The comments from the Edinburgh-based fund manager came after ENOC, which already owns 54 per cent of Dragon, raised its offer this week to buy out the minority shareholders to 750p per share, valuing the stock it does not already own at some £1.7 billion.
Baillie Gifford, which has a 7.2 per cent holding, claimed the offer did not fully value the future growth potential of the business.
Richard Sneller, head of emerging markets at the fund manager, said: “We encourage shareholders to consider the case presented here, and reflect on the growth infrastructure that is presently being assembled before making their own determination whether or not to accept the current offer.”
A spokesperson for ENOC said: “We are confident that our recommended offer of 750p is full and fair as it represents an attractive exit opportunity for all minority shareholders.
“We reiterate that the recommended offer is a cash offer and does not include any contingent value consideration. The offer price was derived based on extensive feedback from numerous shareholders, and the independent committee of Dragon Oil, which has stated that the recommended offer reflects the achievements and future prospects of the Dragon Oil group.
“We continue to work towards delisting Dragon Oil at the acceptance threshold, which is equivalent to approximately 23 per cent of Dragon Oil’s share capital.”