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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ithaca Energy | IAE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 110.75 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 110.75 | 110.75 |
| Top Posts |
|---|
Posted at 25/5/2017 13:48 by bountyhunter if held in a nominee account then contact your broker;if you hold certificates then contact the registrar: I'm not aware of any specific timetable for payment. |
Posted at 10/4/2017 07:01 by edmundshaw Shameless one-sided propaganda or helpful management waking up poor forgetful investors? Or, as O&G says, desperate? You decide... :-/ |
Posted at 08/4/2017 08:57 by magnoliaman By Angelina Rascouet(Bloomberg) -- Delek Group Ltd.’s proposed takeover of Ithaca Energy Inc. is facing increased opposition from shareholders, with an investor owning 1 percent of the oil explorer seeking a higher offer from the Israeli energy company. Peter Buchanan, who owns 1 percent of Ithaca shares, said he opposes the current terms of Delek’s offer. Buchanan is the former co-founder and chief executive officer of Valiant Petroleum Plc, which Ithaca bought in 2013. Delek on Feb. 6 offered to pay Ithaca shareholders C$1.95 a share, or 120 pence at the time. That represented a 16 percent premium to the 30-day average price. An offer of 150 pence a share would be a “sensible premium,” that Buchanan “would be happy with,” he said in an interview Friday. That’s in line with what Cavendish Asset Management Ltd. has voiced previously. Cavendish owns about 3 percent of Ithaca shares. Investors in Aberdeen, Scotland-based Ithaca have until April 20 to tender their stock. For the deal to go through, investors have to tender 50 percent of shares not already owned by Delek, which owned a stake of close to 20 percent before the deal was announced. Delek’s offer came 11 days before Ithaca announced the production start-up of its delayed Stella project in the U.K. North Sea. The timing of the offer, coming from an inside shareholder, was “wrong,” Buchanan said. “Surely you’d wait for the news to come out, for the market to digest it and to effectively come up with an undisturbed share price based on that news,” he said. Investors owning “well over” 10 percent of outstanding shares are set to refrain from tendering them, Buchanan said. “It’s an odd time to sell,” with oil prices rising to “more reasonable levels” and production at Stella on stream, he said. Ithaca declined to comment. Artemis Fund Managers -- the fifth-biggest holder with about 4.2 percent, according to data compiled by Bloomberg -- described Delek’s offer as “disappointing announcement but has since not said whether it would back the deal. BlackRock Inc. -- the fourth-biggest investor -- declined to comment. Invesco Ltd. -- the third-biggest investor -- didn’t immediately reply when asked to comment. “We continue to view the bid by Delek as a compelling offer at a 27 percent premium to our valuation of the portfolio based on a long-term Brent price of $70 a barrel,” James Hosie, analyst at Barclays Plc, said in a note on Friday. Brent, the global oil benchmark, was at $52.60 a barrel at 12:19 p.m. in London. The median forecast of analysts surveyed by Bloomberg sees Brent reaching $70 a barrel from 2021. Although production at Stella started last month, the ramp- up in oil output and the start of gas exports has been delayed by issues with the gas-export compressors, with ramp-up set to start from April, Hosie wrote in the note. Shares of Ithaca are trading at 115.50 pence a share, up 7.2 percent since the trading day before the deal was announced. To contact the reporter on this story: Angelina Rascouet in London at arascouet1@bloomberg To contact the editors responsible for this story: James Herron at jherron9@bloomberg.n Alex Devine, Dylan Griffiths |
Posted at 01/4/2017 16:58 by dozey3 Disappointed to see the Chronic Investor advises acceptance, but with no sensible analysis or rationale. The short article regurgitates bits of the very good results but with no attempt at valuation or future prospects, not even mentioning poo which is the crux of future oil co sps. Much lower standard of reportage/analysis than even my low expectations. |
Posted at 24/3/2017 07:31 by speedsgh Ithaca Energy boss backs Delek takeover after $54m loss - ...The deal has been challenged by major shareholder Cavendish Asset Management. To acquire Ithaca, Delek has to secure approvals representing more than 50pc of the shares that it doesn’t own. Shareholders have until April 20 to respond. Paul Mumford, a fund manager at Cavendish, which holds a 3pc stake in the company, has said he will vote against the deal and still believes that the current market offer of 119p a share values Ithaca at a discount to its reserves and cashflow. “Following Ithaca’s latest results I still believe the current market offer of 119p a share would mean Delek buying the company at a discount based on the value of its existing reserves and its strong cashflow. “The current cashflow is $147m this year and will rise sharply as Stella reaches full production. I believe that 150p a share would be a much fairer offer but will still not reflect the full potential,” he added. Mr Thomas said that he plans to meet with Mr Mumford “in the coming days” to discuss the takeover with him, and other institutional investors. “We gave a lot of information today about the net asset value of the company, and compared that to the price that’s being offered, and I think it’s quite compelling. We’re confident that this will go ahead because in the end it comes down to a cool rational analysis of value,” he said... |
Posted at 22/3/2017 14:00 by ziblot No point in selling Iae in the market unless for this years tax reasons. The share price is being marked down due to quote , "the massive buildup in U.S. crude stockpiles?"Investors probably realised as a lot of buying now taking place. |
Posted at 14/3/2017 12:38 by bountyhunter yes a continuing case of PROJECT FEAR and FAKE NEWS; I sincerely hope the bid fails but for this to be the case the significant institutional investors who disagree with the bid need to make more noise! |
Posted at 07/3/2017 21:09 by bountyhunter North American investors far from happy with Delek's paltry offer and events since... |
Posted at 13/2/2017 08:12 by buy curious Holmdene. "Shares locked in." ????It just doesn't work like that. There will be plenty of time to sell on the open market after we know the outcome of the bid, and if 1.95CAD is the accepted offer then the price will be even closer to 1.95CAD on the market than it is now. The only reason to sell now would be 1) You need the money right now. 2) You think the offer will fail and there'll be no further bids. Otherwise i would say there is 50% chance of upside and prob about 10% of any downside. Good odds for me. This is an investors/traders dream situation. |
Posted at 25/11/2016 15:20 by whiskeyinthejar Malcys take slightly different to what I understood from RNS.He says delay is due to cautious decision to inspect all junction boxes, rather than theyd found faulty boxes. He says wise investors should take advantage and buy. I don't think he is normally that direct. Im not giving out advice here though. DYOR. ------=-----------=- Ithaca Energy Ithaca (IAE) has been marked down this morning as the company updated as to a modest delay at the Stella field development. As a result of finding the inevitable teething troubles, management have correctly instructed that all junction boxes are to be inspected, resulting in a small slippage until January. This will make no difference whatsoever to the economics of the project and first oil should be in January, so only a matter of weeks' delay. As I write, the shares are off by 10%, which is plain daft, and wise investors should take appropriate advantage. |
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