Phillip Reid
11 Sep 2015
Re: CVR TEOSWhat you are referring to, I believe is just a book-keeping exercise. My online holding was also with HSBC. Early this year, or late last year, my address in the UK was sent a letter giving me the option to change my holding to a certificated holding because HSBC said their system could not accommodate the terms of the CVR. Of course I was in China, and knew nothing about it until I came back to UK and it was too late.After I returned I sent a message to them asking if I could still transfer, and eventually got a reply saying that the registrars reply was in the negative because the FTO shares no longer existed. However they still displayed them in my portfolio, obviously because of the CVR. Maybe because of my query, but anyhow, they deleted them from my portfolio on 6August under title "Stock removal Scheme, but then re-enterd them on the same day as "Scheme".I am guessing this is what you are referring to. IMHO nothing of great significance.Kind regards
Phillip Reid
11 Sep 2015
Re: CHINA GAS BELOW HK$ 11 Hi OTCI haven't heard of any plan Fortune Dynasty or whatever they might call themselves now, for the gradual disposal of any of their CGH holding, so IMO no targets.The CVR is just based around a very big "IF".I believe they intend to hold on to CGH and have further ambitions as far as that entity goes.However if you have heard of any plan for the disposal, I would be grateful for a link to such info.Kind regards
The OTC-man
11 Sep 2015
Re: CHINA GAS BELOW HK$ 11 Surely if the new owners of FTO are GRADUALLY disposing of 199,385,362 CGH shares (35% of all FTO Group direct and indirect interests in CGH) they should cross various holdings thresholds requiring notification the stock exchange? I have not seen any notifications.A cynic will claim that they will miss the sales “target” by 10000 shares by the deadline leaving the old shareholders with nothing…
pete44
11 Sep 2015
CVR PLEASE BE MORE SPECIFIC TEOS Please be a little more specificie. when were you notifed ?is this equivalent to your FTO shares ?are there any further details etc etc
The Earl of Shilton
10 Sep 2015
CVR I have received notification from HSBC that my account has been credited with a number of Fortune Oil CVR's.Is there anything significant about this action ? TEO
Phillip Reid
07 Sep 2015
Re: CGH SP Hi BravonI (without checking back on their statements), think they intimated that it was unlikely that we would see any further pay-outs. I consider that it was all based upon a very big 'IF', and that being that IF they were forced into a situation where they had to sell their share of CGH within 12 months then the (ex)-shareholders would get a share of the proceeds. You can insert your own thought out reason as to why they should do that, one thought then would be that, because it would look like they had pushed out the shareholders and then taken a quick profit ALL for themselves, and said shareholders would have a genuine cause for complaint. In other words to cover their own backs.I still maintain that if their was further value due to the shareholders in one eventuality, then their was value due to the shareholders in any and every eventuality. So I wonder how they can justify your 'big imponderable' or their 'unspoken understandings'? Also who shared the unspoken - to the shareholders - understandings?I do agree with your implication, that current market volatility is only temporary, I think market-makers are using the fear of lower GDP in China to beat investors with fear. I think the fear of anything going wrong in China is greatly overdone. Stability has been, is, and will be maintained regardless of western media ramblings. All IMHO
Bravon
07 Sep 2015
Re: CGH SP Hi Phillip. I am guessing that, within the period we are interested in the markets will shake off the current bout of volatility, and that CGH will get back into solid territory. The fact that they are primarily in distribution, rather than primary energy production, should underpin the value.So 'outside that' I think we are still essentially left with the big imponderable, which is what unspoken understandings there were as to how the CVRs would eventually be handled. Best. B.
Phillip Reid
07 Sep 2015
CGH SP I note that CGH now stands at HK $10.86 If it stays around this level or drops further it invalidates any possible worth in the CVR, as per the statement we previously received from FTO. Outside of that?
Roger Baron
25 Aug 2015
Re: CVR Bravon, Mercersroad asked us not to comment on public forums in this regard, so I won't.I doubt if there is any reason why you can't still ask him on the email address he previously posted, if you want to be involved.regards
evenlongershot
24 Aug 2015
Re: CVR depressing! Thanks for clarifying
Roger Baron
24 Aug 2015
Re: CVR A very generous whim at that! Why would they?
Phillip Reid
24 Aug 2015
Re: CVR So, as I thought, there is no stated SP for CGH at which they have an obligation to sell any or all of CGH holding to trigger their CVR obligation to pay anything to FTO shareholders. All down to a whim whether we get anything from the CVR or not.
pete44
24 Aug 2015
CVR The CVR will be paid within 12months of the effective date if the following conditions are satisfied prior to the expiry of the CVR term(a) FTO andCGH groups shall during the CVR term have completed SALES to a CVR third party solely for cash ( or if a SALE includes any non-cash consideration, where the cash consideration is an amount in EXCESS of HK$ 11 per share ), an aggregate of Relevant CGH shares exceeding 199,385,362 CGH shares...( rep 35% of all FTO Group direct and indirect interests in CGH )(b) the volume weighted average per share price of all SALES solely for cash of Relevant CGH Group Holding shares during the CVR term up to and including the point that para (a) above is triggered is in excess of HK$11 per share.The CVR's will be an obligation of Fortune Dynasty pursuant to the CVR Deed PollPick the bones out of that???
Phillip Reid
24 Aug 2015
Re: CHINA GAS BELOW HK$ 11 I don't recall that they have ever stated a valuation or SP of CGH, upon which they would decide to sell any or all of their CGH holding. Will stand to be corrected.
evenlongershot
24 Aug 2015
Re: CHINA GAS BELOW HK$ 11 Sure I get that it's ultimately what FTO directors decide, but one of the contingencies depends on the share price of China Gas Holdings. Do we want it above or below the magic $11HK?
