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fortune oil (FTO)
gardyne
- 08 Jul 2003 21:41
profits ahead of last years.the company has 80% interest in a joint venture with china national petroleum corp(cnpc).market makers bought a lot of stock on friday followed by big buys on monday.profit taking on tues am then buyers back in pm.any views?
basharat - 27 Jul 2004 00:35 - 29 of 451
UPDATED: 16:19, July 26, 2004
China's economy still full of vigor, interview
American corporations recently paid particular attention to the development of the Chinese economy. Will the economy have a "soft landing"? Should investment in China be slowed down or kept up? What are the points for attention while investing in China now? What are the prospects of the Chinese economy? Bearing these questions in mind, People's Daily correspondent in the United Nations interviewed Mr. Joe O'Mara, a partner of KPMG, the first international accounting firm that entered China.
No one doubts investment opportunities in China
Mr. O'Mara speaks standard Chinese fluently. A native of America, he can be counted as a half-Beijinger after living in the Chinese capital for more than a decade.
China is developing too fast, said O'Mara, and one simply can't know the tremendous changes of today compared with even two or three years ago if he is not a long-term worker there. In its recent survey on investing in China, KPMG sent detailed questionnaires to 100-odd European and American big corporations investing in China, and talked with them face-to-face. The result showed that these investors held almost the same opinion on the Chinese marketafter China's WTO accession, foreign direct investment will keep rising and coming to China for investment has become an international trend; China is still a huge market with its economy full of vigor, and no one doubts about business opportunities in the country.
Mr. O'Mara believes that the economic environment in China is unique and changing rapidly, so his biggest advice to those who want to invest in China is to learn modestly. For example, one needs to know China's special culture and inter-personal relationships. However, along with the development of marketization of China's economy and the gradual perfection of the legal system resulted from the country's enactment of many economic laws, one cannot rely completely on relations in making investment in China. O' Nara told many people who came to the firm for advice that American companies investing in China usually make two mistakes: One is because they don't understand the vastness of the Chinese market and regional differences, they focus their attention only on several big cities and thus often miss good opportunities for investing in other regions; second is they underestimate the competitiveness of local Chinese companies. Chinese entrepreneurs are noted for their spirit, which has been given full play since the start of reform and opening up two decades ago and has won praises even from Bill Gates. However, there are still big chances for investors to make money in China, that's why the country can attract so many foreign corporations.
From 50 to 4,000 working staff
O'Mara takes his personal experience in Beijing and KPMG's development in China as an example of the success of foreign firms. He came to China in 1992 when KPMG entered China with 50 staff members, the first of its kind in the country. At that time they could only serve foreign companies since China had not established its modern accounting system and laws in line with international standards. Later they helped the Ministry of Finance to formulate accounting laws and train personnel, as well as a modern accounting system in big banks and enterprisesuch as the Industrial and Commercial Bank of China, China Construction Bank and China Power Corporation. KPMG's own business also expanded when it set up offices in Shanghai, Guangzhou, Shenzhen and Foshan and its services also extended to accounting, taxation, consultation and auditing. Now half of KPMG's clients are Chinese firms. The success of KPMG is also a success of China, said O'Mara, adding it's a keen feeling of his after working many years here.
O'Mara thinks that KPMG has a promising future for its development in China. On one hand, the prospect for China' economic development is bright, he said, it is estimated that in the coming five years many large Chinese companies will enter the international market and become transnational corporations in petroleum, telecom and other high-tech fields. They need services from KPMG. On the other hand, China's resources of talents are getting richer and richer. He spoke highly of the quality of China's university graduates. He said that present graduates are able to start work after three-week training, whereas in 1995 they needed to receive three-month training, this helps his firm greatly reduce investment cost in the country. Currently KPMG has a total staff of 4,000 in Chinese inland and Hong Kong, 1,000 of them being enrolled this year. Furthermore, most KPMG's partners and managers in China are Chinese, with the number of partners alone approaching a hundred.
By People's Daily Online"
Unquote
China's economy still full of vigor, interview
American corporations recently paid particular attention to the development of the Chinese economy. Will the economy have a "soft landing"? Should investment in China be slowed down or kept up? What are the points for attention while investing in China now? What are the prospects of the Chinese economy? Bearing these questions in mind, People's Daily correspondent in the United Nations interviewed Mr. Joe O'Mara, a partner of KPMG, the first international accounting firm that entered China.
No one doubts investment opportunities in China
Mr. O'Mara speaks standard Chinese fluently. A native of America, he can be counted as a half-Beijinger after living in the Chinese capital for more than a decade.
China is developing too fast, said O'Mara, and one simply can't know the tremendous changes of today compared with even two or three years ago if he is not a long-term worker there. In its recent survey on investing in China, KPMG sent detailed questionnaires to 100-odd European and American big corporations investing in China, and talked with them face-to-face. The result showed that these investors held almost the same opinion on the Chinese marketafter China's WTO accession, foreign direct investment will keep rising and coming to China for investment has become an international trend; China is still a huge market with its economy full of vigor, and no one doubts about business opportunities in the country.
Mr. O'Mara believes that the economic environment in China is unique and changing rapidly, so his biggest advice to those who want to invest in China is to learn modestly. For example, one needs to know China's special culture and inter-personal relationships. However, along with the development of marketization of China's economy and the gradual perfection of the legal system resulted from the country's enactment of many economic laws, one cannot rely completely on relations in making investment in China. O' Nara told many people who came to the firm for advice that American companies investing in China usually make two mistakes: One is because they don't understand the vastness of the Chinese market and regional differences, they focus their attention only on several big cities and thus often miss good opportunities for investing in other regions; second is they underestimate the competitiveness of local Chinese companies. Chinese entrepreneurs are noted for their spirit, which has been given full play since the start of reform and opening up two decades ago and has won praises even from Bill Gates. However, there are still big chances for investors to make money in China, that's why the country can attract so many foreign corporations.
From 50 to 4,000 working staff
O'Mara takes his personal experience in Beijing and KPMG's development in China as an example of the success of foreign firms. He came to China in 1992 when KPMG entered China with 50 staff members, the first of its kind in the country. At that time they could only serve foreign companies since China had not established its modern accounting system and laws in line with international standards. Later they helped the Ministry of Finance to formulate accounting laws and train personnel, as well as a modern accounting system in big banks and enterprisesuch as the Industrial and Commercial Bank of China, China Construction Bank and China Power Corporation. KPMG's own business also expanded when it set up offices in Shanghai, Guangzhou, Shenzhen and Foshan and its services also extended to accounting, taxation, consultation and auditing. Now half of KPMG's clients are Chinese firms. The success of KPMG is also a success of China, said O'Mara, adding it's a keen feeling of his after working many years here.
O'Mara thinks that KPMG has a promising future for its development in China. On one hand, the prospect for China' economic development is bright, he said, it is estimated that in the coming five years many large Chinese companies will enter the international market and become transnational corporations in petroleum, telecom and other high-tech fields. They need services from KPMG. On the other hand, China's resources of talents are getting richer and richer. He spoke highly of the quality of China's university graduates. He said that present graduates are able to start work after three-week training, whereas in 1995 they needed to receive three-month training, this helps his firm greatly reduce investment cost in the country. Currently KPMG has a total staff of 4,000 in Chinese inland and Hong Kong, 1,000 of them being enrolled this year. Furthermore, most KPMG's partners and managers in China are Chinese, with the number of partners alone approaching a hundred.
By People's Daily Online"
Unquote
emailpat
- 27 Jul 2004 17:48
- 30 of 451
basharat-what has this got to do with FTO? Who ever your source! is full of shite-stick to the facts or just wait for the news.
gardyne
- 27 Jul 2004 19:02
- 31 of 451
emailpat
I was thinking the same but it looks like basharat was spot on.Just read on another site a statement regarding fortune avaition updating details about the approval of the deal and minor changes.As basharat said "after hours Tuesday"
I was thinking the same but it looks like basharat was spot on.Just read on another site a statement regarding fortune avaition updating details about the approval of the deal and minor changes.As basharat said "after hours Tuesday"
gardyne
- 27 Jul 2004 20:52
- 32 of 451
with regards to news on fortune oil,strange there is no rns.
gardyne
- 27 Jul 2004 22:04
- 33 of 451
Well,after reading the statement posted on the other sides bb it certainly slightly changes things and although they have agreed in principal it appears it has not been passed yet.Looks like it could have an impact on the shares but which way.
basharat - 27 Jul 2004 23:00 - 34 of 451
Acquisition Of The Entire Issued And Paid-Up Capital Of Fortune Aviation Holding Limited
Singapore, 27 July 2004 - Further to the Company's announcements dated 5 and 9 February 2004 on the above matter, the Directors of the Company wish to announce the following. Capitalized terms that are not otherwise defined in this announcement shall bear the meanings given to them in the earlier announcements.
(A) ADJUSTMENTS TO CONSIDERATION
Under the sale and purchase agreement (the "Sale and Purchase Agreement") dated 20 January 2004 and entered into between the Company and Fortune Aviation Holding Limited (the "Vendor"), the aggregate value of the consideration was RMB 441 million or S$ 91.88 million (based on an exchange rate of RMB 4.80 = S$ 1.00), to be satisfied by:-
(i) a cash payment by the Company to the Vendor of the sum of US$ 21.7 million (being the equivalent of approximately RMB 180 million based on an exchange rate of RMB 8.28 = US$ 1.00);
(ii) the issue and allotment by the Company to the Vendor of 37,760,000 new Shares in the Company at an issue price of S$ 1.33 per Consideration Share; and
(iii) the grant by the Company to the Vendor of an option (the "Option") to subscribe up to 26,000,000 new shares in the Company at a subscription price of S$ 1.60 per Option Share, pursuant to an option agreement to be agreed between the parties.
An option agreement (the "Option Agreement") was entered into between the Company and the Vendor on 26 March 2004 formalising the terms of the Option.
Under a letter agreement (the "Supplemental Agreement") dated 28 April 2004 between the Company and the Vendor, the Company and the Vendor agreed to adjust the Consideration to place the Vendor in the same economic position as if completion of the Acquisition took place on or before the record date for the dividends declared by the Company and the bonus issue (the "Bonus Issue") of 276,479,993 new Shares on the basis of 2 Shares for every 5 Shares held in the capital of the Company, both of which were announced on 29 February 2004.
As a result of the Supplemental Agreement, the aggregate value of the consideration was adjusted to RMB 447.34 million (or S$ 93.20 million, based on an exchange rate of RMB 4.80 = S$ 1.00), comprising:-
(i) a cash payment by the Company to the Vendor of the sum of US$ 21.7 million (being the equivalent of approximately RMB 180 million based on an exchange rate of RMB 8.28 = US$ 1.00) and an additional cash payment of S$ 1,321,600, based on the dividend of S$ 0.035 per Share declared and approved by Shareholders and the original number of 37,760,000 new Shares to be issued as Consideration Shares;
(ii) the issue and allotment of 52,864,000 new Shares as Consideration Shares (comprising the original 37,760,000 new Shares and an additional 15,104,000 new Shares) at the issue price of S$ 0.95 per Consideration Share, on the basis that an additional 276,479,999 new Shares were issued pursuant to the Bonus Issue; and
(iii) the adjustment of the Option to allow for the subscription of up to 36,400,000 new Shares at a revised subscription price of S$ 1.143 per Option Share.
The Consideration Shares, when allotted and issued, will rank pari passu in all respects with the existing Shares of the Company, except that they shall not rank for any rights, dividends, entitlements or other distributions the record date for which falls on or before the completion date pursuant to the Sale and Purchase Agreement.
The Option Shares, when allotted and issued, will rank pari passu in all respects with the existing Shares of the Company, except that they shall not rank for any rights, dividends, entitlements or other distributions the record date for which falls on or before the date of issue of such Option Shares.
(B) UPDATEs to the ILLUSTRATIVE FINANCIAL EFFECTS
The Company wishes to advise that the illustrative financial effects of the Acquisition as announced on 5 February 2004 were based on the audited financial statements of the Company and the Vendor for the financial year ended 31 December 2002. Subsequent to the earlier announcements, the Company undertook the Bonus Issue and released its audited accounts for the financial year ended 31 December 2003.
For illustrative purposes only, assuming the Acquisition was completed on 31 December 2003 and based on the audited accounts of the Company and the Vendor for the financial year ended 31 December 2003, the effect of the Acquisition on the net tangible assets of the CAO Group and the net tangible assets per Share (as adjusted to take into account the Bonus Issue) would have been as follows:-
Singapore, 27 July 2004 - Further to the Company's announcements dated 5 and 9 February 2004 on the above matter, the Directors of the Company wish to announce the following. Capitalized terms that are not otherwise defined in this announcement shall bear the meanings given to them in the earlier announcements.
(A) ADJUSTMENTS TO CONSIDERATION
Under the sale and purchase agreement (the "Sale and Purchase Agreement") dated 20 January 2004 and entered into between the Company and Fortune Aviation Holding Limited (the "Vendor"), the aggregate value of the consideration was RMB 441 million or S$ 91.88 million (based on an exchange rate of RMB 4.80 = S$ 1.00), to be satisfied by:-
(i) a cash payment by the Company to the Vendor of the sum of US$ 21.7 million (being the equivalent of approximately RMB 180 million based on an exchange rate of RMB 8.28 = US$ 1.00);
(ii) the issue and allotment by the Company to the Vendor of 37,760,000 new Shares in the Company at an issue price of S$ 1.33 per Consideration Share; and
(iii) the grant by the Company to the Vendor of an option (the "Option") to subscribe up to 26,000,000 new shares in the Company at a subscription price of S$ 1.60 per Option Share, pursuant to an option agreement to be agreed between the parties.
An option agreement (the "Option Agreement") was entered into between the Company and the Vendor on 26 March 2004 formalising the terms of the Option.
Under a letter agreement (the "Supplemental Agreement") dated 28 April 2004 between the Company and the Vendor, the Company and the Vendor agreed to adjust the Consideration to place the Vendor in the same economic position as if completion of the Acquisition took place on or before the record date for the dividends declared by the Company and the bonus issue (the "Bonus Issue") of 276,479,993 new Shares on the basis of 2 Shares for every 5 Shares held in the capital of the Company, both of which were announced on 29 February 2004.
As a result of the Supplemental Agreement, the aggregate value of the consideration was adjusted to RMB 447.34 million (or S$ 93.20 million, based on an exchange rate of RMB 4.80 = S$ 1.00), comprising:-
(i) a cash payment by the Company to the Vendor of the sum of US$ 21.7 million (being the equivalent of approximately RMB 180 million based on an exchange rate of RMB 8.28 = US$ 1.00) and an additional cash payment of S$ 1,321,600, based on the dividend of S$ 0.035 per Share declared and approved by Shareholders and the original number of 37,760,000 new Shares to be issued as Consideration Shares;
(ii) the issue and allotment of 52,864,000 new Shares as Consideration Shares (comprising the original 37,760,000 new Shares and an additional 15,104,000 new Shares) at the issue price of S$ 0.95 per Consideration Share, on the basis that an additional 276,479,999 new Shares were issued pursuant to the Bonus Issue; and
(iii) the adjustment of the Option to allow for the subscription of up to 36,400,000 new Shares at a revised subscription price of S$ 1.143 per Option Share.
The Consideration Shares, when allotted and issued, will rank pari passu in all respects with the existing Shares of the Company, except that they shall not rank for any rights, dividends, entitlements or other distributions the record date for which falls on or before the completion date pursuant to the Sale and Purchase Agreement.
The Option Shares, when allotted and issued, will rank pari passu in all respects with the existing Shares of the Company, except that they shall not rank for any rights, dividends, entitlements or other distributions the record date for which falls on or before the date of issue of such Option Shares.
(B) UPDATEs to the ILLUSTRATIVE FINANCIAL EFFECTS
The Company wishes to advise that the illustrative financial effects of the Acquisition as announced on 5 February 2004 were based on the audited financial statements of the Company and the Vendor for the financial year ended 31 December 2002. Subsequent to the earlier announcements, the Company undertook the Bonus Issue and released its audited accounts for the financial year ended 31 December 2003.
For illustrative purposes only, assuming the Acquisition was completed on 31 December 2003 and based on the audited accounts of the Company and the Vendor for the financial year ended 31 December 2003, the effect of the Acquisition on the net tangible assets of the CAO Group and the net tangible assets per Share (as adjusted to take into account the Bonus Issue) would have been as follows:-
basharat - 27 Jul 2004 23:04 - 35 of 451
bowman - 28 Jul 2004 09:56 - 36 of 451
Morning All , this deal just gets better by the day,i am sorry guys if i was Bruce Mcgowan vice chairman Fortune Oil i woild nave a big smile on my face today after the adjustments to the deal for the sale of Bluesky Aviation stake.
no of shares given to fortune as part of sale before adjustments 37,,760,000
no of shares given to fortune as part of sale after adjustments 52,860,000
no of options given to fortune as part of salw before asjustments26,000,000
no of options given to fortune as part of sale after adjustments 37,400,000
Fortune also been given a nice dividend payment.
Everything is looking bright and beautiful at Fortune were just waiting approval off the prc .
regards bowman
no of shares given to fortune as part of sale before adjustments 37,,760,000
no of shares given to fortune as part of sale after adjustments 52,860,000
no of options given to fortune as part of salw before asjustments26,000,000
no of options given to fortune as part of sale after adjustments 37,400,000
Fortune also been given a nice dividend payment.
Everything is looking bright and beautiful at Fortune were just waiting approval off the prc .
regards bowman
bowman - 28 Jul 2004 11:25 - 37 of 451
The Bluesky Aviation deal must be worth around 60 million , that values the rest of the company at just 27 million . Therefore the company must be undervalued after the deal goes through with core interests doing well and new joint ventures looking good money earners. Those options look very interesting as china aviation oil (singapore corp) looks a very progressive company and has quadrupled in price since float three yaars ago.Well i think there is some intersting things lie ahead for Fortune Oil
regards bowman
regards bowman
bosley
- 28 Jul 2004 11:28
- 38 of 451
yeah , all good . but when?
dexter01
- 28 Jul 2004 12:47
- 39 of 451
hi all,
has the deal got to be completed by the end of july still?,everything looks so rosy i can`t understand why the price is`nt higher.they`ve had good results,fantastic deal with bluesky and a new JV deal,surely it`s got to rocket,has`nt it?
dexter
slmchow - 28 Jul 2004 15:14 - 40 of 451
According to bloomberg Yukos problems would stop rail shipment to China. Would this not mean that FTO would benefit ?
bowman - 28 Jul 2004 16:25 - 41 of 451
I believe Dexter that the deal can carry on till approval is given by the chinese goverment and i am guessing that if we do not here anything in the next two days we will get an announcement off the company next week as to how far the approval process has gone. Fortune might be on a fast track in china, yet some how i don't think the chinese goverment approval board are .
regards bowman
regards bowman
dexter01
- 29 Jul 2004 10:44
- 42 of 451
it`s going right to the wire,let`s hope it`s worth it
dexter
dexter
emailpat
- 30 Jul 2004 13:52
- 43 of 451
Last business day!!!!
dexter01
- 30 Jul 2004 16:45
- 44 of 451
if the deal was`nt going to be finalised by the end of july should`nt fortune have put out an rns saying why and far the deal was down the line?.after all we are the shareholders and they do have a responsibilty to us.
a disgruntled dexter
bowman - 01 Aug 2004 11:35 - 45 of 451
The company will probably give shareholders an update in the weeek ahead as to what is happening.
bowman
bowman
Seine - 01 Aug 2004 23:49 - 46 of 451
bowman: you are sad!
...with sympathy....
...with sympathy....
crockham
- 02 Aug 2004 08:36
- 47 of 451
update released. Presumably just a matter of time as it seems to on course.
bowman - 02 Aug 2004 09:08 - 48 of 451
Right on the button ,still going ahead but you guys may recall i did say recently that the chinese approval commission were a bit on the slow side and i did say todays statement would come out. Seine you piece of crap stick this up your arse.
regards bowman
regards bowman
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