Ithaca Energy Share Discussion Threads

[hew] 25/10/2010 11:16

Let's hope the current lot are equally keen to hang on.

[biggest bill] 25/10/2010 10:51

According to the Manchester Evening News on 15th September, there is more than one interested party and they appear to be trade buyers. This is good news because some competition would certainly increase the value of a bid.

[jab118] 23/10/2010 12:23

any news on the bid front anyone ?

[hew] 01/10/2010 12:29

Bill, A meaningful price requires some liquidity. Is anyone trading now? If you do call for a price, please ask re buys and sells since the bid possibility was announced. I suspect no sales! Hence no buys! I'm sure you will post whatever you find out though - and I might be entirely wrong! After all, I'm prepared to sell at 100p now. Offers?

[jab118] 30/9/2010 17:00

Bill,

I think you need to phone the broker, to get the correct share price. I phoned him a while back, now can't find the number, think I rang Itis holdings and the secretary gave me the number. He was very helpful and said I could ring at any time for the latest price..

[biggest bill] 29/9/2010 11:29

I have looked at J. P. Jenkins website for Itis Holdings. The only price quoted is 11.5p. This is an old price and I cannot find any recent share trades at all for Itis Holdings. I don't believe for a second that I can buy shares at this price; nobody in their right mind would sell shares at this price.

[jab118] 29/9/2010 09:08

Hi chaps

Has anyone phoned the house broker recently as to what the price the shares are trading at ?

[hew] 29/9/2010 09:03

Bill, unfortunately I agree with you entirely.

It's tricky to convey a tongue-in-cheek tone in brief posts!

Let's hope any approach is rejected now and look to a far stronger trading position actually realised in the next year or two.

[biggest bill] 28/9/2010 12:30

Hew,

I am not that optimistic about the level of any bid. This sounds like an opportunistic bid by someone chancing their arm trying to get the company on the cheap.

[hew] 27/9/2010 09:30

A few posts back I suggested we should be looking for 100p/share from any bid. After reading the AGM report I now regard that as the minimum acceptable!

However I hope there is no bid for another twelve months at least; should the international prospects develop as the Statement hints, we should then be looking for 200p!

[biggest bill] 24/9/2010 11:07

The AGM statement says that trading in the first half of the year is going to be significantly better than the same period last year. I think the company is going to make a lot of money from now on.

No mention of the bid.

[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.