Dragon Oil Share Discussion Threads

[blakieboy7] 01/8/2015 11:26

Say what- ENOC buys all or nothing.....

[saywhat] 01/8/2015 11:11

Thanks spob but there are a great many and I notice that when another person asked they were (for the most part) ignored. Those of us who aren't "advanced strategists" would be most grateful, for a simple answer, link or, if you must, a flow diagram detailing outcome scenarios. I am on ADVFN and navigation/searching makes Kent's Operation Stack look like the blitzkrieg.

[spob] 01/8/2015 10:47

try reading all of the posts above

[saywhat] 01/8/2015 08:30

Do those who do not accept the offer currently, still get compulsorily bought out if ENOC passes the winning post ? What happens to the shares that did not vote to accept ? I assume we get the 750 per share ?(apologies for daft question but no explanation of this in any of the documentation).

[richardbroughton] 01/8/2015 08:22

Bang on Butch, 100% agree.

[exbroker] 31/7/2015 20:06

Its call optionalaty, which Elliot have got as the swing voter, look up Black Scholes option pricing. They did not know they almost alone could tip the deal until they could see how many other acceptances that ENOC have. Now its time for a game of chicken Arabs in one corner Yanks in the other!!
mbutchers as you can see from the Dragon statement some of the instos did not manage to get the paper work sorted in time and some might be waiting to see what level of acceptance there are. Some US funds may have to sell in the market depending on the tax position. If I ran an arb book and hade a decent balance sheet I would be buying this hard as I think it happens. Elliot have played a very good hand so far, they have a no loose situation which they control at the moment. If ENOC can get to 20% without them the balance of power shifts.
To the many posters who thing that this company is worth more than 750p will you buy more at say 650 if the bid fails and will you accept or stay as a minority if it goes through? Think with the head not the heart!

[mbutchers] 31/7/2015 19:55

Hold on, I'm getting it now. 29p in 3 months, equivalent to 16%pa. I know, let's tie this money up for another month for no extra gain, and then we can get the equivalent of 12% pa...... perfect sense!

[mbutchers] 31/7/2015 19:47

Why would the large institutions who didn't accept, accept now? It's not like they weren't aware of the offer. There is no reason to accept on the same terms! I'm absolutely not even close to being an expert, but this explanation makes no sense at all.

[exbroker] 31/7/2015 19:13

ENOC to instos holding 16.8% of Dragon will you sell at 750?
YES say the instos who have accepted the offer!
The others have not voted NO they have not accepted, that is no the same as a no Most instos have standing instructions in a contested or situation such as this not to accept at the first close.
6.2% gets them home Elliot have 5.99% and a very good in price for an arb trade, 721 ish seem to be about it so a profit of 29p on 750 is about 4% and in 3 months thats 16% over a year, and thats a lot better than most funds will do this year as well as being better than the cost of money.

[fido] 31/7/2015 18:57

Enoch to institutions-Will you sell at £7.50.

Insts-NO

Enoc-Ok will you take £7.50 then.

Insts-Yes OK then as it's you.

Meanwhile back in the real world.

[blakieboy7] 31/7/2015 18:53

Lol Butchers :)

[mbutchers] 31/7/2015 18:48

Not sure I'm understanding you Exbroker. They are a fair way off, and even if they get Elliot on board, they don't have the required amount. Surely the big players will be negotiating for a larger payout, otherwise as Zedman says, they surely would've accepted the 750p offer. I'm sure you'll be along to explain with your market expertise shortly......

[zedman_1] 31/7/2015 18:26

If the big boys haven't accepted already, why should they accept now if there is no increase in the offer price?

[exbroker] 31/7/2015 18:18

The rise in the price is now saying that the deal completes as is, not that there will be a bump. ENOC are nearer than I thought they would be at this stage, I am sure that they are making calls to the instos who have not yet accepted to see how many more shares they can get in. Depending on this they will either have to talk to one of the big boys, and I am sure they will try to play devide and rule, and find a level they will take or walk away. To me this looks like a deal that will close at 750, you only need a couple of arbs to buy some and accept and it could be all done.

[fido] 31/7/2015 16:08

I may try to contact Elliot again.
Their role as an activist investor is important whether in refusing the deal or accepting it.
What I am trying to do is define their level of activism and what it means to them. Whether it be short term just to get a better bid price or whether it be slightly longer term in trying to realise the value in Dragon if it were not for ENOCs control and medling.
Just as pressure from BG resulted in the paying of a dividend, so could pressure be brought to lessen Enoc`s control.

[jecs] 31/7/2015 14:56

Dragon Oil is registered in Dublin,Ireland not Belfast, UK

[marchant7] 31/7/2015 14:46

I contacted Companies House in Northern Ireland to find out the current numbers of shareholders in DGO. They said they had no record of the company and aaked for the Company Registered No. I contacted Capita Asset Services and they told me the Regd. No. was 35228. Sent that to Companies House, and they STILL said they had no record of this Company. I told their representative that the shares were quoted on the Irish and English stock exchanges, and also in the Irish Newspapers. I also advised him that the Company has been widely covered in the Irish papers regarding the takeover Could any bulletin board poster advise me of the registered address of Dragon Oil in Northern Ireland?

[guy_fawkes] 31/7/2015 12:37

Again in their arrogance!

[blakieboy7] 31/7/2015 12:26

ENOC have tried to con us and thankfully it has backfired:D

[marchant7] 31/7/2015 10:20

Surely the yes voters have been totally misled and deceived by the the lying cheating propanganda threats of ENOC, so in my opinion they have the legal right to withdraw their YES vote before the 28th. After all the vote FAILED, so they all should be able to vote again. I would not accept £20 for each of my shares, as I totally agree with Fido that DGO have a fantastic future.

[dragon2go] 31/7/2015 09:49

Interim dividend is not subject to shareholder approval. It will be interesting to see what Dragon do, as it cannot be blocked by Enoc.

[gavinbell] 31/7/2015 09:14

RMP anyone?

RMP drilling tomorrow. (hxxp://catalysthunter.com/oil-gas/rmp/1-in-3-chance-of-a-20-bagger-offshore-drilling-weeks-away/20150505/)