Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Strange that buys are going through at 9.25p. Even after expenses and 10p in March/April 2015 thats at least a 5% return !
I wish Lse would update the Sp. We kind of knew something underhand was on the way. Divi disappearing, becoming an investment company and the rapidly decreasing sp, but i never imagined with our assets that we would get sold at 10p ! The prospects of an additional 5p is a complete red herring.. Why not sell a batch of CGH to sweeten the pot now ? Its never going to happen...the directors must be very pleased with themselves... Onto the next one !
Got me big time
Agree with al lot of the comments, this stinks, not as bad as the Essar con but the Chinese don't want us to enjoy any upside.
Would like to have your comments on this latest dment.. Surprised see I can still buy at 9p with the prospect of selling at 10p in March.
I'll tell u what it means they win we lose
I break even after a stupid top up
So 10p a share for all holders and for us in the UK a possible additional 5p in a 12 month window (not sure if can be extended).... on the face of it looks a buy at the current level. I am though sitting on me hands as all these words needs careful reading.....
They got r pants down but buy would be the thing cos you get 10p back in March
Hello Sirosealotmark1 , I agree , that there always was this possibility , however I also balanced this with the fact that China was on an anti corruption drive , and thought this gave weight . No doubt I got this wrong . I am one of the lucky ones as will get out with a profit , many will not . It is moves like this that is going to make China the country not to invest in , much as Russia is today .
What to do now ? Cant fight it can we ?
This was always in the back of our minds when the price went down it not the first time and won't be the last
Sorry no other way to put it , this is corruption at its worst . If the company was serious about getting shareholder value , we should look to the Board , if they cannot get value out of our CGH holding we should sell it , and return the cash to the investors . To drive the price down and buy it is in my mind criminal .
There not going to do that then
· Pursuant to the terms of the Acquisition, holders of Scheme Shares on the register of members of Fortune Oil at the Scheme Record Time (other than Restricted Overseas Shareholders) will receive one CVR for each Scheme Share that they hold. The CVR is intended to enable Scheme Shareholders (other than Restricted Overseas Shareholders) to share in the proceeds of any sale by the Fortune Oil Group and China Gas Group of a material proportion of their current holding of China Gas Holdings Shares within 12 months of the Effective Date, if certain conditions and thresholds are met. Each CVR will provide Scheme Shareholders (other than Restricted Overseas Shareholders) with a contingent right to receive 5 pence in either cash (subject to any applicable deductions or withholdings) or, if they so elect, Loan Note(s) (subject to applicable securities laws), in each case subject to and in accordance with the terms and conditions of the CVR Deed Poll. The CVRs are complex instruments and a number of factors will determine whether any amount will actually be paid to Scheme Shareholders (other than Restricted Overseas Shareholders) by way of the CVRs. No interest is payable in respect of the CVRs or the Loan Notes. Further details in respect of the CVRs will be contained in the Scheme Document. I would write off getting the 5p. Only if they sell part of holdings of china gas in next 12 months.
I could'nt weigh that bit up
Can someone explain this part? Sorry if a stupid question, if offer accepted is it a 10p payment and a further 5p to follow (or is that hoping for too much!). Thanks
Drive it down buy it cheap
We our answer as to why we had our price worked over
18 December 2014 Recommended Acquisition of FORTUNE OIL PLC resulting in the holding by FORTUNE DYNASTY HOLDINGS LIMITED (a company that is owned by (i) a member of the Vitol Group and (ii) First Level Holdings Limited) of the entire issued and to be issued ordinary share capital of Fortune Oil not already held by the Consortium to be effected by a scheme of arrangement under Part 26 of the Companies Act 2006 Summary -- The Fortune Dynasty Board and the Independent Fortune Oil Directors are pleased to announce that they have reached agreement on the terms of a unanimously recommended acquisition to be made by Fortune Dynasty for the entire issued and to be issued ordinary share capital of Fortune Oil that is not already owned by the Consortium. The Consortium currently holds, directly or indirectly, 1,472,383,697 Fortune Oil Shares, representing approximately 56.91 per cent. of the issued ordinary share capital of Fortune Oil. It is anticipated that the Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement of Fortune Oil under Part 26 of the Act. -- Fortune Dynasty is a limited liability company incorporated in the British Virgin Islands that is owned (i) 55per cent. by First Level (a company owned by Daniel Chiu and Dennis Chiu, each being a Fortune Oil Director) and (ii) 45 per cent. by Vitol Bermuda. -- 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 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) by way of a contingent value right (a CVR) (Note: Restricted Overseas Shareholders will not be entitled to receive a CVR due to applicable securities laws restrictions) -- The Acquisition, excluding the CVRs, values the entire issued and to be issued share capital of Fortune Oil at approximately GBP259 million. -- The Acquisition, including the CVRs, values the entire issued and to be issued share capital of Fortune Oil at approximately GBP388 million. -- The Acquisition represents an immediate cash premium, excluding the CVRs, of approximately: o 58.5 per cent. over the Closing Price of 6.31 pence per Fortune Oil Share on 17 December 2014, being the last practicable day before the date of this Announcement; o 42.0 per cent. over the average Closing Price per Fortune Oil Share for the one (1) month period immediately preceding 17 December 2014, being the last practicable day before the date of this Announcement; and o 29.6 per cent. over the average Closing Price per Fortune Oil Share for the three (3) months immediately prec
In view of the financial position of Fortune I do not believe that the oil price is that relevant for this share. It is clearly oversold - however, such a situation may last months or more. The fact is that at these levels it is good value for money. The directors have Sufi ient shares to be interested in a hiked share price
have seen one seller of 20-25,000 shares who, every day, accepts a low price for the trade.This results in LSE showing this low price in its headlines which is not representative of the bulk of the trades.
Would the falling oil price be a factor in this?
Have done some more research for you. Can only go back so far. 2009 no dividend. 2010 0.13p paid on24.6.11, 2011 0.18p paid 27.6.2012, 2012 0.16p paid 15.8.2013. Obviously if you have not been paid you need an audit done. Directly with the registrar if held in paper form. Have you moved house as the papers may have gone elsewhere. When In business I discovered divs many times going back years. Go to it!
Well Bruce, I've definitely been shafted because the 'Big one' is the only one I've ever had in twenty years. Best if I look into this and see what's happened I think.