This is an another money maker -trading in high volumes -not yet started the race -But once moving ahead there is no chance of picking up this tiddler.Join together to enjoy the instant wealth

Can anybody tell me what the "unexpected windfall" for shareholders is likely to be ?

crostrad

The deal for sale of Fortune Aviation to China Aviation formalised at the EGM on 19 April. Since agreeing the figures the share portion of the deal has increased to shareholders in FTO in value from 17.6m to 29.5m and the whole deal enhanced in value from 31.8m to 49.8m.

However, I do worry at the succession of delays in publishing the EOY figures.

Best regards

Thanks for that,--Would I have to have held shares on a certain date to benefit from the deal ? I have been in and out of Fortune (sounds like hard times) since
February this year--odds on that I will slip down the crack!

Report has finally arrived.
No show stoppers as such, but immediate future of share price entirely dependent upon confirmation of Blue Sky sale which is still awaited, test of nerve methinks !

good report.

crostrad

shouldn't think so. There is no ex-div date as they are not paying a final and the deal itself is not yet final.

I imagine that they will announce a qualifying date for interims if the deal goes through and pay out as a component of the interim.

Just got back from work expecting to see some rise in the FTO shares and a conclusions to this unexpected windfall. Very new to the game and don't really understand what going on. I understand the price of FTO Aviation has increased in price but to receive a windfall!!!!!! I brought my shares via a broker!!! They just give you extra in shares or something???

Anyway, hoping someone can sort me out as I have been up before work looking for movement. Still a good buy I think.

dont think anyone knows exactly what form the windfall will take until after the sale is completed. could be just bigger profits for next year , or maybe a special dividend payment .

WOW! This one's dropping like a stone!

I HATE oil stocks! Or is it a MM tree-shake?

got to be a tree shake . theres f**k all wrong with the results and with the company. potential upside when the aviation deal goes through could be great . unless somebody out there knows of a problem.......

Me too - lying bunch of.......I expect half us are bloody traders with axes to grind..come on you chickens...show yourselves !!, still I'm hooked o this forn of GAMBLING...so there it is

What aviation deal ?

what the hell? maybe they've got wind of the cao deal falling through. i hate it when there are leaks but i'm beggared it i'll be panicked into selling. in fact my inclination is to top up but they raise and lower the price so quickly with fto that it changes before i can push the buy button.

SUJEEVANN ~ how wrong 'one' can be! ref your pose of 03/11.03 !!!!!

this aviation deal.

Fortune Oil shareholders to get unexpected gain from planned aviation ops sale
AFX


LONDON (AFX) - Fortune Oil PLC's shareholders will get an unexpected windfall if the company's planned sale of Fortune Aviation Holding Ltd to China Aviation Oil (Singapore) Corp Ltd goes ahead.

Fortune said on Feb 5 that it will hold an extraordinary general meeting to approve the deal on April 19.

Since that date the value of the cash and shares deal has increased as the value of CAO's shares have jumped 67 pct.

The share portion of the purchase price has consequently risen from about 17.6 mln stg to about 29.5 mln stg and the overall value of the deal has increased from about 31.8 mln stg to about 49.8 mln stg.

but its still awaiting clearance from the government. from results yesterday

In early 2004 we accepted an offer to sell our 24.5% stake in Bluesky to China
Aviation Oil (Singapore) Corporation Limited ('CAO'). We took the view that the
offered consideration, including shares and options in CAO, represented an
attractive value for our shareholders and the disposal was approved by
shareholders. However, we have subsequently been informed that CAO are still
waiting for final approval by the State-owned Assets Supervision and Administration
Commission of China for issue of CAO shares to Fortune Oil. As a result
completion has not yet taken place, but we have been working closely with CAO on
this and we will inform shareholders as soon as we have more information.

This beggers belief good results excellent medium to long term outlook expansion into Gas and a terminal working at full capacity taking over 10% of China's oil imports. Who's at play me asks! Time to buy me thinks!

Could it have something to do with the Chinese government's statement abour slowing down future growth?

The China 'problem' is way overstated IMO.....Chinese officials are starting to say so too...especially for infrastructure projects such as FTO are involved in...


China acts to calm investor fears
By James Kynge in Beijing and Richard McGregor in Shanghai
Published: April 29 2004 20:31 | Last Updated: April 29 2004 20:31


Stock and commodity prices tumbled on Thursday as investors worried over confused reports that China was slamming the credit brakes on its economic boom. But after Asian markets closed, Beijing explained it had much milder intentions.


The China Banking Regulatory Commission (CBRC), the banking regulator, announced it had requested only that commercial banks should not rush to approve loans before the May holiday if those loans had been scheduled for next month. China holds a week-long holiday from Saturday.

Such rushing of loan approvals was undesirable because it could skew monthly loan growth figures at a time when policymakers are trying to ascertain how effective recent steps to tighten monetary policy have been.

The regulator also urged banks to favour lending for public infrastructure such as coal, power, oil, transport and water supply projects, to ease some of the bottlenecks restraining the Chinese economy and adding upward pressure to prices.

Lastly, the CBRC stressed that banks should be careful to provision for bad loans properly and improve performance standards at branches. But if loans were granted this week, banks should honour the commitments, it said.

The explanation from the regulator struck a milder tone than media reports that Beijing had issued a moratorium on new lending until May 1. Those reports were also inconsistent with the testimony of several banks, which said lending was continuing as normal or had only been partly curbed.

An executive at the Industrial and Commercial Bank of China, the country's largest state bank, said the bank's credit activities were the same as ever. China Merchant Bank, a commercial bank, had curbed loans to enterprises but not to individuals, an executive said.

An Agricultural Bank executive said checks on mortgage borrowers had become more stringent but otherwise there was no effect. But in the Shanghai branch of the Bank of Communications, all lending had stopped until May 1.

The mixed picture was consistent with Beijing's policy of resisting the use of blunt instruments to curb over-investment in some parts of the Chinese economy.

Wen Jiabao, prime minister, has often stressed that China will not use "one knife cuts all" measures to engineer a slowdown.

However, investors in the stock, commodity and currency markets were unsettled by rumours that China was killing off credit expansion as a precursor to raising interest rates for the first time since 1995.

The Hang Seng Index fell 1.31 per cent, or 159.73 points, to 12,005.58 points, its lowest close since November 25 last year. The China Enterprise Index, which groups Chinese firms, fell 4.54 per cent to 4,069.79 points.

The Australian dollar touched a five-month low as commodities and commodity-based currencies were sold off on fears of an abrupt Chinese slowdown.

Some senior Chinese officials have started to mention the possibility of raising interest rates, but most commentators say this is unlikely until the People's Bank of China (PBoC), the central bank, has had a chance to observe how its latest measures to rein in credit growth have worked.

This month the PBoC raised the ratio of deposits that commercial banks must keep on deposit with the central bank, draining liquidity out of the market.

Wang Mengkui, director of the development research centre of the State Council - the Chinese cabinet - told the Financial Times last week that China's economy would slow this year to 8.5 per cent, following a 9.1 per cent official growth rate last year.

I work in the Aviation business, and we have extensive dealing with China (inc china Airlines), I know that they can really play cat and mouse...to the point of insanity, if the stakes are high enough . also the Chinese Govt. departments can best be described as 'opaque' in their dealings with outsiders. I am not surprised at last-minute volte-face's and delays - Keep your powoder dry......