> http://www.investegate.co.uk/Article.aspx?id=200804020701443743R
http://www.imperialenergy.com
http://www.investegate.co.uk/Article.aspx?id=200807040700042799Y




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cyril

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.

rose is much underrated, though uk sales have rocketed in the last 2/3 years .... in fact ordered a number of assorted cases from Ch de Marsannay (near Nuits) which we then picked up from Calais on the way back .... we think their rose is also very good.

by the way, saucisson aux noix (walnuts) is exceptionally good, rather to my surprise

Ahh ! Nuits St Georges...la Bourgogne......yes...!, I shall have to try some of the saucisson aux noix !.

bought that when on hol in provence, though they also make similar in Quercy which is the centre for walnut growing

The saucissons from the Midi nearly always have herbs, peppercorns and such...really excellent.....the 1250p is a long way up from todays price, surprised that people don't pile in and bring the sp up to 1230p or so !.

When is this takeover bid going to be finalised....?.....sp starting to slacken off here !.

if sp falls far enough, it becomes quite a safe buy, there always being the risk that all will fall apart before final signing

That's what I'm afraid of !.

Still dropping......

A bit surprising, imo, but I wonder if some people don't want to wait for the final announcement which would suspend the shares & tie up the money for a while.
Presumably Putin's mates have to agree the deal as well which could be a fly in the ointment?

i banked my profits at 1219, so am now just an interested observer

Also interesting that there is absolutely nothing in the way of reference to IEC on the ONGC website. Bizarre.
All oils down today however, so may be nothing to the sp drop.

On the move again to 1173p.
Am tempted to sell the lot over 1200p. Not worth waiting for the final few pence.

not sure why you held on after sp hit 1200+

Nor am I ! Possibly 'cos I thought there may have been a counter offer which would have pushed the sp closer to the original 1290p estimate.
However, assuming this t/o goes ahead, at least this stock is a good hedge against a falling market. I would proabably have put the money elsewhere & be showing a loss now.

Just read this report OVL's Imperial deal in five weeks: Deora

Newswire18 / New Delhi September 6, 2008, 5:57 IST
Petroleum and Natural Gas Minister Murli Deora today said he hopes ONGC Videsh will conclude the Imperial Energy Corp acquisition deal within four to five weeks
He said that Russian President Dmitry Medvedev has offered to support OVLs bid for Imperial. I recently met the Russian president. He directed his advisor to see and help us. It will be a very good deal for the country and I hope it will be concluded in another four-five weeks, Deora said.

Yep...all gone quiet here !.

no more to report .... it's a done deal

Sp bounces around a bit so a few to be made. Just timing now so that we can take advantage of the approx 1 difference in the current price to the t/o price.

is the t/o still on at around 1215p a share?
if so any one think a good buy now for the t/o offer? or is the offer likeky to dissappear due to the prevailing financial markets?
Alex