> 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

It doesn't seem so long ago that Chairman Levene sold 1.5 million shares @17 per share (january 2008) what immaculate timing if you look at their chart.

I was about to sell at 10.75 today, then answered the phone, when I next looked the sp had gone down 45p so I decided to wait, Phone rang again, next time I checked the sp had tumbled 300p! The way things look now, It's probably just as well that I didn't sell! Sh*t can still happen though!!

Hopefully this one is true.... "Govt allows OVL to go ahead with Imperial bid







New Delhi, Dec 9 (PTI) The government today allowed state-run oil company ONGC Videsh Ltd to make a formal offer for acquiring 100 per cent equity in UK-listed Imperial Energy for 1.4 billion pounds despite returns falling on lines with crude prices.
A meeting of the Cabinet Committee on Economic Affairs was specially convened this morning to consider OVL's Imperial bid, as today is the last date for making the offer to the target company's shareholders.

Prime Minister Manmohan Singh chaired the meeting that had just one agenda and lasted one-and-half hours, but no official word was available.

Petroleum Minister Murli Deora, emerging from the meeting, declined to comment, saying: "We will let you know in due course." However, sources said the CCEA has approved OVL to go-ahead with the offer.

ONGC Videsh Ltd's 1,250 pence a share bid gave the company a 10 per cent internal rate of return (IRR) taking crude at USD 121 a barrel, but with rupee depreciating by 20 per cent against the dollar and crude falling to around USD 40 a barrel the IRR has come down to 3-4 per cent.

The UK's takeover panel has already rejected parent company ONGC's plea for more time to make a formal offer for acquisition of Imperial Energy Corp Plc.

Imperial explores for oil in Russia's Siberia region and had the equivalent of 920 million barrels of proven and probable oil reserves as on December 2007, according to an audit by DeGolyer & MacNaughton. '2P' tag means a 50 per cent likelihood of recovery of the reserves. PTI "

OFFER DOC POSTED TODAY.... BUT HOW MUCH?????

Offer docs are out, but not been able to access a copy yet.
Offer runs until 30th Dec '08. Share price has now picked up which I assume means that the offer is above the current price.

cynic is one unhappy bunny as bit the bullet at 806 s deal looked dead, but bought back some again at an average of 925 ...... hey ho!

How much ?

12.50 according to Bloomberg, no further confirmation though.

http://www.bloomberg.com/apps/news?pid=20601080&sid=ae_np1QsMnW4&refer=asia

I can't see any shareholders not accepting the 12.50 offer, yet the sp is still hovering!

why are people still selling?

Maybe they were short?

short and selling?????? ....... i don't think so - lol!
this stock is still a bit of a gamble, though slightly less so now, as 90% acceptance is required by 30th december or ONGC can walk away

Just testing to see if anyone is awake Cynic, which you obviously are! I had expected a barrage of protests but maybe there are not that many investors messing with this share which might more explain the apparent apathy. Sure, it is still a bit risky but at best I don't think IEC is worth more than 11 per share in the present climate, so why would holders walk away from the deal? 90% acceptance IS a high percentage though.

As for short selling, well, I'm glad I didn't! ;o)

I'll now finish the sentence "Maybe they were short?"....of balls! We've needed 'em over the last couple of days! Well done for buying back Cynic.

only well done if i remember to cash in a profit .... if not, i'm just a total greedy dickhead!

i am travelling so would be useful if someone else could check major shareholdings and report back

Cynic, I'm working on that, I know that the percentage holders used to be:-

Baillie Gifford 11.86
Schroders - 9.05
Deutsche Bank 6.84
Peter Levine (CEO) 6.13
Legal & General 4.65
London & Amsterdam 3.46
Directors of IEC 3.16
Sloane Robinson 2.78
HBOS 2.59
Blackrock 2.39

but at the moment I don't know the latest figures. They probably all need the cash however!

offer doc now available for download pdf from imperial energy site. 12.50 cash !!!

at least i have recouped a slab of my losses, as could not afford to buy back all ..... may buy a few more tomorrow

Don't forget that 90% acceptance may not happen, so maybe worth considering cashing in before 30th Dec, depending on the sp.

all sorts of possibilities ..... even selling at say 1125/1150 and hoping to buy back cheaper