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So 10p a share for all holders and for us in the UK a possible additional 5p in a 12 month window (not sure if can be extended).... on the face of it looks a buy at the current level. I am though sitting on me hands as all these words needs careful reading.....
Must admit that when Armenia was first announced I had a feeling it would not work out. As per the finals FTO have written down the investment. At the AGM I spoke to Frank Attwood on Armenia and suggested that as the strategy has changed then would FTO consider a cheeky offer. His response was quick (we will listen to any sensible offer) and suggested to me that discussions were on-going (internal or external perhaps). When I saw the link I concluded straight away that this was part of discussions and an interested party (internal to Armenia perhaps) showing more of their hand. I would not be surprised to see an RNS in the comming year to announce an exit from Armenia for a small amount of monies; FTO I hope will now focus on what they are good at and put this down to experience as all their other bets (Bluesky , Mamoning and CGH have paid off ..... though us PI's are yet to see the rewards).
I agree re the Mgt talking down the price. I always thought if a bid came then it would be in the high teens. Vitol I suspect will be pivital in any buy out discussions. Even a chinese co with links to CGH or even CGH would be in the mix. We must remember that whatever the SP the current delta to the NAV is massive. This I suspect will play out in a timeframe to suite others.
I agree this is overdone. Though the market will detemine the SP. The NAV can not be ignored and as given that CCH are trading @ 14.48 (2.84%) up today then the actual NAV as of today must be in the high teens (at least). I read with some amusement a note from an II poster that at least FTO did not mention plague, pestulance, black death or ebola in its RNS.... They must want the SP to remain low...perhaps a low ball offer is being prepared. Still time will tell (just a tad longer then I or most here expected).
Lots of buys of late, well that is what it look like from what I see. Yet the price stays anchored to circa mid 7's. MM's may have been gifted a large parcel perhaps. See that FIL Int. has dropped some (FT Movers) yet FIL HK picked some up. Bit of a mystery to me. I am hoping for some clarity come end Nov. I just cannot see much downside, though I did think that over 10p.
In for another 23,500 (paid just shy of 21p) .... I am sure this is going to come good. If it does'nt then the kids will have a little less to fritter away when I am pushing up the daisy's..... I do think though that we will have good news for month end (conference time in London).... with an RNS early doors.... maximum publicity 'n all.. I pondered on attending until I saw how much it would cost....
Thanks for the link Searcher..... I really think 3LEG's are on to a winner here .... the quote "So it's all coming to a head and I'm hoping it will be able to prove what I hope it will prove, which is flow-rate potential.”.... means the guy is pretty excited over this and is keen to update the market (when appropriate) with the initial flow rates. I noted also the conference in London at the end of the month, it seems that you have quite an assembly of attendess from UK/Polish govt to US / UK / Poland (3LEG's)... Not long to wait now I reckon for some actual figures of flow and fluid recovery / condensate.
Just checking as posters have noted 1500 feet as the length, just that the RNS stated "The multi-stage stimulation of the Lublewo LEP-1ST1H lateral well was commenced on 15 July and has now been successfully completed, in accordance with plan. The programme comprised 25 stages and was executed across 1,469 metres out of the available 1,495 metres of lateral section.". So it is a lot longer (more gas), or perhaps I am getting it wrong (old age 'n all). Still given that over 3000 tonnes of sand have been delivered to the 25 stages I am hopeful that the frac's remain propped open and gas continues to flow.
Yep, my trade @ 9.07 for 50K is showing as a Sell..... it was a Buy .... Surprised not to see a SP rise on what was a very positive statement.
Thanks for that snippet Del44, I was expecting a statement re interim progress this week and wonder if they are dipping into the kitty to add to their holding now there is some liquidity to CGH and as such the RNS has been left to the last minute. Still holding as my sentiment very much aligns with the IC guy Simon and FTO's undervaluation. I added yesterday (as by the looks of trading a few others did the same)... still its not my money its the kids inheritance and one day (hopefuly before I am pushing up the daisy's) this will come good and all PI's will get their reward.... thanks again for your good research.
I noted 100's Million free float.... it is actualy just under 6% according to the FT. I remember back to 2008 (I think) when Porsche tried to take over Volkswagen. The free float of the Volkswagen shares was below 5%, and Porsche called many of its options. The subsequent temporary spike in the price of the Volkswagen shares caused the German car maker to be world's most valuable company by market capitalisation for a short period of time.... Not what we have here I am sure, the point being the volatility with the size of the float.
You know if FTO had paid a dividend (small) and provided detail on future payouts then the SP would be a lot higher than it is now. They must have known that as they are not stupid. So why pass on a divi given the imo great results with all areas showing very good progress. We have a new man @ the helm so he would not want to rock the boat and would listen to the principle holders. It could be a simple tax reason ... Vitol / Daniel might not have wanted the divi money at the moment. It could be as noted (though I do think the reasoning is a tad skewed). It could be that associated parties are lined up to mop up any shares from naffed off small PI's. On that point I see the volume is low so it appears PI's are sitting and waiting for clarity. I am aware that the float is very low now perhaps 100's of millions, and according to the FT some outfit ( HK based ??) picked up over 50 Million shares recently. What price an offer around 17p ( 20% over year high) I keep asking myself. Vitol will be in the know I reckon as to where this is headed. Perhaps come Nov and first half we have an interim divi declared, clartity in the Accounts and a SP that will be motoring northwards. Me, well I have been around long enough to know that in the end all will come clear and only to trade on known's .... as we are missing a few pieces of the jigsaw at the moment I am happy to hold and wait for the picture to emerge.... all imho...
Up to page 27 of 134..... I suspect that there are a few nugets of information not noted in the released.. Assuming my eyes are up to it I should have digested the contents for lunchtime tomorrow. EPS for continued operations looks healthy (ok I took a peep futher down the report), they do have loads of cash in the coffers. Just the issue with the geography ' n all.... the guys on the helm are not letting on imo the direction and destination for the good ship FTO... Still will have a better feeling once I have had a good read....
http://www.chinagasholdings.com.hk/uploadfiles/20140625044147335.pdf ..... Looks like a tree shake to me as the attached makes good reading see the divi is significantly up and I can see no negatives.
Must be .... every minute .... @ 33 seconds... I wonder why ?
Pretty low volumes, perhaps a time for my annual ISA investment. Perhaps MM's looking for weak holders what with CGH reporting tomorrow. So .... all eyes on CGH in the morning and hoping for no surprises....
I like some posters on the board are on the home straight, but remain hopeful that FTO will come good. Thanks to some informed posting I can see that the CGH holding will be that catalyst. We see snippets of news re China stocking up on oil (Mamoing) and air travel expanding (Bluesky) as well as CGH moving up circa 50% since FTO's latest purchase (disinvestment of gas business). We must not forget the bits that FTO kept back as well.... With Armenia parked in the sidings and a healthy dividend all will come good. Perhaps the start will be a positive profit alert from CGH in the coming weeks (or days), what with all that Russian gas coming to China it seems that CGH is very well placed. So........... we might one day soon be able to tell our better halfs that all the screen gazing and retirement fund investments have paid off. I for one wish this would be the case......... Nearly there...
See that CGH is now just shy of 13HKD. The SP appears to be marking time at the moment. All we need is a spark of good news and we are off on an upward track again.
Yes, saw that the gas company was trading at just shy of $12.50. That IC paper has done wonders for my sentiment going forward. Also if there is an offer the higher this goes the higher the offer will have to be, though I am hopeful this is not the case. FTO have quite a sizable war chest at the moment, perhaps we will hear in the coming months how it might be spent....
Just needed some funds so dropped 100K. They were picked up straight away @ 11.28p. I have the feeling that the MM's have plenty of demand for FTO share be it on their books or another investor (or two). Looking good leading up to some news in the comming week.