Ithaca Energy Share Discussion Threads

[bountyhunter] 22/3/2017 09:28

From a personal point of view at this time I do not intend to take up the offer as I believe it undervalues the company and so would like to see it fail certainly at this offer price. If Delek do achieve > 50% acceptances for their paltry offer re the shares not owned by them then they have said they will extend the offer by 10 days so I will reconsider the situation at that point if necessary.
Also I can't wait to see how far the results may be downplayed tomorrow!
imho dyor

[sludgesurfer] 21/3/2017 16:23

Yes I called HL. Ithaca not yet on their 'corporate action list'. Was advised to wait a few days.

[holmdene] 21/3/2017 14:00

Nothin from Hargreaves Landsdown yet I just emailed them

[bountyhunter] 21/3/2017 13:49

just heard from my broker:

"Should you choose not to accept the Offer at this time, we will contact you again if the Offer is extended, the terms of the Offer change, the stock is compulsorily acquired or if we are notified that the Offer is closing."

so I don't see any problem in doing nothing as if they get sufficient take up Delek have already said that the offer period will be extended, if not the offer at the current price will fail

[bountyhunter] 21/3/2017 12:49

doesn't time fly! ;-)

[thegreatgeraldo] 21/3/2017 12:14

Bounty - your "late March" is this Thursday ;-#))

[bountyhunter] 21/3/2017 12:03

Any news from major shareholders etc is likely to be not until after Financial Results due in late March. No need to do anything right now imo. Also Delek have said that if they do get a yes vote re 50% of the shares they don't already own by 20 April then there will be a 10-day extension to the deadline - see the circular and previous posts.

[ziblot] 19/3/2017 16:28

I won't be accepting but looking at the offer we've been well and truly shafted. My figures could be wrong but after taking away deleks holding, on a fully diluted basis we have left 355,556,756 shares. They have to get 50%. The major shareholders have 106.8mln shares which would leave if they all declined 246956756 shares of which delek have to get 177778378 shares. I'm not taking into account what the toe rag directors have locked in. A lot is riding on the small investor to decline the offer.

[oilandgas1] 19/3/2017 09:57

I have received a corporate action from my broker, TD Directinvesting, I am not accepting the offer (deadline 14Apr17) and hope that Delek do not get their 50% acceptance for the undervalued bid. If they do win the vote, then they will automatically acquire my shares and I will get paid anyway.

Delek will then revise the offer after 15Apr17 (IMHO) to 1.40 +, which most people will potentially accept.

I believe that IAE (GSA) are core to the future strategy of Delek and they will acquire it eventually.

[buy curious] 18/3/2017 23:35

but hopefully we'll all end up with a "happy ending".

.

[dozey3] 17/3/2017 16:21

Well there's no offer of a massage from Barclays ;-)

[ziblot] 17/3/2017 15:30

Letter from Selftrade this morning. If you wish to Tender any of your shares then please notify us only when you have received a further massage to do so.

[galeforce1] 17/3/2017 12:31

sludge

Thanks for that. I have also heard or seen nothing from my online brokers on this.

A slightly disappointing final price (given that IAE once touched CAD 3.00) , but at the same time a fantastic rise through 2016 if you were lucky or clever enough to catch it near the bottom.

[speedsgh] 17/3/2017 12:29

edmund - AFAIAA there is no penalty for Delek should they wish to withdraw their offer. However, if Ithaca (amongst a few other conditions) accepts a superior proposal, they have to pay Delek a break fee of C$17,059,465. Now that sounds like a good deal, doesn't it!!?

see my previous post #19679 -

[sludgesurfer] 17/3/2017 12:15

5pm Toronto time on the 20th April although if held through a nominee their timetable is likely to be shortened. I haven't had anything from either of the brokers through whom I hold stock.

[galeforce1] 17/3/2017 12:03

When is the Expiry Date of the Offer?

[dozey3] 17/3/2017 11:59

edmudshaw, most of us want the offer to be withdrawn. That is the point of holding on not the risk.

[edmundshaw] 17/3/2017 11:07

sludge, that seems to be the case. The only "risk" in holding is that the offer is withdrawn. Not sure what the penalties for that are, but likely not very material.

[sludgesurfer] 17/3/2017 08:56

"The Offer is open for acceptance from the date of the Offer until, but not after, the Expiry Time, subject to extension or variation in accordance with the terms of the Offer, unless the Offer is withdrawn by the Offeror. In addition, if the Offeror takes up Common Shares validly deposited under the Offer at the Expiry Time, the Offer will be extended and will be open for acceptance for an additional period of not less than 10 days."From page 31.I see this in a more positive light. As described on the other board, many PIs view this offer as too low however they would rather have the cash than end up as a minority shareholder with Derek controlling the agenda. As such, the temptation is to tender your shares as some form of insurance. Whilst this guarantees you the offer price it also increases the chance of the offer succeeding.Does the 10 day extension not effectively give you the opportunity to avoid tendering your shares, waiting to see if the offer succeeds and then make a decision during the 10 day extension.....all without increasing the chances of the offer succeeding?What am I missing?

[buy curious] 17/3/2017 08:08

We are being treated as utter mugs and muppets.

Sack the board !