Attention Dragon Oil Shareholders

Hey Smiley,

I'm following the case fairly closely. I see it is the 11 or 12th of December that the court ruling takes place. I am a staunch NO voter but the problem is, like most brokers in Ireland, they are far from forthcoming with information on voting rights. I'm with Davy, I've contacted them multiple times but sure they haven't a breeze what is going on and apparently have not received and voting information from Dragon, which personally I highly doubt given every brokerage house in the UK has received it. Thankfully I will be closing my account with them over the coming months. Going to move all my holdings over to TDW.
 
Hi Senorito....yes that can be a problem for some people. I notice though that many of the posters on

http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn:DGO.L&it=le&submitted=1

are having the same problem but they are getting their brokers to sort it asap. Most brokers seem to be able to eventually accommodate them.

Don't forget 'Davy' are corporate advisers to Dragon for this deal so they possibly are playing difficult in allowing private investors with shares in nominee accounts to vote.

What has really got private investors (and larger institutional investors) very angry is of course the low price on offer and the fact ENOC are acting like the deal is already done. See this interview with Saaed Khoory CEO of ENOC below

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Private investors V the rich Arabs...you cant beat it!
 
I've read through those articles alright and would be a daily follower of iii. What bothers me also is the independence of the "independent committee". Far from independent if you ask me especially with the sweetener of stock options. I would have expected Davy to come out with a stance on it like NCB and Baillie Gifford. Their hands may be tied given they are advisors.

If the deal goes through it will be the steal of the decade in my opinion. With 1 billion in cash on the Dragon balance sheet (which I might add should have been invested over the past 8/10 months given asset prices)it will fund half the purchase.
 
Senorito...the trouble in Dubai at the moment could help to scupper the attempted takeover. Probably couldnt have come at a worse time for ENOC lol
 
From the Sunday business post:

Manifest are now getting involved.

Dragon Oil’s Dubai dilemma

Institutional shareholders in Dragon Oil have been rallying against majority shareholder Enoc’s (Emirates National Oil Co) offer of 455p a share, claiming that this undervalues the company.

Now proxy shareholder agency Manifest has rowed in on the issue, raising concerns about the independence of the ‘independent committee’ which recommended the deal.

It’s a small world in the oil business, and Enoc is owned by the Dubai government.

Essentially, Manifest feels that there are too many links between the independent committee and the Dubai government. Manifest said that a non-executive director, a Mr al-Muhairbi, has been involved with Margham Dubai Establishment, a wholly Dubai governmentowned company.

Another non-executive director, a Mr al-Mazrooei, is deputy vice-president of Operations at Dolphin Energy, which has signed a memorandum of understanding with the Dubai Supply Authority to provide gas from its fields in Qatar.

Meanwhile, committee member Nigel McCue stands to gain stg£1.1 million from the exercise of options in the company and subsequent sale of the shares at the bid price.

Ballie Gifford, the largest minority shareholder, Master Capital and Carmignac Gestion have all rejected the current offer, but Dragon Oil has said it won’t increase the price.

The buyout is to be conducted through a scheme of arrangement, and Enoc has stated that it will not vote at the meeting to approve the scheme.

If 12.125 per cent of the remaining shareholders vote against this, the bid will fail an outcome which looks increasingly likely.




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