Dragon Oil Share Discussion Threads

[exbroker] 29/7/2015 19:30

ENOC unless they have very poor advisers will only raise the bid when they have enough irrevocables to take them over the finish line. The real meetings will take place next week when they find out who has accepted and who has not and how many more shares they need to get.

[atty3] 29/7/2015 17:33

Big lol. Another 28 odd days to garner support...another 30/40p onto the offer, and Elliot (happy that they have 'forced' the issue) swing the opposite way and accept.

[blakieboy7] 29/7/2015 17:14

Well, it looks like ENOC are beaten in round 1....

[biffbudbert] 29/7/2015 16:56

Whats your guess fido?

£7.80...£;8.50...over £10?

[fido] 29/7/2015 16:33

Get ready for the higher offer.

[fido] 29/7/2015 16:26

UNBELIEVABLE:

[fido] 29/7/2015 16:21

Had a reply from the Takover Panel:

"Dragon Oil plc is an Irish company and it is therefore not within our jurisdiction. Rather, it is within the jurisdiction of the Irish Takeover Panel"

So I have refered the matter to the Irish Takeover Panel at:

[e-mail]

[guy_fawkes] 29/7/2015 15:07

ENOC's advisors must also have a degree of culpability along with the members of the so called "independent committee".

[fido] 29/7/2015 14:31

Dragon also has a Premium listing on the LSE which is what the FSA regulations refer to.

PS. Elliot have taken another 420,000 taking them to 5.86%

[spob] 29/7/2015 13:40

Does this takeover fall within the remit of the FCA given it's an irish listed stock ?

[fido] 29/7/2015 13:33

dragon2go,
Just sent a couple of quick emails to the FSA and The Takeover Panel.
I will see what response I get.

[a77] 29/7/2015 13:05

Fido et al many thanks for your altruistic work in keeping us all updated with the news and your detailed analysis over a number of years - its greatly appreciated.
I have been a holder since the 1p days.
I have voted no. Not long to go now to see the results.
Keep up the good work guys.

[dragon2go] 29/7/2015 12:59

Maybe you could contact the takeover panel and remind them of their duty in this matter.

[fido] 29/7/2015 12:45

"If a “competitive situation” (as defined by the Takeover Rules) arises after a “no extension” and/or
“no increase” statement (as defined by the Takeover Rules) has been made by or on behalf of ENOC
in relation to the Offer (as determined by the Panel), ENOC may, if it specifically reserved the right
to do so at the time such statement is made, or otherwise with the Panel’s consent, withdraw such
statement and be free to extend and/or increase the Offer (as appropriate) provided that it complies
with the requirements of the Takeover Rules"

[fido] 29/7/2015 11:15

guy_fawkes,
That`s certainly the way the fsa regulations read. Like I said, I have contacted BG,Setanta & Elliot with the same information. I do not expect a reply but at least they have been informed.
Its a bit late in the day for me to raise the issue with the fsa now but I`m sure the issue will be raised in any post NO discussions between major investors and ENOC.

[guy_fawkes] 29/7/2015 11:08

fido that is my understanding of ENOC's actions and intent with information from the FCA website.

[fido] 29/7/2015 10:22

guy_fawkes,
From your FSA post it would appear that ENOC are acting against the law. As such I have contacted BG,Setanta & Elliot with regard your posting.

[guy_fawkes] 29/7/2015 08:58

On your Bike.

[whitebicycle] 29/7/2015 08:56

I'm out, been in since the 1:25 share consoldation had people going to the bank manager thinking they were rich overnight.
Had a look at the cert. 01Sept1997 guess I'm long.

[guy_fawkes] 29/7/2015 08:28

hxxp://www.fca.org.uk/news/the-fca-strengthens-the-listing-rules-to-enhance-protection-for-shareholders

"The FCA’s enhancements to the premium listed regime include:
•Ensuring listed companies are run independently of their controlling shareholders, including measures that give independent shareholders a veto over transactions between listed companies and a controlling shareholder when this independence is threatened.
•Requiring separate approval of independent directors by independent shareholders, in addition to gaining approval from shareholders as a whole.
•Enhanced voting power for minority shareholders where a company with a controlling shareholder seeks to cancel its listing or remove minority shareholders’ rights.
•Requiring greater transparency for listed companies to ensure shareholders have the information they need to exercise their voting rights.

The same feedback also prompted the FCA to consult on additional enhancements to the listing rules. It intends to implement the full package of measures in mid-2014."

[fido] 28/7/2015 21:17

Ex broker, or indeed for Enoch to decide that they can't or won't pay what's being asked and walk away.

[exbroker] 28/7/2015 19:40

bealey at the moment there seems to be plenty of supply and we all know what happens to prices when that happens.
fido Elliot have done a great job of getting themselves in this no loose situation they would have started as an ordinary rate of return trade has become an activist type situation. At very least they can walk away at 750 claiming that they tried to help the small investors but if they do accept expect a statement saying how they did not want to cause the bid to fail and small investors to not get the benefit of the 750. I dont know what price they have in mind but much above 780 would start to get tempting, remember it only need 1 of Elliot or B.G. to crack and its over.

[bealey] 28/7/2015 18:52

Agreed that while land water and air are a finite resource, its oil and its control of were are talking about here, so would have thought it was relevant as its supply/price has a bearing on our investment?