> 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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img src="http://charts.moneyam.com/Chart.aspx?Provider=EODIntra&Code=IEC&Size=700&Skin=BlackBlue&Type=2&Scale=0&Span=YEAR1&MA=&EMA=&OVER=&IND=&XCycle=&XFormat=&Layout=2Line;Default;Price;HisDate&SV=0">
cyril

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.

not really ..... early/mid january is seemingly the target, and that is not far off

1064p to buy. Starting to look tempting again!

would be sorely tempted myself if i did not have enough already and also do not wish to throw additional funds into the market

this is what has spooked IEC a bit

DEALTALK-Crisis puts brakes on India's outbound M&A

but if you read a bit further, the article says .....

ONGC, which has about $15.5 billion in reserves, has agreed a $2.6 billion takeover of Imperial Energy , and is scouting for more such deals.
Deals involving companies with strong balance sheets still look promising," said Ranjit Lakhanpal, managing director of investment banking for JP Morgan in India.


so my money is still very firmly on the deal going through, and if i had more spare funds as was not already heavily exposed, would be tempted to buy a few more

PRE CONDITIONAL OFFER FOR IMPERIAL

"On 26 August 2008, the boards of Imperial and ONGC Videsh Limited ('OVL') announced that they had reached agreement on the terms of a recommended pre-conditional cash offer, to be made by Jarpeno Limited, a wholly-owned subsidiary of OVL, for the entire issued and to be issued ordinary share capital of Imperial Energy (the 'Share Offer') at a price of 1,250p per share

All the pre-conditions to the Share Offer have now been satisfied (19/11/08)

The formal offer document and acceptance forms are to be posted to Imperial shareholders by 9 December

The Share Offer of 1,250p per share, together with the Convertible Bond Offer (as defined in the announcement dated 26 August 2008), values the entire issued and to be issued share capital at approximately 1.4 billion (approximately $2.1 billion at current exchange rates)"

while all is carnage, IEC remains pretty calm and, if you have some spare funds, i still say this is a damn good haven with still an upside of 1.25 or even 1.70 if you want to hang on to the end in +/-january

Nothing's sure !, but looks promising, I'm in with a small holding....!.

i concur that nothing is certain until all signed and sealed, but i have seen nothing that implies or indicates that all not progressing smoothly

Fingers crossed !, we might come out with a nice little profit.

NEW DELHI, Nov 25 (Reuters) - India's Oil and Natural Gas Corp (ONGC) aims to complete the acquisition of London-listed Imperial Energy Corp ahead of the scheduled date of June 2009, ONGC chairman, R.S. Sharma, said on Tuesday.

"The entire transaction has to be closed by June 2009," Sharma told reporters. "We are well on track."

strange, though that explains the drop this morning ..... had expected late January!

Looks like my prediction of 1000p may be on the cards now.
The article in the preceding post is casting a bit of a shadow over this, as my understanding is that formal docs were to be posted to shareholders by 9th Dec & the matter would be concluded by late Jan '09. It will of course take time to process the paperwork & to pay off all shareholders, but another six months is too long to wait for settlement, imo.
Sp now 1030p & drifting.

this has had a bit of a soggy time of late, though not in comparison to many ..... however, i see a little stirring in the slumber, perhaps in the hope, indeed expectation, that the t/o docs will indeed be sent out on 9th december ..... if those are indeed forthcoming on time, then expect a surge ...... the niggle is that completion appears to have been delayed from an expected jan/feb to june 2009

I love the clarity on the markets.....keeping the mugs euhh !, sorry us shareholders informed about every move....there are rules to be obeyed in a takeover situation and it seems that they are not going by the book this lot !.

Cynic - end June is the deadline. We should be paid in January.
http://www.tradingmarkets.com/.site/news/Stock%20News/2062373/

"OVL has until December 9 to make an offer to acquire all outstanding shares of Imperial. The offer will remain open for 28 days and OVL will take another 14 days thereafter to make payments to shareholders tendering their shares."
This extract is from the article as linked in post #764.
Still room to manoeuver in that case, imo, so no guarantee that the price will be 1250p, even though they seem happy with it. I still don't understand why they haven't trimmed the price, given that oil has more than halved in value since the original approach.

Don't encourage them to do so !.