Fortune Oil Share Discussion Threads

[jezwatson] 24/1/2015 14:56

As holder of several million shares, I can see absolutely nothing to lose by voting NO to the takeover! It is a derisory offer and it is irritating to see the scaremongering about the company being de-listed and private investors losing out. This cannot happen. If the takeover fails, then the shares will continue to be traded as they are now. I can only see that the likely outcome would be an increased offer. If no such offer emerged, then the share price is unlikely to revert to pre-offer levels. The company profile has now been raised and, because of the asset value, the shares are likely to trade at significantly higher levels than before the approach. It really makes sense to vote NO.

[tel5] 24/1/2015 09:47

just to remind us all of why we were invested in this company this is what Tempus
wrote in December 2012 .It was spot on about the City not trusting the management to look after its shareholders interests.

The market does not trust Fortune Oil. That is the only conclusion to be drawn after yesterday's $400 m sale of its natural gas business in China, Tempus believes. Why? That asset sale will leave the company with approximately £100m in cash in the bank and a stake in Hong Kong listed China Gas worth another £280m. To those assets one can add several others and yet the company's market capitalization is now just a little above £200m.

The market's problem is a deep mistrust of a company regarded as exposed to the ups and downs of the Chinese economy. Its fans, such as Malcolm Graham-Wood at VSA Capital, think the shares could be worth 28p, on any reasonable break-up value. Mr Graham-Wood speculates that Fortune could decide to seek a listing in Hong Kong, where the company is better known and appreciated. This would almost certainly lead to a significant upgrade in the valuation. Highly speculative, but an interesting punt Tempus believes.

[del44] 23/1/2015 20:33

alanadale:
Sent you an email.....
Cheers...

[tel5] 23/1/2015 17:20

alan likewise would be interested if they thought the case was sound and the costs reasonable.

My holding is approx 800k

[gwatson56] 23/1/2015 15:42

Yep Alan, I will lend a hand (assuming costs are not an issue).

[jacks13] 23/1/2015 14:37

johnives, your broker will retain and complete the voting papers for the shares held in nominee accounts. You'll need to telephone and ask for the corporate actions department (or whatever they might call it at TDW), and tell them how you wish to vote.

[lexus880] 23/1/2015 13:43

Thanks Alan, I am interested, will get back to you my holding is 700k so it depends on the budget costs.

[johnives] 23/1/2015 11:57

What happens to the voting papers held in nominee accounts, I have written to TDW but no reply yet

[alanadale] 23/1/2015 11:55

To Exel, Del44, Tel5, Lexus880, gwatson56 and afrosia.

Please go to the ADVFN Private Message folder where I have left messages for you.

[del44] 22/1/2015 20:35

Fortune dynasty's web page.....
Stuff about the deep poll in there....

[del44] 22/1/2015 18:15

BAM BAM Rubble:
:-)

[bam bam rubble] 22/1/2015 17:57

The idea that standard-listed companies could de-list without seeking approval
from shareholders can't be right as it'd be a loophole for easy privatisations.

The doc below probably relates to when Standard listings were called Secondary
whereby internationally listed stocks could remove 2nd listings without a vote.

[del44] 22/1/2015 16:05

Afrosia:
Good response over on II...
I don't post there but you addressed it well....;-)
Cheers....

[topvest] 22/1/2015 08:09

Well I've reluctantly sold in the market. I am nowhere near confident that we would have even received the 10p. There are no big shareholders to vote yes, and I think it's possible that they won't get the 75% of votes needed. Then you get de-listed and really "shafted". It's better taking 96% of the money now. The 5p is highly unlikely according to the offer document, although that comments is very well hidden. I found it once, but couldn't find it when I looked again. A very dishonourable board. They have engineered this since the c3p dividend and played a perfect game to extract value without giving too much away to minority holders. Learn the lesson and move on is my conclusion.

[rjefortune] 21/1/2015 21:07

Alandale... No we did not exchange contact details but happy for you to contact me via email. Same user name on aol

[pieball] 21/1/2015 20:47

I've voted YES. Really want this to end now and move on.

[exel] 21/1/2015 20:35

smart post, topvest, people (on here) are possibly allowing 'heart' (wronged re the 'past/present') to rule 'head' (due focus on 'what next'). If this buy-out (via 'scheme of arrangement') fails, I worry about what 'comes next'. ex

[tel5] 21/1/2015 20:23

God this is confusing doing my head in which way to vote , in one respect I will be glad to draw a line under the whole sorry episode and look elsewhere .

[topvest] 21/1/2015 20:00

Am I correct in reading that the Concert Party can't vote? If you vote NO they will simply de-list. I think this is all a bit close to the wire. If 25% of us vote no we may end up with nothing for years/ever!

They have 0.14% acceptances - i.e. virtually nothing!

It does seem to me that they have structured this in a way that it is likely to fail; a scheme of arrangement needs 75% whereas a takeover needs 50%...was this intentional and would they actually like it to fail and take private anyway kicking us into the long-grass without anything on a clean conscience!? I do wonder.

The CVR is an absolutely nonsense - pathetic behaviour by the NEDs; we should have just got 11p or something.

[bam bam rubble] 21/1/2015 17:44

If the offer fails they'll probably wait a week after the EGM vote then do an RNS
giving one month's notice of Cancellation of Listing.

As I understand it, shareholder approval is only needed if within 2 years of
moving off Premium. After 2 years (March 23rd 2015) it can de-list without asking.

[alanadale] 21/1/2015 17:40

lexus. That's a pity given the turn of events.

[pieball] 21/1/2015 17:18

3 questions.
Does anyone know the actual number of "no votes" it will take to reject this?
What's the total number of minority shareholders?
Whats the actual definition of a minority shareholder , is it less than 5% or something?

[lexus880] 21/1/2015 16:22

alanadale no we did not exchange contact details.