Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Good to hear from you again Tom.. Am in agreement with you on sp after ex date.. Think it is to low as we speak.... Just reread circular again and believe some bigger developments are a head regarding CGH... This hurdle, once over allows for associate status for FTO..plus CGH looks to be embarking on a major expansion plan that is sucking in all the big boys over in China. Trust still in place here too.. Hope all is well with you ...
I agree that once the special dividend is paid then the price should drop, perhaps not to the level we are expecting as the interested parties seem to be indicating some support for the SP. As we know what NAV is and what the numbers are from the annual report then we are in an interesting place. Perhaps to take out FTO is not in the owners interests as a UK listing could be beneficial..... The meeting and probable questions on the 25th should be illuminating.......... I just hope someone asks the right question (whatever that may be).... My holding remains intact and my trust is still in place. I only hope the latter is reinforced post 25/9.
I think the approval of all resolutions could mean that the sp may very well be bought on any weakness by the concert party now.. It may very well be that we are now on a road to a buy out at some future point....
Is the formal announcement of the divi going to do anything for the sp or are we going to be holding 6.66p shares after? Surely ratifying the divi is a formality, so is the 2.36p now built in the share price ? Nothing straightforward with this share.
http://www.investegate.co.uk/fortune-oil-plc--fto-/rns/posting-of-circular-and-notice-of-general-meeting/201309090700114727N/ ____ (Dividend mentioned)
seems all over the place today. As of 1030 my broker buying at 9.10 and selling at 9.12 a very tight spread for fto. on friday at about the same time of day the spread was 9.10 to 9.28
The Independent Directors are willing to allow the Concert Party to acquire interests in Ordinary Shares that would take the Concert Party, in aggregate, to over a 50 per cent. holding in the Enlarged Issued Share Capital, as they believe this will be beneficial to shareholders of Fortune Oil as a whole. Certain members of the Concert Party have been unable to acquire Ordinary Shares when there have been sellers in the market for such shares without triggering a Rule 9 offer under the Takeover Code and this has exerted downward pressure on Fortune Oil's share price. Consequently, in recent years, Fortune Oil's share price has not responded as the directors of the Company might have expected, despite the Company's positive financial and operational track record.
and have a good weekend yourselves..
Thank you Shatter. I trust u have a excellent weekend.
thanks Shatter
Once a year divi with Fortune. The special divi has still to be ratified but should be a formality. Weeks not months i suspect.
Good morning gentlemen, I'm new to the discussion, but have followed your very helpful views for sometime. Could anyone give me more info on the special dividend of .0236p. Are we getting it and when?
does anyone know if there is further dividends pay out end of year 2013 ??
The stakeholder you mention appears to a small investment company who have roughly a £3 million holding in FTO.
Hi Guys, been away today but see we're holding up with a bit of blue. Will check your link later. GL
Never heard of them but they have just under 5% of FTO... http://www.investegate.co.uk/article.aspx?id=20130903160000P9EF2
Good article on ADC's stake in CGH.... http://www.adb.org/features/peoples-republic-china-breathes-easier-natural-gas?ref=countries/prc/features
Nothing is ever quick with Fortune.. Volume is picking up . Either way we will be no worse off when the divi eventually gets paid. Either we get the cash or the extra shares. This will come good one day. There is too much value here that is still unaccounted for.
Not sure the SP actually touched 9.40p just before lunch, but we saw a rise and much was near the mid price. On the slower rising stocks it would appear if we see a rise there's always someone selling and chasing a faster ' buck ' somewhere else. Similar day with Stratex. However, looking at the three month chart we're seeing positive upward momentum since the first week in August. If this continues ( albeit slow ) it's not that bad. ( in my book anyway! )
If this doesn't move up and hold, the divi is going to be a complete waste of time....
Definately a bit of a move upwards, and a few Buys on ICAP this morning too.
But are we seeing a bit of a move upwards developing?
The article covers most of what was in the interim but the summary was rather more bullish then usual... However,it is still wrong in its assumptions of our overall stake should we get ALL our shares in CGH.. Summary piece and recommendation. 'The acquisition of the Wilmar stake will effectively increase Fortune's exposure to China's expanding energy market, and drive its jointly held stake in CGH to around 25 per cent. CGH's current market value is HK$38bn (£3.16bn), so Fortune is fundamentally undervalued on this basis alone.' Buy So...we await the Takeover Panel's decision and then the announcement of the General Meeting and all that follows... In the mean time CGH continues to expand its business across China...
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