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Yeah I'm surprised we haven't heard anything. I think no news is potentially good news though, as you'd have thought they would have certainly released a note if they had secured the necessary votes. Squeeky bum time!
This is Fortune Oil we are talking about ! Perhaps good news ? The bod are now deliberating on a new 14-15p cash offer after a resounding "NO". :-}
Surprised no rns this afternoon.
Notices of the Court Meeting and the General Meeting are set out in the Scheme Document. The Court Meeting will start at 2.00 p.m. on 13 February 2015 at the offices of Reed Smith LLP, The Broadgate Tower, 20 Primrose Street, London EC2A 2RS. The General Meeting will be held at the same venue at 2.15 p.m. (or as soon thereafter as the Court Meeting is concluded or adjourned) on 13 February 2015. No news yet maybe adjourned and will conclude on Monday or a very late RNS
I agree that it will be close. All down to the 1% + holders as I suspect some 20% of holders will not vote which will increase the CP vote to some 65% (I reckon). So only 10% to find amongst allies and friends. I think 5% in the bag so its down to say 5%. The CP have done their calculation and reckon they will get the numbers. I do hope they have miscalculated, it will be close. We will all be the wiser soon. Expect an RNS today / Monday with the result.
Interesting to see how the vote goes ! Still think the bod will get their "yes" , but would dearly love them to fail and have to stomp up some more cash. Even at 15 p they are quids in. g.l. all
M Stanley recommends to collect gas stocks; CHINA GAS HOLD upgraded to Equalweight 2015/02/11 14:56 Morgan Stanley said in a report that Chinese gas sector has dropped 6%-30% since the fourth quarter of 2014, but has gained 11.6% as compared to the HSCEI during the same period, reflecting investors' three major concerns: (1) the uncertainty in gas pricing mechanism changes; (2) international crude oil price decline offsetting the competitive edge of natural gas; (3) the weakening of the economy in Mainland China. However, the broker took a bullish view towards the industry and suggested investors should buy on dip. Morgan Stanley raised CHINA GAS HOLD (00384.HK)rating from Underweight to Equalweight. Target price was lifted to $12.8 from $12.1
JPM: Certain gas stocks have better risk-reward after corrections; China Gas/BJE top picks 2015/02/11 12:38 Affected by the weak demand growth of gas and decline in oil price, gas stocks have underperformed the market by 25%-45% in the past six months; besides, the market believed that the mixed natural gas cost will basically remain unchanged with the new calculation method, JP Morgan said in a report. However, the broker pointed out that certain gas stocks have better risk-reward after corrections in share price. BEIJING ENT (00392.HK) and CHINA GAS HOLD (00384.HK) are chosen as top picks.
Hi, my concern is if there is a no vote the sp will plummet , unless there is a new offer immediately. I'm sorry to say after many years I bottled it and sold my shares . A profit is a profit.. I'll be watching closely and best of luck tomorrow.
Just got latest edition of Investors Chronicle. A year ago they tipped Fortune as one of their 2014 Value Picks. On the review of this now they suggest holding tight as the bid is undervalued. I posted my no votes at Stansted Airport a week ago. We just have to hope for the best.
Perhaps overthinking this but considering selling. If a yes vote then there is little or no upside, but if a no vote the sp may drop back to the 6's or alternatively we get a new revised offer ! It's easy to become emotionally attached to a share after being here for years. May just air on the side of caution. Decisions, decisions !
Thanks for that Panofscouse.....:-)
I think Del44 means to say that the CVR cash or loan note choice is academic because it is extremely UNLIKELY to be paid (but you'd be paid in cash if, by a miracle, it did happen even if you don't tick either box). You seem to be referring to the CVR form which has nothing to do with the vote for or against the takeover cash offer of 10p. You had to contact your broker or intermediary in order to vote. My holding is with TD Direct - I simply phoned them and told them to vote NO.
Vote against the scheme...blue. Vote against the capital reduction....yellow. Don't bother with the other one as it is defaulted to cash...but not really unlikely according to the independent directors in the offer document..... Good luck...
I want to vote NO, but I don't understand these 2 options, I believe somebody else asked this but it was unanswered. Option 1: Receive 5 pence in cash for each CVR held. Option 2: Receive Loan Notes on the basis of 5 pence nominal for every 5 pence of cash consideration to which shareholders would otherwise be entitled.
Good post tjpana....It does highlight the earnings potential of CGH going forward...... My reference point regarding the Sinopec/ENN consortium attempted take over in a previous post, was to also highlight the ludicrously low opportunistic attempt at HK$3.50...which failed miserably. CGH is currently trading on a historic PE of 21...not overly generous for the growth potential and sector in which it is trading in, in China.... Sinopec failed because they made to low an offer at a time when there was doubt about the main directors of CGH, which proved to be groundless. This offer can be seen in similar light. It has transmuted into a holding company with very good upside potential, profit wise.... The sp may or may not fall if the scheme is rejected but I still remember many of the so called experts saying something similar about CGH back then....and as I posted below...look at the sp now...cause it is a big earner... and the dividend payout is expected to grow to about 30% of after tax profits in the next few years from its current 21.5% currently.... And jag on iii, your missing my point about the letter....I do not expect FD or FTO to be bothered by a little letter sent by a few disgruntled shareholders... Of course I do not expect it to bother them at all.....;-) Good luck all....
Hi last years income from FTO stake in CGH 9.86c + 2.2c on 934,745,463 shares = HK$ 112,730,302 = ster 9.4 million - the yield from our CGH stake alone gives us at FTO an income of 3.66% + core FTO profits look at the 5 years of profits below - most recent on the left to see growth. Would be much better to keep generating this level of income to plough back into new ventures. Return of profits would give a good yield to current private investors which would have to be undertaken at some point. Note the adjusted divident ( not paid this year ) of 2.49p that is 24.9% of the offer price. Note shareholder were paid a special dividend of 2.36p in 2013 which represents 23.6% of offer at 10p. UK investors are very keen on big payers such as supermarkets that can yield 5%+ Should consider and preserve our great investment with FTO for the future. Thanks Profit Before Tax: 61.64 7.69 12.20 26.07 18.06 Profit after tax from continuing operations: 59.20 4.59 8.67 19.54 15.27 Discontinued Operations: Profit after tax from discontinuing operations: 131.00 15.89 16.18 n/a n/a Profit for the period: 190.20 20.48 24.85 19.54 15.27 Attributable to: Equity holders of parent company: 194.42 15.67 18.16 13.08 8.84 Minority Interests / Other Equity: (4.22) 4.81 6.69 6.46 6.43 Total Dividend Paid: c n/a c 0.16 c 0.18 c 0.13 c n/a Retained Profit / (Loss) for the Financial Year: c n/a c n/a c n/a c n/a c n/a Earnings per Share: Basic: 2.49p 0.25p 0.34p 0.69p 0.47p Diluted: 2.47p 0.25p 0.34p 0.69p 0.47p Adjusted: 2.49p 0.25p 0.34p 0.69p 0
Vote against the scheme...blue. Vote against the capital reduction....yellow. Don't bother with the other one as it is defaulted to cash...but not really unlikely according to the independent directors in the offer document.....
monoco65.. The cash offer is only 10p per share...thats all.... The cvr has a price range of max...5p (unlikely by Independent directors of FTO) or 0p min within a one year deadline.....The cvr can according to the independent directors be deemed highly unlikely....so really not worth the consideration, in my own opinion....
Copied from Pete44 on Interactive Investor Forum Quote:- The main attraction when I advised buying FTO shares was FTO's investment in China Gas. FTO owns197m shares outright & has beneficial interest in744m shares thro' a jt. venture in China Gas Group Ltd. Combined this means that FTO has an interest in 18.8% of China Gas equity. CG currently has a market value of HK$60bn or £5.1bn at current exchange rates based in stock price of HK$11.96. This means that FTO's direct investment in the company is worth £200m and its 50% share of CG Group's stake is worth a further £379m. Combined that equates to £579m or more than double FTO's market value of £259m. The book value of the investment in CG is £402m in FTO accounts or 30% less than its current open market value.. Glaring valuation anomaly, a fact that a consortium owning almost 57% of FTO issued share capital is attempting to capitalise on by launching a cash bid of 10p a share for the company. FTO's shareholders are also being given a contingent value right ( CVR ) worth 5p a share to benefit from a material share in any value realised from FTO's valuable share holding in CG within 12 months after the completion of the takeover. The CVR is payable if at least 35% of FTO's holding in CG is sold for a price in excess of HK$ 11 per share. If there was any certainty that a sell down of the CG stake would happen, then an exit price of 15p a share seems fair right now. However the minimum cash offer of 10p would be a bargain buy for the acquirer and having had a close look at the offer doc. I feel that an outright bid of 15p a share is more than reasonable, given that FTO's NAV is closer to 20p a share if the stake in CG is marked at market value ( SIT TIGHT )
Do we get in total. Is it 10p or 15p as I prefer cash and not loan notes. Please advise.
Del i think the key difference between now and the Sinopec offer for CGH is that this is a management buyout and where as Sinopec has many other options for acquisitions to expand, the management has 1 sole aim. For this reason i think they will increase their offer if they do not receive the 75% mark, particularly as they know the underlying value is far higher. Here's hoping anyway, although not optimistic that they won't secure the 75% needed to push through
sorry, which box should I tick or put my number of shares in. I want to hold out to go against fto directors.so where do I put my vote. options receive cvrs, or default next box elect to receive loan notes. please help me as which box to tick.
Well this day next week we should know a little more as to the direction of FTO......If you are unsure...then selling in to the market may be the best decision...If you are holding then vote, one way or another.... If the board get the 75% they need, then we will get our 10p cash and move on. The cvr, in my view, looks highly unlikely (Page 15 note 4....."the Independent Fortune Oil Directors believe that a sale of some or all of the China Gas Holdings shares is unlikely.") So the offer is 10p cash in my view. If they don't get the 75% needed, then we are in a different game and who knows where the sp will go.....so if you are nervous of this out come...then sell...The way in which the offer document is presented, allows for an offer only without the scheme, if the consortium so wish....but weather they will or not, is a gamble that may not be to many investor's liking... I remember a few years back when Sinopec/ENN made their opportunistic HK$3.50 a share bid for CGH and refused to increase their bid in the face of a group of investors holding out against their terms......They lost face as well as the bid target by not increasing the bid......and what happened to the sp of CGH after the failed attempted bid? They are currently sitting at HK$12.50 per share after a near 25% correction since late November 2014!!! So nobody really knows what may happen to the sp next week in the event of the scheme failing... Simon Thompson has an article in this week's IC.......'..... However, the minimum cash offer of 10p would be a bargain buy for the acquirer and having a close look at the offer document I feel that an outright cash bid of 15p a share is more reasonable, given that Fortune's NAV is closer to 20p a share if the stake in China Gas is marked to market value. Sit tight.' Good luck to all.....