Fortune Oil Share Discussion Threads

[del44] 03/3/2015 16:38

10.50p @ the UT close!!!
Perhaps a last days gamble by someone...:-)

[bam bam rubble] 02/3/2015 14:42

Might as well wait 3 weeks for 10p; plus 5p carrot payable on a cash takeover bid
for China Gas in the next 12 months (which seems to be the only realistic trigger)

[lexus880] 02/3/2015 14:34

bid at 10p!

[godin] 02/3/2015 10:29

china gas holdings up over 9% on massive volume,we may get that extra 5p after all.

[topvest] 01/3/2015 11:48

No I wouldn't sell my car for 50% value, but that is different as I control my car and it's a liquid market - my car is worth a lot more than £20k though!

You do not control this entity/any ability to do so. You have to accept what is on offer by the poor stewards that run this company. Time to move on. From Buffett you never end up with a good deal from a bad person, and that pretty much summarises the position here. All minority shareholders have been had over. Only good thing is that it could have been much worse if management were really bad (as opposed to being a tad self-served and opportunistic).

[flyingbull] 28/2/2015 17:44

The March challenge is now on….
March 2015 Oil Stock Competitions:
The race is on, the train has just started to leave the station??!!
Who will be the winners and who will be the losers?
Good luck.
fb

[1leigh] 28/2/2015 16:36

I wonder if there will be a string of "when do I get my extra 5p" posts come April!

[exel] 26/2/2015 17:57

difficult to rationalise 'that one', del, maybe a misprint?, unless someone has very badly mis-read the CVR, highly unlikely, or unless they have wind of a better offer in the wings? also highly unlikely, even more so, to be fair. FWIW - I now fully expect this overwhelmingly supported shareholder-backed 'scheme of arrangement process' to obtain Court approval (as to process, not substance) on 4/3/15 - with cash coming out to us circa 23/3/15. ex

[del44] 26/2/2015 17:22

400,000 @ 10.75p!!!!!
Bigger gamble again...:-)
A delayed trade....

[exel] 26/2/2015 12:08

possibly del, but they'll get back 10p soon-ish and then have a carried interest worth up to 5.00p per share (we accept that being a 'long outside' shot) at a cost of circa 0.2p so equating to a 25/1 shot at the races. Put another way a circa £260 bet to win £6,500 or (more likely) lose £260. ex

[del44] 26/2/2015 11:43

130,000 @10.17p....paid!!!!!!
Anybody else find that a tad strange......:-)

[lexus880] 23/2/2015 08:53

offer at 10.25!

[mutantpoodle] 18/2/2015 16:36

true enough

however THEY have the candy not the baby

and the OAPs are rubbing wounds¬

[lexus880] 18/2/2015 16:11

They think its like taking candy from a baby or mugging OAP's

[tel5] 15/2/2015 08:57

topvest 1 presume you wouldnt sell your 20 thousand pound car for 10 would you ? If so I would be interested.

[bam bam rubble] 14/2/2015 23:57

There is a possibility that institutions who agreed to 10p may have subscribed to
the view that the 50% interest in CGG is held in trust for China Gas's Mr Hui Lui
and not really FTO's at all, which would at least explain the artifice of the CVR.

[txi] 14/2/2015 22:47

I don't think we should let them get away with it without a fight!
We should not let these people run rough shod over us

[topvest] 14/2/2015 21:13

Blimey - just accept 10p and move on. It's game over. Sometimes you just have to accept what is on offer!

[lexus880] 14/2/2015 18:11

I am with Alan, been ripped off so many times with buyouts/takeovers that did not give the PI true value of their investment so come PI's lets go for our entitlements.

[alanadale] 14/2/2015 17:09

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.

[gwatson56] 14/2/2015 16:29

I second that. I agree that all is not over as the court needs to sanction this (early March), and I for one believe that some investor's were of the view (and voted to accept) that there was an opportunty for an additional 5p. I suppose it is down to how likely is unlikely and how likely is translated into a nonsense.

[tel5] 14/2/2015 15:53

alandale has put a lot of work into this on our behalf he deserves our full support of those of us still holding .

[alanadale] 14/2/2015 15:32

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 [e-mail] to find out more. We only need at this stage to have your name and shareholding.

[txi] 14/2/2015 13:55

That is correct The independent?? directors confirmed that at the meeting. It was a red herring to get pi's to vote in favour. We have all been screwed. Let's see what the Judge makes of this chicanery at the meeting on 3rd March. I think there might be grounds to get this held up!

[oohrogerpalmer] 14/2/2015 13:32

The CVR element is just a smoke screen to say -
Sorry but things ain't worked out so we ain't paying it.

Anybody who thinks they will must live in gaga land !!!!!