Dragon Oil Share Discussion Threads

[beefeater25] 31/7/2015 08:56

Chess, dont underestimate the big boys. They have got the chips that Enoc 'DESPERATELY' want and they know it.

[blakieboy7] 31/7/2015 08:51

Chess, I doubt the big players will fight for a poxy 50p increase!!! It will be more surely

[chessman2] 31/7/2015 08:44

I'm pretty sure ENOC will only need to go to £8 max to obtain sufficient acceptances. As Exbroker has said, we are in the hands of the big boys now.

Mind you it would be nice to get £8 plus a divi!

[fido] 31/7/2015 08:39

BeefEater25,
I think the market will now price in a move above £7.50 but the question will be how much above will it go.

[beefeater25] 31/7/2015 08:33

Maverick, I honestly wouldnt be surprised to see a breakout OVER 750p now...

[beefeater25] 31/7/2015 08:32

Almost feels like there is limited downside to buying now at this price so i'm taking another chunk.
ENOC are talking like they are 'nearly there' so the worse case for me would be an increase to 750p and the best case will be an increased bid.

FWIW, I dont think they will walk away this time.

[fido] 31/7/2015 08:23

Enoc have tried an opportunistic bid and have failed.
Now the real bargoning starts.
Elliot would have almost certainly voted no and will now be pushing ENOC to increase their offer.
I don`t see that ENOC have any choice but to increase their offer as walking away is not an option at the current time. The question is how much can ENOC afford to increase their offer and will it be enough.

[the maverick1] 31/7/2015 08:02

on the verge of a breakout.

[bealey] 31/7/2015 08:02

I wonder if they make things seem worse than they are to make us think we have a good deal at 750pence? I just don't trust them at all!!

[eddiew] 31/7/2015 07:46

The half year results should be due soon. They were released on the 5th August last year and the Divi was paid in September. What will they do this year??

[guy_fawkes] 31/7/2015 07:39

Round 1

Minority Shareholders 1 Enoc 0

[beefeater25] 31/7/2015 07:33

They have worded their release to confuse people into accepting. (or bore people into accepting)
Shows to me that they are on the canvas with the 750p bid and the knockout count is on "1, 2, 3, 4..."

What is your higher bid ENOC?

[spob] 31/7/2015 07:30

I'm guessing Elliott have not accepted

I'm guessing they will accept by the next deadline

and that will be


THE END

[spob] 31/7/2015 07:26

you don't need to make up your mind yet

if they get 23% you will get another chance to accept the offer


if they don't get 23%

they can increase the offer or walk

[masterblasterdarren] 31/7/2015 07:18

So being a novice, need a little help, can you clarify if i continue to NOT accept the offer, but unfortunately due to lack of understanding of us smaller holders and enoc get the required amount to takeover will i be given a further 2 weeks after 28/08 to change my mind, or is it a case of i need to make my mind up now. As i see it, if i get the additional time to change my mind then i have nothing to loose but to hold.

[spob] 31/7/2015 07:05

14.5% plus 2.3% awaiting correct paperwork

= 16.8%

they need another 6.2% to get to 23%

[zedman_1] 31/7/2015 07:00

"The Board of ENOC are pleased to confirm that they have now received valid acceptances and interests in Dragon Oil Shares as set out below" Pleased? I bet they are furious.

[zedman_1] 31/7/2015 06:50

RichardB, err, no. Read it again. ENOC in total have acceptances "representing in aggregate approximately 68.2 per cent of the issued share capital of Dragon Oil." They need 75% so no, not done , not dusted and certainly not game over.

[pollster] 31/7/2015 06:48

But 14.5% is not more than 23% - back to school

[richardbroughton] 31/7/2015 06:47

Ah yes, read that wrongly I see, thanks.

[livethedream] 31/7/2015 06:45

Not over yet Richard.Has to be over 50% of minority holders - still at 30%.Time yet for failed bid or increased offer.

[richardbroughton] 31/7/2015 06:38

What are you on about Herc? 30% is more than 23% isn't it? Done and dusted, game over, we've got 28 days to accept or end up in a delisted company. Looks like exbroker was bang on re Elliott. Would have liked more but am reasonably happy to move on.
Dingo look at the RNS.

[bealey] 31/7/2015 06:37

Emirates National Oil Company Ltd Level of acceptances and extension of the OfferSource: UK Regulatory (RNS & others)TIDMIRSH TIDMDGORNS Number : 6750UEmirates National Oil Company Ltd31 July 2015NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.Dublin & London, 31 July 2015For immediate releaseEmirates National Oil Company Ltd. (ENOC) L.L.C. ("ENOC")Recommended cash offer for the shares in Dragon Oil plc ("Dragon Oil") not already owned by ENOCLevel of acceptances and extension of the Offer-- Valid acceptances of approximately 14.5 per cent of the issued share capital, representing approximately 30.8 per cent of the voting rights held by the Independent Shareholders on the date of the 2.5 announcement -- Further Intended Acceptances of approximately 2.3 per cent of the issued share capital -- Offer extended to 28 August 2015 On 1 July 2015, the Board of ENOC and the Independent Committee of the Board of Dragon Oil announced that the document containing (among other things) the full terms of, and conditions to, the Offer and the procedures for acceptance (the "Offer Document") was being posted by ENOC to Dragon Oil Shareholders on that day together with the Form of Acceptance. Capitalised terms used but not otherwise defined in this announcement have the meanings set out in the Offer Document.The Offer Document stated the cash price of 750 pence per Dragon Oil Share offered by ENOC pursuant to the Offer (the "Offer Price").The Board of ENOC are pleased to confirm that they have now received valid acceptances and interests in Dragon Oil Shares as set out below.Level of Acceptances and Interests in Dragon Oil SharesAs at 16 March 2015 (the day before the commencement of the Offer Period), ENOC confirms that it held 265,263,515 Dragon Oil Shares, representing approximately 53.9 per cent of the issued share capital of Dragon Oil at that date.As at 3.00 p.m. (Dublin time) on 30 July 2015 (being the Initial Closing Date), ENOC had received acceptances valid in all respects relating to 71,369,895 Dragon Oil Shares, representing (i) approximately 14.5 per cent of the current issued share capital of Dragon Oil and (ii) approximately 30.8 per cent of the voting rights held by the Independent Shareholders on the date of the 2.5 announcement, which ENOC may count towards the satisfaction of the acceptance condition to the Offer.So far as ENOC is aware, none of the acceptances detailed above have been received from persons acting in concert with ENOC.In addition, as at 3.00 p.m. (Dublin time) on 30 July 2015 (being the Initial Closing Date), no persons acting in concert with ENOC had an interest in, a right to subscribe in or a short position in certain Dragon Oil relevant securities.Accordingly, as at 3.00 p.m. (Dublin time) on 30 July 2015 (being the Initial Closing Date), ENOC and persons acting in concert with ENOC either owned or had received acceptances of the Offer in respect of a total of 336,633,410 Dragon Oil Shares, representing in aggregate approximately 68.2 per cent of the issued share capital of Dragon Oil.In addition, as at 3.00 p.m. (Dublin time) on 30 July 2015:- ENOC had received completed Forms of Acceptance in respect of 1,175,483 Dragon Oil Shares, representing approximately 0.2 per cent of the current issued share capital of Dragon Oil, that were not accompanied by the required share certificates and/or documents of title; and - TTE Instructions had been made in respect of 10,271,897 Dragon Oil Shares, representing approximately 2.1 per cent of the current issued share capital of Dragon Oil, in respect of which a signed corresponding Form of Acceptance has not been received; (together, the "Intended Acceptances").Once the outstanding documentation in relation to the Intended Acceptances is received by ENOC, the Dragon Oil Shares to which the Intended Acceptances relate will be counted towards the satisfaction of the acceptance condition to the Offer.All Dragon Oil Shareholders are reminded that, whether they hold their Dragon Oil Shares in certificated form (i.e. not in CREST) or in uncertificated form (i.e. CREST), they must return a completed Form of Acceptance to Capita Asset Services, Shareholder solutions, P.O. Box 7117, Dublin 2, Ireland in order to validly accept the Offer. Further instructions are contained in paragraph 10 of Part II of the Offer Document.The percentages of Dragon Oil Shares referred to in this announcement are based upon a figure of 493,511,305 Dragon Oil Shares in issue on 30 July 2015 or, where a percentage relates to Independent Shareholders, a figure of 491,885,605 Dragon Oil Shares in issue on the date of the 2.5 announcement, of which 226,622,090 were held by the Independent Shareholders.Save as set out above, on 30 July 2015 (being the Initial Closing Date), neither ENOC nor any person acting in concert with ENOC has any right to subscribe for any relevant securities of Dragon Oil nor does any person have any such short position (whether conditional or absolute and whether in money or otherwise), including any short position under a derivative or any arrangement in relation to any relevant securities of Dragon Oil. For these purposes, "arrangement" includes any agreement to sell or any delivery obligation or right to require any other person to purchase or take delivery of any relevant securities of Dragon Oil and any borrowing or lending of any relevant securities of Dragon Oil which have not been on-lent or sold.

[lazydingo] 31/7/2015 06:30

Where can i see the result please? There isn't anything on the Dragon oil site yet.
Sorry found it .