Eneraqua Technologies Share Discussion Threads

[nackaerl] 30/1/2002 15:49

Just see the strategic presentation on eni's website , there will be a bid.However etp price can go down the next days or weeks

[venomousviper] 30/1/2002 15:39

Anyone with views as to when ENI might show their hand if at all.
A hostile bid looks off the cards ETP is set to defend itself on Tuesday so I am wondering just what is going to happen next.

[nackaerl] 28/1/2002 14:42

Even when there is no bid within a few weeks, and if the shares will go down back to £ 5, ETP will remain a bargain and one day their will be a predator. Just wait and see

[t.ainscough] 28/1/2002 13:04

Even at around £6.05 the PE is still only 6.1 way below the sector average.
The possibility of a bid has served to highlight just how undervalued the shares were at £5.
Even if no bid emerges, I don't think we'll see those low levels again... but I could be wrong! (I often am!)

[venomousviper] 28/1/2002 11:56

Anyone else get the feeling their may be no bid and its back down to below a fiver again.

[nackaerl] 24/1/2002 00:40

Shares of ENI are rising, is the italian market convinced ENI that they are buying shares of ETP at this moment?

Am i wrong or didn't they do the same last year with the takeover of LASMO?

[royaloak] 20/1/2002 16:55

Share of the week in the Sunday Times!

As for the uk government being against a takeover, do not think this would go down well in europe if ENI is the suitor !

When LASMO was taken over the first hostile bid came in from Amerada Hess, the final bid was the agreed one with ENI, I think it will soon be very interesting.

[bionicdog] 20/1/2002 16:52

not unless he's a major shareholder. what can he do about it?

[tank] 20/1/2002 16:39

Energy minister Brian Wilson against takeover of ETP.
Bad news for Monday??????

[josephmsmith] 20/1/2002 16:20

On 1st December I re-alligned my portfolio based on the following shares strategy:

Calculate a sector rating for a stock based on the following:

((PE / Sector PE average) * (PCF / Sector PCF Average))* spread
(the lower the rating the more attractive the stock)

This formula highlights the value of a stock related to its sector peers.

I also Calculate a MARKET rating for a stock based on the following:
((PE / Sector PE average) * (PCF / Sector PCF Average))* 0.02 (Avg Mkt spread)
(the lower the rating the more attractive the stock)

Using this formulae the following 20 stocks were highlighted as the most attractive buys on 1st December:

Market rating LSE Price change p as of today.
0.0290 EXD – Express Dairies 0
0.0869 ETP – Enterprise Oil +169
0.1065 JKX - J K X oil 0
0.1079 ART – Artisan 0
0.1103 HVE – Havelock +8
0.1356 UKC – UK Coal +2
0.1545 AG. – Arcadia +13
0.1962 RWD – Robert Wiseman -8
0.1992 GTG – The Get Group +8
0.2007 DVO - Devro -2
0.2366 CDB – CD Brammell +2
0.2693 PCH - Pochins +21
0.2899 NICL – Nicholls -1
0.2922 TTG – TT Electronics -2
0.3552 PAG – Paragon +17
0.3727 CRST – Crest Nicholson -3
0.4008 CC. – Clinton Cards -19
0.4107 ARI – Arriva +17
0.4130 HVY – Harvey Nichols +11
0.4592 KIE – Kier Group +78

Portfolio has increased 10.97% (6weeks) with an annual return calculated at a blistering 132.62%
Okay so i got lucky with ETP but Expect Clinton Cards to make a recovery of some sort.
With ETP removed annual return still comes in at 70%

As always DYOR.


Joe.

[collieborder] 19/1/2002 16:07

Todays Daily Mail page 65 states

'Enterprise Oil edged up 2 1/2 p to 618 on gossip that Italy's ENI will bid at £7 soon, perhaps even on Monday.'

[royaloak] 18/1/2002 13:48

Ditto, but for 610 read 615 !

[royaloak] 16/1/2002 16:12

Sorry to repeat myself folks but look at all the sells at 610p and how strong it is at that level, do not be short!

[royaloak] 16/1/2002 10:47

Loads of sells into any strength but again at the moment loads of support when it drops to around 610p!

This reminds me of the performance of LASMO when this was took out, i'm with you on this one bd it looks a good bet!

[pparkin405] 15/1/2002 00:35

just treading water waiting for developements very bullish comment from broker this morning for etp and bg, eni having strategy meeting today when finished might be some good news for etp

[bionicdog] 14/1/2002 22:41

vv
i personally do not believe that there is much downside from here , as an opening bid would appear to create a support level until any further bids come in. i'm willing to take a risk and hang on for a possible 700p.
regards , bd.

[mickinvest] 14/1/2002 19:47

ENI declines comment on reported interest for Enterprise Oil


ENI declines comment on reported interest for Enterprise Oil
MILAN (AFX) - ENI SpA chief executive Vittorio Mincato declined to make any
comments on newspaper and market speculation that the group is interested
in buying Enterprise Oil PLC.

Speaking at a news conference, Mincato said ENI produces sufficient
cashflow which could be used to carry out acquisitions.

He said any acquisition has to fit in with the industrial strategy,
generate synergies, and after due evaluation of assets, but added he would
not make any comments on statements made by an industry operator and market
and newspaper speculation.

Enterprise Oil has said it received an approach from an unnamed buyer
while reports say the approach came from ENI.

[royaloak] 14/1/2002 16:20

I have been watching this closely on level 2 and loads of support at 610p, although it has been a bad day it looks as this may be a strong support. I have bought a few.

[venomousviper] 14/1/2002 14:44

I wonder if its time to energise from the Star ship Enterprise.
Dozens of articles 1 pointing to a revised bid of 3 billion which is exactly todays price.Its a hell of a long way down from here with possible little upside
What does everyone think

[nackaerl] 14/1/2002 13:58

does anyone knows when eni's strategy meeting today will be finished and where the press release can be found

[gurp] 14/1/2002 11:55

with all the press speculation re upping of bid and bid auction I thought I'd sold out too soon at £6 and thought if there's one share that would rise today it would be etp - wrong again, perhaps I should act contrarian to my thoughts.
any ideas as to why it has fallen?

[bionicdog] 13/1/2002 10:07

from the sunday times today.


Feature: Enterprise chief heads for troubled waters

The oil company kept ENI’s cash bid quiet. And there’s fury now the secret is out, says John Waples

WHEN Sam Laidlaw joined Enterprise Oil in November as chief executive, he came with a big reputation. The Old Etonian had previously run the British operation of Amerada Hess, the American oil giant.
But if Laidlaw thought he would be allowed time to settle in, he quickly discovered otherwise. His honeymoon at the £2.8 billion oil-and-exploration group has been short. Just two months into the job, he was on the receiving end of a takeover approach from ENI, the aggressive Italian oil group, which is 30% government owned.

Laidlaw and his board, which includes Sir Brian Moffat, former chairman of the steel group Corus, received the approach in mid-December. But after advice from his two brokers and NM Rothschild, the corporate-finance house, he chose not to tell shareholders.

When the City returned to work after the new year break, it began to get wind that an approach had been made. The Enterprise share price leapt a week last Friday, partly helped by a positive broker’s note from UBS Warburg. This was followed by persistent chatter that Enterprise was in play and by Tuesday Laidlaw had to confirm that an “opportunistic” approach had been made.

Shares in Enterprise immediately jumped 21% to close at 605p. By the end of the week they were 624½p. They now stand some 35% higher than on the date of the offer.

ENI and Lazard, its financial adviser, will renew the pressure on Enterprise this week and most analysts believe this is just the opening shot by Vittoria Mincat, ENI’s chief executive. Steve Turner at Commerzbank agrees: “This is the beginning of the end for Enterprise.”

It is thought ENI’s cash offer was about 600p and a number of Enterprise investors, including Deutsche Bank, are angered that they were not given the chance to consider it. Analysts say that if ENI increased the bid to between 650p and 700p, most shareholders would bite.

The Italian suitor is not the only buyer in town and, should a formal bid be made, oil companies, particularly those in North America, could join in. Talisman of Canada and Anadarko are both thought to be watching events closely.

ENI has been one of the drivers behind the consolidation among the stock market’s sub-sector of independent oil- exploration groups. In the past two years it has bought Lasmo (outbidding Amerada Hess) and British Borneo, and it remains acquisitive.

Tomorrow Mincat will outline his intentions when he makes a corporate-strategy presentation to Italian investors. This will be followed by a presentation in London on Tuesday.

Similarly, Laidlaw has brought forward Enterprise’s results from February 22 to the first week of next month. At the event he intends to unveil his own strategy to revive the company’s fortunes but analysts say he will have a tough job convincing investors to stay put.

One said: “If the right price (before the ENI approach) for this stock was 425p, how on earth is he going to be able to get the price up to between 650p and 700p? If he can do that, he should be running Shell.”

Laidlaw also has to convince investors that Enterprise de-serves to remain independent. Richard Snape at Charles Stanley says: “For a Footsie stock it is not as liquid as you might think. There was a time when exploration and production companies had their own classification but now they have been lumped together with Shell and BP.

“That sub-sector has contracted while the two majors have got bigger. For many fund managers the only question is ‘how many Shell should I have versus BP?’ because the performance of the sector is driven by those two companies.”

Laidlaw has initiated a full-scale review of Enterprise’s operations. The big issues are whether the company remains in the Gulf of Mexico and whether he concentrates on high-risk, high-return deep-water exploration or moves to lower- risk exploration with more production.

Snape says: “He has a tough job on his hands but it’s certainly not impossible.”

At the moment the Gulf of Mexico operation is too small and Laidlaw has the choice of doubling up or selling up. He may come with a clean sheet of paper but the shareholder base he inherits does not. Many have become disillusioned after several years of underperformance and flat production levels.

When Enterprise was run by Laidlaw’s predecessor, Pierre Jungels, the group did well in driving down its development and operating costs. But he failed to boost production.

Snape says: “The group has not exhibited any underlying volume growth for some time. The biggest component in the increase in profitability has been the higher oil price. If all you want to do is play the oil price, you might just as well buy the underlying commodity. When you are running a company you have to do a bit more than that.”

and from the observer

Enterprise's mystery suitors

Heather Connon
Sunday January 13, 2002
The Observer

Enterprise Oil has been a bid target for so long that the only surprise in last week's revelation was that the company would not disclose the name and terms offered by the suitor. The market quickly concluded it was Italian rival ENI, but the betting is it will not stay the only name in the frame.
The approach comes at an interesting time both for Enterprise and the industry. The company's new chief executive, Sam Laidlaw, is to announce the results of his strategy review on 5 February, earlier than expected, and the City has high hopes, expecting everything from an increase in predicted growth rates through acquisitions to a full-scale merger with an American rival.

Many of its bigger rivals are just realising that the cost-cutting and rationalisation that followed the plunge in oil prices in 1997 has left it with a production gap. An acquisition would fill that nicely but possible targets are thin on the ground - Enterprise and BG, the gas exploration arm spun out of British Gas, are the only European businesses of any size left. If ENI does open the bidding, it is unlikely to be left on its own. Even Shell might think it worth a look. While some doubt that Amerada Hess, Laidlaw's former employer, could afford it, it would want to have a look. Other bidders include Anadarko, Marathon or UKOS.

ENI may have made its approach because Enterprise looked cheap - its shares traded at around 450p in December - but that does not mean it will get a bargain. Jurjen Lunshof of Crédit Lyonnais calculates that ENI bought Lasmo, one-time prospective partner for Enterprise, for the equivalent of $4 a barrel of proven and provable reserves, to use the oil jargon. Enterprise has been trading at less than $3.50 but Lushof thinks it would fetch at least $4.50. And that could push the price up above 700p a share.

[bionicdog] 11/1/2002 21:45

apparently major shareholders , angry at ETP's outright rejection of the recent bid are encouraging them to enter into an auction involving any interested parties. CNE are now considered the next most likely target for a bid and i'd personally add TLW to the list.

[bionicdog] 10/1/2002 20:54

it is my understanding that it would take a bid in the region of 720-730p to be successful. i don't believe that ENI will be prepared to pay that much , but someone else might.