Member Info for shatter

Through a slightly tipsy haze I could find very little that wasn't mentioned earlier..whether the 5p goes ahead seems to be the only uncertainty ! Are they willing to sell 35% of Cgh shares in the future to ensure the deal goes ahead? Who knows? Hope so :-)

Whilst browsing I read a confidentiality document between Fto and Dynasty dated the 25 Nov pertaining to the takeover ..Fortune was 7.53 p then....

Could the 5p bonus be a necessity to placate/ buy the 18% of extra shareholders who are needed for the 75% ? I am just thinking aloud. Keep toying with the idea of buying some more.... better than a savings account, even without the 5p !

Shareholders will receive 10p per share from 57% shareholder Fortune Dynasty, a company owned by entrepreneurs Daniel Chiu and Dennis Chiu and Vitol Bermuda. They'll also be entitled to a further 5p per share in either cash or loan notes, but only if 35% of the company is sold and at an average of HK$11 within the next 12 months. Expect nothing, and any extra will be a bonus.The deal will become effective in March 2015. "In recent years, Fortune Oil has struggled to gain sufficient interest from investors to maintain a reasonable level of active trading in its shares," said Fortune Dynasty chairman Daniel Chiu. "This has resulted in a disappointing performance for many shareholders, including myself. Since the disposal of the natural gas business in 2013, the divergence of interests amongst Fortune Oil shareholders has become increasingly apparent. "Together with my consortium partners in Fortune Dynasty, we believe a cash offer at a substantial premium to the current share price is the best means of resolving these divergent interests, and provide a means for all shareholders to realise value for their shares in cash." What about a whip round for Daniel? After all as he so rightly points out that the pi's have turned their backs on him.This poor chap has suffered too :-{

I am of the same opinion as you. I will hang around for another 3 months and take the 10p on offer. Whats 3 months when many of us have been here for years ! I believe this is a done deal which has been meticulously and expertly planned over a considerable period of time. Fto have walked the sp down without the true value of their assets being realised and almost certainly knew that any vote would be a formality ! As for the 5p, thats in 'Never Never Land'.

It's a done deal unfortunately and the bod will simply sit on their hands until April 2016 when they can sell their holding in Cgh without having to pay anything to us unfortunates. Shrewd businessmen some would say !

That 5p ! I wouldn't be spending on the strength of it...

8 months ago this was kicking around the 13p level ! You have to admire the bod as they have managed to drop the sp by 50% resulting in a very Merry Xmas. What do you give a person with everything for Xmas ? - a £500 million pound company :~}

Not technically minded but from what I understand if Fto sell a significant stake in their Cgh holding in the next 12 months we will get 5p a share. Why would they do that ? Guilt, embarrassment or a Xmas present, I think not.. It's a sweetener to make the 10p offer look better than it actually is but the pi's will never see it. Hope I am wrong !

That blog sums up the current situation perfectly but its simply a case of biting the bullet ! Sell now or hang on for 10p in March... very little the pi's can do and with the benefit of hindsight this or a similar scenario was on the cards...it was often muted across the boards by more insightful posters, over the last few months. Been here for an eternity but i have been lucky enough to have made a few quid and the later kids investment will just about break even . The market never liked or trusted Fortune so i can perhaps count myself fortunate ..

Fortune Dynasty will pay 10 pence per Fortune Oil share in cash and offer a contingent entitlement to a further 5 pence per share in cash or loan notes by way of a contingent value right, with the deal due to be completed in March 2015, it said in a statement. "We believe that the offer by way of a scheme of arrangement represents an attractive outcome for Fortune Oil Shareholders and we unanimously support the Scheme and are all hopeful that the Scheme will be passed by Fortune Oil Shareholders successfully," said Fortune Oil Chairman Qian Benyuan.

Thanks for updating....

Strange that buys are going through at 9.25p. Even after expenses and 10p in March/April 2015 thats at least a 5% return !

I wish Lse would update the Sp. We kind of knew something underhand was on the way. Divi disappearing, becoming an investment company and the rapidly decreasing sp, but i never imagined with our assets that we would get sold at 10p ! The prospects of an additional 5p is a complete red herring.. Why not sell a batch of CGH to sweeten the pot now ? Its never going to happen...the directors must be very pleased with themselves... Onto the next one !

Broker ratings have improved which never bodes well for the sp.. :-)

Yep, we will have to be patient and wait a little longer.

This rns has been met with complete and utter apathy this morning !

Seven long term contracts and a possible six further provisional contracts....No info yet concerning what this might generate but a small but welcome Xmas present...

Reverse boom... low volume but a big drop... but then the market in general is down.. ho hum.

i sent 100 letters to Santa asking for a pallet for Xmas...mentioned that this maybe a repeat order next Xmas, hence the rise..