Save Dragon Oil
Rescue Dragon from the clutches of ENOC
About
This site is intended to act as a meeting place for shareholders of Dragon Oil Plc, an Irish company that is in danger of being taken over by it’s majority shareholder ENOC (Emirates National Oil Company).
The current takeover offer made by ENOC of £4.55 seriously undervalues Dragon Oil plc. The company could be worth 100% to 200% more than this right now and far more in the years to come. Don’t sell out on the cheap!
Dragon Oil has valuable oil and gas assets in the Caspian Sea which are only just now starting to achieve their potential we must not allow ENOC to snatch this company away just as it’s starting to make good.
You should first read the NCP/Peter hutton research brief and then contact your stock broker and make sure you are able to vote. Most nominee accounts are not allowed to vote unless you make arrangements in advance.
This site is being run by me, Robert McKay. You may contact me at robert@mckay.com. I will try and get back to you.
November 10, 2009 - 9:30 pm
Robert, many thanks for setting this site up. We need something like this to pull us small shareholders together, – not only the ones who are aware of Dragon Oil’s operations and potential, but also the ones who have shares from way back and have lost touch with this company. It will be interesting to see how many join us.
Doggy
November 10, 2009 - 10:43 pm
I urge shareholders to see g8ta’s (on ADVFN) correspondence about an article on ArabianOilAndGas.com regarding an article they published indicating that ENOC has already taken over Dragon and that the offer was acceptable to minority shareholders!
See http://www.arabianoilandgas.com/article-6468-exclusive-enoc-group-ce-on-dragon-oil-purchase/
Please add your comments to their story and well done g8ta, the more exposure we can get on this the better. ArabianOilAndGas.com may use shareholder dissatisfaction as a lead news item in the December edition and investigate this further.
November 11, 2009 - 1:16 pm
Well done Robert, Great idea. I posted the link to Ballie Gifford a few days ago. I for one will be voting NO to this absurd offer an
I urge all of DGO shareholders to follow suit and vote against all of ENOC’s proposals. They and the BoD are currently not acting in your best interests
November 11, 2009 - 3:09 pm
Robert. Top draw dear chap. Nicely done.
I’m voting NO NO NO NO NO and NO.
And in case ENOC didn’t get that – “NO”.
November 11, 2009 - 6:17 pm
Robert, another article in Arabian Oil and Gas regarding shareholder disatisfaction:
http://www.arabianoilandgas.com/article-6481-dragon-shareholders-question-enoc-offer-price/
This is a great place to gather all the relevant information together, so it can be read easily and quickly.
November 12, 2009 - 6:23 pm
I have postet your homepage on the german
“wallstreet-online” in the thread “dragon oil”
November 12, 2009 - 7:30 pm
Many thanks for the site Robert
-GTA
November 12, 2009 - 8:06 pm
This bid is more or less doomed now that BG have given it the thumbs down.The big question is what happens now. Do ENOC return with a better offer OR is DGO open to a bid from say the Chinese. I suppose it depends on the 12 month period given by ENOC to DGO when they undertook not to sell their shares to anyone else. The question also is – does this 12 month period lapse if the offer does??????
November 14, 2009 - 3:40 pm
Great idea Robert , very well done. We need to keep the pressure on. Vote no ,no ,no ,no ,no ,no and just in case you missed it NO NO NO .
November 17, 2009 - 4:57 pm
I have been told that an analyst at Ambrian has apparently said:
“The bid undervalues Dragon. Although the fair value is at least 500p per share, with ENOC holding over 50% and the Scheme of Arrangement offering 455p, there is unlikely to be any other outcome than the deal going through.”
This is not an exact quote – I was scribbling as I listened on the phone – but the gist is correct. This deal smells more and more like an attempt at a stitch-up. I hope the Ambrian analysis is wrong.
Has anyone done any totting up of the known minority share holdings? I presume that ENOC and their “Independent” Committee have looked at the holdings and reckoned that they could reach that 75% level.
This is part of a post I have just made on Motley Fool – link: http://boards.fool.co.uk/Message.asp?mid=11748682
M
November 18, 2009 - 3:07 pm
Hello Robert,
This site is a very good idea. I believe that what is happening with Dragon Oil is scandalous and I too will be rejecting the offer. If this goes ahead, it will be one of the most corrupt deals that I have witnessed. It is blatently obvious that the 1 billion dollars of cash that Dragon Oil now holds, has simply been stockpiled to cover the bulk of the purchase. Costs for future developments and research are to be covered from ongoing profits. Anyone who votes “yes” to this offer is simply missing out on the long term potential of this company. I’ve held Dragon Shares for some nine years now and believe that we, the minority holders, should now share in the harvest that has been long awaited. If this is the future of investment, where one holder reaps all the rewards, then the future of investing doesn’t look good. Vote “NO” to this rediculous offer! Vote “No”!!!
November 19, 2009 - 10:24 am
I have held DGO since it was 1.5p. Traded it ever since and at 560p believed ENOC has finally let DGO go towards true value. We have never received any dividend – we were always told the ‘dividend was in the price’. Now it is pay-out-time and the 455p offer is much too low.
I will vote ‘NO’.
November 20, 2009 - 12:15 am
Excellent idea. Could I suggest that there is a page detailing how to obtain your vote if you are hold your shares in nominee accounts. This website could then become the source of what to do if you use Lloyds etc. You may even find that the brokers will liaise direct with yourselves.
November 20, 2009 - 12:18 am
Another thought is that you might like to run a league of shame for the brokers who charge most for the privilege of voting. A Redmayne Bentley SIPP costs £15 plus VAT
November 20, 2009 - 8:32 am
Hello Robert,
I have just had a thought in the shower, as one does.
We, the shareholders, currently still own Dragon Oil, but correct me if I am wrong.
As share holders, surely we have the right to publicise “your site” through the “www.dragonoil.com” website.
If this is to be a fair battle, then I believe that the minority shareholders must get the webmasters of Dragon Oil to post your sites web address, so that the minority shareholders know where more information can be obtained.
Any opinions on this … constructive one please. How can we enforce this?
I’m going to copy this to other forums on your site, just in case it gets missed.
Thanks again for setting up this site.
November 20, 2009 - 12:38 pm
Thank goodness someone is talking sense. We’ve held shares for 12 years, and will definitely be voting NO. Good luck!
November 20, 2009 - 1:22 pm
Thanks for the website and the information. I have held shares for many years and upon reading a Sunday newspaper article a few weeks ago I thought I was about to realise a good capital gain – that was until I came across your site.
I will vote no.
Thanks
November 20, 2009 - 3:41 pm
I bought my shares in Dragon through ShareCrazy.com., and i have today received an email from them informing me of the the £4.55 offer. It then states:
Before deciding the course of action you wish to take, you are reminded that you should be aware of the risks involved, the tax and other implications, and if appropriate, consult an appropriately qualified advisor.
Does this mean that I will be receiving voting docs from them?
November 20, 2009 - 8:48 pm
For thought only:
I am a bit puzzled by what is meant by the “Independent Commitee Of Dragon Oil”. How can they be independent from Dragon Oil if there are members of this committee that hold shares in Dragon Oil. Who comprised the Independent committee. From the Directors Remuneration Report of 2008, at 27th March 2009, a non-exec director of Dragon Oil with 125,000 shares was Nigel McCue, so I am guessing that he must be on it. Between the Directors, non-Executive Directors and Company Secretary there is a total of some 5,385,000 shares held by them. So although ENOC may not be voting at the first meeting, surely these people will. The more I think about what is happening, the more corrupt I think this deal is. This is just something to think about, no need to reply.
November 22, 2009 - 4:30 pm
If anyone knows that they will definitely be attending the EGM on 11th December in London, it might be a good idea for them to hold proxies for others, like me, who are unable to be present.
I am ignorant of EGM rules, but it could be important.
M
November 22, 2009 - 9:06 pm
Well done Robert and everybody for their commitment to defeating this motion.
I very much look forward to saying a big NO to ENOC.
A proper one fingered salute to these Arab robbers!
November 30, 2009 - 1:54 pm
We bought our shares 1994. It has been fun following the ups and downs.. Think we must go to the meeting !!.. If the takeover is rejected, how do you think it will affect the share price ?… I am a no !!!! my husband is on the fence ,but could be persuaded.
December 1, 2009 - 3:35 pm
I’ve held these shares for 20 years or more and they have been worthless for most of that time.
I finally thought I’d get my money back but when I found this site I decided to Go With The Flow And Vote No!
I’ve voted online so thanks for the instructions.
December 3, 2009 - 7:56 pm
hi ,
had a phonecall from Emirates National Oil Company tonight , trying to persuade me to vote for the take over, (i am only a small share holder , i brought some shares for fun ) , i wonder if any one else has had any calls from them
cheers matt
December 6, 2009 - 9:21 pm
My sister had a similar call a couple of days ago. She had voted NO to the takeover but I do not think her ballot papers would have been received at that time as she has only just returned from holiday. I voted NO and mine would have been received.
Funny I did not get a call don’t you think?
What’s going on here?
December 10, 2009 - 10:41 pm
Well this is it. Tomorrow we have the vote. To all of you who have been active on here and the ADVFN site my sincere thanks to all of you for your tremendous effort to secure a no vote and send these robbers packing. I only hope that the result is the NO vote we have all been seeking
December 12, 2009 - 6:35 am
Well there we are a resounding victory for those of us in the NO camp. The question now is where do we go from here?? At the very least there has to be a major shakeup of the Board of DGO and ENOC MUST be compelled to sell their share holding down to under 30%. Then we can make serious progress when these potential rip off merchants have their power minimised.