Ithaca Energy Share Discussion Threads

[johnamill] 16/9/2010 12:28

I've held on to my small amount of shares as well, only about 7,500, so a pittance really, but good to see the company performing well again.

One way or another hopefully I might get my money back.....bought in at about 26.5p!!

A good degree of optimism now!!

[biggest bill] 16/9/2010 09:53

Hew, I have been in this position before in other shares where an approach has been made. Sometimes no more news is revealed at all and the bid approach mysteriously disappears without trace.

If more details emerge in the next month, a bid will probably happen. If nothing more is heard during the next month or so, then we'll probably have to wait until next year when the results will hopefully be good. If an unlisted company starts making millions of pounds profit, something will definitely happen; either a takeover bid or a relisting of the shares.

It might not be a bad thing for no offer to appear at this time; I expect Itis Holdings to make a lot of money in the next few years as the international business takes off.

[hew] 15/9/2010 17:59

Bill, these announcements only contain what perhaps should have been in the initial announcement: the Offer Period start date of 9th Sept and the number of shares in issue of 100,620,099.

At the price of say 12p (mentioned above) that's a Cap of £12m. Given the earnings of £3m (your estimate above), a p/e of 4 would seem to give plenty of headroom! A reasonable p/e of 20 would equate to a price of 60p, as you say.

What's your idea of a "reasonable period" until more details have to be revealed ?

[biggest bill] 15/9/2010 14:55

I see that two more announcements have been made on the website for Itis Holdings.

There is nothing in the announcements regarding the identity of the possible bidder. I hope that the bidder is someone not connected with the company because it means that they will have to offer a higher price for the shares.

[biggest bill] 14/9/2010 11:19

Hew,

I am glad to see that someone else is following this share. There have been virtually no postings at all this year.

There must be a fair number of private investors who refused to sell up before the de-listing. It's possible that most of them don't know of the bid approach.

[hew] 14/9/2010 10:22

Yahoo report.

[hew] 13/9/2010 17:49

Bill, thank you for your thoughts and we share a concern! Nothing to do but await developments just now. Given the outlook - and thanks for the greater analysis than mine - it would probably be best if nothing did emerge for a year or so!

[biggest bill] 13/9/2010 10:44

I have been re-examining the 2010 results and, if the second half of 2009/10 is repeatable for all of this year and assuming a modest increase in turnover, the operating profit for the current year could easily be in excess of £3m.

If a quoted company with no debt in a rapidly growing market was making £3m a year, I would expect an offer from a third party to value the company at 20 times earnings at least. This would equate to an offer of over 60p.

It's no surprise to me that an offer is emerging from the woodwork at this time, just before a huge rise in profitability. An offer in a year's time would be much higher. I am sorry if I sound cynical but I have had a lot of experience in the stock market over the last thirty years and I have seen a lot of underhand things happen.

[biggest bill] 13/9/2010 10:15

Going from previous experience of having a share delisted and then being taken over for a derisory amount, I would expect any offer to be about the 30p mark. I know that this is a pathetic figure but small private investors in a delisted company have absolutely no influence.

The offerer will make the point that their ridiculous offer is much higher than the share price at delisting, but this ignores the fact that the company is now in a much better position and that the 8p price was a ridiculous price at the bottom of a bear market.

[jab118] 11/9/2010 13:09

hew,

I hold a few and about 6 months ago contacted the broker dealing in ITH, he informed me then he was dealing in shares at between 11p and 12p due to interested investors. Was this letter sent to you by IHT ? Postman delivers late here so am waiting.. would you mind posting it please..tia

[hew] 11/9/2010 12:08

I have just received the letter re "Statement regarding possible offer". I note that further announcements will be made via the website. (www.itisholdings.plc.uk) Nothing further there at the moment.

Who else has hung on to a holding I wonder. Mine is small - no need to make an "Opening Position Disclosure" anyway! - but I'm hoping for an offer well in advance of the 8p or so at which suspended, given that things are now looking much brighter. I have had a "willing to sell at 50p" note lodged with the Matched Trading arrangement since suspension, but no takers so far.

Anyone else an interested holder?

[biggest bill] 06/9/2010 11:07

I see that the annual results for 2010 are out.

There has been a big turn around from loss to over £800,000 operating profit. This profit is after a bad debts charge of £400,000. I anticipate an operating profit of about £2m for the current year because the overseas business finally seems to be taking off and some interesting overseas contract wins have been achieved.

However, there is no mention of any intention of re-quoting the shares and there is still no way for private investors to achieve a reasonable price for their shares.

[sydney4] 08/7/2010 16:24

What about that live price ?

[jab118] 05/2/2010 16:09

Trading at 11p now !

I had a chat with a gent today, he told me that we will soon be able to get the live price on a web site.

Must admit, didn't sell out on the panic and chappy who's dealing with them seems to be doing a wonderful job.

jab

[fundementals] 06/10/2009 16:43

I visited the web site again. Lo and behold AGM statement and Annual Report.

Annual Report at

AGM Statement 2009
The following statement was released by ITIS Holdings plc ("ITIS" or the "Company"), at the AGM held at the offices of ITIS, Station House, Stamford New Road, Altrincham, Cheshire WA14 1EP at 2.00pm today, 23rd September 2009.
Whilst trading in the UK in the first half of our financial year has continued to be impacted by the reduced level of new car sales, we do expect our performance in the first half of the current financial year to be better than the corresponding period in the last financial year. We have successfully renewed all our RDS-TMC contracts that fell due and have won new business in the fast growing mobile navigation market. We have rigorously enforced tight cost control throughout all our operations and have achieved considerable cost savings whilst making substantial improvements in quality.
We continue to innovate at a fast pace and in particular have made great progress with our Cellular Floating Vehicle Data technology. As a result we are offering new services based on alternative data collection and data fusion techniques.
We are pleased with the performance of Trafficlink which, on a stand alone basis, is contributing strong profitability to the Group. We have consolidated the number of sites from which we operate and have introduced new technology which has had the benefit of saving costs and improving service.
We are particularly pleased with the progress our international business is making and we have major developments taking place in Europe, Asia and South America. We expect to announce further strategically important business developments in the near future.
The Company has a strong balance sheet enabling us to continue our investment programme in order to maintain our clear market leadership position, providing our customers with high quality and innovative traffic information

Cheers

Charles

[fundementals] 09/8/2009 21:27

Notice on the Web Site:

Completion of Strategic Review
On 18 December 2008 when the Company announced the cancellation of
trading its shares on AIM the Company announced the commencement of a
strategic review to consider how best to maximise shareholder value and
enhance the Company's ability to meet the needs of its customers.
As part of that process, the Board engaged Rothschild to help it review the
alternatives available to develop the Group beyond its organic growth plan.
The Board has concluded that given the strong prospects for the Company and
continued success in new international markets , shareholders' best interests
would be served by the Company remaining as an independent entity. The
Board has therefore decided to conclude its strategic review with immediate
effect.

[fundementals] 09/8/2009 21:23

No response. Trying again.

[hew] 27/7/2009 15:45

Charles, should we assume you have heard nothing from them? Hew

[hew] 13/7/2009 09:17

Charles, well done and please advise, including of any non-response after a reasonable period of time. Hew

[fundementals] 12/7/2009 12:03

Hew..

Held onto mine as well. Didn't see the point in selling.

I think we must be due an annual report about now. I've expressed my interest using the website contact form. It'll be interesting to see what we get.

Charles

[hew] 09/7/2009 09:27

jab,

Thanks for the message.

Unless it emerges unprompted, at some point we (and whoever else) should ask the Co, for a statement of progress. Perhaps on the anniversary of the withdrawal.

I doubt anyone spends much time on this thread by the way - but lets not lose touch!

Any other holders out there?

Hew