Ithaca Energy Share Discussion Threads

[bountyhunter] 18/2/2017 20:15

btw don't forget that if Delek don't get acceptances for > 90% of the issued share capital then they can't execute compulsory acquisition of the remaining shares necessary to delist Ithaca's shares from the stock market

[guy_fawkes] 18/2/2017 20:07

Delek Group Announces on Support Agreement for a Recommended Takeover of Ithaca Energy Inc.



Asaf Bartfeld, President and CEO of Delek Group: "Today, we are taking another significant step which, if successful, will firmly establish Delek Group as a global E&P company, with international oil and gas assets and strong operational capabilities. The Ithaca transaction will substantially strengthen our international operational arm, and is a synergistic step to our existing activities. We believe Ithaca will contribute to our continued growth and we look forward to reinforcing and building on our status in international markets."

[dozey3] 18/2/2017 19:56

Now hold on guys, Mr Bartfield and Mr Abu, being nominees (presumably) of Delek, will have stepped aside and have had no part in discussing or recommending Delek's derisory and opportunistic bid.
Unless.... that rule does not apply to AIM? The smell is overpowering.

[guy_fawkes] 18/2/2017 19:09

Joseph Asaf Bartfeld Non-Executive Director of IAE.



Mr. Bartfield has held a number of senior positions at Delek Group including CFO over the last 20 years. Mr. Bartfeld serves as the Chairman and Director on the Board of Directors of a number of Delek Group subsidiaries and affiliates.

Joseph Asaf Bartfeld
Non-Executive Director

Joseph was appointed as a Non-Executive Director in October 2015. He has extensive experience of acquiring and building businesses across various industries, including the energy sector, having worked for the leading Israeli conglomerate Delek Group for over 20 years.

Other Directorships & Offices:
President & Chief Executive Officer of Delek Group Ltd; Non-Executive Director of various Delek Group subsidiaries and affiliates

Mr. Bartfeld has a B.A. degree in economics from Tel Aviv University.

[guy_fawkes] 18/2/2017 16:47

Delek Energy is attempting to take over Ithaca Energy, but now faces a road block.

According to The Telegraph, a fund manager at Cavendish Asset Management (Ithaca’s fourth largest shareholder), Paul Mumford, strongly believes that the bid should be rejected.

[ziblot] 17/2/2017 14:43

Ithaca- Alert, being sold out on the cheap… Malcy.

Along the same sort of lines, Ithaca has announced that the Stella Field has started up production albeit some time after the market had expected. Having said that, the news will be exceptionally good for the company as revenues will start to flow and debt can be paid down.

I’m sure that this is what Delek thought when it bid for the company at a modest, nay measly, 11% premium last month. Despite it being the star performer in the 2016 bucket list, as soon as the good times are in sight and meaningful rewards are offered, management and shareholders jump ship at the first sign of men from the east bearing gifts. I would like to think that those in decision making positions whether they be institutional or retail would think twice before selling out like the management have done, after all Ithaca is the original wallet warmer…

[bountyhunter] 17/2/2017 14:37

yes exactly Steve - I used to have options which vested early on takeover of an organisation I previously worked for so I twigged that straightaway - and on top of that they seem to be keeping their jobs so they are clearly thinking of themselves and not PIs

[steve73] 17/2/2017 14:14

I've been somewhat surprised that the directors have recommended this takeover since they collectively hold around 2.3 million shares (aggregate total from the figures quoted in the header from RNS's dated 26th & 30th May 2016). I'd have thought they'd have preferred to let the share price rise to a more "reasonable" level, especially since first oil was imminent.

But on checking the 2015 Annual report, I see that.....

"As at 31 December 2015 Ithaca had 411,384,045 common shares outstanding along with 19,216,206 options outstanding to employees and directors to acquire common shares."

Since these options are likely to become fully paid on a take over then I can immediately understand why they are in favour.

The common or garden shareholders have most definitely been mugged!!!

[bountyhunter] 17/2/2017 13:44

they are clearly too good to tell us mere PI shareholders

[guy_fawkes] 17/2/2017 12:17

And the production and flow rates are?
Delek will know!

[captainfatcat] 17/2/2017 12:14

Very disappointed with the actions of the bod here.

[oilandgas1] 17/2/2017 09:44

Easily 1.25 to 1.30 just today and with norpipe, vorlich fdp and 5 new wells to be drilled (including Harrier field)

New bid please of 1.40 to 1.45 next month!!

[buy curious] 17/2/2017 09:29

Hopefully the instis can lift the roadblock and we can start to move upwards again.

Grrrrrr.

[buy curious] 17/2/2017 09:28

Looks like the "Roadblock" theory was correct.

Muddy Fockers

[bigdazzler] 17/2/2017 08:54

Imagine what the shareprice could have been this morning and the great feeling on this thread without the takeover offer in the way.

[ulvers] 17/2/2017 08:51

Does anyone else feel like this...?
You have waited in anticipation for so long, at last the morning of your birthday arrives and some low life's have stolen all your birthday presents!
Thank you BOD you are nothing but a spineless waste of space, this should have been the beginning of a new chapter for IAE not the close of one!

GLA

[bigdazzler] 17/2/2017 08:50

It feels like witnessing a crime in progress and being unable to do anything about it.

[lfdkmp] 17/2/2017 08:36

"...but it's not over yet"

I'm hoping that it's now going to get started!

[bountyhunter] 17/2/2017 08:32

does feel like we've been 'mugged' right now, but it's not over yet

[speedsgh] 17/2/2017 08:19

Well, ladies & gentleman, it's been an awfully long time coming. We live in hope that it will have been worth the wait. I would ask you to raise your glass (or mug) and join me in a toast to Stella... "to Stella".

[ramas] 17/2/2017 08:00

Now the bid acts as a cap on the share price ....

[dozey3] 17/2/2017 07:54

Yes, we are talking about the same company, but now the agenda has completely changed. The management wish to undervalue prospects in order to line the pockets of their friends and themselves. However you dress it up the mooted takeover is a cheap shot and should be rejected out of hand.

[melody9999] 17/2/2017 07:50

sp would have been above 120p now. shame.

[mr boatman] 17/2/2017 07:43

the transformational step it delivers for the business remains undiminished. The Company moves into 2017 in good health, with increasing cashflow, Taken from the 12 January. Are we talking about the same company!!