Essar Energy Share Discussion Threads

[sabiza] 04/6/2014 08:33

Not yet accepted and contemplating not accepting latest extension.Anybody have an inkling on likely possible scenariosSbz

[kololo123] 03/6/2014 11:24

Had a ding dong with brokers for exercing option to accept Essar//Bidco offer without express authority . Will remain a dissenting shareholder on their register.

[hvs] 27/5/2014 12:29

Yet again INDIAN dacoites have won.

The LSE should be ashamed , but are they ?

[charliehellfire] 20/5/2014 17:08

Mine have gone, I've corporate-actioned the sale..

[flyinggogo] 20/5/2014 16:44

Im waitin it out, out of sheer morbid curiosity....

[zico82] 20/5/2014 09:20

i bought essar at 150 now 70p should i sell it now or to wait

[jammytass] 19/5/2014 19:57

na they have got the lot sell or you will have to deal with the cmpy direct you might get very little from them

[jpholmesjulian] 19/5/2014 19:36

as of 13.5.2014 they have 77.99%.the acceptance level was 86.28% and they need a 90% acceptancelets hold stong!does any1 know what happens when they delist essar!

[flyinggogo] 17/5/2014 02:57

Does anyone know how/where i can find out an up to date figure for their current holding? I know they had managed to get around 86% last week some time

[kololo123] 15/5/2014 16:34

Four investors I spoke to will not sell but will take their chances with the ensuing legal challenge. Point to ponder.

[kololo123] 15/5/2014 10:15

A bunch of crooks from the Indian state of Gujrat which will provide Indias next prime minister. Any Indian company hoping to come to listing in London will be viewed as crooked as the ESSAR family mafia bent on mugging the investors.

[charliehellfire] 13/5/2014 10:54

I feel like I've been to India on a holiday and I slept right through the two weeks and woke back up in my own bed..that's how I can explain my loss here to myself..

[jammytass] 09/5/2014 14:51

sold down the river what a rip ffs 70p a steal

[gbb483] 23/4/2014 14:55

Given that the quoted price to buy is currently 67.25, which with stamp duty is 67.5 - could you buy stock today and sell it on the 2nd for 70, making 2.5p profit? This sounds so obvious there must be a catch - 3% gain for just moving a bit of money around.

[gbb483] 22/4/2014 12:06

Nice to see that the two finger option to the offer is labelled 'option 2' ...

[vyke82] 29/3/2014 08:06

What is the update about. couldn't get if it was improved offer or what.

[hvs] 17/3/2014 13:19

INDIA is a HAVEN for Dacoites .

Ruled by DACOITES for the DACOITES. Thats NEHRUS legacy. Ask LORD Mountbatten.

Goondas and CHORES.

[idle dreamer] 14/3/2014 10:17

Essar Energy Minority Owners Face Friday Deadline for Sweetener

By Selina Williams LONDON--Minority shareholders in oil company Essar Energy PLC are expected to find out Friday whether its Indian owners will raise their offer to buy them out, in the latest in a string of shareholder controversies that have damaged the reputation of London-listed emerging market resource companies. The billionaire Ruia brothers have until 1700 GMT Friday to make a formal bid for the 22% of Essar they don't already own. Last month the pair--Shashi and Ravi--made an informal offer of 70 pence per share through their Essar Global Fund investment vehicle, a far cry from the 420 pence price at which Essar floated in April 2010. Late Thursday, Essar was trading at 67 pence a share, a sign investors don't expect a significantly higher offer. An independent committee of Essar Energy's board has already said the brothers' offer didn't reflect the company's true value and future growth prospects. The initial offer triggered a 28-day period during which the Ruias could complete the deal terms, a period which ends Friday, or request an extension to Friday's deadline. If no offer is forthcoming, Essar Global would have to wait six months to make another offer. David Cumming, head of equities at Standard Life Investments, a top 10 Essar Energy investor, said Essar Global's attempt to buy out minority shareholders was "a calculated attempt to deprive minority shareholders of the substantial future upside in Essar Energy's valuation." The sharp fall in Essar Energy's share price in late 2013 worried management at Essar Global and prompted them to look into buying back the minorities stake, a person familiar with their position said. "They [Essar Global] were left with no choice but to take radical action, " said the person. The informal offer amounted to GBP900 million ($1.5 billion) offer to buy out minority investors. Current U.K. rules effectively allow a shareholder with over 75% of a company's shares to push through a buyout, because a stake of that size means they can unilaterally pass so-called company special resolutions. That means minority holders risk being left with a stake in a private company and no way of protecting their investment. "What is happening [at Essar] is a classic illustration of the dangers of shareholders investing in a company where they are a significant minority. These are lessons shareholders will apply elsewhere," said one investor who bought into Essar Energy's initial public offering but who has since exited the stock. The situation at Essar follows corporate governance battles involving major shareholders at Indonesian coal miner Bumi PLC and Kazakhstan-focused Eurasian Natural Resources Corp. PLC. Bumi became embroiled in a long-running boardroom battle that pitted its former 48%-owners the Bakrie family against financier Nat Rothschild. ENRC was taken private last year by its oligarch founders and the Kazakh government after the company's share price slumped. U.K. market regulator the Financial Conduct Authority is already consulting on new rules that would offer more protection for minority investors. But it also doesn't want to deter global resource companies from listing in London, especially as the IPO market ramps up. Nigerian oil company Seplat said this week it plans to float a 25% stake on both the London and Nigerian stock exchanges, raising $500 million primarily to fund acquisitions. The company's Nigerian founders will remain its largest shareholders, along with French energy company Maurel & Prom SA. "Perhaps we won't see quite as many companies coming here now because the investor base will be a bit more cautious, but that could overall be beneficial to respect for the market in London," said a person familiar with company flotations. At the time of its $2 billion flotation, the Ruia brothers' success in building Essar Group from a small construction firm into a conglomerate boasting steel, energy, shipping and infrastructure businesses, seemed to bode well for its energy arm. Essar Energy still boasts assets worth $16 billion, according to the company's website, including the giant Vadinar refinery and coal resources in India, seven power plants in India and Canada, and oil and gas blocks around the world. In a sign of confidence, it bought of Royal Dutch Shell PLC's Stanlow oil refinery in the U.K. for $350 million in 2011. But a string of setbacks, including regulatory delays in India, an unexpected tax bill of around $1 billion and weak refining margins, ate into revenue and increased its debts. India's weaker-than-expected economic growth and a currency depreciation also hit profits. "The risks of the business," said the investor who exited the stock "were woefully underestimated."

[tonysss13] 06/3/2014 09:26

hxxp://www.thetimes.co.uk/tto/business/industries/naturalresources/article4019678.ece

[undervaluedassets] 21/2/2014 09:43

In 2010 this company sold a watch to the British Investor for £4.00

Now they are offering to buy that watch back for 70p.

There is value here and the potential purchaser (the previous seller note) knows it ... why?

Cos it is the Same watch - their watch - A watch they know! .

In fact in many ways it is not the same watch it is a better watch than 4 years ago. . . .Although not yet profitable the turnover of ESSR has more than doubled in the 4 years since listing.

No wonder they want it back for 70p!

[keith95] 20/2/2014 18:49

... not a holder but interested in what pans out here .. noted the wording 'not sold shares' but this doesn't mean that shares were not lent out .. for shorting purposes...

Conflict of interest if true.

[mustaq_t] 19/2/2014 19:48

In today's RNS, can some one shed some light following para?
Without a deadline suspension, certain shareholders including tracker funds may have been required to sell their shareholding prior to the outcome of the possible offer being known.

I've got in g'day at 65.5 thinking I will at least get 70p for my share. I hope I don't require to sell my share now.