for an aggressive arb player prepared to see the true value in the CGH holding
Should I have bought in yesterday?? Was going to and my bottle went. Watched these (The price) for years and yesterday seemed so inviting.
that's my point under the Scheme we would have a legal position to attempt to get a fairer deal than the one on the table at present given the steep discount to underlying asset value.
My guess on the big buys would be risk/arb desk boys. Buy at 9.30 and hold for 10p in March is a fair trade. Downside risk is 75% acceptance not being reached which potentially scuppers the deal...but then also that raises the possibility of an improved offer to say 12p On balance I'd be buying here
interesting to see the big buys going through concert party or hedgie ?
if the Scheme of arrangement requires 75% and they currently have 57 % then that needs to get out and into wide circulation
3.1 CVRs ……… (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. So if average price is below HK£11 we’ll get nothing, if it is above HK$11 they will say it was "too complicated" to sell enough (more than 199,385,362) shares before the expiry of their so called “CVR term” In other words they must be stupid to sell within the set period.
If you see me post on a board sell sell sell
4. Background to and reasons for the Acquisition Developments involving Fortune Oil in recent years have resulted in a divergence of interests among Fortune Oil Shareholders, and reduced its suitability as a listed company. In particular: …… (e) the nature of Fortune Oil's holding of China Gas Holdings Shares is such that the ability to deal with its China Gas Holdings Shares is restricted and such dealings are only permitted in a limited number of circumstances and, in respect of a number of such shares, are subject to the consent of a third party. Fortune Oil's ability to realise value in the China Gas Holdings Shares it holds is therefore constrained. In addition, the net realisable value of the China Gas Holdings Shares held indirectly by Fortune Oil is materially impacted by the level of debt in China Gas Group. They really ARE trying to pretend it is difficult to sell quoted shares and realize LOTS of profits for us all. (???).. What a lot of nonsense from this bunch!
Not technically minded but from what I understand if Fto sell a significant stake in their Cgh holding in the next 12 months we will get 5p a share. Why would they do that ? Guilt, embarrassment or a Xmas present, I think not.. It's a sweetener to make the 10p offer look better than it actually is but the pi's will never see it. Hope I am wrong !
I know there will be some worse off but IF I include ALL divi's over the last 5 yrs of holding I will be up £30 which is a profit of 0.485% in total! Unless of course this extra 5p comes along! What is the extra 5p all about? Can somebody more technically minded pls explain?
That blog sums up the current situation perfectly but its simply a case of biting the bullet ! Sell now or hang on for 10p in March... very little the pi's can do and with the benefit of hindsight this or a similar scenario was on the cards...it was often muted across the boards by more insightful posters, over the last few months. Been here for an eternity but i have been lucky enough to have made a few quid and the later kids investment will just about break even . The market never liked or trusted Fortune so i can perhaps count myself fortunate ..
Contact him and get a list of names
My heart goes out to those that have been well and truly disadvantaged with this decision to purchase at 10p per share; however I will be glad to see the back of this company. Fortunately I will still come out with a healthy profit at 10p and will be delighted if the further 5p evolves. I have felt that the Sword of Damocles has been taken away; at the same time I have learnt a salutary lesson with respect to foreign owned shares from a country and culture that I do not know well.
Some interesting pieces on here. Does anyone have a view ? http://www.turbervilles.co.uk/blog/how-some-companies-are-manipulated-by-majority-shareholders/
Fortune Dynasty will pay 10 pence per Fortune Oil share in cash and offer a contingent entitlement to a further 5 pence per share in cash or loan notes by way of a contingent value right, with the deal due to be completed in March 2015, it said in a statement. "We believe that the offer by way of a scheme of arrangement represents an attractive outcome for Fortune Oil Shareholders and we unanimously support the Scheme and are all hopeful that the Scheme will be passed by Fortune Oil Shareholders successfully," said Fortune Oil Chairman Qian Benyuan.
Hi All - I'm going to leave this to someone who has more to gain / lose than myself to look into this although I am almost 100% sure that, given the facts, this constitutes Prejudice of Minority Shareholders (which is a complete pain in the a** for any company, very risky and expensive). Simply put, every shareholder has a clear argument that they are not getting "fair value" for their shares (given the assets the company has). You'd need to set up a class action and move quickly although I would imagine that even the threat of such action could see the offer raise to nearer 12-15p. You're right - the extra 5p is nonsense.