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http://www.imperialenergy.com
http://www.investegate.co.uk/Article.aspx?id=200807040700042799Y




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cyril

i would doubt that 1290 will be the end of the matter and equally doubt, though with less conviction, that the chinese are not seriously contemplating

Number : 9621B
Imperial Energy Corporation PLC
26 August 2008


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

26 August 2008

IMPERIAL ENERGY CORPORATION PLC
("IMPERIAL ENERGY" OR THE "COMPANY")

OFFER FOR THE COMPANY

Imperial Energy confirms that it is in the course of finalising the terms of a possible
recommended pre-conditional cash offer with ONGC
Videsh Limited ("OVL") of 1,250 pence per Imperial share to be made by Jarpeno Limited (a
wholly-owned subsidiary of OVL), which would value
its entire issued and to be issued ordinary share capital at approximately 1.4 billion.

This announcement does not amount to an offer under Rule 2.5 of the City Code.

A further announcement is expected later today.
cyril

Sp has slipped back a bit - but I'm sort of waiting for another offer to materialise here

Don't get your hopes up. I thought that this might escalate in to a bidding war, but it now looks like the deal is done.
Can't make my mind up whether to sell now & forego the last 30p, or hang on for the final payout. Depends a little bit on how long they take to pay once the deal is signed.
Mind you, if the sp falls below 1200p, might be worth buying a few more! Decisions, decisions.

It is a dilemma indeed - and, like you, I had expected it to go to a bit of a bidding war. It may yet I suppose - have known other cases where it's looked like a 'done deal' only for others to emerge from the ether.

1182p to buy at present. Which presumably means some people don't see the takeover as a sure thing?

Certainly not certain if you look at the sp. I still remember reading poss offer expected to reach 1500p, assuming another bid will emerge, so think I'll hang in there for now and watch as closely as my available time allows. Good luck!

Oil prices rising rapidly....$120 at the moment.....producing oil companies not operating in the Gulf should rise soon.....the question is : is it worth staying put in IEC or jumping ship before the rise ?.....decisions... decisions, ( I'm pondering whether to come in to IEC at the moment ).

Jumped back in once again on the latest pullback, (might make close to a profit if taken over), risky coming back in....but what the hell ! it's only oil ! (gulp !!!).

I already hold this stock, but also bought a few more at 1183p. If the final price is going to be 1250p then that is short term profit. May even be happy selling at 1235p which gives me instant cash to invest elsewhere.

Just seen this:

BRIEF-Sinopec rules out Imperial Energy bid
AFX


LONDON, Aug 28 (Reuters) - Imperial Energy Corp Plc :

* Sinopec international petroleum exploration and production corporation

('sinopec') announces that they are no longer considering making an offer for

Imperial

I've been in and out half a dozen times....good stock to trade....in a way it will be a shame to see this disappear off the radar screen when taken over....the Russians are difficult people to deal with but, boy ! they do have oil and loads of it !, whoever ends up owning this : will at current prices have a bargain in my view !.

That's why there is a pullback...1250p still on !.

As I posted earlier in discussion with Cynic, I never really thought the chinese were particularly interested in IEC. No surprise, imo.
Sp dipped to 1146p. That will bring out the traders!

Seems you were right then Harrycat. Shall await Cynic's views with interest - he should be back soon, unless he's fallen off his bike in France!

Guess the sp will rise back towards 1250p; that seems to be the only offer on the table.

no such luck, tho we certainly cycled hard and ate well!

sold my holding at 1219, so very happy tho would have hoped for a final price closer to 1500.

was away when the deal was finally done or when completion is due, but even if all cash, i see no reason to continue holding and the mathematics and exit of current holders may still leave room for a quick short

Thanks Cynic - glad to hear you made good use of the French cuisine!

at least i did not have to wash up!
had a couple of really interesting wines on our last night in Cahors courtesy of the sommelier ...... the red, i have similar year and quality in the cellar, so look forward to trying that .... the white was from a very small producer and will try to track down, though he may have no spare to export

You should try the wines from the Camargue region (Rhone delta)....the rose is by far : the best in France...it can knock the rose d'Anjou for six.... and the Saucisson de Taureau (bull sausage meat)....delicious !.

Have received mail this morning confirming recommended cash offer of 1250p from ONGC Videsh Ltd. No time frame mentioned, but looks like this is now a done deal.