Ithaca Energy Share Discussion Threads

[bountyhunter] 14/3/2017 09:07

if they don't acquire all the stock then they will have to pay out a share of future dividends to all remaining shareholders which will not suit them at all imo, to compulsorily acquire remaining stock they will need to gain > 90% first

[sludgesurfer] 14/3/2017 08:22

Whilst there are multiple reasons not to tender your stock, the offer a few years back is not one of them in my opinion. Times have changed materially since.

[wildrider7] 14/3/2017 08:20

seriously,what do they mean? you either accept the deal or lose your shares?

'-- There is no obligation on the Offeror to complete a compulsory acquisition of any shares not tendered to the Offer.
'

[bountyhunter] 14/3/2017 08:15

"in a shareholder meeting" which they would have to give due notice of of course

[jimbobaroony] 14/3/2017 08:14

Exactly. They are really increasing the pressure. Maybe too many have sat on their hands for their liking. Either way, it sounds risky to blindly hold.

[wildrider7] 14/3/2017 08:05

and further on

The Directors' Circular also sets out other factors concerning the Offer that shareholders should be aware of, including:

-- There is no obligation on the Offeror to complete a compulsory acquisition of any shares not tendered to the Offer.

-- While the AIM Rules for Companies ("AIM Rules") do not prescribe the required levels of free float for a company to be eligible for trading on AIM, depending on the number of shares purchased pursuant to the Offer it is possible that the subsequent remaining free float could be insufficient to satisfy the criteria for continued admission of the shares for trading on AIM.

-- If the Offeror acquires sufficient shares under the Offer it could be in a position to force delisting or cancellation of the Company's shares from AIM. Under the AIM Rules, cancellation of a company's shares from trading on AIM is generally conditional upon the consent of not less than 75% of votes cast by its shareholders given in a shareholder meeting.

-- The rules of the Toronto Stock Exchange ("TSX") establish certain criteria, which if not met, could lead to the cessation of trading and delisting of the Company's shares from the TSX.

[jimbobaroony] 14/3/2017 07:54

Are we basically screwed here? If we don't sell or accept the offer, could be left with nowt!

[glitter2] 14/3/2017 07:42

It wouldn't surprise me to hear that initial flow rates from Stella are disappointing to be followed by a miraculous recovery after the take over has gone through. Sickening to hear the directors are now pessimistic about all the things they had lead us to believe they were capable of achieving. And of course no mention of why $3 per share was rejected several years ago but almost $2 is now OK. Gutted!

[lfdkmp] 14/3/2017 07:41

A few years ago an offer of approx. £1.80 was deemed by the board to be unacceptable.

Now, with Stella on stream, an offer of less than £1.20 is deemed to be a good offer.

Scandalous.

[bountyhunter] 14/3/2017 07:40

even the 'independent valuator' engaged by the 'special committee' post offer valued the shares up to $2.10!

"GMP FirstEnergy was of the opinion that, as of 9 March 2017, the fair market value of the common shares was in the range of C$1.60 to C$2.10 per common share."

and this bit just makes me laugh! ...

"...the Directors consider entering into the transaction shortly before Stella first hydrocarbons to be highly advantageous for realizing full value without taking exposure to post start-up operational risk."

[buy curious] 14/3/2017 07:22

Reject this offer and replace the entire board of traitors.

.

[dozey3] 13/3/2017 18:36

The Shale producers in the US are making a dramatic comeback having reduced costs substantially through the downturn. That combined with the usual suspects renaging on the OPEC agreement to cut back has made the market twitchy. My guess anyway.

[freddie ferret] 13/3/2017 17:29

I say, Brent seems to have taken a nose dive, any reason?

[bountyhunter] 08/3/2017 17:33

or maybe less likely to succeed as disgruntled shareholders will now be even more disgruntled!
HUR - I'm there also and happy to await developments :-)

[dozey3] 08/3/2017 16:21

One could conclude that this makes the bid for IAE even more of a steal from shareholders, though the long-term benefits could well be changed/removed by our political masters several times by then. Thought it makes it worth while topping up - but on HUR ;-)

[bountyhunter] 08/3/2017 13:10

Budget 2017: Chancellor announces North Sea help

The chancellor has used his budget to outline plans to help the North Sea oil and gas industry.
Philip Hammond will investigate the use of tax incentives to make it easier for operators to sell oil and gas fields, helping to keep them productive for longer.
A panel of experts will be set up to examine the issue.
And a discussion paper on how to help the industry will also be published, Mr Hammond told the Commons.
The Treasury said the moves would further help a vital industry that meets around 50% of the UK's primary energy needs.
It said the measures would build on "unprecedented support already provided to the oil and gas sector through £2.3bn packages in the last three years".
Mr Hammond announced the new help for the North Sea as he outlined a budget that he said was aimed at "building the foundations for a stronger, fairer, more global Britain."
...

[dozey3] 08/3/2017 08:11

Wow, that's fascinating. When does a decision have to be made?

[bountyhunter] 07/3/2017 21:22

I was unaware of this angle...
"The Scottish Government has been recently investing and encouraging training in ensure oil workers retrain in renewable industries. Its procurement policy, however, “strongly discourages trade and investment from illegal settlements”, including the occupied Palestinian territories."
Not sure if that could potentially affects Delek's bid. If they rushed out the bid to just beat first oil from Stella they may not have considered the Scottish Government's policies.

[bountyhunter] 07/3/2017 21:16

Delek may split into two as sale of Phoenix stalls...

[bountyhunter] 07/3/2017 21:09

North American investors far from happy with Delek's paltry offer and events since...

[buy curious] 06/3/2017 08:47

If the share price had been allowed to run free, it could have been over 130p by now. Meaning a bid would need to be prob 160, 170 to be acceptable.

By blocking the share price at 118, a 2nd bid of 140 is more likely to be accepted by the instis.

[buy curious] 06/3/2017 08:45

Fraz.
Deleks timing is a deliberate Roadblock on the SP, to allow a 2nd bid to seem more acceptable.