LONDON Nov 18 Shareholder consultancy Georgeson
is working to persuade minority investors in
Turkmenistan-focused oil explorer Dragon Oil DGO.I DGO.L to
accept ENOC's $1.9 billion buyout bid, people familiar with the
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 said.
ENOC, or Emirates National Oil Co, agreed with Dragon's
board on Nov. 2 that it would buy the 48 percent it did not
already own of Dragon for 455 pence a share.
However, Dragon's largest minority shareholder, 4.24 percent
holder Baillie Gifford & Co, said the proposal "materially
understates" Dragon's value. Dragon said on Tuesday ENOC's offer
Dragon Oil and ENOC declined to comment.
A spokeswoman for Computershare (CPU.AX), Georgeson's parent
company, did not immediately respond to a request for comment.
Shares in Dragon closed at 421-1/2 pence, up 2.4 percent on
the day, but more than 7 percent below ENOC's bid.
(Reporting by Quentin Webb; Editing by David Holmes)
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