Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Thanks DELL for the link to the above. I note that he claims to hold about 7.5 mil shares, so it's quite a holding I've appreciated and valued your input over the years re-FO, as I'm sure many others also have. You didn't indicate whether you were going to send a copy ,or similar, letter to that which Alan Mackie has drafted. I consider it a solid precis of the situation and I propose sending a personalised version of same , by e-mail, to Frank Attwood. Are you proposing to take the same action yourself? As I see it , it doesn't bind us in to anything at this stage
Have at last received the papers at the second attempt here in Italy. Have voted against for 18822 shares. odd that the voting papers are not personalised. Suggest you write your voter number top right. Leave well alone the White paper only for people who want loan notes. The offer will be paid 23 March if the vote against is unsuccessful
Simply send to: fo@minorityaction.co.uk
Sorry Del44 my test e-mail to the e-mail address you provided bounced back. Should there be a space between account & fo? There aren't normally spaces in e-mail addresses and my system tells me it is an invalid address!
Would buy a round of bacon sandwiches.
hahaha! With that pledge they will, in true style, guaranteed spend it before it is due!
I am certain that we will never see the Cvr payment, so sure, that I pledge it to the Labour Party !
If the takeover is voted through as proposed I will treat the CVR payment, IF ANY, as a simple repayment of an interest free, high risk LOAN which I generously implicitly will give them. Loan repayment is not subject to IC or CGT. (For the record you should take your own advice on this issue.)
I am relaying the following message on behalf of alandale from the ADVFN bb........ Fortune Oil PLC - shareholders Since Fortune Dynasty announced its offer on December 18 and particularly since the publication of the Scheme Document on January 16 I have spent some time exploring the legal implications of the bid with a former City practitioner with considerable experience of trade and corporate finance and facility lending. Should you have any questions regarding the offer and how to proceed please feel free to contact me on a specially designated email account fo@minorityaction.co.uk that has been set up to enable us to communicate in confidence. I am advised that the implications of the vote on February 13 require careful advance consideration and suffice to say the issues need to be explored further. At this stage, I would only ask you to confirm your identity and state the shareholding you have in the company and I will reciprocate. I aim to circulate a summary of issues and potential legal options to interested parties shortly. Many thanks Alan
Almost certain it's a dividend, as that is why there is the option of receiving to loan notes, so it can be deferred to a period when it may suit for capital gains reasons. No doubt someone like Del will be able to confirm though.... I wouldn't be too worried about the CVRs though because there's a cat in hells chance we'd get anything from it!
I have held for many years and not too happy with the offer. Can anyone confirm if the CRV payment of up to 5p will be treated as a Dividend or Capital payment ie any Tax deductions? The documentation say ' 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)!!
I totally agree with your sentiments.... I am voting no, simple because I don't equate it out to be a fair value offer. That is my view, as well as my opinion and also my right. But clearly all that will count for nothing if the required voting level is met or exceeded. I am bound by the result and that is fair, regardless of the offer been fair. If the offer fails to meet the level of exceptance... (b) the approval of a majority in number of the Scheme Shareholders present and voting at the Court Meeting either in person or by proxy, representing not less than 75 per cent. in value of the Scheme Shares voted by those Scheme Shareholders. At the Court Meeting, voting will be by poll and not on a show of hands and each Scheme Shareholder present in person or by proxy will be entitled to one vote for each Scheme Share held; and (c) the approval of the Resolutions relating to the Acquisition (including the Capital Reduction) by not less than 75 per cent. of the votes cast, either in person or by proxy, at the General Meeting (to be held directly after the Court Meeting).......Then we may(or may not) have an offer only bid situation, which case the sp may stay around this level. If FTD decline to take FTO private, then it is possible the sp may fall away as investors who bought in for the 10p cash sell out. Or it may not...... Consortium hold 1,472,383,697 shares.... There are 1,114,616,303 scheme shares, of which they need 75% acceptance...= 835,962,227 if all voted(which they wont) Failing that, they just need 75% of any shares in the scheme voting...so if only 1000 shares were cast then they would just need 750 shares!!! So vote, be it yes or no for your own reasons......Again, do your own research!!! Good luck...:-)
Friday the 13th...lucky for some...;-) http://ezinearticles.com/?Why-is-the-Number-13-Lucky-to-the-Chinese?&id=1717157
Like some with Barclays, i've had similar issues with Halifax, although have found them very helpful. I had to setup/activate my account to receive voting rights, as this setting is not automatic. Seemed odd to me but done now so will receive the forms and register my NO vote. I'm not massively hopeful but if you don't participate then there's no point grumbling is there. GLA
From the published document:- The Court Meeting and the General Meeting are being convened for 13 February 2015 ( FRIDAY 13th!
Succesfully voted Against at Barclays. Have I clocked this correctly? The critical date is Friday 13th. February! I wonder who chose that date?
With 56% of the vote en bloc do you people really think you can beat the invading hordes. There will be probably other institutions who will want out. There is no good being unrealistic. Personally I am desperately disappointed. I have a trust holding of just 18000 shares since 1997 including reinvested dividends. Also 51,000 shares in a SIPP half bought last year following an article in Shares magazine. I had hoped for a better result and having held some for 17 years I think I show persistence.. Unfortunatly the Chinese view business differently from us. Even though there are British on the board. Recommend taking the cash hopefully with the addition and try something else. Lng term LGO looks good
My sp is 14p so with 10p offer then 5p cash offer will I get my money back and I have voted no for what that might be worth !!,!!,,,!,!
i am with barclays and just contacted them via secure message in corporate actions section and gave my No vote instruction , they replied within 24hrs confirming that they will register my vote at the upcoming meeting.
I have just phoned Barclay's Stockbrokers and cast my no vote on behalf of myself and wife ,simples Thanks very much again Del44 for the information and insight over the years, much appreciated. And good luck to all.
There are 2 votes... 1. Scheme. 2. Capital reduction. In order to become Effective, the Scheme requires: (b) the approval of a majority in number of the Scheme Shareholders present and voting at the Court Meeting either in person or by proxy, representing not less than 75 per cent. in value of the Scheme Shares voted by those Scheme Shareholders. At the Court Meeting, voting will be by poll and not on a show of hands and each Scheme Shareholder present in person or by proxy will be entitled to one vote for each Scheme Share held; and (c) the approval of the Resolutions relating to the Acquisition (including the Capital Reduction) by not less than 75 per cent. of the votes cast, either in person or by proxy, at the General Meeting (to be held directly after the Court Meeting). Application to Court to sanction the Scheme and confirmation of the Capital Reduction Once the approval of the Scheme Shareholders to the Scheme has been obtained at the Court Meeting and the approval of the Fortune Oil Shareholders has been obtained to the Resolutions relating to the Acquisition (including the Capital Reduction) at the General Meeting, the Scheme (including, confirmation of the Capital Reduction) must be sanctioned by the Court at the Court Hearings. The Scheme will become Effective in accordance with its terms on delivery of the Scheme Court Order, the Reduction Court Order and the Statement of Capital giving details of Fortune Oil's share capital, as altered by the Capital Reduction, attached thereto to Companies House, and, in relation to the Capital Reduction, the Reduction Court Order and attached minutes being filed with and registered by Companies House. Upon the Scheme becoming Effective, it will be binding on all Scheme Shareholders, irrespective of whether or not they attended or voted at the Court Meeting or General Meeting, or whether they voted in favour of or against the Scheme and the cash consideration due under the Acquisition will be despatched by Fortune Dynasty to Scheme Shareholders no later than 14 days after the Effective Date. Good luck...:-)
I can understand why people who have bought in here above 10-pence as they may get stung, but those who bought in below will see a return. Is the vote primarily regards whether the deal goes through or is it also to do with this CVR? I thought there had been a warning amongst the paperwork thats been delivered advising against UK holders approving the loan notes?
The best way is to phone them, answer all their security questions and then you can tell them how you would like to vote on both the Court and General meeting votes. I e-mailed them first with little success, phoning was instant...well it took about 15 minutes on the phone.
The only reason I am holding on and not selling at 9.65 is that I don't want to give up £ 2000 for the sake of a few months wait. Incidentally I also hold IGAS, no point in selling them either ! Rgds
A little bit toady, del, but do carry on.