Dragon Oil Share Discussion Threads

[2020hindsight] 21/7/2015 15:28

Elliot Capital now up to 5.24%....

[vasque] 21/7/2015 14:10

Thanks zedman, that helps.

[zedman_1] 21/7/2015 12:51

Sell today and you will get approx 717p a share.

Accept offer at 750p and ENOC get enough acceptances then you get 750p.
Accept offer at 750p and ENOC later up the offer price, you will get the higher price.
Accept the offer but ENOC don't get enough acceptances, your shares will be returned to you.

Decline the offer and if ENOC get enough acceptances you will have a second chance to accept their offer. If you don't accept this second chance ONLY THEN will you have shares in an unlisted company.

Decline the offer and ENOC don't get enough acceptances, the share price will probably slip in the short term.

Either way, win or lose, ENOC wants to stop dividend payments, whether they delist or not. Just like the playground: "if you won't give me your sweeties I won't be your friend anymore".

[vasque] 21/7/2015 12:26

2020 - thanks for the reply.

I've seen an article on the Fool website where they mention ENOC intend to cancel the dividend and delist the shares, the website states..

"If Dragon was delisted and cancelled its dividend, its shares would be almost impossible for private investors to trade, and thus would effectively be worthless."

Naturally I want to avoid being caught out... Not sure if I should sell today, accept 750p or do nothing!

[2020hindsight] 21/7/2015 12:15

Vasque,

1) No. The sale to ENOC is conditional on them getting enough shares committed.
2) You'll get the higher offer.

[vasque] 21/7/2015 12:03

Can someone clarify the following...?

1) If I accept the 750p offer, will I definitely be selling my shares at 750p, even if ENOC don't get enough people accepting the offer?

2) If I accept the 750p offer, and not enough people accept, so ENOC increase their offer to 800p or 850p, will I still get 750p?

This is very confusing..
Thanks

[exbroker] 21/7/2015 11:08

ENOC and Elliott will both be happy to see the price falling thouigh for different reasons!

[chessman2] 21/7/2015 10:46

Exbroker, Thanks for your wise comments. I am guessing that ENOC will wish to make a higher offer and I'm happy for BG, Elliott and others to force the issue.

[beefeater25] 21/7/2015 08:50

Pre qualifying operating bid in Angola for DGO

[spudders] 21/7/2015 07:45

Cheers ex broker, I'll get on to them.

[fido] 20/7/2015 22:10

On the 17th Elliot increased the long position by 7,250,000 which is a substantial increase from their previous position.
In much the same way as BG did last time around, Elliot are sending out a message to ENOC to increase their offer or face the prospect of defeat.

[exbroker] 20/7/2015 21:40

spudders your best bet is to tell them to take no actiopn YET, if you dont accept and they get the required 23% extra then they might not be able to change the system intime to let you accept at the second go. Which is poor as it only takes a few clicks on the crest system to do.

[spudders] 20/7/2015 20:56

Anyone here with Barclays Stockbrokers? I'm a bit confused about the situation, I want to keep my holding but not become a shareholder in a delisted company, if it happens. If I opt for option 2 (default) is this the way to go. I appreciate any help as I have not had to deal with this before.

[exbroker] 20/7/2015 20:37

fido
The CFD`s are so they dont have to pay the Irish stamp duty, its standard in the arb world. Given the rate of return on the trade as it is they will still make good money if they accept 750, thay have a no loose trade here, and the more they can buy they better chance they have of getting us all a higher price, It may come down to who blinks first.

[fido] 20/7/2015 19:53

Take Elliots announcement today. They have loaded up big time on the CFD`s with a long position.
My guess is that they are very confident of a higher price OR they are very confident of their ability to force a higher price.

[blakieboy7] 20/7/2015 18:52

Hear hear dragon2go!!

[dragon2go] 20/7/2015 18:39

4Jaytee,

As you have apparently exited already, and your posts seem to be be nothing more than concern trolling, why don't you STFU.

[fido] 20/7/2015 17:58

Elliot are an activist investor who are buying to push for a higher price.
For them to be risking a price drop they must be pretty certain of Dragons value to ENOC and that ENOC are not going to back away but dig deeper in their pockets.

[4jaytee] 20/7/2015 17:50

Oscarino.
Do we know how they feel about the offer? Why would Elliot be buying if they were honestly going to refuse the offer? They announced that the price was too low but they did not say they were not going to accept 750p. Their statement, along with Setanta and BG's, resulted in holders selling now rather than risk the drop in share price if the deal does not happen. That has enabled Elliot to buy more shares at a lower price.

[oscarino] 20/7/2015 16:57

Elliot have 4.785% and not the 3.3% we all thought they had. And we know how they feel about the offer.

[scammonden] 20/7/2015 15:27

Franklin Resources sold almost 4m shares last Friday at 722.

This supports my gut feeling that the offer will fail and that will be it from ENOC.

I have already sold. I'm not taking a chance this time.

Good luck to those who continue to hold.

[dragon2go] 20/7/2015 15:22

The deal looks defeated at the current price. Next stop 800p I think, but, is there any point incrementing up by an amount which will still likely not secure the necessary agreement? The story of this attempted takeover has been ENOC's failure, yet again, to reach an accord with institutional holders as to what constitutes a fair price.

[beefeater25] 20/7/2015 14:49

Be funny if someone in the office had said several weeks ago to the ENOC board, "the discussions with minority holders show that they will accept 750p", then he goes back to eating his lunch.

Negative PR follows on everyone rejecting the deal and then the board of ENOC asks to see the actual results of the discussions...

Guy in the office panics and THEN starts phoning everyone.
(How many of us have had calls in the last week?)