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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Dana Petroleum | DNX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1,799.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,799.00 | 1,799.00 |
| Top Posts |
|---|
Posted at 17/9/2010 08:40 by emptyend Edmond,As I said yesterday, I don't like it and I don't think it is right - but UNLESS an offer turns up out of the blue and stops the instos and hedgies accepting on the 23rd then KNOC will be over the 50%. I am not in denial about that...the writing is on the wall in great big letters. Anyone who thinks they might want to bid would surely be on the table by now, rather than trying to stick their oar in just before the 23rd. Schroeders and the hedgies will determine who (virtually certain to be KNOC) gets over 50%....it won't be the private investors. But the private investors may have some influence on exactly when the 75% threshold is passed. For whatever reason, the company has "lost". The only influence that AM can have is if there is enough news to prompt a late higher offer (which is v unlikely but in that case the hedgies and institutions will switch their allegiance, KNOC's offer won't go unconditional and other investors can then rescind and switch - if I've correctly understood the defence doc comments). Dana lost its independence as soon as the big shareholders sided with KNOC and the hedgies arrived en masse. The choice that will face the hedgies looks simple - accept the £18 or try to find where the institutional bid is for size. That is a no-brainer. I'm out away from the boards today - but I doubt anything will change (even though I'd expect an AM update early next week if DNX are in ANY position to make one!). ee |
Posted at 16/9/2010 22:46 by khanittag I spoke to TDW today and was told 20th for voting "yes" with default of "no" as earlier poster said. I was told that there would probably be the two week extension to the KNOC offer. After then it is possible that KNOC could increase or reduce the offer from the £18 accepted by others already in order to secure the rest of the stock until offer goes unconditional. At which point the remaining investors may be offered peanuts. The other downside to acceptng the offer is that the funds may not be released back to investors for months from Korea to the UK. Apparently, a recent share issue in china 3 or so months ago has still not seen stock returned to UK investors according to TDW.I, like edmondj, see no advantage in accepting the offer. I am planning to decline the offer and want the flexibility to take advantage of any increased offer or to trade the stock to release funds more quickly. Does anyone know when the news flow from KNOC will have to declare the extent of offer acceptance as at the 23rd of September deadline and thereafter? |
Posted at 05/9/2010 08:21 by afcal1972 This is from the business.scotsman.coWhy the dirty tricks campaign guys ? It's just not cricket ! Cross on way out as KNOC bids for Dana Petroleum Published Date: 05 September 2010 By Erikka Askeland Business Correspondent TOM Cross, the chief executive of embattled oil firm Dana Petroleum, is set to lose his job whether he succeeds or not in the takeover battle he is fighting with the Korea National Oil Company. The City has criticised Cross (pictured) for "prevaricating" in an effort to get his suitor to raise its bid beyond £18 per share. Analysts believe the Dana board would back a deal at £18.25 a share. Most think it unlikely KNOC will be willing to raise the price of its hostile bid this week when Dana reveals its formal defence based around valuation due on Wednesday. It disappointed the markets last month when it unveiled interims but delayed its response to the bid. Most expect its "rabbit in the hat" to be a £240 million acquisition of UK North Sea oil fields from Canada's Suncor, having hinted it had "further M&A growth opportunities identified". But sources close to KNOC insist an acquisition would be immaterial to the "full and final" bid which values Dana at £1.87 billion. KNOC claims more than 50 per cent of shareholders have signed a letter of intent supporting the offer price. But a call by the Korean firm for investors to accept the offer did not materialise in a sign that many seem to be waiting to see what Dana has to say. "If they didn't believe there was potential for further information they would have been prepared to sign irrevocables," said a source close to Dana. "Shareholders expressed their wish to see new information." Derek Mitchell, fund manager with Royal London Asset Management, said there was "not a jot" of a chance Dana will succeed in persuading shareholders to hold out for a higher bid. He said: "The £18 is a pretty full valuation. It will have to be pretty substantial for the bid not to succeed." He added: "You start to worry about the management at the end of it. Does Cross keep his job?" Critics have pointed out the millions Dana is incurring in adviser fees. The firm has appointed three banks - RBS Hoare Govett, RBC Capital Markets and, ten days ago, Morgan Stanley. The firm also added City PR firm Brunswick in addition to College Hill. Sources close to KNOC said the firm was "disappointed" that Dana has drawn the process out so long. By holding back announcing details of a deal with Suncor, it has prevented KNOC from buying shares from investors willing to sell at the £18 price on the basis the Korean firm is aware of the plan and is considered an "insider". A KNOC source said: "They are clearly playing cute games with the legal points. They are preventing KNOC from buying shares by not cleansing them about being insiders. They are playing for time. It is hard to know what has changed in terms of what rabbit can be pulled out of the hat." |
Posted at 31/8/2010 20:47 by edmondj If the bank was its adviser/agent then I'm sure it can.If a third party hedge fund then it gets into 'concert party' territory where again I am unsure of the precise definition when one exists. It looks to do already, mind! Ostensibly unconnected investors working in concert to make discreet purchase of a firm's shares. Each investor buys just enough shares to remain below the statutory level above which he or she must declare his or her interest. Their usual objective is to jointly accumulate enough number of voting shares to (1) manipulate share prices, (2) influence a firm's management, or (3) initiate a takeover bid. This practice is officially disapproved by securities watchdog organizations. |
Posted at 27/8/2010 03:55 by spob Fun and games Dana delays takeover defence By Miles Johnson FT Published: August 26 2010 23:06 | Last updated: August 26 2010 23:06 Dana Petroleum will hold back from announcing the purchase of a package of North Sea assets with its interim results on Friday, in a move to delay South Korea's national oil company launching a raid for the UK oil explorer's shares. Korea National Oil Corp, which last week made a £1.87bn hostile takeover offer for the Aberdeen-based explorer, could breach insider trading laws if it buys Dana shares after the South Korean company learnt of Dana's plans to buy £240m of assets from Suncor during talks between the two companies. EDITOR'S CHOICE Lex: Dana / KNOC - Aug-23.Dana aims to convince KNOC to raise offer - Aug-22.Dana targeted for hostile bid - Aug-19.Dana in talks over £200m North Sea deal - Aug-17.KNOC signals intent as Dana spurns advances - Aug-12.Dana and KNOC talks hit an impasse - Aug-12.. Advisers from the two sides have held discussions this week as Dana attempts to convince KNOC to raise its offer in exchange for a board recommendation, but no formal round of negotiations has begun. Dana is planning to issue a full defence document on September 8, which is likely to include a so-called Competent Persons Report (CPR) on the quality and value of its assets. The CPR, which will be provided by a petroleum engineer, will enable Dana to provide KNOC with a third-party valuation after the South Korean group was unable to conduct its own due diligence. Dana was to launch its defence with Friday's interim results, but was given extra time by KNOC posting its offer document a move that gives Dana until September 8 to respond formally under Takeover Panel rules. KNOC released the document just four days after collecting supporting letters of intent from investors owning almost 49 per cent of Dana and launching its £18 a share hostile offer. Dana shares closed at £18.06, a premium to the offer and signalling investors antipate a raised bid in return for the blessing of Tom Cross, chief executive, and his board. |
Posted at 13/8/2010 20:10 by edmondj More from 'people familiar with the matter':LONDON (Dow Jones)--Korea National oil company, or KNOC, is reaching out directly to large investors in Dana Petroleum (DNX.LN) to gauge their support for a bid at 1800 pence per share, in a bid to break a deadlock over a GBP1.67 billion offer for the company, people familiar with the matter said Thursday. The move comes after a fresh round of talks between KNOC and Aberdeen, Scotland-based Dana, broke down, and indicates that KNOC is preparing the ground for a hostile takeover as one of its options. Several people familiar with the matter say KNOC and its advisers have been sounding out investors on the offer, amid continuing frustration over Dana management's unwillingness to allow access to confidential financial information. KNOC said earlier Thursday it was considering its options following a "rejection" by Dana of the 1800 pence offer in an earlier statement. KNOC was responding to an earlier statement in which the U.K. exploration and production company said takeover talks had collapsed because the two sides couldn't agree on terms that would give the Koreans access to Dana's books. "KNOC has stated that it will not conduct due diligence without the Dana board's recommendation of KNOC's proposal," Dana said in a statement. "KNOC's refusal to sign a non-disclosure agreement leaves the Dana board with no way of progressing confidential discussions with KNOC." People familiar with the matter said Thursday KNOC balked at a request by Dana that it sign a commitment not to go hostile and also agree to discuss a higher offer than the current 1800 pence per share. Representatives for Dana and KNOC declined to comment. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowj |
Posted at 06/8/2010 15:45 by redordead1 the reason its just Dana and KNOC without investors meeting today is because he is somewhat p!ssed off at certain investors pushing the sell button so quickly and wishes to secure a good deal for himself on the WIP deals. |
Posted at 02/8/2010 06:35 by edmondj Dana prepares for takeover talks with South Korean suitorDate: 02 August 2010 By Nathalie Thomas Business Correspondent THE £1.7 billion takeover tussle between Dana Petroleum and a state-owned South Korean energy giant is nearing endgame after the Aberdeen group's board agreed to talks with its suitor. Sources last night confirmed that Dana directors will hold discussions with Korea National Oil Company (KNOC) this week despite previously refusing to engage with the firm. It first made a 1,700p-per-share cash approach to Dana on 2 July, followed by a 1,800p-per-share proposal 11 days ago. Although the exact terms and date of the meeting are yet to be confirmed, the move marks a considerable U-turn for the Dana board, which has come under intense pressure from shareholders over the past few days to consider the latest bid, which values the company at around £1.7bn. Schroders, the Aberdeen-based oil explorer's biggest investor with a 16 per cent stake, is among those who have called on Dana chief executive Tom Cross to hold discussions with KNOC. Other major stakeholders believed to have taken a favourable view of the offer include BlackRock and JP Morgan Asset Management. Despite Cross's previous tough stance on talks, one source told The Scotsman: "We do expect the two firms to meet this week - that is certainly planned." As well as capitulating to pressure from shareholders, Cross and other board members, including Dana chairman Colin Goodall, are thought to have been swayed by a letter from KNOC reassuring that it has already secured the investment required for a potential takeover. The South Korean firm has raised funds from a consortium of Asian banks to support a deal. Concerns over KNOC's financial firepower was one of the reasons cited by Dana for refusing to consider the bid. The Dana board said in a statement on Friday that it did not believe KNOC had provided enough "comfort on financing and other execution risks". But shareholders are thought to have upped the pressure after KNOC warned the board that its latest approach was its final "take it or leave it offer". A large proportion of the shareholders who met with Cross and his senior non-executive director Philip Dayer last week are thought to favour accepting the 1,800p-per-share offer. Richard Buxton, head of UK equities at Schroders, has called it a "fair price". KNOC is also understood to have held discussions with Dana investors about the takeover attempt, with sources reporting that a number of significant investors urged the South Korean firm to press ahead with its bid. However, it is believed that a small minority is more reticent and will hold out for a deal closer to 2,000p per share. On Friday, Dana raised the stakes in the takeover battle when it announced the discovery of an oilfield in Egypt. Analysts said the find would add about 5p per share to the firm's market value. If the deal goes ahead at 1,800p per share, Cross, who co-founded Dana in 1994 and still owns 2 per cent of the company, will enjoy a £30 million windfall. KNOC, which is based in Gyeonggi-do in South Korea, is on a mission to double its global production from 130 million barrels a day. Shares in Dana closed at 1,711p on Friday, up just 1p, although they have gained more than 45 per cent in the month since the first bid notification. « Last Updated: 02 August 2010 12:32 AM Source: The Scotsman Location: Edinburgh |
Posted at 27/7/2010 08:53 by edmondj Dana under pressure from Korea bidDaily Mail 27 July 2010, 8:51am Dana Petroleum's chairman and chief executive will meet today for crunch talks with leading investors, as pressure mounts to strike a deal with a state-run Korean predator. Dana is the target of a £1.67bn bid by Korea National Oil Corporation, valuing the company at £18 a share. Leading investors say the deal is generously priced and are agitating for closure. One Top 10 investor said Dana (down 16p at 1690p) is using 'stalling tactics' in the hope that new fields off the Faroe Islands, which could hold up to 155m barrels of oil, will boost its stock beyond £18. Read more: |
Posted at 23/7/2010 20:50 by emptyend I wonder if this weekend may be the time when institutional investors and analysts (all of whom seem to be queueing up to say how reasonable the indicated offer is, as far as I can see from the wires) finally get to realise that they simply don't understand the E&P business well enough?Certainly the analysts' stuff I've read on the major FTSE350 companies I know very well has been little short of appalling in well over 90% of the analysts' scribblings I've read.....and it must SURELY be that the opinions of institutional investors are heavily guided by the analysts views (whatever appalling errors may underlie their figures!) Fortunately, the oil industry itself doesn't have to rely on analysts. In fact AFAIAA it pays neligible attention to their opinions - knowing full well that they are pretty uninformed and error-prone. If one of the oil companies that knows Dana's assets pretty well (and there are a few candidates) were to choose to put £19 on the table at this juncture, then the Koreans would be looking at a most appalling loss of face if they didn't contest further. The holy grail for this bid is going to be the obtaining of a recommendation - and the Koreans have some serious work to do if they want it, because my sense is that (having been drawn into the open today on price) they are now very vulnerable to their interest being topped. ee |
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