Dragon Oil Share Discussion Threads

[hopeful holder] 09/8/2015 17:02

If you don't have original, then you'd need to contact registrar's.

[hopeful holder] 09/8/2015 17:01

Sapey. As I understand it, you send back the original acceptance.

[lucy123] 09/8/2015 15:25

I have sent back the original forms of acceptance with my share certificates.

[saget] 09/8/2015 12:11

Hi Everyone,

I have shares held in a paper share certificate but I've not received an updated offer form for these shares.
Would anyone know the next steps I should take in order to accept the ENOC offer?

(I suppose I could wait and hope ENOC reach 90% ownership and therefore have to buy all remaining shares, but that's a risky strategy)

Thanks in advance!

[recog] 07/8/2015 15:57

thanks for the info

[spob] 07/8/2015 15:51

yes your nominee account provider should do all that on your behalf

[recog] 07/8/2015 15:42

Read notification from ENOC saying you have to fill in the form of acceptance even if you hold your shares in crest. Spoke to Selftrade who say I don't have to do anything and that they will deal with the acceptance. Any thoughts ?

[richardbroughton] 07/8/2015 15:23

Well Spob, I must be very lucky because I never sit on cash for long, have made at least 20% every year but one (lost 40%, you know when that was) in last 20 and have lived thru' at least 3 major crashes and lots of small ones. Dividends vital to me, we're all different!

[spob] 07/8/2015 14:39

I've got loads of cash sitting in my account, waiting for the next crash anyhow

a few weeks makes no difference to me


impatience and good returns do not go hand in hand

[zingaro] 07/8/2015 13:40

richard: as soon as I saw this am that there was no dividend I sold up and bought GSK, which goes ex next week and payment 1st Oct

[badgerbri2] 07/8/2015 13:25

No dividend, as confirmed in today's interim results.

[johnmcd51] 07/8/2015 13:16

Surely if the offer is £8.00p per share that's what you get, I can't see how they would reduce this IF there was a dividend, which I doubt there will be now! If there is going to be a dividend surely that would be extra as I've seen nothing to indicate a reduction in the offer price if a dividend were paid.

[richardbroughton] 07/8/2015 13:08

Got to reinvest the cash for the longer term somewhere anyway, might as well do it now if there's no downside..

[prophets and losses] 07/8/2015 12:45

If the share price falls by the divi amount when the share goes ex div, as usually happens, then you could buy the share cheaper then anyway. I would think it depends on how long you propose to keep the shares, how significant the dividend is in relation to day to day share price volatility or whether you expect the price to rise anyway regardless of the dividend.

[badgerbri2] 07/8/2015 12:44

But you more or less know the share price will drop just after they go ex divi so the 'profit' will be less.

[richardbroughton] 07/8/2015 11:59

Hi, thanks for that but I am not talking about interest but dividends, different thing, e.g HSBC are going ex div of 10 US cents or about 6.5 p on 13/08, about 1.1% or £880 on £80K, payment on 02/10. That's a quarterly payment. Of course, there are risks with the share price as with any share but the return is better than sitting on DGO shares for 6 weeks while the market price is so close to the offer price.

[dcameronw5] 07/8/2015 11:40

If you sell now in the market then the extra interest is for only 6 weeks or so, say 80,000 * 1% * 6/52 = £92 which doesn't quite meet the cost of selling.

[richardbroughton] 07/8/2015 11:14

If it's going to take that long I think it would be better to sell in the market at 799 and reinvest the proceeds in good div payer. I pay £10 per trade so 10K shares, £80K's worth, would cost me £110 over waiting for the offer to be paid out, a 1% div somewhere = £800. Doesn't seem right, am I missing something?
regards Richard

[spob] 07/8/2015 10:28

I'd guess somewhere between the 11th and 21st of September

Barclays likely to be one of the lagards, as always

[spob] 07/8/2015 10:22

depends on your broker

usually around 2 - 3 weeks after the offer period ends

[asif1230] 07/8/2015 10:19

how long does it usually take for the money to reach the account?

[spob] 07/8/2015 08:20

On 17 March 2015, Dragon Oil announced that it had received an approach from ENOC regarding a possible offer for the entire issued and to be issued share capital of Dragon Oil that it does not already own. The proposal received valued Dragon Oil at 650 pence per Dragon Oil Share. The Independent Committee rejected this proposal, engaged in extensive discussions with ENOC, and undertook shareholder consultation regarding the approach.

On 21 May 2015, after a series of further proposals, which were also rejected, ENOC announced a revised proposal of 735 pence per Dragon Oil Share. The Independent Committee considered this proposal and again consulted with shareholders as part of its assessment.

On 15 June 2015, the Independent Committee and ENOC announced a recommended cash offer by ENOC of 750 pence per Dragon Oil Share.

In coming to a view on its recommendation, the Independent Committee had taken into account the value being offered by ENOC and the Independent Committee's views on the current position and the future prospects of Dragon Oil. The Independent Committee, assisted by its financial advisers, Nomura and Davy Corporate Finance, had modelled numerous macro and operational growth scenarios and undertaken a detailed valuation exercise of the assets and prospects of the Dragon Oil Group. In addition, the Independent Committee had engaged with minority shareholders throughout its consideration of the proposed transaction.

The Independent Committee has confidence in the management of Dragon Oil and the future prospects of the Dragon Oil Group and was of the view that the Offer reflected these prospects, offering Dragon Oil minority shareholders an attractive exit price, and was in the best interests of Dragon Oil minority shareholders as a whole.

The document containing (among other things) the full terms of, and conditions to, the Offer and the procedures for acceptance (the "Offer Document") was posted by ENOC to Dragon Oil Shareholders together with the Form of Acceptance on 1 July 2015.

As at 1:00 p.m. (Dublin time) on 31 July 2015, ENOC had received acceptances of the Original Offer valid in all respects relating to 76,568,990 Dragon Oil Shares (the "Valid Acceptances"), representing (i) approximately 15.5 per cent of the current issued share capital of Dragon Oil and (ii) approximately 33.1 per cent of the voting rights held by the Independent Shareholders on the date of the Rule 2.5 Announcement, which ENOC may count towards the satisfaction of the acceptance condition to the Offer. ENOC also had intended acceptances of the Original Offer relating to 6,502,572 Dragon Oil Shares (the "Intended Acceptances"), representing approximately 1.32 per cent of the current issued share capital of Dragon Oil.

On 2 August 2015, the Board of ENOC announced a revision to the original offer price of 750 pence for each Dragon Oil Share (the "Increased Offer"). Under the terms of the Increased Offer, Dragon Oil Shareholders are entitled to receive 800 pence in cash for each Dragon Oil Share. The Independent Committee unanimously recommended that minority shareholders accept the Increased Offer.

ENOC received firm irrevocable undertakings from Baillie Gifford and Elliott Capital Advisors to accept or procure the acceptance of the Increased Offer in respect of 64,505,038 Dragon Oil Shares representing 13.1 per cent (in aggregate) of the issued share capital of Dragon Oil (the "Further Irrevocables").

ENOC waived the acceptance condition set out in paragraph 2(a) of Appendix I of the Offer Document together with the conditions set out in paragraphs 2(b) to (i) in Appendix I of the Offer Document and declared the Offer unconditional in all respects on 2 August 2015.

Subject to the applicable requirements being met, ENOC intends to procure the de-listing of the Dragon Oil Shares from the Irish Stock Exchange and the London Stock Exchange.

Dragon Oil Shareholders who have already validly accepted the Original Offer need take no further action; their acceptances will be treated as acceptances of the Increased Offer.

The Increased Offer will remain open for acceptance until 3:00 p.m. (Irish time) on 28 August 2015 (or such later time as ENOC may determine).

[blakieboy7] 07/8/2015 07:14

No dividend, no surprise

[lucy123] 07/8/2015 07:10

No dividend payment then.

[beefeater25] 06/8/2015 10:43

Interims tomorrow...
At least we will get confirmation either way on the dividend.