Save Dragon Oil
Rescue Dragon from the clutches of ENOC
Dragon Oil re-hashes old propaganda piece
In a sign that Dragon Oil’s management may be starting to panic that their attempt to takeover this company is failing they re-published an old propaganda piece by RiskMetrics (almost certainly bought and payed for by Dragon Oil management) as an RNS.. This of course was picked up by various press-release rehashing news outfits. Don’t be fooled by their PR. I take this as a good sign, but please make sure you remember to register your AGAINST votes! We haven’t won yet.
Update: It turns out that RiskMetrics, like Georgeson’s (the company ENOC hired to telemarket their offer to small shareholders) offer proxy vote manipulation services such as Vote recommendations. Hah!
December 1, 2009 - 1:52 pm
As stated old news and why did they not balance this news story with the October report by Goodbody, who are acting as advisors to ENOC in their bid process.
Goodbody stated that Dragon was worth at least £4.97 without gas and £5.95 with it.
So even ENOC’s advisors think Dragon is worth more!!
http://www.goodbodyonline.ie/include/pdf/REP20091027_DRAGON_OIL.pdf
December 2, 2009 - 8:52 am
This is a rip off, glad to see shareholders coming together and voting against this. Dragon Oil has a very good future and ENOC would not be interested in it, if there wasn’t.
Not long left-like me, contact your share-dealing company and request postal voting forms.
December 2, 2009 - 1:05 pm
Any chance of getting this excellent report raised in profile on this site. I think it’s extremely embarrassing for the both parties concerned, but very encouraging to scheme holders, who may still have doubts about voting NO.
VOTE NO!!!
December 3, 2009 - 10:56 am
I, like most, are disgusted with the Board and ENOC over this “scheme”. My fair value estimate is 610p and I am happy to share in the risks and rewards that a properly run Dragon would yield. I calculated that my small holding constitued 0.1% of the voting capital and have today registered AGAINST the acquisition. I hope others will do the same. If the acquisition fails I would like the Board to tender their resignations as it appears they have acted as agents for ENOC all along. The new board should then consider paying shareholder a meaningful dividend (2%) and investing the cash on the balance sheet in an effective way. Remember if you do not vote you are in fact agreeing with this cheap buyout. Vote AGAINST now.
December 8, 2009 - 4:09 pm
Thanks Eddiew for raising the profile of this report. It’s removal from the Goodbody website shows that this was an embarrassment to them after all.