> 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

Always suspect the worse...comes as less of a surprise !.

have been happy to hold a core and trade others and shall continue to do so ..... i assume you do not suspect so much evil that you have gone short here!

Not very good at CFD's I'm afraid !....you have to watch them night and day....cannot be in front of the computer so much, but I have a small holding and I'm just waiting !.

there is always an element of uncertainty involved in these things, but all the right noises now seem to be emanating from the various parties and sources

i do so like politico's double-speak!!

NEW DELHI, Nov 10 (Reuters) - Indian state-owned oil company ONGC has not sought government approval to cut its $2.6 billion bid for UK-listed Imperial Energy, despite a newspaper report that the government was concerned ONGC was overpaying.
'So far ONGC Videsh has not approached us for any reconsideration of the deal. They have to come to us if they decide to renegotiate it,' a senior India oil ministry official said.

And they wonder why we we treat hedgefunds with contempt:
"'There's absolutely no wiggle room with this,' one hedge fund manager said commenting on the possibility of ONGC reducing it's offer."
Smoke & mirrors spring to mind reading all these conflicting RNS's!

this is what we wanted to hear, and one must assume it is actually correct this time!


LONDON, Nov 11 (Reuters) - ONGC Videsh, the overseas arm of India's ONGC, said all conditions for its $2.6 billion bid for Imperial Energy had been met, effectively sealing a deal investors feared might be scuppered by falling oil prices.

ONGC Videsh said in a statement that the Russian authorities had provided the last of the necessary regulatory approvals, and a spokesman said the Indian company would send offer documents to Imperial shareholders within 28 days.

i am sure i am correct to say that the offer is 12.50 cash, but i am sure someone will swiftly correct me if that is not so.

the docs will apparently be posted within 28 days, so i take it that completion will be in no more than say 90 days.

sp is currently still only 11.60 which would seem to leave a rock solid free ride of 90p which is about 8% ...... pretty good return if you ask me

seems some are cashing in their chips ..... fine by me ..... i'll wait a while longer and then buy some more

Looking good,...in a way I'll be sorry to see this disappear off the radar screens....in time this would have been above 20 !.

rf, remember the t/o price of 12.50 = 19.00 to those of us who took up all of the rights issue at 6.00. Like you I'll be sorry to see it go, but reallistically would we ever have got anything like full value given the politics involved.

Russia.....tricky place to do any business.....I'm in Petroneft (PTR)(Aim)....(small future producer)....I have high hopes for that little company !.

You never know : IEC might do "a BUR (Burren Energy )" with the sp going past the takeover price before slipping back...!.

four and a half years of holding IEC is long enough invested in Russia for me !
Good luck with PTR

was very happy to buy another slice at 1137 ..... surely better, and even arguably safer than money in a BS!

Yeah i agree, has been a fun ride, but im out as from today, i left 10% on table. Id like to think the 12.50 is the take out price, but with a 2 mth wait until completion who knows what might happen.

likely to be a far better and safer bet than most places in the market!
shall contemplate banking everything at 1175 but may hold until the end, not least because the downside is surely very limited, though saying that is likely to put on a vicious hex!

Worth watching this as anything +/- 1000p has got to be worth buying, imo.

hope we don't see it quite that low again or i may really start to get twitchy!

looking at the institutional movements is quite interesting, and unless i am much mistaken, on balance they are adding ..... some are selling, but that may well be forced to help their liquidity.

i think the general nervousness relates to whether or not the indians will try to reduce the price at the last minute, though both sides deny that is even being considered ..... there will also be some forced closing for margin or where stops have been hit.

once the t/o papers go out in early december - or at least that is what is supposed to happen - then i guess a further surge is on the cards

Trouble is that completion of the deal is so far away that interest will probably wane, along with the sp.