Member Info for RobertW

markets are all down FT down 84.76 FTSE down 184.5 at 10am today. I just bought a further 6 thousand at 110.20 must be somewhere near the bottom but would not be surprised i n this market if it falls further for I rarely hit the bottom price

Essar significantly increases oil imports from Iran See url: http://en.trend.az/regions/iran/2048746.html#popupInfo

; This article in today's Global Tax News mentions essar see url: http://www.tax-news.com/news/Essar_Oil_To_Challenge_Interest_Claim_On_Gujarat_Sales_Tax____56445.html BTW Jalaram191 has enhanced my research on Essar and should be encouraged albeit I am sad that he still feels so bitter about his unfortunate unexpected experience.

Today, Essar Oil Challenged the $454 Million Interest Claim in an Indian Court, here is an Information article on the subject at url: http://www.businessweek.com/news/2012-07-17/essar-oil-challenges-454-million-interest-claim-in-indian-court Of significance is that the court will reverse the sealing of Essar Oil’s bank accounts after the company makes an initial 10 billion rupee payment. The order was given by a two-judge panel headed by Justice A.K. Patnaik.

This article supports my observations that our shares are unlikely to get de-listed. Essar Oil are looking forward positively to a brighter future http://economictimes.indiatimes.com/cmpnewsdisp.cms?companyid=9179&newsid=649295

After doing more research tonight I can now appreciate Jalaram's feeling so aggrieved and concerned after reading url http://www.suchetadalal.com/?id=175202d7-a5ce-be2f-492fe1477460&base=sub_sections_content&f&t=Essar%27s+Delisted+Saga but I reiterate this does not mean that this will happen to our shares.

Nubie appears to be asking Jaralam for info to back up his statements about Essar Steel;s delisting to which he failed to provide the details - here is the relevant url dated 8th October 2007 http://www.bullishindian.com/essar-steel-delisting-offer-price-fixed/643/ I am hopeful that such a scenario will not happen to our shares.

A further informative article can be read at url http://www.dnaindia.com/india/report_gujarat-government-attaches-essar-oils-bank-acount_1713109

Informative article at url http://ibnlive.in.com/news/three-bank-accounts-of-essar-oil-frozen/270307-7.html Of concern to shareholders like me is that the statement says that it is not possible to make the payment in one single installment, the specific quote reads: The reason Essar Oil has requested an installment based payment scheme is because the company embarked on a major capital expansion scheme since the sales tax scheme mandated 50 per cent of the collected amount to be re-invested. Hence, it is not possible to make the payment in one single installment as demanded by the state,"

That article is very bad news - the RNS on the matter simply said: the High Court of Gujarat hearing in relation to Essar Oil's writ petition seeking direction on repayment of sales tax has taken place today and the petition has not been favourably considered by the court. Essar Oil has yet to receive a copy of the order, but once this has been received, Essar Oil plans to take appropriate legal action, including appealing the decision to the Supreme Court of India. I wonder if today's RNS of sale purchases is to inspire more confidence? I will sit it out and keep my fingers croosed!

EMGOMG, The tax payment is a serious problem. Even the PRELIMINARY RESULTS FOR THE 15 MONTHS ENDED 31 MARCH 2012 contains the following caveat which I quote verbatim: “The Group plans to fund any repayment of the sales tax liability through a combination of internal funding and through obtaining a new loan facility. The Group is currently in advanced stages of establishing credit facilities of c.US$1 billion with its lenders to ensure that the Group has adequate funds available to meet any liabilities due to the State of Gujarat as and when the decision of the Government of Gujarat/the High Court is established. Although the facility is expected to be committed shortly, the process is ongoing. For this reason the Directors are required to conclude that these circumstances represents a material uncertainty that may cast significant doubt upon the Group's and Company's ability to continue as a going concern”. Having read that last night, I decided to sell more of my shares, retaining just a quarter of my original holding as a speculative investment, if resolved favourably I agree this share should rise considerably, my concern is that repaying circa US$1 billion loan if needed, should be a major consideration for all of us.

Here is the url so that you can clearly understand the definition in greater detail: http://en.wikipedia.org/wiki/PE_ratio

In stock trading, the P/E ratio (price-to-earnings ratio) of a stock (also called its "P/E", or simply "multiple") is a measure of the price paid for a share relative to the annual Earnings per Share (EPS).

What concerns me more is that my broker First Direct Bank reveals that the shares are now selling on a P/E 76.4 that prompted me to sell half of my holdings as a prudent move

Essar Energy notes High Court order regarding sales tax petition June 25 2012: Essar Energy plc [LSE: ESSR], the India-focused integrated energy company, today announced that the High Court of Gujarat hearing in relation to Essar Oil's writ petition seeking direction on repayment of sales tax has taken place today and the petition has not been favourably considered by the court. Essar Oil has yet to receive a copy of the order, but once this has been received, Essar Oil plans to take appropriate legal action, including appealing the decision to the Supreme Court of India. As previously announced, Essar Oil is also in advanced discussions with Indian lenders with regard to putting in place a c.US$ 1 billion (Rs. 50 billion) loan facility as a contingency measure for use in the event that the sales tax liability becomes payable immediately or that Essar Oil is not able to negotiate a satisfactory repayment schedule. We expect this facility to be finalised shortly.