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IEC Investment Evolution Credit PLC

0.00 (0.00%)
21 Jun 2024 - Closed
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Investment Evolution Cre... Investors - IEC

Investment Evolution Cre... Investors - IEC

Share Name Share Symbol Market Stock Type
Investment Evolution Credit PLC IEC Aquis Stock Exchange Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 70.00 15:29:10
Open Price Low Price High Price Close Price Previous Close
70.00 60.00 70.00 70.00 70.00
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Posted at 14/1/2009 14:27 by steelwatch
Gartmore predicts strong UK small caps rally
by Simon Danaher 14 January 2009
UK small caps have the potential to rally strongly as investors seek to rebalance their portfolios into recovery stocks, says Gartmore's Gervais Williams.

The Growth Opportunities manager says as we continue to see earnings downgrades many stocks will see recovery buyers and fewer sellers.

"The patient is alive. Many of the stocks we are looking at could double from here and still look undervalued in terms of their future earnings," says Gervais.

Sectors currently under-owned by investors are expected to be among those that recover the most, says Williams.

He cites his increased exposure to small-cap oil stocks as an example, which he raised after he saw valuations reaching overly depressed levels.

"Already, we have seen oil bouncing strongly off its December lows and it could have further to go," he says.

"We started a new position in Heritage Oil during December and we've added to our existing positions in Dragon Oil, Petroceltic International, Sterling Energy and Salamander Energy."
Posted at 11/1/2009 18:42 by sailor9
8,15 % Rs loan placed:

ONGC borrows $1 bn for Imperial buy

Bloomberg / Mumbai January 10, 2009, 0:31 IST

Oil & Natural Gas Corporation, India's biggest energy exploration company, borrowed Rs 5,250 crore ($1 billion) to help finance its take over of UK-based Imperial Energy, a person involved in the matter said.

ONGC Videsh sold one-year commercial paper to about 15 investors paying interest of 8.15 per cent, said the person, who declined to be identified before an announcement.

Citigroup arranged the sale, which will help fund the New Delhi-based firm's £1.4 billion ($2.1 billion) acquisition of explorer Imperial, the person said. ONGC Finance Director D K Sarraf couldn't be reached.

ONGC tapped the commercial paper market after a series of interest rate cuts in Asia's third-largest economy reduced borrowing costs. Reserve Bank of India Governor Duvvuri Subbarao has lowered the benchmark interest rate four times since October to protect India from a deepening global recession. Overseas bond sales by Indian companies have stalled since ICICI Bank raised $75 million in July from an 8 per cent 10-year deal for its UK unit, data compiled by Bloomberg show.

Power Finance Corporation, a state-run lender to Indian utilities, last week sold Rs 1,590 crore of bonds maturing July 2010 that pay a coupon of 8.7 per cent.

ONGC's local-currency debt is rated A2 by Moody's Investors Service, the sixth-highest investment grade.
Posted at 31/12/2008 09:13 by yuka
Just seen this in case anybody is interested in the poor plight of ONGC shareholders.....

0847 GMT [Dow Jones] ONGC (500312.BY) off intraday low of INR656.30, remains down 1.2% at INR663.00 after its overseas investment unit, ONGC Videsh says Imperial Energy (IEC.LN) shareholders representing 96.8% of its share capital have accepted its buy offer of 1,250 pence per share. People tracking transaction believed ONGC could walk away from deal if it didn't get acceptance from holders of least 90% of Imperial shares, due to sharp fall in crude prices since offer made in August. However, in long run if crude prices again start rising, Imperial buy could look attractive, some dealers say. "In the short run investors would like to sell the ONGC share, as long as crude remains around current levels...we feel that crude should average at about $50/bbl in 2009, and can rise above average of $70/bbl in longer run," says local analyst. On long term basis says fair value for ONGC stock around INR1,000, though investors would have to wait a long time to get that price. Stock tipped in INR645-685 range today. (RKU)

Contact us in Mumbai. 91 22 2288 4212-18;
Posted at 30/12/2008 08:08 by shiny1000
Shareholders in Imperial Energy, the London-listed company which has most of its oil assets in Russia, are on course to back a £1.3bn bid from India's oil and gas corporation (ONGC) by the deadline of 1pm today.

Imperial has made great efforts to encourage its investors to vote in favour of the deal in good time, given the deadline fell in the quiet period between Christmas and new year.

The company was concerned that ONGC would withdraw its bid if 90% of Imperial's investors did not accept by the closing date, and then come back with a lower offer.

Since the Indian company unveiled the deal in August the oil price has slumped from highs of around $130 a barrel to $40, casting doubt on the economics of the takeover.

In a submission to the takeover panel when ONGC tried, unsuccessfully, to delay the posting of its offer document, Imperial suggested the Indian government, which owns a majority stake in ONGC, wanted to reduce the £1.3bn offer price.

In the market, Imperial's shares added 10p to £10.30 on growing optimism the bid was on track to succeed. Sources said that, despite the Christmas break, there had been a good number of acceptances already received.

Imperial has reserves of about 3.4m barrels of oil equivalent, and the takeover would increase ONGC's reserves by around 20%.

Most of the company's operations are in Siberia and in former Soviet states, and the ONGC bid needed the go-ahead from the Indian government and Russian regulators. Both have given their approval
Posted at 13/12/2008 02:09 by miamisteve
Article that mentions the role of tracker funds. IEC are well aware of the situation and are canvassing all funds. EK will be looking to close out his short before the end of the week imo, prior to bond holders acceptance.

Tracker investment funds could be key to the success of the deal because they often fail to accept a bid by the first closing period, one hedge fund manager said.
Tracker funds, which invest in a company on the basis of its weighting in a stock market index rather than through appraising its financial prospects, own between 3 and 7 percent of Imperial, analysts said.
One of Imperial's biggest investors, fund firm Legal & General Investment Management said it actively votes all shares regardless of whether they are held in passive index funds or in actively managed portfolios.
Other tracker fund managers with stakes in Imperial, including State Street and Barclays Global Investors, declined to say whether they would accept the bid by the Dec. 30 deadline.

Imperial and its advisors are therefore working around the clock to ensure that all investors tender their shares by the 1300 GMT Dec. 30 deadline.
Posted at 08/12/2008 19:59 by sailor9
ONGC in a spot on Imperial deal

Arun Kumar / New Delhi December 09, 2008, 0:41 IST

Oil and Natural Gas Corporation's (ONGC) move to wriggle out of the Imperial Energy deal may not succeed. The PSU major is now desperately banking on the slim chance of 90 per cent of the investors not tendering their shares in the open offer within the stipulated 21 days.

The open offer starts tomorrow. According to sources close to the development, ONGC Videsh Ltd, the overseas arm of ONGC, had approached the UK Takeover Commission to extend the date for the open offer. The request was rejected by the panel, sources said.

Since all the required approval was given on November 11, it is mandatory upon the acquirer to make the open offer within 28 days. Under the prevailing norms, the open offer needs to be open for a minimum 21 days.

However, the proposed bid to acquire Imperial Energy at 1250 pence per share was subject to one condition: that ONGC would accept the offer only if 90 per cent of the investors tender their shares.

" Since it is Christmas time, and most of the offices are going to be closed, there is a slim chance that 90 per cent of the offers would not come within the stipulated 21 day-period. In that case, the company can walk out of the deal," sources said.

However, this is highly unlikely. At a time when the global equity markets are in the doldrums and crude oil prices have crashed, investors are bound to participate in the open offer. Imperial Energy shares are trading at 1085 pence -- 15 per cent below the open offer price of 1250 pence.

The drastic fall in the crude price has made the proposed acquisition unviable. ONGC Videsh's 1,250 pence-a-share bid gave the company a 10 per cent internal rate of return (IRR), taking crude at $121 a barrel. But with rupee depreciating by 20 per cent against the dollar and crude falling to around $40 a barrel, the IRR has come down to around 3 per cent.

The fact that OVL is not buying from the open market is an indicator that the Indian company is trying to get out of the deal.

A leading investment banker tracking the petroleum sector said the company would have saved a significant amount if it had acquired shares from the open market.


Sounds to me a bit like todays action was just something like a formal alibi action. One thing seems to be for sure: it is the 9 th already in Dehli.
Posted at 17/10/2008 14:01 by spacetomato
This is a good post I read on DGO..words from the Sage of Omaha.

"If you wait till the robin sings, you might miss the spring".

THE financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.

So ... I've been buying American stocks. This is my personal account I'm talking about, in which I previously owned nothing but United States government bonds. (This description leaves aside my Berkshire Hathaway holdings, which are all committed to philanthropy.) If prices keep looking attractive, my non-Berkshire net worth will soon be 100 percent in United States equities.


A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation's many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now.

Let me be clear on one point: I can't predict the short-term movements of the stock market. I haven't the faintest idea as to whether stocks will be higher or lower a month - or a year - from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over.

A little history here: During the Depression, the Dow hit its low, 41, on July 8, 1932. Economic conditions, though, kept deteriorating until Franklin D. Roosevelt took office in March 1933. By that time, the market had already advanced 30 percent. Or think back to the early days of World War II, when things were going badly for the United States in Europe and the Pacific. The market hit bottom in April 1942, well before Allied fortunes turned. Again, in the early 1980s, the time to buy stocks was when inflation raged and the economy was in the tank. In short, bad news is an investor's best friend. It lets you buy a slice of America's future at a marked-down price.

Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

You might think it would have been impossible for an investor to lose money during a century marked by such an extraordinary gain. But some investors did. The hapless ones bought stocks only when they felt comfort in doing so and then proceeded to sell when the headlines made them queasy.

Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value. Indeed, the policies that government will follow in its efforts to alleviate the current crisis will probably prove inflationary and therefore accelerate declines in the real value of cash accounts.

Equities will almost certainly outperform cash over the next decade, probably by a substantial degree. Those investors who cling now to cash are betting they can efficiently time their move away from it later. In waiting for the comfort of good news, they are ignoring Wayne Gretzky's advice: "I skate to where the puck is going to be, not to where it has been."

I don't like to opine on the stock market, and again I emphasize that I have no idea what the market will do in the short term. Nevertheless, I'll follow the lead of a restaurant that opened in an empty bank building and then advertised: "Put your mouth where your money was." Today my money and my mouth both say equities.
Posted at 05/9/2008 10:37 by katsy
Moscow forced to shore up rouble
By Charles Clover in Moscow and Peter Garnham in London

Published: September 4 2008 20:37 | Last updated: September 4 2008 20:37

Russia's central bank intervened heavily to support the rouble on Thursday as analysts said $21bn of foreign capital might have been pulled out of the country as Moscow paid the price for its conflict with Georgia.

The rouble fell as low as R30.41, its weakest level since the Russian central bank adopted its euro/dollar basket in February 2007. The central bank governor admitted there had been capital outflows since the war but said the amount was much lower.

currency intervention was the first since the height of the war with Georgia at the beginning of August. Before the conflict the central bank's interventions in the market were aimed at stemming the rise of the rouble, which it manages to a basket weighted 55 per cent in dollars and 45 per cent in euros.

The attractions of resource-rich Russia, a net foreign creditor with sustainable trade and fiscal surpluses and the third-largest foreign exchange reserves, had made the rouble a one-way upward bet. However, the rouble has suffered as foreign investors have pulled money out of Russia.

The outflow of capital from Russia has slowed markedly from its pace in the middle of August, when capital flight was $21bn in the two weeks to the end of August 22, according to Goldman Sachs, the investment bank, and foreign currency reserves fell at their most precipitous rate since the 1998 currency crisis. Capital outflows in the week ending August 29 were a much lower $1.7bn, though over the past two days the value of the rouble against the dollar and euro sank 2 per cent indicating renewed capital flight. To stop the rouble falling further, the central bank sold $3.5bn-$4bn in reserves, currency dealers were reporting.

Dealers at MDM Bank in Moscow believe the central bank sold up to $4.5bn in an effort to halt the rouble's fall, said Mikhail Galkin an MDM analyst.

The rouble sell off is a sign that in spite of the stabilisation of the conflict in Georgia, and the absence of tough sanctions on Russia, investors still perceive political risk. Russia's Rts stock market index fell 3.94 per cent after dropping 4.25 per cent on Wednesday.

The central bank said that the capital outflow from Russia last month, when unnerved investors headed for the exits, was $5bn. "According to very preliminary estimates, the outflow [in August] totalled around $5bn," said Russian news agencies quoting Sergei Ignatyev, central bank chairman.

Ivan Tchakarov, a vice-president of emerging markets research at Lehman Brothers, said: "We find CBR claim that only $5bn has left Russia in August highly unlikely ... In our view, August capital outflows may amount to at least $15bn-$20bn."

Russia's central bank still has an impressive war chest to defend its currency. Its reserves measured in this week at $582bn, the third-largest foreign currency reserves in the world.
Posted at 23/8/2008 09:55 by spacetomato
OVL mulls buying institutional holding in Imperial Energy

Arun Kumar & Rakteem Katakey / New Delhi August 23, 2008, 3:44 IST

In an effort to stem a possible counter-bid by China's Sinopec and others, ONGC Videsh Ltd (OVL), the overseas exploration subsidiary of state-owned Oil and Natural Gas Corporation (ONGC), has through its advisor Deutsche Bank approached the large institutional investors of Imperial Energy to acquire their holdings.

The top 10 institutional investors together own 50.52 per cent in the company .
Major shareholders of Imperial Energy
(In %)

Baillie Gifford 11.86
Schroders - 9.05
Deutsche Bank 6.84
Peter Levine (CEO) 6.13
Legal & General 4.65
London & Amsterdam 3.46
Directors of IEC 3.16
Sloane Robinson 2.78
HBOS 2.59
Blackrock 2.39
Source: Bloomberg

Talking to Business Standard, a senior official of one of the institutional investors said, "We have received a request from their advisor for a definitive agreement to sell their holdings at around 1,350 pence with a condition that it be re-negotiated if the counter bid is 10 per cent above this price."

If the counter-bid is within 10 per cent, the agreed price would be the final bid, the official added.

Deutsche Bank already holds 6.84 per cent in Imperial Energy, but whether this is on behalf of OVL or other investors could not be verified.

"OVL will make a formal bid early next week. It is a negotiated deal in which the management has extended full support," a source close to the development said.

After this, it will take around a month to obtain shareholders' approval, sources said. A counter-bid can be submitted anytime during this period, they added.

The proposed deal has received support from the Russian government, which is critical for any new bidder, sources in government said.

The official said OVL may rope in Russian support by offering its state-owned companies, such as Rosneft, a stake in Imperial Energy after completing the transaction.

In 2006, Sinopec gave Rosneft 51 per cent in Siberian oil company Udmurtneft after it bought the company from TNK-P for $3.5 billion.

Russia recently started nationalising its natural resources with its state-owned companies buying a majority stake in oil and gas assets such as the Sakhalin II project in the country's far east.

Rosneft and Sinopec are also jointly developing part of the Sakhalin III project, in which OVL is also seeking a stake.

Also Read:
Posted at 06/6/2008 16:08 by leedskier
June 6 (Bloomberg) -- Investors who followed the advice of analysts who say when to buy and sell shares of brokerage firms and banks lost 17 percent in the past year, twice the decline of the Standard & Poor's 500 Index.

Buying shares on the advice of Merrill Lynch & Co.'s Guy Moszkowski, the top-ranked brokerage analyst in Institutional Investor's annual survey, cost investors 17 percent, according to data compiled by Bloomberg. Deutsche Bank AG analyst Michael Mayo's counsel to purchase New York-based Lehman Brothers Holdings Inc. lost 59 percent. Citigroup Inc.'s Prashant Bhatia still rates Merrill ``buy'' after its 56 percent retreat from a January 2007 record.

Of the 38 analysts tracked by Bloomberg who follow stocks in the Amex Securities Broker/Dealer Index, 31 produced losses for investors. Investors who bought brokerages on ``buy'' recommendations, sold when they switched to ``hold'' and speculated prices would decline when analysts said ``sell,'' lost 17 percent in the last year through June 3, compared with the S&P 500's 8.5 percent drop.

``One would expect that if there was any industry Wall Street estimates would be more precise on, it would be their own,'' said Richard Weiss, who oversees $60 billion as chief investment officer at City National Bank in Beverly Hills, California. ``But this particular debacle was so global in nature and pervasive, you can't blame them for missing this one.''

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