Member Info for SchiffJnr

Totally agree. A clear mandate from the BJP would have given this one a nice bounce. I also think that the Ruia brothers purposefully let the SP drift downwards since last autumn. Like everyone else on here, I feel pretty robbed and won't invest in a cowboy outfit like this one again.

Ah I see. The TR-1 form in the ENS. Looks like they are trying to buy up to the 80% level so that they won't be effected by any regulatory changes. The sh*ts!

Can you explain in a bit more detail??? I'm interested in how you think the Ruia bros have brought shares in the last couple of days.

How do you know this?

I would say that the funding is pretty much in place, subject to final conditions precedent of course. A copy of the facilities agreement between ESSR and VTB is posted on the Essar Global website.

I think it could take a while. Each shareholder will have voted, and the results need to be counted. Ofcourse, they don't care much about the results anyway, as they have already stated the can waive the condition of requiring 90% acceptance. Under the current rules, since they already control >75% of the shares the can enforce a sale of the outstanding shares and de-list the company. However.... the regulator is currently reviewing the rules and may possibly conclude that a majority owner requires 80% to de-list. This (I believe) may slow things down.

ShareCentre are probably getting confused with the Astrazenica bid that got rejected today!

Sounds to me like ShareCentre are making a mistake. If I were you I would call them back and double check.

The offer was rejected by the independent committee, but it doesn't sound right that the board would reject the offer as the key people on the board i.e. the Ruia brothers, are the ones making the offer. Who is your broker?

Good question. The bozo's backer is a Russian Bank. Latest developments in the Ukraine have led the US government to threat sanctions on Russian Financial Institutions. Could be an issue - hopefully!

Have a read of this. http://www.essarenergy.com/media/50604/2%20Essar%20Energy%20plc%20Response%20Circular%2025%20April%202014.PDF It also contains the phone number for Essar's shareholder helpline, so you can call them if you have any specific questions.

This might be some good news to those of you who, like me, want to try and ride things out rather than get mugged buy the Bozo's 70p offer. It's been reported on Reuters (see 'News' section on this page) that the UK regulator is set to review the percentage of shareholding at which a majority shareholding can force a de-list. Currently the level is 75%, and as regular observers of the awful business will know, the brothers Bozo currently have 77%. The Reuters article suggests the limit may be increased to 80%. If so, its going to make it harder for the bozo's to bulldoze this joke of an offer through.

I received the offer this morning through my stockbrokers and have rejected it. As reported in the news (the source I'm quoting is the Indian Times) on 13th April, a special committee of the Association of British Insurers has been formed to fight the takeover, believed to be made up of blue chip investors including Standard Life and Capital Group. They have reportedly hired law firm Skadden Arps in an attempt to prevent taking the LSE-listed oil company private "on the cheap". Let's up these guys get somewhere with their efforts.

You were 100% correct in your warnings many months ago Jalaram191. I wish I had listened to you.

I doubt it. The 70p offer didn't go down well the first time, but it didn't stop the bozo's repeating the same offer later on. With the leverage in the business, and the cock ups to date, I doubt anyone will lend them anymore, so there's very little chance they'll be able to improve on the existing offer.

I doubt it to be a case that a deal can be done at a higher price than that already offered. Apart from the Brother's arrogance and disregard for the minority holders, i suspect the low value of the offer is in part driven by the fact the Brothers simply can't borrow a large sum of money. Let's not forget the leverage involved here. Essar is in debt up to its eyeballs.

Definitely good to see larger players within the minority taking some action and threatening to take away business from the Bozo's advisers and lenders. If barclays are still involved, this may have some impact, and maybe also to Clifford Chance, but the biggest party here is VTB, a Russian outfit, and I can't see them being too bothered. I'm pretty livid with the 'revised offer', the Rius have proved themselves to be both 3rd rate businessman, and also very untrustworthy. Even if we can put off the sale, we still have to share ownership of a business with these idiots, and the issue of the free float will again arise. Bozo's clearly will make life difficult here. They won't want to sell of anymore holdings, as despite its issues, the current price undermines the long term value. Also, no institution will touch it with a barge pole thanks to these idiots.

The deadline is this friday, and the brothers useless have gone quiet. Anyone got some thoughts on this?

Good to see they have reached what I feel can be the only logical and fair conclusion here. My view is that the share performance over the last 6 months has been driven down in a large part by fear of the debt levels. This has been to the benefit of the Bozo's who must have been in talks with funders for some time to get the backing to put forward this bid. The one good point is that clearly the Bozo's and there backers don't think Essar is going bust under all the debt. If this bid comes to nothing, there are still considerable concerns. There is too much debt, and instead of trying to dollarise it, the bozo's have focused there efforts the bid. This means the fundamentals keeping the share price down are still present. Looks like we are in for a rough ride!

I'm keen to write to Simon Murray as well. Can you post the key points of your letter around directors obligations, company house etc and i will include. Sorry if this seems lazy on my part - i'm busy with but feel strongly that the bozo's should not be getting away with this. Thanks.