Dragon Oil Share Discussion Threads

[fido] 23/7/2015 09:20

Elliot may very well accept for the simple reason that they are an activist investor, but not at £7.50. At that price ENOC are chancing defeat.

[richardbroughton] 23/7/2015 09:05

You're bang on there Flinty, could go back to a fiver in this market! Thanks for reminding me, just sliced in case! IMO they won't get the 23% so its a question of wether there will be an upping of the offer. Reading the posts here its not a given that Elliott will not accept.

[beefeater25] 23/7/2015 09:02

Squinty, the 750p deal will not go through and the fall wont be that sharp as there is a massive chance ENOC will up their offer.

If ENOC choose to walk away at 750p (Which I highly, highly doubt) then we could go back to 600-650p. Well, well worth the risk if you ask me.

[squintyflinty] 23/7/2015 08:31

If this deal does not go through then Dragon investors should brace themselves for a sharp fall!

[oscarino] 22/7/2015 23:38

2020hindsight

the @thedragonoil twitter account has not been suspended.
but you are right the @dragonoil has indeed been suspended.

Probably due to the fact that too many investors are angry about the so called independent committee

[fido] 22/7/2015 21:39

BG, Setanta and Elliot are against the deal while only one smaller instiution has said that the offer is fair.
While Elliot may be the swing voter, it is clear that they seek a higher price than is currently on offer so for the moment it works in the No`s favor.

[exbroker] 22/7/2015 19:33

fido I can only see 3 names in that article and am not sure how you reach the conclusion in your second paragraph given the information there. Elliott is the swing voter and will make good money if they sell at 750, they are a part risk arb house and do have a history of selling out at 11.59! I am sure they would be happy to get a bump in price and run with the cash to the next deal.

[fido] 22/7/2015 19:10

From the link above:

"All of the large minority shareholders have argued, essentially, that Enoc is deliberately understating Dragon Oil’s potential"

This would suggest that although only 4 large shareholders have shown their hand so far, that the feeling among the remainder is very much veering to the NO side.

[fido] 22/7/2015 19:03

blakieboy7

I will be composing a strongly worded email to Baillie Gifford tomorrow.
In the meantime:

"With the emergence of Elliott Advisors as a significant minority shareholder, the total of those who have publicly opposed the offer now represent a stake of nearly 16 per cent"

[blakieboy7] 22/7/2015 18:48

I can't wait to hear Fido's thoughts on this latest debacle

[exbroker] 22/7/2015 18:12

Here comes the higher offer..........

[2020hindsight] 22/7/2015 18:00

Hmmmm... the @DragonOil Twitter account "has been suspended".

[rosbeg11] 22/7/2015 17:00

Sorry! I now see it in the RNS

[rosbeg11] 22/7/2015 16:55

When was he made a director of ENOC? It does not state this in the above Bio! If this is the case it is more than a disgrace

[oscarino] 22/7/2015 15:53

Ahmad Al Muhairbi - Non-executive Director

Date of birth: 7 September 1959
Appointed to the Board: 22 May 2007
Education: B.Sc. in Petroleum Engineering, University of Texas, Austin.
Skills and experience: Operational aspects (field development and drilling programmes in particular) of the upstream oil and gas business. Mr Al Muhairbi has been involved in petroleum field development and production since 1988 for ADNOC, ARCO Dubai Inc. and previously Margham Dubai Establishment and then with Dubai Supply Authority.
Other appointments: In December 2012, Mr Al Muhairbi was appointed the Secretary General of the Dubai Supreme Council of Energy. He also serves as a Director on the Regulatory and Supervisory Bureau for Electricity & Water Sector for the Emirate of Dubai. He has recently been appointed to the Board of Directors of Etihad Energy Services Company (Etihad Esco), a 100% subsidiary of Dubai Electricity and Water Authority.
Committee membership: Member of the Audit and Nominations Committees and Chairman of the Remuneration Committee.




Of particular note :: on December 2012, Mr Al Muhairbi was appointed the Secretary General of the Dubai Supreme Council of Energy.

So one would assume he has been working in the interests of ENOB from the off considering his post as Sec. Gen. of the Dubai supreme council of energy. and now he's got a top job at ENOB OMG!! how has this been allowed to proceed ?

[marchant7] 22/7/2015 15:05

Totally agree guy fawkes. I am now bombarding the National Press with ENOC's threats and false information. In addition to posting on the boards, would you now all e-mail your views to the various Editors. THE NOES WILL WIN!!!!!!!!!!

[guy_fawkes] 22/7/2015 14:41

An admission of guilt regarding how independent the "independent committee" was acting on ENOC's behalf.
This should make the takeover attempt legally Null and Void surely.

[2020hindsight] 22/7/2015 14:22

He's resigned because he's been made an ENOC Board Director .. so he can't even pretend to be independent from this point on.

[rosbeg11] 22/7/2015 14:18

Why did Mr Ahmad Al Muhairb resign from the Independent Committee, but remain as a non executive director of Dragon Oil! Clearly there is some difference in views occurring, and he wants no part of it, as it may potentially damage his relationship with ENOC going forward. He does not want to upset the paymaster

[2020hindsight] 22/7/2015 14:11

HA ! Well that RNS goes some way to showing just how "independent" the Independent Committee of Directors is ! Talk about rubbing private investor's noses in it. An independent committee which has someone who has presumably been lined up for a top job in ENOC for some time .....


"Mr Ahmad Al Muhairbi has confirmed that he will recuse himself from any discussions and decision-making with respect to the ENOC offer process."

Too late guys. The conclusion that the "independent" nature of the committee was never "independent" is a reasonable one for investors to make.

[oscarino] 22/7/2015 12:03

Just received by post an Update on Strategy for Dragon Oil issued by ENOB (not Dragon Oil). It appears to be another attempt to scare minority into accepting their offer. Its yet again another blatant attempt at hoodwinking us to believe that Dragon Oil is a company with no future growth prospects, unsustainable production levels, no future dividends etc etc. If this is truly the case, why are they so keen to take it over ??? The answer from me is still a big fat NO.

[atty3] 22/7/2015 08:56

"4Jaytee,

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

Stay classy, Mrs Dragon.

[exbroker] 21/7/2015 22:34

Holmdene
These are standard clauses in any document, the bid must stay open for 21 days at least, and mujst be done by day 60 unless an extention has been agreed. They can only grab your shares on a squeeze out and that requires 90% so that wont happen. If you dont accept on the first close and they get to 75% then you will be given another chance to accept, I would not want to be in an unlisted oil stock controled by the Arabs. Many people on here seem to think that this stock is worth more than 750, it may be but in investment you have to admit your are wrong sometimes and also banish emotions from all your descision making or you will be poor till the day you die!

[holmdene] 21/7/2015 15:38

From Hargreaves Landsdowne:
Please note the bidding party (ENOC) can make the Offer conditional, for example on receiving a certain percentage of acceptances, and can back out of the bid if these conditions are not met. They can also close the Offer at this first opportunity and satisfy the payment obligations if they wish.

Does the last sentence mean they can close the offer and pay out 7.50 to those that have accepted? i.e If you say yes they can still grab your shares...