Essar,anyone explain this???

sabretoothtigger

Some videos detailing the share buyout. Doesnt look like there is much option but really its in the hands of legal types now

https://www.youtube.com/watch?v=i51jEWt0YRI

https://www.youtube.com/watch?v=gM0i1OlheKE

I believe no response would meaning holding shares in the private company, unlisted. Not sure how wise that would be or if it could be a way to recover the value long term

edit:
On 28th my broker has forcibly sold the shares. They dont handle unlisted shares so I had not much option, I guess holders of a certificate could argue otherwise ?

sabretoothtigger

I guess Essar oil is still listed in Bombay as it shows on google. Unfortunately I dont think its easy for non nationals to buy there.
Shares were up over 10% today as the new PM brings in new laws I think.

Fell back a bit but its likely they do far better in future seems like. I have some indian shares, hope my Jpmorgan fund buys essar so I can gain in some way


https://www.google.co.uk/finance?q=BOM:500134

sabretoothtigger

UPDATE 1-Essar Group plans to sell UK refinery - sources
(Adds quote, detail) By Sumeet Chatterjee and Nidhi Verma MUMBAI/NEW DELHI, June 11 (Reuters) - India's Essar Group plans to sell the Stanlow refinery in Britain, three sources familiar with the matter said. Essar is seeking to raise $500-$600 million for the plant in the northwest of England, two of the sources said. However other plants recently put up for sale in the UK, Murco's Milford Haven and the Bankrupt Petroplus's Coryton, have failed to find buyers. Essar Energy, the subsidiary of Essar Group that bought the refinery for $350 million from Shell RDSa.L in 2011, declined to comment. Stephen George, chief economist at KBC Process technology, said the price being sought could be hard to achieve. "It would be optimistic in the current margin environment to expect that the asset has increased in value, though Essar have made strides to improve the configuration and margin of Stanlow which may improve the asset value," he said. A formal sales process will be launched after all the requirements related to the delisting of Essar Energy from the London Stock Exchange, two of the sources said. Essar Energy shares ceased trading on the London Stock Exchange on Tuesday, and the formalities of making the company a privately held company wholly owned by Essar Global Fund Limited (EGFL) are set to be completed by next month. EGFL, the investment vehicle of Essar Group, announced earlier this year that it would de-list its UK operation. In 2012 Barclays BARC.L took control of existing crude and refined oil assets at the plant, so it is unclear whether any purchase of the plant would include those assets, which could be worth hundreds of millions of dollars. Barclays was not available for comment on current arrangements. Caught between soaring crude prices and collapsing diesel profits, European oil refiners are slashing operating rates by nearly a quarter ahead of the peak summer period.

Fairly surprised because I thought they'd keep it for the port & connection to uk oil system