Dragon Oil Share Discussion Threads

[spob] 16/7/2015 21:35

acordis2, it depends on the majority percentage that enoc gain

anyway according to the example you have given above ....


if they get between 77% and 90% acceptance of all dragon shares, you will get another chance to accept the 750p offer

if you don't accept the offer again, you will be left with shares that maybe very difficult to sell or trade (the shares will not be quoted on the stock market)

if enoc get 90% acceptance or above of all shares, then your shares will eventually be compulsorily taken from you at 750p per share (but you will wait a lot longer to get your cash)

i can't make it any simpler than that

[exbroker] 16/7/2015 21:31

There is no vote as such, you can accept the offer as I have done now, wait to see what happens at the first closing date and then accept or do not accept at all. The later could leave you and fido as the only small holders left, best to watch what happens on the first close and see if there is any comment from the big holders who will swing this either way.
You can only be forced to sell your shares if ENOC get to 90%
DYOR etc etc......

[acordis2] 16/7/2015 21:23

Can someone explain to me in plain simple language what happens to my shares if I vote NO to the latest offer 7.50GBP but the offer is accepted by the majority and ENOC ultimately succeed.
Will my shares be purchased on a compulsory basis regardless of my NO vote?

[zedman_1] 16/7/2015 21:07

One or more members of a company holding, or together holding, at any time not less than 50 per cent... may convene an extraordinary general meeting of the company. ENOC has 54pct voting rights therefore they can call an EGM.Special resolutions can pass with 75pct of votingapproval. The last DGO general meeting in April 2015 saw a large attendance of 422.5m voting attendance or approx 85pct of total.This means that the ENOC holding of 54pct represents (at similar attendance levels) approx. 63pct voting power present/represented at the meeting. If ENOC had 64pct of the stock (at similar attendance levels) they could vote equal to 75pct and thus pass special resolutions unilaterally. http://www.thedragonoiloffer.com/uploads/5/4/9/3/54938433/dragon_oil_no_dividend_16jul15.pdf

[pollster] 16/7/2015 19:49

The latest desperate and underhand action by ENOC should be spread to the world.
Is twitter the appropriate conduit and can someone out there manage it? I regret it is beyond my expertise.

The question I would like to ask is of Sheik Mohammed and Sheikh Zayed - Are they really willing to see the good name of the United Emirates dragged through the mud by a company (ENOC) that carries the Name of their STATE?

[scammonden] 16/7/2015 18:42

Agreed special resolutions require 75% but cancelling the dividend does not require a special resolution but an ordinary resolution with 50% votes which ENOC already have.

[saget] 16/7/2015 17:42

Scammonden:
I think DGO follows the provisions set by the Irish companies act, and if I read it correctly Article 191 (clause 3) states that special resolutions can pass with 75% of voting approval:
hxxp://www.irishstatutebook.ie/pdf/2014/en.act.2014.0038.pdf

[blakieboy7] 16/7/2015 17:11

4jay, would you buy any share at the top scale price?! Thought not

[scammonden] 16/7/2015 16:28

Saget

I consider 50%.

hxxp://www.shareholderrights.co.uk/RightsOfAShareHolder/75.html

[4jaytee] 16/7/2015 16:23

All those who say that they will not sell should maybe ask themselves "If I did not own these shares already would I be buying at this moment in time?"

[bealey] 16/7/2015 16:22

fido, snap!

[fido] 16/7/2015 16:21

One of the main reasons ENOC want to takeover Dragon is because of its ability to generate cash. If they were to scap the dividend then the biggest looser would be ENOC.

[oscarino] 16/7/2015 15:30

ENOC are behaving like a bunch of gangsters and i am disappointed to see some holders being scared off by them. If ENOC succeed, which I doubt very much, they will still have to pay up £7.50 even to those who rejected the offer so i can't see the point in bailing out now.

[fido] 16/7/2015 14:24

As I read through todays press stories I am left almost speechless at the level of lies and deception shareholders are being subjected to.
ENOC really are a disgrace.

[blakieboy7] 16/7/2015 13:31

Enoc are clearly concerned they will not win. Underhanded bullying tactics of the tallest order!!

[fido] 16/7/2015 13:31

I would agree with most here in saying such underhanded tactics wreak of desperation and does not suggest confidence in a done deal.
I think ENOC really ought to feel shame in the way they conduct themselves but would think they don`t.
Such ENOC actions only make my conviction to fight this deal even stronger, if that was possible, as they use every underhanded trick in the book.

[4jaytee] 16/7/2015 12:20

Saget
Why would they need 75% to stop dividends? I have never held shares in a company which asked my opinion on dividend payments. That is down to the Board surely and ENOC control the board

[saget] 16/7/2015 12:01

Basically, to stop dividends ENOC would need 75pct voting approval from existing shareholders.
Strangely that didn't make it into the RNS?
(for the likes of 'Exbroker': The reason for the statement? DGO is trying to 'convince' minority holders to accept the offer)