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Am i right to think that the mumerical figure should say 0.016 for the divi
The following write-up appeared in last weeks Investors Chronicle. It had little or no impact on SP The 2012 full-year results for Fortune Oil (FTO) reflect a mixed operating performance for the China-focused energy investor, but the most significant strategic development is this year's sale of Fortune's Natural Gas business to China Gas Holdings (CGH). Revenues were up by a modest 2 per cent at Fortune's Oil trading business, but the top-line at Natural Gas and Bluesky (aviation) businesses increased by 30 per cent and 23 per cent, respectively. Group operating profits rose by 4 per cent to £28.5m, although the group registered an 18 per cent fall at the operating level without the contribution of the Natural Gas segment. Shareholders had to contend with a reduced full-year dividend due to an overall fall in net profits, which were hit by a £2.26m increase in taxes and finance costs. Subject to regulatory approval, Fortune will initially receive $170m (£112m) in cash from CGH for its Natural Gas business, with another $170m payable in either cash or shares within a year. If, as expected, Fortune opts for the latter, it will increase its overall stake in CGH to around 22 per cent. The deal with CGH will bolster Fortune's balance sheet, while expanding market access for its existing Natural Gas business to over 200 cities across China. Oriel Securities estimates that Fortune is trading at a 10 per cent discount to net cash (post completion of the GCH deal). IC VIEW: The $340m consideration for the CGH deal - minus net debt - gives Fortune a value of 9p a share But the group will still accrue investment income from its CGH stake, while the remaining businesses still contributed £9m of net profits last year. Buy.
L&G have not purchased any shares in FTO recently. They are unwinding their holdings in FTO on account of the fact that FTO no longer has a premium listing on the LSE. They held over 104 million shares in FTO until mid December, when they started selling. They sold about 40 million recently and again last week,. They have gone from over 5% holding to below 3%. They no longer need to give notification of any further sales in FTO shares.. So you could say there is a question mark hanging over about 66 million shares in FTO and when and how it will be sold. In the market or out of the market. for the disposal.......the market is betting ...in the market. We shall see....:) GL.
Del, I recall mention that L & G messed up with purchase presume of FTO shares, can you just summarise fully what happened. Regards
The sale of shares by L&G continues (as seen by the recent 5 million trade @ 8p) As best as I can figure out they have sold their holding so far for 8P on the button each time. They now hold approximately 66 million shares which is now below notification level and now, in my view are about to close out of FTO completely. Expect the next sale to go through @ 8p as well but perhaps in one big lump to someone who would rather not to have the publicity of declaring above 3%... But as always dyor....:)
Noticeable increase in bid activity today... Some big bids coming into the close today, which I haven't seen for a good while... The bid was moved up throughout the day... The 5 million trade today may have been a delayed trade as most of the L&G sell is been carried out at this 8p level...
yeah the dividend has fallen from last year but then they are now heavily invested in CGH...so had to be expected..
Yeah noticed that.. hopefully that is now factored in..
5mio at 8p is a good sign today
0.16p dividend in July folks! Dividend in 2012 was 0.18p.
as of late. Not looking for a new high but closer to 10p is more realistic. Such is FTO coupled with the AIM.
sombody should raise the issue about the disconnect between the current share price and the real value of the assets an dalso ask when the company is going to do something to address this issue for its shareholders given their oft stated commitment to enhance shareholder value
The AGM will be held at 11am on Tuesday, 18 June 2013 at the Oriental Club, Stratford House, Stratford Place, London W1C1ES, United Kingdom.
As usual Del is right. Buys are being marked as sales. My 50,000 share dealing timed at 9.56am this morning was definitely a buy at 8.05p. I can only hope that these deliberate mis-statements whereby purchases are understated means that the big boys want us to think that the trend in the market is for sales so that they can pick up some cheap stock. As I say I have added another 50,000 today and I don't propose to sell until they reach 20p
Pleased to see upward movement but not going to count the chickens yet. Interesting update from Del44 who is font of knowledge and I'm grateful for the research that is shared by them. I maintain my view that FTO are undervalued, and think now be good time to add few more shares
are we seeing a upward tren finaly?
Thanks yours. Much appreciated.
Thanks yours. Much appreciated
The bid/offer spread was kept unusually wide all of today....7.85p/8.30p....it most probably was done to put those trades through. Most of the trades today were around 8p/8.10p bar for 2...1 higher..1 lower then that range.. So with a large spread, it is difficult to know what was a sale and what was a buy today.. I think it is done to disguise a trade(or trades) If MMs don't update the bid/offer price then LSE will mark them as a sell or buy based on the middle price..which was 8.08p most of today..... IMO, I wouldn't be surprised if throughout the sale of L&G shares in FTO, that someone in the far east may be buying up some stock but staying below the 3% level, thus below the radar.. Its interesting...:)
More than a hundred times more sales than buys yet the price has crept upwards.....Please advise what is going on
The bid/offer was 7.80p/8.30p at the time but he 3.2 million trades were done @ 8p... I think it still part of the L&G unwinding of their recent share sale... I thought it may have been finished but obviously not.... Those trades have had no impact on the current share price which would be unusual to say the least..:)
I see on the trades there were two high volume, low price sales at 7.81p seems a bit odd! I am sure this has real potential to move upwards on conclusions of the good news mentioned, I personally am positive about the price moving upwards in the next few months.
A number of broker houses are reviewing CGH earnings potential now that a deal with Sinopec is almost complete.. Sinopec has over 30,000 gas stations across China & CGH will participate in remodeling thousands of these to CHG/LNG which has a bigger profit margin then household piped gas..... http://www.chinascopefinancial.com/en/news/post/23266.html Our current investment in CGH is @ an average price of about HK$4.25 (after recent buying) & with a direct % attributable to FTO of about 7.5/8% (our 50% of CGG current stake) is looking a very astute move by the board each day...There is very good underpinning here....even if the market is not taking FTO seriously, others certainly are. FTO should conclude a new and expanded deal with Sinopec itself shortly regarding Maoring JV... 2013 update due before the end of this month....
Are right than it will more than double the value of our holding not to mention the earnings impact not surprised to see the shares a tad better this morning
So, I wonder how much we will fall today then?