CNE, page-2

nope, its more to do with the tax issue with India, I think. Nice rise to 169p now. Analyst at UBS must b doing cartwheel for his 'tip' on CNE's SP to outperform back on 23rd Feb!!!  

CNE's rise seems 2b more to do with the 'peace' offering directed towards Cairn & Vodafone from the Indian Finance Ministry, in their budget 3 days back.

CNE still holds 184.125764mil shares in CIL whose SP a shortwhile back was 130 Rupee (apprx US1.93).

So 184mil shares * 1.93USD = US355 mil, is still stuck in limbo. CNE cant sell this until they get clarity on the original 'Tax arrears amount'.
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Same story at Tullow when in 2012 they farmed out 33.33% each to ToTAL & CNOOC.

CGT of US$473mil was registered. Tullow paid 30% tax of US142mil to the Ugandan Rev Auth. The case went to the Tax Tribunal who calculated the CGT component 2b US407mil, so arrears of US265mil still 2b paid by Tullow. Case continues...

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anyways here's the Snippet on the Indian tax development. Will b a very interesting 15March Conf call from Cairn in the evening. Around the same time as the Melbn event.
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In order to give an opportunity to the past cases which are ongoing under the retrospective amendment, I propose a one-time scheme of Dispute Resolution for them," he said while presenting the Budget for 2016-17 in Parliament.

"They can settle the case by paying only the tax arrears, in which case liability of the interest and penalty shall be waived," he said, adding the companies would have to withdraw all pending litigation in courts or tribunals or arbitration proceedings.

Read more at:

http://economictimes.indiatimes.com...utes-says-fm-jaitley/articleshow/51196899.cms