Imperial Energy Share Discussion Threads

[miamisteve] 31/12/2008 08:14

squinty - some cretins, but those that abstained from voting have found themselves placed at an advantage in now being able to sell. Even a few early trades went through at £12.50.

[benny62] 31/12/2008 08:12

spob...he has to be happy at something.....Lost his balls elsewhere !!!!!!!!!!!!!!

[stuart14] 31/12/2008 08:11

There are obviously people who didn't want to vote or get locked in. They are the ones selling today

Problem is, if everyone had taken that view the deal wouldn't have gone through. Thankfully 97% of holders didn't

[katsy] 31/12/2008 08:10

well in the words of bugs bunny

...That's all folks...

[squintyflinty] 31/12/2008 08:09

I want to know why 3.2% voted NO. So we do have total cretans aboard!

[stuart14] 31/12/2008 08:06

I'd assume the small sells going through are PI's who didn't accept the offer. We'll have our full 1250p per share in 2 weeks. I can wait.

[spob] 31/12/2008 08:03

Happy New Year

[miamisteve] 31/12/2008 07:57

Don't know if it's arbitrage funds piling in, but huge squeeze on level 2 if shorts have to close.

[scoble2] 31/12/2008 07:54

Looks like the opening price is £12.40

[hyper al] 31/12/2008 07:54

Yep, well done everyone, enjoy spending your gains.

I did quite well with this stock a few months back.

[jac1104] 31/12/2008 07:48

ET Exclusive: OVL to takeover Imperial as 96.82% shareholders accept open offer
31 Dec 2008, 1235 hrs IST, Rajeev Jayaswal, ET Bureau



NEW DELHI: ONGC Videsh (OVL), the overseas investment arm of India's largest oil exploration company Oil & Natural Gas Corp (ONGC), will formally takeover Imperial Energy soon as over 96.82% sharesholders of the UK-based company has accepted its open offer, a source based in London told ET.

When contacted, a senior official in the government said: "The deal is through, but I' m not in a position to give any details." He didn't specify the timeline for the ownership transfer. "It is being worked out," he said, requesting anonymity.

ONGC chairman RS Sharma said that the company will soon issue a press statement. "You wait till a statement is issued later in the day," he told ET.

OVL's 1,250 pence per share offer values the entire deal at around £1.4 billion or approximately $2.1 billion at the prevailing exchange rates.

OVL had firm offers for only 15.6% share capital of Imperial Energy. The directors of Imperial have already accepted OVL's offer with regard to their entire holdings, representing approximately 6.4% of the existing issued ordinary share capital including 6.1% share of Mr Levine. Another shareholder, Baillie Gifford & Co, has also accepted the share offer for its 9.2% holding.

State-owned OVL had made an open offer to the shareholders of Imperial on December 9 after the 'Hearings Committee' of the takeover in the London Stock Exchange (LSE) panel rejected its request to extend the deadline.

OVL had to take a fresh Cabinet approval for the acquisition in light of the fall in crude oil prices that have changed the economics of the deal. Crude oil prices have fallen below $50 now from a peak of $147 in July when OVL made the offer to acquire Imperial Energy, which has hydrocarbon assets in Russia.

"The Cabinet considered both pros and cons of the deal and then decided in its favour," a source present in the meeting said on condition of anonymity. Experts involved in the deal told the government that the acquisition would be profitable due to future prospects of its assets.

"In future, the recoverable reserves of its assets may go up by 20-25% more that the declared reserves of the oil assets held by Imperial at 900 million barrels. It is an excellent opportunity for the country which imports about 75% of crude oil requirements," he said.

[benny62] 31/12/2008 07:44

What a goood morning guys.......Have always had faith in the Chairman delivering a result that was going to be honorably obtained....Good luck to him and all those long term contributors here .......

[shiny1000] 31/12/2008 07:41

Well done all, happy new year!!!!!!

[zooshare] 31/12/2008 07:32

jac..will do ...thanks

[jac1104] 31/12/2008 07:31

ONGC takes control of Imperial Energy
Press Trust of India / Mumbai December 31, 2008, 12:51 IST

ONGC takes control of Imperial Energy after 96.8 per cent shareholders accept its takeover offer.

ONGC will delist Imperial from London Stock Exchange.


haha surprising muted Indian press comments.....

[zooshare] 31/12/2008 07:30

...and here a good cheer to IEC declared in russia as company of the year and for the smart and hard work that gone into amassing such level of acceptance from shareholders.....cheers

[jac1104] 31/12/2008 07:30

zooshare

one thing at a time mate.
lets just enjoy this baby for a wee while.
chill
its new year's eve ;)

[zooshare] 31/12/2008 07:28

good morning and well done to all those who steadfast through months of agony.

now what to do with the rest of portfolio of oilers and miners? sell now and re-purchase in a few months time or sit tight in a market which will see unemoplyment rise to 3m, tanking housing market and new wave of banking bailouts?

happy new year

[stuart14] 31/12/2008 07:27

LOL! Happy New Year to you too mate

[steelwatch] 31/12/2008 07:26

Stuart - I'm pretty much into the 5 continents! Happy New Year.

[stuart14] 31/12/2008 07:20

Not going back to Russian stocks for a while mate.

[steelwatch] 31/12/2008 07:17

Stuart - Have you had a look at PTR? Could also have a claim through unitisation to Kiev-Eganskoye.

[umitw] 31/12/2008 07:17

Does it mean IEC will open at £12.50 this am?

[stuart14] 31/12/2008 07:14

Well done guys. This has been one hell of a ride. The last few months have really been the hardest. Happy New Year to you all.