Ithaca Energy Share Discussion Threads

[bountyhunter] 02/3/2017 18:07

well worth a read:

[ziblot] 01/3/2017 19:09

We need to see the share price rise above the offer, it tells the market the offer is not acceptable.

[dozey3] 01/3/2017 13:58

There is a good chance that if this opportunistic bid fails the share price will rise because, not only does the bid wildly underrate medium term prospects but also shows loud and clear that the company is in play. Besides which, the current board have lost all credibility and needs refreshing.

[bountyhunter] 01/3/2017 13:48

>> "for the tender to succeed they need 50% of the shares"

no, it's 50% of the shares which they did not already own (at the time of the offer Delek owned 19.7%), so even with 19.7% + 50% that is still less than the 75% required to secure a vote to delist from the AIM and significantly less than the 90% required to declare the offer unconditional and compulsorily purchase the remainder (at the offer price)

[freddie ferret] 01/3/2017 13:38

Copies of the Agreement, the lock-up agreements, the takeover bid circular, the directors' circular and certain other related documents will be filed with Canadian securities regulators and will be available on SEDAR at www.sedar.com

[bountyhunter] 01/3/2017 13:06

not when they have control, they need at least a 75% vote to delist a company from the AIM or 90% of the shares to declare the offer unconditional and compulsorily purchase the remainder, e.g.

[the monkster] 01/3/2017 12:23

....that they didn't own prior to the offer

[bountyhunter] 01/3/2017 12:01

...they chose not to mention that "a compulsory acquisition" would require Delek to have first acquired > 90% of the shares

[bountyhunter] 01/3/2017 07:39

Just a reminder that Dalek must gain over 90% of IAE shares before their paltry offer can go unconditional and they can compulsorily purchase the remaining shares (at the offer price) as in the example of the SVT takeover of Dee Valley in this RNS today:



...that is if it ever happens at the current price which I think is unlikely.

[freddie ferret] 21/2/2017 17:37

Brent is rising.

[colebrooke] 20/2/2017 19:07

'Family Day' a public holiday in Canada. Markets closed in Canada today which could explain slight drop in the UK AIM pricing.

[dozey3] 20/2/2017 17:50

I agree wholeheartedly with you guys, but apart from not voting our shares what can we do? Think I will have a word with Sharesoc,

[oilandgas1] 20/2/2017 15:12

bountyhunter & sledgesurger

It's. Even a long road to get here with the FpF-1 and oil price dipping since 2014 .. it does feel like the real reward for the risk taken ( should be shared) has been scooped by the iae management and delek team.

[bountyhunter] 20/2/2017 14:48

sledgesurfer - I agree with both of your posts;
shareholders took the risk holding these anticipating oil flowing from Stella throughout all the trials and tribulations regarding issues and delays with the FPF1, only to have the reward pulled from beneath their feet a few days before the announcement of successful first oil being achieved;

Delek want to take 100% of the reward having taken just 19.7% of the risk!

[sludgesurfer] 20/2/2017 14:21

I also have a concern that they've done the minimum necessary to get hydrocarbons onboard and tick the 'first oil' box and we'll be in for more delays to get the gas compression and injection systems online to realise the full well potential with gas lift which will push any reliable production data well outside the offer window. I can think of no reason which doesn't stink for the board to have recommended this offer at this time. All imo. Dyor.

[sludgesurfer] 20/2/2017 14:16

How can a board possibly know whether an offer represents value for the company without confirming steady state production rates from the field and subsequently reforecasting?If the incremental production represented a small portion of the company output and extended well tests had been performed post-drill i could perhaps understand. Obviously that's not the case here. Shareholders appear to being asked to suffer the interminable delays and ineptitude associated with getting this field online yet forgo potential reward associated with its eventual delivery, revenue and debt repayment.I think its worth remembering that this field should have been online well before oil's drop in '14. To recommend a sale now at such a meagre premium is weak on the boards behalf. I only hope the institutions prove less spineless.

[bountyhunter] 20/2/2017 09:46

all moved on now or switched off their transponders

[bountyhunter] 19/2/2017 19:22

you can now see the Scott Spirit and some other vessels close to the the FPF1...

[whackford] 19/2/2017 08:04

Thanks for links guy fawkes. Let's hope the institutions kick these Shylocks into touch. I am not selling.