> 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

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 !.

So you think the board members of ONGC/OVL read the MoneyAM bulletin boards for ideas then RF ? I am sure the boys in power at MAM will be very flattered, but............well..............how can I put this?...............

You never know !?, crikey !, take a look at Sibir Energy (SBE) today : ouch !, who would have guessed that drop this time last year ?.

clearly BNP reckon the deal will go through as they have acquired a further 2.75m shares taking their holding to <5%

good strong finish here today, even ignoring the closing auction price

cynic it seems likely to us that ONGC which as you know is a government owned para-statal will want to reduce it's offer for IEC in light of the fall in the oil price since they made their initial offer, otherwise there are likely to be political repercussions in India.

you know that for a fact do yo, or is this nebulus "us" merely the way you feel? ...... if they do reduce the offer, they do, even it looks pretty unlikely as the russkies would have plenty to say too, and intimation of same would almost assuredly have leaked out by now - the van driver, who always knows everything (it's true) would have known

cynic why should the Russians be upset if ONGC pays Mr Levene and his cronies less than originally envisaged?

whatever! .... i don't readily rise to bait ....... as even my current holdings stand me in at only just over 10.00 (i have previously banked profits), i would be surprised indeed (as can indeed happen), if i end up out of pocket, though that always presupposes ONGC do not abandon the bid in toto .... do i take it that you are short of IEC (and several dozen other companies)?

discretion being the better part of valour, i have just banked profits on about 35% of my holding at 1051 ..... if i had been really sharp on trhe button, could have got about 1065 a little earlier, but never mind

Not sure I see much point in selling sub 1100p, unless the money can be used for a better return elsewhere. You are doubting the final deal then?

From Sunday Telegraph:
"Imperial Energy, however, perked up 23 to 10.30 despite doubts over whether prospective buyer ONGC, of India, will formally press ahead with its 12.50-a-share offer.

Imperial's share price has been trading below the offer price for some time as ONGC has not yet sent out its offer document to shareholders. It has until next Tuesday to post the offer to shareholders.

It is thought some traders are nervous about whether ONGC has the appetite to follow through with the deal amid a plunging oil price and deteriorating economic climate.

However, other sources said the market is more worried about whether index-tracking funds would tender their shares to ONGC. The Indian company's offer is conditional on 90pc of shareholders accepting the deal."

not sure, but was very very heavily o'weight and reduced to just heavily o'weight! ..... am also travelling for the coming week so cannot watch trhoughout the day as i usually do/can

I don't think cynic will be to pleased when he see this.8.00

ULB.