(DGO.L) Dragon Oil PLC Buy/Sell

As a final post to those who ask can we win.
Two weeks ago ENOC were boldly stating that this was a done deal and had been completed. Now we see them hiring a "proxy solicitation" firm that communicates with shareholders and looks to boost investor turnout for votes.
ENOC who looked so certain of victory just a few days ago look far from certain now. The vote could be close and everyone needs not only to vote themselves but also to make sure that everyone they know owning Dragon shares votes as well.

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"Dragon Oil and Enoc declined to comment."

"A spokeswoman for Computershare, Georgeson's parent company, did not immediately respond to a request for comment. "

There are now a number of institutional investors and analysts that have said that the ENOC bid "materially understates" Dragons value. That is before the inclusion of the gas and before the increases in production that will result from having four rigs in operation, not to mentionfurther Turkmen licenses.

A number of analysts have challenged ENOC and the Dragon independent committee to enter into debate over their valuation of Dragon.
So far they have failed to comment or add substance as to how the valuation was achieved.

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News that we already know but it shows the need to get ALL shareholders to vote:
http://www.upstreamonline.com/live/article199336.ece

Enoc enlists help on Dragon hunt

Wire reports

Shareholder consultancy Georgeson is working to persuade minority investors in Turkmenistan-focused oil explorer Dragon Oil to accept Emirates National Oil Company's $1.9 billion buyout bid, people familiar with the matter said.

Enoc's proposal requires approval from three-quarters of Dragon's minority shareholders, but with the largest of those publicly opposing the deal, ensuring a high turnout and convincing wavering investors to agree could be crucial.

Georgeson is a so-called "proxy solicitation" firm that communicates with shareholders and looks to boost investor turnout for votes.

The firm was appointed on Enoc's behalf by the Dubai refiner's broker, Goodbody, one of the people told Reuters.

Enoc agreed with Dragon's board on 2 November that it would buy the 48% it did not already own of Dragon for 455 pence per share.

However, Dragon's largest minority shareholder, 4.24 percent holder Baillie Gifford & Company said the proposal "materially understates" Dragon's value.

Dragon said yesterday Enoc's offer was final.

Dragon Oil and Enoc declined to comment.

A spokeswoman for Computershare, Georgeson's parent company, did not immediately respond to a request for comment.

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Inv. nov.

I spoke to TDW yesterday and they accepted my NO vote. You can also go on line and cast it.

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Also with Selftrade, 10,000+ in an ISA , the remainder in a dealing account.
Again they will only promise a best endeavor and refused to confirm in writing my NO votes.

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I had an email saying ST would make best endeavours to vote against the merger after I asked to vote against but have heard nothing since and will ring Monday.
Anyone else with ST experience ?
c.o.d.

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Many thanks once more Fydo for your comprehensive summary of this dismal situation, and many thanks also Investing Novice for your astonishing revelation of T D Waterhouse's attitude to nominee's intended voting instructions. I have, in a previous post, questioned the role of so called Regulators in this takeover and have wondered if they, the regulators, should be targeted, en masse, by contributors to this board in order to ascertain their attitude to the obvious manipulation of market price of Dragon by Enoc, and the abondonment of independence by the "independent" committee. I had considered doing a bit of rabble-rousing on this board to that effect if it appealed to other posters. However, if they are prepared to countenance TDW's high-handed dismissal of your request, Investing Novice, then I wonder if there is anything that they would object to. What do they regulate ?

P.D. (Latecut)

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"This year's forum, which is co-organized by the Ministry of Petroleum and Mineral Resources of Turkmenistan, the State Agency for Management and Use of Hydrocarbon Resources under the President of Turkmenistan and the British company "Summit Trade Events Ltd.", will bring together over 400 participants. More than 160 different oil and gas companies and organizations from over 40 countries arrived in Ashgabat. High-profile delegations of the UN, the European Commission, as well as a number of major industrial states will also participate in the conference.

President of Turkmenistan Gurbanguly Berdimuhamedov sent a welcome message to participants and guests of the exhibition and conference. He expressed confidence that the forum will offer solutions to enhance international cooperation on the extraction of mineral resources of Turkmenistan, enhancing prospecting works, increasing volumes of oil and gas processing, and further development of the pipeline system".

Question.
Why when so many are fighting to gain access to Turkmen resources are we as Dragon shareholders being told that this really is a risky business and that we should be grateful for ENOC`s modest premium?
With strong international interest as new Turkmen export routes open up, maybe the recommendation of the independent committee that this is a fair and reasonable deal is not in the best interests of its minority shareholders. Had the members of the independent committee attended the conference they may well have received offers that make ENOC`s offer look very modest indeed.

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malkis,
As a PS:

Turkmenistan - World leading oil and gas companies attend "Oil and Gas of Turkmenistan - 2009" exhibition

The 14th International Exhibition "Oil and Gas of Turkmenistan-2009" and the international scientific-practical conference that brought together over 400 foreign participants wrapped up in Ashgabat, the Turkmenistan.ru correspondent reports.

The forum was attended by over 200 world-renowned oil and gas and service companies including Petronas, Dragon Oil, CNPC, Gazprom, Lukoil, Wintershall , Komatsu LTD, RWE AG, OMV, British Petroleum, Chevron, Total and others, as well as governmental and international organizations from 35 countries, including Germany, Austria, Great Britain, United States, Russia, Kazakhstan, Ukraine, Japan, Turkey, Iran, China, India, UAE.

The scientific-practical conference discussed issues related to development of international cooperation, attracting foreign investments and introducing high technologies in exploration and development of fields, in the processing sector, in implementation of new infrastructure projects in the fuel and energy complex of Turkmenistan.

Representatives of the U.S. State Department, the European Commission's Directorate General for Energy and Transport, the International Energy Agency, the Ministries of Energy of Russia and Kazakhstan, the British Foreign and Commonwealth Office, the International Gas Union, USAID, as well as heads and leading specialists of foreign companies spoke at the conference.

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may i thank you for your posts , so well put together ,that i know you must have taken hours of research and dedication to the truth to put together. surely truth will ....out.....and we beat... enoch... how i wish we could cross examine enoch at court hearing,and you speak in our corner.
warm regards to all >>>NO smalkis

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sorry tullowtosell forgot to give you email address iiaccounts@iii.co.uk
hope info is of help to you

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Just in case anyone wanted to understand my reasoning in posting this news, it is to demonstrate that the directors of ENOC/Dragon are no fools and they are very well connected. These people can do deals and open doors. We just need to make sure that the doors they are opening are for ALL Dragon shareholders.

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I received a quick response (see below) to my email when with same request as you.. just hope the papers arrive as quickly.

Thank you for your e-mail.
I have requested for you to receive voting papers. These should arrive next week.
I hope that I have been able to help you with your enquiry, however should you require further information please do not hesitate to call us on 0845 882 3325, or e-mail me at any time.
Kind regards,
Helen McCusker
Interactive Investor

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NEWSMAKER-Tayer to embody Dubai's new-found caution
2009-11-22 15:14:27 GMT (Reuters)


* New DIFC head to convey message of caution

* Tayer was UAE state minister of finance for 14 yrs

* Sits on Emirates NBD, ENOC boards

By Raissa Kasolowsky

Dubai, Nov 22 (Reuters) - By naming Ahmed Humaid al-Tayer as the new head of the Dubai International Financial Centre, Dubai has put on a new face that it hopes will convey a new-found caution and dispel its image of recklessness.

The appointment of Tayer, 59, who has served in government for more than 30 years and is a prominent local businessman, is a message to investors at home and abroad that, following the financial crisis, Dubai has learnt from its mistakes and is turning over a new leaf.

"Tayer's appointment indicates that the city is intent to deal with the aftermath of the financial crisis in a different way," said politics professor Abdulkhaleq Abdulla.

"Primarily it is going to be much more cautious than in the pre-crisis period, much more modest for the next stage in its development."

Tayer is Dubai-born and bred, and though not a royal, belongs to a long-established merchant family in the emirate, one of seven members of the United Arab Emirates (UAE) federation.

After graduating in economics and political sciences from Cairo University in 1973, he quickly rose through the UAE government ranks, taking on a number of portfolios that included a 14-year stint as state minister of finance until 1997, and communications minister.

He is the chairman for both Emirates NBD -- the second largest bank in the United Arab Emirates by market capitalisation -- and the smaller Commercial Bank of Dubai.

His long line of experience in the public service and in the financial sector will help him deal with the fallout Dubai suffered during the global downturn in a more transparent manner, said Ebtisam al-Kitbi, political science professor at the UAE University.

"With the situation here, you need people who are rational ... Tayer has a lot of experience. He is a settled man. He is not running after fashions," she said.

"It is also about knowing how to reach your goal without propaganda, pretending there is nothing (wrong) ... Tayer has the capability."

Tayer also sits on the boards of state-owned Dubai Aluminium (Dubal) and state-owned refiner Emirates National Oil Company (Enoc), which recently made a $1.9 billion buyout bid for oil explorer Dragon Oil.

The reshuffle last week kept him on the board of the Investment Corporation of Dubai (ICD), the emirate's investment arm, as one of the board's only two members who do not belong to the ruling family.

Tayer's record is clean of the accusations of corruption that have overshadowed the reputation of other movers and shakers and he is trusted by the ruler and Emiratis themselves.

"He is needed now to be close to the sheikh and the leadership ... this is a city in need of every single person that has valuable experience," Abdulla said.

Why his predecessor at the DIFC, Omar Bin Sulaiman, was dismissed so suddenly may take time to discover. Earlier this year, Nasser al-Shaikh, then finance director of Dubai, suffered a similar fate, with still no explanation forthcoming.

Shaikh was replaced by the lower-profile, but far more taciturn Abdulrahman al-Saleh, who has given only a handful of interviews since his appointment and rarely makes public appearances.

"There's a saying in private equity ... The guy who drives the truck into the ditch isn't going to be the same guy that drives us out of the ditch," saidKhuram Maqsood, managing director Emirates Capital. (Additional reporting by Amran Abocar; editing by Thomas Atkins and Jon Loades-Carter) ((raissa.kasolowsky@thomsonreuters.com; Reuters Messaging: raissa.kasolowsky.reuters.com@reuters.net; +971 4 391 8301))

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Has anyone who holds their Dragon shares via Interactive Investor received any information on voting, either offer documents or voting papers?

I have recently requested my account to have voting rights (I had assumed that I would automatically have voting rights as a shareholder), but have received nothing other than a Corporate Notification on the 20th November telling me that I would have my account credited on or around 1st Feb 2010, if I continued to hold my shares!!!

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Vasque,
I hold Dragon shares in both certificate form and through TD Waterhouse nominee account. I have activated the TD Waterhouse online voting facility that I hope will allow me to cast my vote in an orderly manner.
I note also from the offer document that people can cast their vote online through Capita registrars at www.capitaregistrars.ie
I note also that questions will be allowed from shareholders at the EGM if they have been notified in writing but to be honest if it gets to the EGM stage then any questions will only be of use to vent shareholder anger as the ENOC vote will have won the day.
The only chance that shareholders have is to vote it down at the preceeding court hearing where ENOC will not be voting.
As for the we would all do the same thing in ENOC`s shoes argument I cannot agree with that. I know business is business but I believe that ENOC have distinguished themselves over this bid attempt by their self interest, their bullying and their underhanded tactics. My experience in business leads me to believe that the best way to build up a loyal customer base is to have trust, fairness and openness. Nobody wants to do business with someone they think has done the dirty on them.
Do I think we can win?
Yes I am very hopeful on that in so far as this bid is just SO INSULTING that it makes the decision for the likes of BG very easy.
On the position of the directors you have to understand that these people were chosen for their experience in the oil and gas industry. They also have a lot of experience in international diversification so it is not a case of them being bad at their job, more a case of making sure they are working in the interests of ALL Dragons shareholders and not just ENOC`s.
As I said in a previous post, if ENOC loose this battle then their need for capital will not have gone away. In the absence of the credit market their Dragon investment will be their prime asset that is easily marketable in the form of reducing their stake. As I said before, that could let in the likes of RWE and would give them board representation which would be inline with small shareholders interests making sure that these talented ENOC directors are working for the benefit of ALL its shareholders.
Dragon has a huge and rapidly expanding cash pile that needs to be used for the fulfillment of the potential that we all know exists within Dragon, we just need to vote this bid down so that we can all see the benefit of this.

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I have just read the offer document in hard copy and can find no reason for accepting it.
Have therefore voted to reject and will do the same with nominee accounts held in TDW and Barclays tomorrow - 4 votes in all (including the missus).
I've been trading in this company for 20 years and so feel compelled to attend what could be the denoument on the 11th, so have just bought the train ticket. Not really sensible as we won't have an opportunity to speak at the court hearing and if it's a success the EGM wont happen - and if it's a failure there wont be any point in attending the EGM anyway.
So the business should be over by 1015 - who's for a beer to celebrate or commisserate?
Of course if it's celebration time I can always provide the bubbly - see (www.bowinthecloud.co.uk)!

See you there

ftc

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For convenience and security all donations are handled via google checkout via the following link...

http://www.savedragon.com/?page_id=114

Payments can be made by credit/debit card and your card details are never revealed to me.

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I have just sent an E-mail to the Turkmenestan government oil and gas section ,for what good it will do ? Hi, I have researched this E-mail address and want to register my disgust reference the proposed takeover of Dragon Oil by ENOC. The small shareholders are up in arms at the treatment they have been given, after their many years of investing in this firm, who are on the verge of much more growth. The UAE after their reckless living in the past few years seem to be in trouble financially and want to embarrass the smaller shareholders with the actions they have taken. Both boards of directors operate from the same office and seem to have the same agenda?. Your country has gone through quite a bad period and through all this uncertainty many of us have remained faithful through it, hoping for a new start. In the past few years this new start has taken place, with an exciting future ahead. With the possibility that ENOC will win the day, you will be stuck with them in your system, so be aware. I hope that the workers in Turkmenistan who have shares in Dragon Oil and worked hard for them can see this piracy coming and vote NO to the takeover.

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err, that should be "gut instinct" not "guy instinct"

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