Investment Evolution Cre... Share Discussion Threads

[squintyflinty] 18/12/2008 15:23

If you do nothing ,your vote will not count. I think It's wrong of them to charge you an admin charge.Please contact Merryl lynch on 0207 9951507,ask to speak to Dniel and explain your dilemma.

[sailor9] 18/12/2008 15:22

Interactive Brokers gave now also a bulletin about Corparate Action Purchase...

...If you do not act, no action will be done there... - Of course I voted for option 1: "present your shares to the purchase offer".

Now all 3 brokers/banks where I hold IEC shares have instruction to accept the offer for my shares.

In any case: if a foreign shareholder did not yet receive an offer from the broker/bank pls. push them, as time is running... - it is your right and their duty.

Cash is king - may happen easy & soon in January if all shareholders act !

------------------

BTW: Deutsche Bank is the last one - I did not yet receive the offer by post from them (I live outside Germany). I had to call them by phone and then they accepted my phone instruction.

A bit poor from Deutsche, that they did not took care about long post delivery times from Germany to abroad. It would have been easy for them to simply inform me by email.

[currantone] 18/12/2008 15:14

I hold a few hundred of these in a pension fund (as nominee), not in paper certificate form. I'm told that if I do nothing I will still get the 12.50 per share if the deal goes through - but if I want to exercise my vote so that they count towards the acceptance total then I will have to pay 28.75 as an admin charge. I'm wondering how many small shareholders are actually going to cough up an admin charge for the pleasure of voting.

I put it to them that there is a strong recommendation from IEC to accept the offer and so shouldn't they be accepting on behalf of all shareholders on their books, whether pension, ISA or whatever and the reply was that they were not able to make decisions on behalf of the individual shareholder.

I suppose the question is what percentage of the total number of shares is in the hands of such shareholders - many of whom aren't perhaps going to pay an admin charge as they'll assume their shareholding won't be significant towards the total and many of whom perhaps won't even be aware of the issues involved and the importance of voting.

[funkey n] 18/12/2008 15:13

please anybody can advice me if i got stock as spredbet do i need to close before bid
my broker told me close now kind of

[30003000] 18/12/2008 15:08

Hargreaves Landsdown are on the 29th Dec.

[jelenko] 18/12/2008 15:07

TDW are stating their client instruction voting deadline as 23rd dec.

[squintyflinty] 18/12/2008 14:52

Does anyone know of any other company apart from Jarvis investments that are not submitting the vote until 29 th December?

[shiny1000] 18/12/2008 14:24

As we get closer we will see a spike up, that's for sure.

[wshak] 18/12/2008 13:24

Interesting to note that most cfd providers will not vote before 23d Dec, so FT is wrong in saying that Monday is a crucial date. MF Global hold about 2%, I think and their shares certainly won't show up before the 23rd.

I personally can't see how £1.2b can be put at risk simply for want of a few staff to ring institutions on the share register.

WShak

[jac1104] 18/12/2008 13:02

It is preaching to the converted, but every shareholder must vote as soon as humanly possible.
Now that there is an assented share trading facility, there is no excuse.

I believe that the Fool Share Dealing Service (fool website) is one of the laggards in sending a corporate action notice on Imperial, if you are a shareholder who holds a nominee account with them, chase them up.

Time is the essence.

Nothing is impossible. Who would have guessed that we would have a black man as President of the United States?

But like Obama says, if you want change, you gotta VOTE !!!

[madjock2] 18/12/2008 12:50

"Sinopec and the Chinese Government has integrity, honour and commitment.
ONGC and the Indian Government does not."

I Like that. i've cut and pasted it to the front of my screen and there it wil stay unti my cheque clears!

[jac1104] 18/12/2008 12:40

It is indeed noteworthy that Monkey51 mentioned the Sinopec/Tanganyika deal.

Sinopec announced a deal on Sept 25th to acquire Tanganyika for C$31.50 per share in cash, or roughly C$2 billion.


The offer by Sinopec, a Chinese state-owned entity, hinged on the receipt of several approvals by the Chinese government, including the State Council, the National Development and Reform Commission, the State Administration of Foreign Exchange and the Ministry of Commerce, approval of which Sinopec received on Monday Dec 15th.

Tanganyika Oil's primary business is the development of two oil fields in Syria to which it acquired rights in 2004 and 2005. In both instances, the company shares profits from the fields with the Syrian government.

When the deal was announced, price of crude was $110 per barrel.

Sinopec is pressing forward with the deal at an unchanged price of C$31.50 as agreed with Tanganyika in Sept 2008. Bear in mind that Sinopec bid for Tanganyika after losing Imperial Energy to ONGC.

ONGC also bid for Tanganyika but lost out with a lower bid.

Hindsight is a wonderful thing and maybe Imperial should have considered Sinopec's offer more seriously.

It however has proved one thing to energy companies worldwide.

Sinopec and the Chinese Government has integrity, honour and commitment.
ONGC and the Indian Government does not.

That is why they will always be lagging behind the Chinese in buying energy reserves for their people and future needs.

[squintyflinty] 18/12/2008 12:32

As soon as the 90% has been reached this share will cease to trade,and shareholders will receive their 12.50 per share within 14 days.

[katsy] 18/12/2008 12:32

The last bit to post 18558 is No, if ONGC bought shares they will count for acceptance.

[steelwatch] 18/12/2008 12:29

Can buy on T20 - settlement 20/01

[squintyflinty] 18/12/2008 12:28

I can't believe that this as gone into the red today espescially in the light of the announcement of the tracker funds

[monkey51] 18/12/2008 12:27

interessting conversatio0n on Alphaville this morning. Talk of momentum and shareholders becoming more comfortable. Interesting also on borrowed stock -how this doesn't seem to be a problem.

alphaville

NH: Right questions below about Imperial Energy
NH: Reports this morning that 60% of shareholders have tendered for the offer are wide of the market I am assured
NH: however, the trackers funds have tendered
NH: Legal & General
NH: BGI
NH: it is also possible to trade tendered stock
NH: apparently this could happen in any takeover in the UK but rarely does
NH: basically it means, that instead of tendering and waiting there with your fingers crossed hoping the deal goes through
NH: you could trade out of it, if you were worried the deal could fall apart
NH: assuming a buyer could be found and this is a matched bargain facility
NH: anyway
NH: it does seems as acceptances are moving higher
NH: the biggest threat to this deal is from borrowed stock i guess
NH: if some could borrow, keep the rights and then sell the underlying
NH: perhaps they could scupper the deal
NH: Polygon have done this before, in Telent
NH: but the borrow in IEC does not look that high at the moment
NH: and most of it is probably a hedge for convertible bond positions
NH: so the recent increase in borrow
NH: could be done to delta hedging by CB
NH: other things to mention on this
NH: given Xmas etc
NH: the soft closing date on this deal is really Dec 19
NH: if there is no early statement by ONGC after the weekend that it has already received the 90% acceptance level, things could get interesting Imperial Energy Corp (IEC:LSE): Last: 974.50, up 13.5 (+1.40%), High: 987.50, Low: 960.00, Volume: 318.52k
PM: hmmm
PM: Fascinating situation that
PM: Closing tomorrow
PM: effecitvely
NH: yep
NH: and if the 90% level is not met, the Indian's will prolly walk 11:38AM
NH: (Daddy that is a fascinating idea on IEC. ONGC raid the market for 10%, paying £12.50, and then vote down the deal. Sit on 10% for a while, then come back and bif at a lower price. Wonder if that's poss).

[miamisteve] 18/12/2008 12:09

squintyflinty - I'm guessing 99.2%

I'm also expecting the 90% fresh hold to be passed on Monday and announced either that day or on the 23rd.

[steelwatch] 18/12/2008 12:07

Just today received voting form from Jarvis and immediately phoned through acceptance to Corporate Actions Dept. Written confirmation requested and will be posted today, but Jarvis will action on the telecom.

Asked, if I bought more, would they be automatically included. The answer was a cautious "yes, but best to let them know to make sure the acceptance spreadsheet is updated." Deadline for holders to notify Jarvis is 10.00am 29/12.

[nat7] 18/12/2008 11:37

Does anybody know when you can start trading in the assented line ?

[squintyflinty] 18/12/2008 11:19

My prediction is 98.2% acceptance.

[yuka] 18/12/2008 11:15

Katsy - sorry about the sleepless nights. Perhaps you've got more than you should have. Been there in the past and not nice.

[jelenko] 18/12/2008 11:14

I've just accepted too!