Member Info for Davie46

Everybody has to do what is right for them and yes you are correct in that if this offer is rejected the share price will go down, possible back to the £5.09 that it was before ENOC made their offer. I bought into Dragon at 32p and at £7.50 that would be a nice little profit, but when I think about the cash balance in the bank, the gas that will be coming onto the market soon and the new wells in Iraq, Tunisia and other regions my price of £10.00 seems reasonable. Good luck in whatever you decide to do.

Contrary to my post on Monday, it now seems as if a considerable number of shareholders are against the offer and they include Baillie Gifford who hold 7.2%. Obviously not the done deal ENOC would have us believe. I do think the company is worth more and previously put an exit price for me of £10.00, so I may well be in the no camp.

Looks like ENOC were not going to get their fingers burnt like last time. It would appear that they had a meeting with the largest shareholders and came to an agreement to buy at £7.50 thereby guaranteeing a majority in favour. It looks like a done deal so I don't know if it still has to be voted on by the other shareholders.

Yes you will be liable to pay Capital Gains tax on any amount after deducting your annual allowance. Go to Government website it will help you.

So, it would appear that ENOC think the billions of dollars that Dragon have in the bank should not be taken into account on the valuation of the company.( they could always distribute the bank balance to us shareholders ) Can I ask what the offer would be if we had $10m in the bank? Well if they offer £10 I might be tempted to accept but £7.35 is very much undervaluing the company.

Yes I bought at 3p but do not have the paperwork with me to give a date. The consolidation took my holding down from 6000 to 320, then bought another 3000 at 34p and still hold.

Price in 1999 was between 15 and 23p never down at 1/2p.

Surely there must be a time limit when they have to confirm our pull out.

I sent GVC an email this afternoon regarding the dividend and Richard Cooper has replied with an apology stating the 13,3925 was a typo.

I have been paid at 11.3925 pence by Halifax and according to them that is the correct from the registrars. I was expecting 13.3925 as per the trading update yesterday.

Maybe we will never know the offer price, ENOC may withdraw their offer. I agree with long.over.short anything less than £8 would be unacceptable, after all production keeps going up we have a successful drill in Iraq other prospects around the world and soon we will start selling the gas.

Could somebody enlighten me as to what is going on here. Are all these form 38 etc. companies buying up shares ?

I assume these transactions are investment companies speculating on a premium to the purchase price if a buy out occurs. If I am wrong could somebody correct me please ?

You may well be right, I would expect them to come in under £6.00 which is nowhere near good enough when you consider £1.5b in the bank, no debt, gas production and sales to come on stream this year, oil strike in Iraq and 100,000 bopd by the end of 2015 from their existing wells alone. For me £8.00 and I'm out they can have my shares anything else and I will fight with the no camp.

How come I am not showing any post since March 18th, surely there must have been some comments.

Enoc approached Dragon Oil about a possible take over when the share price was £5.09 ( on the 15th March ) and said its offer was at a premium on that price hence the speculation of £5.50, as the market reacted to this news the share price moved on to £6.00. We still don't know what the exact offer is but as I said previously I would say anything under £8.00 is cheap.

I would agree with £8.00, we are currently producing 90,000 bopd, have struck oil in Iraq, gas sales due to come on stream shortly and £2 b dollars in the bank with no debt. Surely that would be a steel at anything under £8.00. The last time ENOC tried to buy at a cheap price I was on the no sale side and fortunately we won the day, so if ENOC want my shares they can have them for £8.00 or again I am no sale. I have no idea what the offer is going to be but judging by the comment of a premium on £5.09 they have probably come in at around £5.50 which is way below my red line.

I just noticed your post was 3rd March, my apologies for my post.

I think you have misunderstood the RNS. My understanding is that Dragon Oil would be taken over by ENOC, they tried unsuccessfully to buy out all other share holders a few years ago so have now returned to try again. So it is not a case of Dragon buying another company it is Dragon that would be sold.

If you have the contract note that confirms what you are telling her then I can not imagine it getting as far as court.