Dragon Oil Share Discussion Threads

[hercules10] 31/7/2015 06:18

Over to you ENOC. Where to now £8.50-9.00?

[sutton3] 31/7/2015 06:12

The result is out.
Sutton

[fido] 30/7/2015 21:13

ferries5,
LOL.

At least I had no legal threats this time to shut me up, which is good but that might still change.

[ccraig69] 30/7/2015 21:06

Well i guess they have not got the company. The would of said by now

[flyingbull] 30/7/2015 20:56

The August oil stock challenge is now on. Deadline for entries is midnight on Sunday.



Good luck!!!

fb

[guy_fawkes] 30/7/2015 20:40

Elliott have increased their holding.
What do they know?

CFD Increased Long 614,992 @ 7.170 GBP

[ferries5] 30/7/2015 20:33

Ditto to Beefeaters post.

What ever the outcome .
The work both of you have put in, to alert people this bid was magnificent.
Some how I do not think you will be on Enoc Christmas Card list.

[beefeater25] 30/7/2015 20:11

Yes dragon2go. Thank you for your outstanding work and effort. Fido, thank you to you also for your dedication.

[saget] 30/7/2015 16:26

dragon2go - throughout all of this your efforts, dedication, and input has been amongst the best.
I just wanted to say 'Thank You' for all you have done.

[dragon2go] 30/7/2015 15:49

I have had a reply from the Irish takeover panel, regarding the process after the deadline of 3pm today passes. I also asked would we told the total number of acceptances and in the event of an increased offer or an extension to the current offer when they had to make that known.
The reply was that they have until 8:00am tomorrow and that everything I queried would be included!

[guy_fawkes] 30/7/2015 15:40

Tick Tock ENOC

[biffbudbert] 30/7/2015 15:37

Do we get to see the full result, or do ENOC get to keep that from us also?

[beefeater25] 30/7/2015 15:03

I think next bid will be 850p with a note that there were a 'small amount' of shareholders that didnt accept.
As for timings id be surprised if the bid was raised next week.

[fido] 30/7/2015 14:35

Elliot have now moved up to 5.99% with a further 612,992 shares.

As a PS, those involved in the building of the TANAP now describe the building of the Trans Caspian pipeline as "inevitable".

[saget] 30/7/2015 14:03

And the time is up.
Decision time is now upon us.

[rosbeg11] 30/7/2015 13:59

Institutions had to lodge their vote with Compushare by the 28th, so the outcome of the vote is known for 90% of the shareholders. ENOC are playing games, and it will simply, be an extension of time for the offer under the takeover rules, which will allow them time to decide on what that offer will be, or they walk away

[blakieboy7] 30/7/2015 13:08

Not long to go now. Wonder if we will get the RNS this afternoon or tomorrow morning?!

[biffbudbert] 30/7/2015 12:20

Thanks tombag for your reply, which I agree fully with.

[tombag] 30/7/2015 10:35

biffbud
The IIs need to be prepared with a PLAN 'B' if £7.80 or £8.50 is all thats on offer (realistically it should be way north of 10 pounds).
This was an opportunistic, unrealistically low bid from ENOC.
Financially ENOC is very weak; its previous bid was a pathetic failure and this new bid is even lower in real terms.
If, ENOC are unable to come back with a serious 'knock out offer' then hopefully IIs can guide it to think along the lines of a placing of all, or the majority, of its shares. This would be in the interests of ENOC and all other shareholders as it would enable DGO (and its share price) to realise its true potential, which is far greater than could ever be achieved with ENOC in control.

[fido] 30/7/2015 08:30

guy_fawkes,
With minority interests not in the remit of the Irish Takeover Panel, the only protection lies through filing a case in the Irish courts.

"Protection of minority shareholders

Section 205 of the Companies Act 1963 provides minority shareholders with a potentially powerful remedy in the case of oppression or disregard of their interests. Any member who believes that the company’s affairs are being conducted or the directors’ powers exercised in an oppressive manner, or in disregard of the members’ interests, may seek relief from the court, which will make such orders as it deems necessary to end such conduct where it is found to exist"

[fido] 30/7/2015 08:15

Meanwhile ENOC are now in expansion mode:

[fido] 30/7/2015 08:08

guy_fawkes,
Just had a second response from the Irish Takeover Panel.

"We do not have similar rules as those under the FCA rules. There is however under Irish company law minority protection provisions but the Panel has no remit in that regard"

[fido] 30/7/2015 08:05

guy_fawkes,
Just to keep you and everyone else updated.
The English FCA are not interested because Dragons main listing is on the Irish market and the Irish are not interested becuase the rules stated are those of the FCA and not an Irish govening body.
I have asked if they have their own rules similar to the ones posted and will get back to you with any update.

[rosbeg11] 29/7/2015 23:12

The reality is ENOC need to buy approx. 225m shares which at £8.50 per share will cost $2.85B, which the market will probably accept. In real terms they have $1.9m in cash on dragons balance sheet, plus they need approx. $1B of debt, and they have raised $1.5B in debt! The deal is easily financeable!
The only worry I have, is that bullies do not like losing, so they might want to inflict pain on all minority shareholders, by abandoning the dividend, and waiting another year, to get what they want, at the price they want. Anyhow time will tell