Member Info for Davie46

Further to my last post it might be an idea for me to sell up after the 90p is paid.and offset the loss against gains on other shares.

I don't know about you but I am down £4000 on this share so there is no chance of me being in a position of capital gain by December. When the 90p is paid this share will drop back to around the 10p mark so any gain could be 20 years away for me.

And what is the point you are making ? Everything you have said has been common knowledge for the last week, so I repeat why would anybody buy shares at £8.00 when in 3 weeks time they will get £8.00 back.

Why would anyone be buying Dragon Oil shares ? I was thinking with the small amounts invested it must be people who don't know the situation.

I think you can go back 4 years and offset loses against your profit.

You get an allowance of £11,100 against any capital gain, the balance will be liable for tax and you can write to HMRC. I am not sure but think you can wait till the end of the financial year.

Google the Dragon Oil web site and you will find everything there.

Feel sad having held these shares since they were 32p, however time now to move on to pastures new with my profit. The increase in the offer to £8 a share appears to be what people were holding out for.

The sale did not go through so my understanding is all bets are off. Everybody will now have to wait for the end of August and I would think ENOC will still not be able to buy shares so if the offer price is increased it will be for everybody whether you accepted the original offer or not, they can't have two bid prices as the £7.50 price sale failed.

We should find out tomorrow if the offer has been successful. It might have failed and the speculation is that ENOC will extend the time. This may be to increase the offer which is what some of the big investment companies are pushing for. If the sale does go through then you will just get a cheque for your shares or if ENOC just walk away you get your shares back.

Further to my earlier post it now seems likely that ENOC have not achieved the necessary number of shares to take the company private. If that is the case then they might extend the closing date which was tomorrow at 3pm.

Tomorrow is the last day of the offer so we should find out on Friday if the offer has been successful or not.

I think ENOC have the most to lose from no dividend, they have 54% of Dragon Oil shares imagine how much that puts into their bank account every 6 months.

Well, I was in the yes camp for accepting the offer but this news from ENOC about not supporting any further dividends if we say no to their offer smacks of blackmail to me. Surely they can't legally do that so I am now thinking about the no camp and rejecting their very underhand way of doing business.

The document is a lot of reading but it states that in the event of the offer not being accepted the share certificates will be returned. The share certificates don't go to ENOC anyway, they will go to Capita and held till the result is known.

I would think if the shares are not in an ISA then you may very well get stung for tax. You have a capital gains tax allowance of £11,100 then any profit less the cost of buying the shares is taxable at either 18 or 28% depending on your own tax bracket.

If the sale does not go through which might well be the case then the price will crash back to the £5.09 it was before the ENOC offer. This gives the opportunity for a gamble by selling now at the £7.26 range with the hope the sale fails and buy back in at the £5.09 price having made a nice profit.

The share offer from ENOC is £7.50 per share and the actual price has never gone over this.

Yes ENOC are paying that sum but it is for 48% of Dragon Oil as they already own 52% of the company. Not sure it is a good price considering the money we have in the bank.

Only got 3500 shares so not a huge amount in here, but still a tidy profit whatever I do.