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I take it this will be on top of the normal dividend . Raises an interesting point or two , this is a fair amount of money , wonder why so much . I thought we might get 0.5 penny if we got one at all , so maybe half year results are also better than expected . I have no idea what this will do to the share price , could go up or down , or not move . Also hope they will backdate the date for this special divi or we will have lots buying and selling . Indeed good news , much needed as having a not too good day .
Breast RNS. Increased interest in shares and dividend
Proposed special interim dividend of 2.36 pence per Ordinary Share (the "Special Dividend") We are special after all...
7 August 2013 Fortune Oil PLC ("Fortune Oil" or the "Company") Proposed Acquisition and Loan Settlement Proposal to seek a waiver of an obligation to make a general offer under Rule 9 of the Takeover Code and Proposed Special Interim Dividend Summary The Company is pleased to announce that it will be putting inter-conditional proposals to shareholders in General Meeting as follows: · The acquisition of Wilmar International Limited's interest in the consideration receivable as a result of the conditional disposal of Fortune Gas Investment Holdings Limited. The total consideration is US$60m payable to Fortune Dynasty Holdings Limited, a member of the Concert Party (described below), in Ordinary Shares in Fortune Oil (the "Proposed Acquisition") · Subject to the waiver from the Takeover Panel described immediately below, amendment of a loan received from Fortune Dynasty Holdings Limited amounting to US$12m, such that it will be repayable in shares in Fortune Oil (the "Loan Settlement") · Waiver to be sought from the Takeover Panel, and of shareholders, of the requirements of Rule 9 of the Takeover Code for a general offer to be made for the Company by parties (the "Concert Party") who, by receiving Ordinary Shares through the Loan Settlement and the Proposed Acquisition, would own more than 56.9% of the Company's issued share capital · Proposed special interim dividend of 2.36 pence per Ordinary Share (the "Special Dividend") The Company intends, subject to approval by the Panel, to send a circular to shareholders (the "Circular") providing information about the Proposed Acquisition, the Loan Settlement, the Special Dividend and members of the Concert Party, convening a general meeting of the Company at which the Rule 9 Waiver resolution and the payment of the Special Dividend will be put to a vote of the shareholders of the Company. The date of the general meeting of the Company has not yet been set but it will be held as soon as practicable. Tee Kiam Poon, Chief Executive of the Company, commented: "The proposals set out in this announcement, as explained more fully in the section entitled 'Reasons for the proposals', are designed to ensure that the Company receives maximum value for the sale of Fortune Gas Investment Holdings Limited, whose growth will be to the benefit of all shareholders. It is very important that appropriate investment is made in this asset while we await completion of its sale and these proposals, once implemented, will achieve that. It is expected that these proposals will ultimately provide additional sources of demand for, and improve the marketability of, the Ordinary Shares of Fortune Oil. We are also very pleased to announce that shareholders will receive a special dividend, which recognises th
Just simplifying the original contract of sale...which makes more sense... Dont want any sudden price rises this side of next Thursday's drip divi payment... So happy for it to drift lower for the moment...:)
This was anounced yesterday , apoligies if you have already read this . http://www.chinagasholdings.com.hk/uploadfiles/20130807105421340.pdf Looks like we have novated , and also gives a more detailed account of who owns what , however quite hard to pick the trawl through .
That would be about right....
Not good if this is correct , free float showing showing at 621 million shares , source below http://markets.ft.com/research/Markets/Tearsheets/Summary?s=FTO:LSE
Share price still in the doldrums , does anyone know a way to work out or find out how many shares are in the free float . As believe this may be our main problem .
As always thank you . I would say that it was more likely now that FTO will increase its stake in CGH , also SK may well be the power brokers in this deal , Only one way for CGH share price in the short term and that appears to be up . A point that has not escaped me , is if over 50 per cent of FTO shares were not controlled by one person , then we would see more of a rise in the FTO share price , as this would be a good way to get voting rights for CGH and avoid regularlity concerns . Hence we would create some demand for our shares .
Morning.. You will find it here in graphic... http://www.scmp.com/business/commodities/article/1293236/beijing-enterprises-china-gas-play-may-be-nationwide-expansion BEG...22%... CGG...21% S&K...15% Sinopec...4.39% Gail...4.39....
This seems to present a new angle , looks like FTO , may have some real influrence over CGH with their shareholding . Don't suppose you have a breakdown Del of the major shareholders and percentages in CGH .
Beijing Enterprises' China Gas play may be nationwide expansion vehicle.......... Energy-to-brewery conglomerate Beijing Enterprises Holdings may use its China Gas unit as a vehicle for nationwide expansion in gas distribution, raising the risk of a boardroom clash over strategy, analysts say. Although the ownership transfer from the parent to BJE does not immediately affect China Gas shareholders, the fact that BJE will own 22 per cent of the company - slightly more than China Gas chairman Liu Minghui's 21.12 per cent - could lead to changes in management at China Gas. Asked if BJE would seek to exert more management control over China Gas, chief financial officer Jimmy Tam Chun-fai told the South China Morning Post: "[BJE] will definitely demand more board seats and even some important positions." The full article is here.... http://www.scmp.com/business/commodities/article/1293236/beijing-enterprises-china-gas-play-may-be-nationwide-expansion
Ok this may be a bit off the mark , so apoligies in advance , this is pure speculation ,so pay no attention , if this is not your thing . I am thinking , FTO get a big wedge of money , what do you do with it . 1=) increase your share in CGH , pretty good bet , but seems to becoming more expensive every day . 2=) Dart , a good tie up . 3=) further move along iron ore in Armenia . ( not really at all sure on this one , I once believed that this would generate our next stream of income , but not so sure now . 4=) extra dividend 5=) share buyback , this would increase the share price . and take a lot of shares out of circulation and as such lead to further growth in the share price as too many in the free float at the moment . I think this is a real posibility , how better to increase your share price . 6=) maybe a bit of each . 7=) some other investment in the pipeline we are unaware of . Please feel free to vote or add options . Just a bit of fun everyone .
On the day of the dive been issued, they buy shares in the open market with your amount. A small amount is with held for costs as they are buying in the market and not actually issuing any new shares... There was quite a bit of buying on the day last year....... So I am in no hurry to see any price rise at the moment but as I posted earlier...I have my suspicions on the matter....
Good grief , I never even thought to ask if FTO had a drip program . May I ask what percentage you get off the share price , guessing about 2-3 percent and I take it no charges for buying .
Their reasons are purely speculative on my part. L&G have been net sellers for over a year now and since before the loss of premium listing if my memory serves me... I don't see any reason for it to improve in the short term either... Clearly if FTO get approval for the gas sale and the subsequent associate status with CGH, then it could easily have an impact on the sp... I speculate selling by L&G...but they may be happy to drop below 3% from their point of view without further selling... News flow may help. But to be honest...I am receiving my shares through the drip programme so I am more then happy(as are many other investors I suspect) to see the sp languish at these levels up to and including the 15th of August, when the divi is paid out... But I have my suspicions about that too...:)
Oh dear , dont suppose this is going to improve in the short term , until we retain our premium listing status , wondering if the board consider this a priority , as I would have thought that L & G and BlackRock are selling because of the listing ( This is a guess ) , from an earlier conversation , I believe its because we fell below 50 per cent on our core business and a purchase of more CGH shares are going to make retaining the over 50 % mark even harder .
L&G have gone below 3% recently and no longer have to inform the market of any share sales.. Also heard that BlackRock Investment Management (UK) Ltd. have been selling... These 2 alone hold about 108 million between them...In the past it has been difficult to buy large amounts of shares on the market in FTO.. Liquidity is poor....But large parcels are been sold on around these levels. That can be a good thing... But it means any demand for the shares are been met with this current price...
Thanks yours. Somehow I knew you would not be tempted into price forecasting.... Know we have touched on this subject a few months ago, but who in your opinion is the large seller.
Would never attempt to guess where any share price will be on a public forum like this... But my own impressions are that there is still a perception by the market, that there is a large over hang of stock out there and so moving higher is not an option at the moment. Large blocks of stock can now be bought and can be seen going through after delayed trades..sometimes days later.. It just means it is all been absorbed by the seller... But no point if you are a MM, to tick the price higher when there is plenty to be bought around this level for the foreseeable future.... News flow may help absorption quicken...
Thank you, both for the questions and the answers. Del you obviously have a better knowledge and feel for what is going on at FTO than most of us so please tell me what price do you think we will see come Nov/Dec this year and if it is under 10p why ?
For the JV to remain a 50/50 JV...then FTO and Minghiu would match each other...Yes. Regarding the Dividend..it is paid to CGG. But its worth remembering that CGG is self financing in these purchases... CGG has now put in place its own financing capability to acquire all the 207,968,000 CGH shares previously purchased by Fortune Max and has completed the acquisition of such shares from Fortune Max. As a result of this transaction, Fortune Max no longer holds any CGH shares. I am sure the divi is going towards paying interest on possible financing thus far. http://www.lse.co.uk/share-regulatory-news.asp?shareprice=FTO&ArticleCode=2pxqyweu&ArticleHeadline=Acquisition_of_China_Gas_shares_from_Fortune_Max Fortune Max no longer a holder..
Just to clarify, what I believe always causes the mix up when attempting to figure out FTO holding.. MR Liu Minghiu holds shares that have not been injected into CGG. They are his personal stake and are therefor not committed to CGG..yet. However because of the recent failed T/O attempt...they are still deemed one party. So Mr Liu Minghiu holdings and CGG holdings, are sometimes lumped together as CGG....which they are clearly not. Hope this helps..
Hello Del , thank you for your answer , do you believe that if CGG were to go to 29.9 % , that the split would remain 50-50 and as such FTO would own 14.95 % of CGH . One other point is that I persume the dividends are paid to CGG , although owned by FTO , have recent divi's found there way on to FTO's books or are they on CGG's books and being used to finance more share purchase's . Also in looking at this , I take it fortune max are now out of the picture .