Imperial Energy Share Discussion Threads

[benny62] 30/12/2008 16:46

Chaps...well done to all of you...This has been a superb Bulletin Board.....

[spob] 30/12/2008 16:44

Where's that Phat Phuck now

LOL

[sailor9] 30/12/2008 16:43

I guess Deutsch Bank is not very happy with the whole thing.

The Indians damaged in this deal not only their own reputation but also the name and standing of Deutsche Bank.

[katsy] 30/12/2008 16:41

Just out from the news wire, Gorden Brown may prevent the expected take over of Imperial Energy with assets in Siberia, Russia from Indian own ONGC. in a parliamentary statement the UK prime minister was quoted as saying we would like to see all successful UK businesses to remain UK owned as everybody is expected to do their bit to help the UK stave off recession.

[grbaker] 30/12/2008 16:31

Yes, Meryl Lynch realy should annouce it. Perhaps they will wait until trading stops for the day in a few minutes...

[miamisteve] 30/12/2008 16:26

Their advisors should be handling this. It's bad form not to announce it, given that the news seems to have leaked to the markets.

[phar lap] 30/12/2008 16:25

96%



New Delhi, Dec 30 (PTI) Decks have been cleared for Oil and Natural Gas Corporation's 1.3 billion pound (USD 1.9 billion) takeover of Imperial Energy with about 96 per cent of the London-listed firm's shareholders accepting its offer of 12.50 pounds a share.
ONGC Videsh Ltd, the overseas arm of state explorer, needed only 90 per cent shareholders to approve its deal, which will result in delisting of Imperial that has most of its energy assets in Russia.

"At the close of the offer period today, about 96 per cent shareholders had tendered their shares," a source close to the transaction said.

OVL plans to delist Imperial and will "squeeze out" the remaining untendered shares by posting them cheques of the offer amount and telling them that their shares were no longer valid.

Imperial, a relatively small Leeds-based firm that has oil producing blocks in Tomsk region of western Siberia in Russia and Kastanai in north-central Kazakhstan, would be the biggest overseas ever acquisition by OVL.

It had paid USD 1.7 billion to buy a 20 per cent stake in Exxon Mobil Corp's Sakhalin-I field in Russia and USD 785 million for a stake in the Greater Nile project in Sudan, both in 2003.

The source said OVL will fund the transaction through a combination of loan from parent company, ONGC, a rupee loan. ONGC would lend USD 1.1 billion to the transaction at 5.96 per cent interest rate while the remaining would be raised from domestic financial institutions.

The entire acquisition and subsequent delisting may take two to three weeks, the source added. PTI

[scoble2] 30/12/2008 16:25

we will have a better day tomorrow.

[shiny1000] 30/12/2008 16:22

where is phatprofit now???

[grbaker] 30/12/2008 16:20

Scoble2 it's nearly 10.00PM in India - they might not actually be at work! So, we might not get an RNS until tommorrow, unless ONGC have instructed somebody else to issue it on their behalf.

[scoble2] 30/12/2008 16:15

no news from India yet--- ? the great Indian rope trick!!1

[davius] 30/12/2008 16:11

> Davius - 30 Dec'08 - 13:36 - 19169 of 19260
>
> > PhatProfit - 24 Dec'08 - 08:42 - 18835 of 19167
> > Still short......
> > awaiting the PLUNGE.
>
> Hmm, short from below 1000p then presumably. How is that trade going?
> You can buy them back for 1130p now if you hurry...

Should have listened. Still, nothing like good old British spirit, doing down with the ship and all that. Presumably he needs to maximise his losses for tax reasons...

1205-1208p

[ogeretla] 30/12/2008 16:10

So if weektraderonholiday's link is true and it has broken the 90% level, then why are people not buying now at 1208 for a guaranteed 1250 ? Or am I missing something ?

[shiny1000] 30/12/2008 16:09

Maddy, katsy well done and good luck.

[stuart14] 30/12/2008 16:05

Have a good one Mad. Katsy et al, Happy New Year. Lets hope we can keep 2009 going how 2008 finished, rather than the other 363 days of trading!

[katsy] 30/12/2008 16:00

I see BP investment Management hold 1.25%. IS that the BP? maybe they will make a counter bid at the very last moment. I can wish :-)

[grbaker] 30/12/2008 15:56

It's roughly 9.30PM in India Standard Time, so we might not get the RNS until tommorrow...

[madjock2] 30/12/2008 15:52

Right that's it for me. no RNS but £12 sais it all.Congratulations to all holders especially those "long term". Off on the piste now and i don't even own any skis.

[umitw] 30/12/2008 15:51

shiny100, thx I bought them this morning and sold them for £12 already. Better than waiting for 2 wks.
Have a good and prosperous new year all on this BB.
Regards

[nackaerl] 30/12/2008 15:50

does anyone knows the payment date in case the offer is accepted ?

tx

[sailor9] 30/12/2008 15:49

Hm, My Interactive Broker account shows for the IEC there:

IMP.TEN
Market price: 12.50

BTW: are it 14 days or 14 banking days, that we shall receive our cash ?

[debbiegee] 30/12/2008 15:46

madjock assented shares CAN be sold.There is a trading facility.MMS phone ML so it takes a little longer just put a limit.

[shiny1000] 30/12/2008 15:45

well done to all the holders and here to a happy new year. Thanks to all for tendering. umitw....just now wait for £12.50 and no commission.

[madjock2] 30/12/2008 15:41

Umitw

If you assented your shares you cannot sell!!