Ithaca Energy Share Discussion Threads

[bountyhunter] 21/4/2017 10:23

...they could do but at least we all know where we are with Delek now and I'm not expecting to wait for years and years there!
...also the FPM BoD may not be such a pushover

[farmscan] 21/4/2017 10:14

bountyhunter. Would you not be concerned that Delek will do the same at Faroe as they have done here?

[bountyhunter] 21/4/2017 10:01

"Mandatory Extension Period" info added at the end of the header

[bountyhunter] 21/4/2017 09:47

cheers laserdisc and Wbodger and to all others who have made this bb an enjoyable place to post news and exchange views; I'm moving on to FPM which could well be Delek's next target and as the current bb has not been updated for several years and the author not posted on advfn since 2009 I have started a new thread which includes many of the charts and links gathered over the years here:


bad luck with PMO Steve - good assets but too much debt imo, SDX looks better, also put my toe in the water with SML recently :) although resource rather than oil/gas

good luck all, bh

[bigdazzler] 21/4/2017 09:46

bigdazzler6 Feb '17 - 16:49 - 19723 of 20026 0 0 Edit
Well after my intial annoyance about IMO the low ball offer (I am still cross) I have sold out today.

First thoughts was to refuse but I'm sure this will get through and I thought might as well have the money now. I also didn't want any adverse currency movements to make the deal any worse than it currently is.




Which is why I did sell those weeks ago.
This unfortunately was legal robbery imo.

[dozey3] 21/4/2017 09:07

Congrats to Delek who managed to craft a low ball bid and still bag the prize. And to the board of directors who unfailingly and successfully acted in the interests of their bank balances, as opposed to shareholders. And to early leavers who are cleverer than I. And to those institutional holders who believe a quick small boost to performance will bring in more punters.
I've been in since Valiant days, and added at lower prices than the bid, but even so feel sore - have you noticed?
Was going to put more into HUR but not now. Oil explorer/developers and Israeli companies are new no-go areas for me.
Thank you to all the posters here who have helped over the years. Good bye and good luck.

[steve73] 21/4/2017 08:54

Husbod, I actually sold my holding just after the bid was announced, and managed to get 119.25. Trouble is I then bought PMO @ 81.... durrrr!

So in hindsight you may have been right to have hung on.....

[wbodger] 21/4/2017 08:42

(re #20022) You're talking about a change in price since the bid due to currency variation. The Delek offered price has not changed, it is just that it was in Canadian Dollars and the pound is stronger. It's a Canadian Company, naturally Delek bid in loonies.

I'm mildly disappointed but the writing has been on the wall for a while. I just relieved to have got back above a pound after the debacle two years ago.

I didn't think Les Thomas was a leader and so it has proved. To think that his predecessor McKendrick was offered something nearer $3 and the Board wouldn't bite.

(Well said laserdisc, I'll add my thanks bountyhunter too. Now onward to Faroe, let's hope that Board have more stomach)

[laserdisc] 21/4/2017 08:26

thanks bountyhunter for keeping the thread running its a surprise they got all the acceptances anyhow good luck for the future investments

[husbod] 21/4/2017 08:19

Oh well I now wish I had sold the main part of my holding at 119.5p. I can't believe the big boys caved in so cravenly.

So where now for the proceeds. I wonder if PMO might be next.

[bountyhunter] 21/4/2017 07:03

yes sadly it's all over folks, at least we had a go at resistance!
re the extension period:

Mandatory Extension Period

As required by securities laws, the Offer is being extended for a mandatory extension period until 17.00 (Toronto time) on 3 May 2017 (the "Expiry Time") to provide shareholders who have not yet tendered their common shares to the Offer an opportunity to do so. Accordingly, the Offeror has today mailed to Ithaca shareholders the notice of extension, a copy of which is available on the Company's website (www.ithacaenergy.com).

[steve73] 21/4/2017 06:51

....and there's the announcement that the additional 9MM odd options due to the directors etc. have been converted to shares... a nice little GBP 10.6 Million back-hander for their support of the takeover... and I'm sure they'll all get to keep their cushy jobs.

Need to keep an eye out for their names appearing elsewhere, and avoid!!!

[whiskeyinthejar] 21/4/2017 06:18

Sorry guys, I thought it would go through. You can't fight city hall.

Prospect of being a minority shareholder isn't attractive imo, so I think they'll now get over the threshold to grab all shares.

[oilandgas1] 19/4/2017 10:03

Posted on LSe .. worth posting her too ..

The bid price is still subject to FX movements but Delek’s offer is currently worth 114p. If you have tendered your shares in the expectation you will receive 119p you will be disappointed but you still have the opportunity to receive that price or higher by retracting your tender.

Until the bid closes on Thursday evening you can ‘retract your tender’. You can email your broker at their corporate email address quoting your account number and the Delek/Ithaca corporate bid reference (on your broker’s letter), or easier still, phone them.

Ithaca’s closing pre bid price was 108p. Delek’s offer is currently at a 5% premium. Don’t leave it to the primary shareholders improve on your investment –phone your broker.

Delek are reliant on small shareholders to achieve their 50% target. If they fail to achieve the target by Thursday evening I believe they will raise the bid. The more small shareholders that retract their tenders the more Delek will need to raise their bid. They will announce the result on Friday – success or a revised offer.

Since the offer we have first oil from Stella and judging by the tanker movements Stella production is ahead of expectations. I believe Delek will take control of Ithaca but I want them to pay more than the 5% premium they are offering.

[bountyhunter] 18/4/2017 20:31

good point grim, I missed that; agree speedsgh

[speedsgh] 18/4/2017 19:46

Yes. CAD 1.95 = 113.3p. If this offer goes through, Delek will be laughing their heads off at how they have taken advantage of IAE shareholders.

[grim] 18/4/2017 19:26

sp drop is probably in line with change in £/CAD exchange rate following General Election news

[oilandgas1] 18/4/2017 13:59

Buy curious - what gave you heard and from where? Sounds good 😎 And I added some shares today

[buy curious] 18/4/2017 12:44

Looks like news is leaking they haven't got the 50%.....

[farmscan] 16/4/2017 18:15

Likewise, wait and see what happens next week.

[bountyhunter] 16/4/2017 17:33

Agree entirely O&G and Dozey; I'm certainly sitting on my hands with my broker's deadline already gone by!

[dozey3] 15/4/2017 12:55

oilandgas1, completely agree and hope the vast majority of private shareholders just sit on their hands. The offer is completely inadequate, and the board who have failed to rescind their recommendation are discredited. Let's get this unfortunate episode out of the way, and enjoy the bright, productive, cash generating future ahead.