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It is a complicated share and difficult to read at the best of times. As you state there are still many problems..
Thanks for your posts..i can see no downside but the market does not seem to like the fact that there are only 43% of shares in freefloat. The market cap is almost half the net asset value as pointed out by their broker ! I might take another punt and buy a few more. A fairly safe bet.
For me the bad news is page 27 section 6 of the half year results . This shows that last year we made profit of 0.32 pence per share , but after discountinued operations we only make 0.06 pence per share , a loss of 0.26 pence per share and certainly not enough to matain the dividend . Realise that we will hopefully get some income from CGH , but also Armenia looks like it will burn cash for some time to come . I do not believe it tells the whole story , but with 500,000,000 new shares coming on line , this means a further dilution of the divi . The good news is an increased holding in CGH , Blueskys increasing profit and a lower cost base . I feel the problem with this share is that it is becoming increasingly political within China , and that we need more than 50 per cent of shares on the open market , before we start too get some real value in this company , Otherwise it's eternal hope , I will be holding on for the next divi , but after that if it makes 13p again I am out of here .
Shares in Fortune Oil (LON:FTO) are a compelling proposition, reckons Oriel Securities. “The shares are trading at a c.45% discount to the see through value of expected net cash and the stake in China Gas, with no value attributed to the on-going business,” the broker argued, as it reiterated its ‘buy’ recommendation in the wake of Fortune’s interim results. The results confirmed Fortune will seek approval from shareholders for a special dividend of 2.36p a share, and a waiver from Rule 9 of the UK Takeover Code for a general offer to be made for the company by persons owning more than 56.9% of the company. Net assets increased 32% to £327.4mln following a further appreciation in Fortune’s investment in China Gas Holdings. Net debt at 30 June 2013 stood at £69.3mln, versus debt of £61.1mln at the end of 2012. The group does not envisage any difficulties meeting loan repayment obligations or investment commitments, the broker notes.
I understand your position and concerns.... Certainly would not advise or suggest anything to anyone on these boards...DYOR is the order of the day, which you know. After today's announcement from CGH...FTO is really hard wired into this company now.. Our just released interim reflect that...quite dull. My understanding is, that if we achieve associate status, then our turnover and profit will improve significantly as we begin to benefit from the tie up.... The 8.80p mark I have repeatedly talked about, is been tested quite a bit today after these results. Which could be bullish as these results were quite average.. L2 suggests bid may be competitive at this level.. We shall see...
I have contemplated topping up, but this is one complicated share mostly due to the ownership of the company ! Will the special divi announcement raise the sp to make it worthwhile ? Surely the divi is a given and we should have seen a significant rise? The sp was 13p a year and a half ago and we have come a long way from then. A very complicated route perhaps ! Concerned that i am going to end up with more shares but the same value holding...
Del. Thanks yours. Guess you know your postings on FTO are appreciated by the contributors on this site.
No real news in there that was not already known... CGH put out statement this morning.. http://www.hkex.com.hk/eng/csm/ShowNews.asp?mkt=hk&FileName=http://www.hkexnews.hk/listedco/listconews/sehk/2013/0820/LTN20130820840.pdf which indicates the deal has gone through.. Still no news on the new JV with Sinopec and Maoming Mooring... Armenia still been studied.....We await word from the Monopolies commission regarding the waiver of rule 9. Its quite dull with no real news of sorts.....so would be surprised if it had investors running out to buy it today...:)
ok, we see a reduction in net profit but a healthy increase in assets primarily due to the shareholding in CGH. Del, would appreciate your comments on the figures when u have had time to digest them. Share price appears steady as I write.
Quite a few AT triggered just below 8.80p this morning......MMs attempting to get some stock but the sp is holding up so far...:)
Make it ex dividend at the close of business today ie before they "officially" announce it tomorrow if they do of course to reward long suffering shareholders and not the mm spivs who have been holding the shares back for years
I am certainly no expert and merely give my opinion on these boards like everyone else based on my own research and gained knowledge. But the bid is staying below 8.80p which I believe without news is a trigger for sells stop losses. The ceiling is been reached..slowly which indicates to me that MMs are unsure of news this Wednesday and dont want to trigger any large volume sells..just yet...not having absorbed millions this last few months..:) We may have a surprise or two with this rns....hopefully...
I expect it will come with Wednesday's interim statement. it will most likely be treated as a one off divi but with the usual rules as with the full year divi..and subject to approval from general meeting to be held(not arranged yet). So going forward it may be announced in its own time for holders up to a period in the future and then it will go Ex Dividend on a certain date. Would imagine some are awaiting that clarification...
Do you think that when they announce the 2.36 pence divi , that the date will be set from who holds the shares at the time , or does anyone believe it will be before a certain date .
Could that be the 8.80p level now ? This needs to be up around the 10p when they formally announce the 2.36 divi. Going in the right direction..
There use to be a decent run up in sp in the past but not sure that will happen this time... But we can expect updates on certain assets progression such as Bluesky division,Liulin ,Maoming single point mooring in particular. And our current position with CGH may have further clarification now that the deal has been approved... So hopefully a positive week. But 8.80p level remains tough to break through for the time been... When the bid gets above that I will feel more confident about prospects
2013 Half year report due on Wednesday morning...
I am seeing someone perdicting a pick up on FTO this Wednesday , he or she reports something to do with Bluesky , is their anything happening this coming Wednesday ? Unsure of source but thought I would ask the question . Source is http://www.iii.co.uk/investment/detail?code=cotn:FTO.L&display=discussion&it=le Entry is Lindst at 13.07 today .
Dividend for the year ended 2012 is paid out today.... Current year ends 31 December...
do we get any share dividends for fto this year ??
Morning Del , Thank you , i had counted the cancelation and the purchase as two transactions , and then the further purchase as the one that took place . ( double acounting at it's worst ) . One news story I picked up on another noticeboard this morning , is an article on the mineral deposits in Armenia , Looks like a lot more to mine for than just iron ore . Maybe FTO have a jump on the competition with this one . Enjoy the read . http://massispost.com/archives/9220
Actually just noticed a 3/4 million trade gone through after the UT @ 8.57p.. Lots of background seller stock getting soaked up now.... It should be finishing soon if we can keep the volume up for the rest of the week.. Also drip buying on Thursday should help...but no big rise tomorrow please...:)
The 1.8 million shares was inputted twice...only one was cancelled... So one of those trades went through...and another late delayed trade above market price went through just before the close...
Looks like lots of trades taking place , maybe this is going to shake out slowly , and the downward pressure on this share will ease . As feel that we need trades wherever they be buys or sells , we require constant activity too feature on the radar. discount 3.6 million shares as an execution was run and cancelled .
2013 Half Year Report 21 August 2013