Member Info for Neptune24

The 10p will be paid into your ISA according to my broker.

It's not all over yet! We need your support whether you vote Yes, No or not at all! Copied from ADFN by 'alanadale' who has worked tirelessly in the background for us all. If you haven't already contacted him them please do so asap - you have nothing to lose and everything to gain. On the other hand if you think it was a wonderful offer then do nothing!! The meeting yesterday was a travesty. It lasted two hours and was extremely contentious. It took the biscuit that the chairman and ‘independent’ director Mr Qian wound up proceedings with a long impassioned peroration on the lengths he and his financial advisers had gone to secure the very best deal for PIs. However, we have ended up in an ideal situation with the Scheme passed and therefore 10p a share in our pocket but the 17% ‘no’ vote (I misstated 13% elsewhere) large enough to form a significant minority dissenting interest – sufficiently large to attract underwriting for a Class Action. This we are about to set in motion. But we need support. To join you do not necessarily need to have voted against the Scheme. Further, you will have nothing to lose as the legal costs will be underwritten. I urge you to contact fo@minorityaction.co.uk to find out more. We only need at this stage to have your name and shareholding. To add on this. We propose to petition the Court on March 4 to adjourn proceedings on the grounds many nominee shareholders were misinformed as to their right to vote on the scheme being told they could only vote on the cash/loan options for the CVR. Also Glyn points out many unsophisticated shareholders would have been duped by the front cover of the prospectus into believing they were getting 15p. Adjournment would most likely result in a raised offer of 12p, which would not prejudice our going for restitution on the CVR.

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 )

For what it's worth, my not inconsiderable share holding, will definitely be voting NO to this opportunist low offer!!! I do intend to go to the meeting, if only to be able to meet the people who are trying to rip us off!

It's an archived article. Bluesky is an associate company of Fortune's and has been for many years, they have a 24.5% controlling interest - no doubt the article will show 31st July tomorrow!.

There's a surprise, Barclays have not credited my account yet - need a better broker I think! Hoping to have got in early this morning while price was lower, didn't want to re-invest it all. How good have other stockbrokers been?

hildamay - Not sure if your reference to AIM shares was refering to FTO or not, but FTO is listed on the LSE and is not on AIM. It can therefore be held in an ISA protecting any gains made including dividends from the taxman! Different stockbrokers work in different ways not all have atick box, Barclays for instance need to be contacted to enable DRIP's.

Your dividend will be paid to you in cash unless you have arranged with your broker to have them paid as shares under the Dividend Re-Investment Programme (DRIP). Contact your broker who will arrange for you.