Ithaca Energy Share Discussion Threads

[ianbrewster] 06/2/2017 10:17

As the deal is going through as a tender offer, then anyone not taking up the offer is likely to find themselves as minority shareholders in Ithaca.

I would guess that it won't belong after that Ithaca is then delisted.

Not taking up the offer is a gamble that Dalek don't get to the 50% (of shares they don't already own) needed for it to go ahead.

[husbod] 06/2/2017 09:52

Logged in this morning and assumed that an RNS had been issued about Stella. Can't believe they've recommended a 120p offer. As someone else has already commented it must include very good terms for the existing Board.

I had a sell price of £1.80 pencilled in which just happens to be the price I paid for some shares a few years ago but have dramatically averaged down since.

I would have thought £1.50 would be the minimum acceptable at this stage but whether it is worth holding on in the hope of a counter-offer must be doubtful. Over to PMO?

[bigdazzler] 06/2/2017 09:47

Don't see it myself who is going to compete against Delek who are a 20% shareholder.

I know the cheap answer is the other 80% but remember some of those will be working alongside Delek.

I am very disappointed and will reject the offer but we have been shafted IMO.

[speedsgh] 06/2/2017 09:42

Lest we forget, the snippet below is from The Times on 30/3/2012. Not sure anyone should be congratulating the Ithaca board if the deal goes through at the current level. The company should've been sold back in 2012.



No sooner had one long-standing takeover rumour proved spot on than the hot money was moving to the next. For months now, those racier private investors and fund managers who constantly chase the next generous bid have been backing France’s GDF Suez to move for the 30 per cent of International Power that it did not already own.

Finally, that happened yesterday: 390p a share was offered, a bump to 425p expected, and attention quickly turned elsewhere — to the North Sea and Ithaca Energy, an oil and gas producer that purportedly has caught the eye of Kuwait’s national oil company. Negotiations, it was whispered, were nearly concluded and, Ithaca’s 2011 results duly published, a takeover worth about 250p a share may be announced any time now.

[owenga] 06/2/2017 09:40

Hard to imagine this will be the final bid. The other institutions will surely reject the offer.

[shanig] 06/2/2017 09:10

Will be interesting to see malcy's take on this.

[sawadee3] 06/2/2017 09:00

This ruins my £2+ prediction. Reject the offer chaps :-)

[rivaldo] 06/2/2017 08:57

Agreed - "dirt cheap" sums it up.

As others have said, Dekel win either way unfortunately. Hopefully there'll be lots of interest and counter-bids from elsewhere.

[captainfatcat] 06/2/2017 08:50

Not happy here at all the timing and low offer reeks.

[guy_fawkes] 06/2/2017 08:41

Sector rattled HUR up 6.9%.

[scrutable] 06/2/2017 08:33

Disgraceful decision by the board to sell this off dirt cheap.

The share price has been rising in a persistent and predictably much further uptrend of 336%/pa just as the repair work was ending and the company about to expand production > 150%
.
The share price is poised to explode with ending of repairs and trebling of production at the highest POO since November 2014. A purchase at this price is a no-brainer for the Israelis and HAS to be strongly up-bidded to avoid widespread criticism.

[guy_fawkes] 06/2/2017 08:25

Sounds to me like the low figure of £1.20p includes jobs for the board.

[guy_fawkes] 06/2/2017 08:21

£1.80p with Stella flowing.

[edmundshaw] 06/2/2017 08:15

C$1.95 is only a premium of 11% because the pound is so weak. 6 months ago this would be below the current price by about 7%!

Not impressed by the BoD's enthusiasm. Unanimous recommendation? Really? Just before first oil?

[kiqbal] 06/2/2017 08:15

guy what's your plan?

[ethics_gradient] 06/2/2017 08:12

Major shareholders (over 3%)

Delek Group Ltd. 81.9M
Axa Investment Managers 32.1M
BlackRock 16.9M
Cavendish Asset Management 13.3M
Artemis Investment Management 11.7M
Invesco Perpetual 11.6M
Thompson, Siegel & Walmsley 10.9M
Aviva Investors 6.1M
Majedie Asset Management 6.0M

Total share in issue 411.384M

[guy_fawkes] 06/2/2017 08:12

There we go £1.20p and I am not selling!

[guy_fawkes] 06/2/2017 08:08

In the meantime Stella will flow unless we have another reason for a delay.

[guy_fawkes] 06/2/2017 08:04

This will need shareholder approval!