I3 Energy Share Discussion Threads

[tonynorstrom1] 29/8/2024 13:00

RTW - where’s your tolerance of alternative view points.. Why is your opinion more correct than that of Logans - are you falling prey to wishful thinking ?

[roundtheworld] 29/8/2024 10:35

Logan

Stop talking nonsense please.

[davidosh] 29/8/2024 10:20

Under the terms of the Acquisition, each i3 Energy Shareholder will be entitled to receive:
 one New Gran Tierra Share per every 207 i3 Energy Shares held; and
 10.43 pence cash per i3 Energy Share,
(together, the "Consideration")
In addition, each i3 Energy Shareholder will be entitled to receive:
 a cash dividend of 0.2565 pence per i3 Energy Share in lieu of the ordinary
dividend in respect of the three month period ending 30 September 2024 (the
"Acquisition Dividend")

Is it worth waiting for the next dividend and then selling as I do not want GT shares?

[tabhair] 29/8/2024 10:11

Deadline for voting on the takeover set for the 3rd of October. We have just over a month for a rival bidder to come in, so there's still plenty of time.

[loganair] 29/8/2024 09:59

It seems to me reasonable to say that the current share price is saying that a rival higher bid is highly unlikely.

[roundtheworld] 29/8/2024 09:54

Pretax

Remember what happened to the Black Knight in the Monty Python film.

Keep the faith old chap. A rival bid is close to a dead cert in my opinion.

[pretax2] 29/8/2024 07:34

The deal is far from perfect Tony, and thanks for the article BTW.
In the absence of a white knight riding over the hill (counter-offer) our damsel (i3) remains in distress from the black knight (GTE).
I look to the hills and what do I see?
.
Nothing, just grey clouds.
.
Let the black knight have her. It’s a small purse, but I don’t want a fight.

[tonynorstrom1] 29/8/2024 06:08

Pretax,

Before you fall in love with GTE - you may want to take a read of this:

hxxps://open.substack.com/pub/theoakbloke/p/i3exit?r=eeqfi&utm_campaign=post&utm_medium=email


(replace the xx with tt in https to access the link)

[roundtheworld] 28/8/2024 21:24

1tvr

Good post although contrary to what you say, I haven’t encountered many UK share holders who are ‘ok’ with the offer. Most are extremely disappointed and have either sold or like me believe a counter-offer or rejection is likely. I’ve actually added to my holding and would vote ‘no’ to the current offer if it came to that.

Let’s see.

[1tvr] 28/8/2024 20:43

I am a Canadian shareholder in i3. First time posting on ADVFN. I am surprised by how many UK shareholders seem to be OK with the GTE offer. If this goes through GTE will have made a stunningly cheap deal. Not sure how many shareholders really understand what i3 has in Canada. There are two parts to i3 - its producing lands with close to 20k boe/day production and its substantial non-producing land holdings in the Montney and Clearwater plays.

The i3 Montney land position is very attractive land at Simonette and easily worth C$75 million. Their Montney royalty position is probably worth another C$25 million (they recently got a really good price for selling the rest of their royalty lands). The Clearwater land position should be at least another C$50 million. Basically, they have something around C$150 million in land value above the production value.

If the land value is backed out of the GTE offer price, GTE is effectively offering only C$10k per boe/d production. Normal selling prices are in the $20k+ to $40k boe/day range so lots of room for improvement here. Depends on how badly somebody wants the valuable Simonette and Clearwater land position.

I will be surprised given the low GTE offer if somebody else does not see more value here, at least another 4p to 6p per share. Quite a few Canadian O&G companies that should find this an attractive and accretive addition to their operations. Top of the list in my thinking is Spartan Delta (SDE) in conjunction with their Montney spin-off Logan Energy. SDE made a big disposition last year and are always looking for acquisitions. The i3 Montney lands are next to Logan’s Simonette land and most of the royalty position is, I believe, on Logan lands. i3 is probably also on the radar for another half dozen Canadian producers.

[pretax2] 28/8/2024 18:45

I agree marktime,
Where the heck to you stick your money that isn't frothing over.
o&g perhaps.
Probably a money market fund and wait for the inevitable crash.

[marktime1231] 28/8/2024 18:00

On the other hand a late offer has attracted me this afternoon, so I am out. Feeling flush sitting in cash waiting for an opportunity. And unlikely to be looking at oil and gas having earlier fallen out with BPs flim-flamming. Where are the sweet spots as interest rates tumble ... property, corporate debt, free cash flow sectors which are highly geared like green energy and ...

Although LNG might tempt me, global unrest and the possibility of a hard winter could spike prices again. How though do you play the LNG card without being dragged down by tepid oil demand or weak local gas markets?

[roundtheworld] 28/8/2024 10:01

They could narrow the spread to increase liquidity and particularly buying. Maybe they don’t want to. Ummm.

[orhlsw7] 28/8/2024 06:35

Majid promised a lot of things. None of them were executed

[grahamg8] 28/8/2024 06:32

The obvious fit would be DEC. Unfortunately their CEO Randy seems to be another American who still believes that the earth is flat. Border control is there to make sure you don't fall off the edge.

[moonshot3] 27/8/2024 21:28

I don't know why either. But any institution will presumably want to apply leverage to improve their position if that is possible.

[roundtheworld] 27/8/2024 21:22

I'm not being funny but Majid did promise I could have the corporate clock in the UK Head Office. It has limited monetary value but has huge sentimental significance.

[fandagle] 27/8/2024 21:00

This reminds of a family arguing over the spoils of a Deceased Uncles belongings, the actual deal was contrived many months ago, looking back I3E agree g to a 2nd quarter Dividend should have rang alarm bells that all was not right! Let’s hope none of the BOD remain in such trusting positions in the future

[scrwal] 27/8/2024 20:04

The surprising thing to me is the complete lack of knowledge about what the various institutions are going to do apart from Polus. Normally several would indicate what they are doing but we have complete silence currently.

[moonshot3] 27/8/2024 19:47

GTE share price is currently $7.84. Therefore, the current value of the deal is 13.55p including GTE shares compared with I3E share price of around 12.5p. Explains why some are buying I3E shares. GTE share would need to fall to $5 to erode benefit of deal down to 12.5 p. If we think we are giving away I3 E on cheap, then must make sense to participate in some of the GTE share upside, post deal.

[pretax2] 27/8/2024 18:57

I've done the maths tonight.
Yes GTE shares have gone down (not unusual for an aquiring company), but we all know the potential of I3e in Canada, that's why we're so mad that GTE are acquiring them cheaply. Once the dust settles, I3E's value will out itself (via GTE)
.
- I want that value.
.
Scenario A:- Deal Passes
I expect GTE share price to go up over the next couple of years, but let's put a realistic rise to £7 bid (LSE) in the mid-term along with the acquisition cash and the dividend.
Scenario B: Deal Fails
I expect I3E to drop back to 9-10p; and if I3E BoDs throw the toys out of the pram, possibly much less.
Scenario C: Sell all or some now to book a profit. But the deal's worth much more. [What does Warren Buffett say about the market and inpatient investors?].
.
I could fall flat on my face, but Scenario A gives me the fattest profit.
Seriously - what would you do?
IMO DYOR
.
PS Once the deal is approved and I hold GTE shares, I'm going to be delighted with the deal :-)

[eezymunny] 27/8/2024 17:20

They say they may go takeover offer (needs only 50%) if they don't get the 75% for scheme.

[tabhair] 27/8/2024 17:01

I would be very surprised if this deal gets rejected by shareholders. 32% have given an irrevocable undertaking to accept the offer. JP Morgan and Slater are unlikely to go activist to block this. Many will be buying shares now to pocket the difference between the price today and the deal close. Lots of people won't vote at all.

I don't where the 25% is going to come from to reject this.

[scrwal] 27/8/2024 13:30

I think GTE are desperate to keep the shares issued down so as to not trigger the 20% criteria of a new holder which then requires current GTE holders to vote on the scheme - they have no room effectively to avoid that scenario.