> 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

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

this morning's tumble is surely just a reflection that Rosneft are strapped for cash and therefore are unable or unwilling to buy a stake in IEC.

however, i would ask if that really matters at all as surely ONGC are tied in to the deal provided that 90% of the current holders accept the deal ..... of course, if ONGC hold >10% themselves, then they could scupper the deal on their own, though whether that would be permitted is a moot point.

there is also a report that they may just go for 51% of the company see below

i think is gonna be jitters given all the chat, but hopefully IEC will get on the phones this week and drum up the 90%......


ONGC Videsh (OVL), a wholly owned subsidiary of the Oil and Natural Gas Corporation (ONGC), is likely to pick up only 51% stake in Imperial Energy, if Imperial`s shareholders do not offer a minimum of 90% stake by December 30. Shares of ONGC closed down Rs 18.5, or 2.78%, at Rs 646**.

i would have thought that holders would be hammering on the doors to deliver their acceptances!

I can't think of any reason why IEC shareholders would not accept 1250p. It's a ludicrously good deal, given the current price of oil.
I received an e-mail from my broker informing me that they will accept on my behalf unless instructed otherwise, which is what presumably will happen with all private investors. The institutional investors must surely be grinning all the way to the bank???

More info/opinion for what it's worth:
"Tom Winnifrith. It is Tom who writes and takes responsibility for...
Apparently, 3.85% of Imperial Energy (IEC) is stuck in the middle of Lehmans and cannot be voted to assent for the VNGC takeover. It takes a lawyer to conjure up that result. But, if it indeed applies, the takeover of Imperial looks quite possibly dead in the water. Sauve qui peut."