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  6. Ithaca Energy Plc (ITH)

  7. Ithaca Energy Plc (ITH) Share Price

ITH

Ithaca Energy Plc

153.20
7.20 (4.93%)
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Share Name Share Symbol Market Type Share ISIN Share Description
Ithaca Energy Plc LSE:ITH London Ordinary Share GB00BPJHV584 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
Upgrade Icon
  7.20 4.93% 153.20 400,102 16:35:16
Bid Price Offer Price High Price Low Price Open Price
151.80 152.40 153.80 147.80 149.00
Last Trade Time Trade Type Trade Size Trade Price Currency
17:52:36 O 815 149.603 GBX
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Ithaca Energy (ITH) Latest News

Ithaca Energy News

Date Time Source Headline
07/6/202308:10UKREGIthaca Energy PLC Directors'/PDMR Shareholdings
31/5/202307:00UKREGIthaca Energy PLC First Quarter Results
26/5/202309:01UKREGIthaca Energy PLC Amended PDMR and PCA Notification
24/5/202316:51UKREGIthaca Energy PLC Results of Annual General Meeting 2023
19/5/202307:00UKREGIthaca Energy PLC PDMR and PCA Notification
05/5/202308:17DJNIthaca Energy Reaches Agreement With Shell in UK's Cambo Field
05/5/202307:00UKREGIthaca Energy PLC Agreement with Shell
24/4/202307:00UKREGIthaca Energy PLC Notice of AGM and Publication of Annual Report
18/4/202307:00UKREGIthaca Energy PLC Operational Update
06/4/202315:55UKREGIthaca Energy PLC Director Dealings and Shareholdings

Ithaca Energy (ITH) Discussions and Chat

Ithaca Energy Forums and Chat

Date Time Title Posts
31/5/202317:29Ithaca Energy7
23/2/202308:56Ithaca Energy - North Sea Oil & Gas Excellence33
02/9/201111:29The share with 1,000 threads.....444
12/2/200717:50New Horizons in telematics - the next step to Ј1.50 ..!2,049
29/1/200709:38The share with 1,000 threads.......1

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Ithaca Energy (ITH) Top Chat Posts

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Posted at 31/5/2023 17:29 by anley
today the company publishes its results and BINGO the shares go down.....so nothing new here.

I bet the bosses at ITH can't understand just what is going on in the UK oil/gas sector. Their brokers seem to have pushed them in to a LSE quote at considerable cost but the benefits have been dreadful.

In March - see above - one said that this government just looks stupid to overseas investors. I have friends in Hong Kong who just have funds in Singapore ready to invest BUT ask them when and they look and say - when you have a stable government with sensible policies and a taxation system which allows UK based Oil/Gas businesses to make a sensible return.

We will wait..............
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Posted at 01/3/2023 13:25 by ashkv
https://www.investorschronicle.co.uk/news/2023/02/28/windfall-tax-puts-cambo-decision-in-doubt-ithaca/
Windfall tax puts Cambo decision in doubt: Ithaca
Ithaca Energy's executive chair tells Investors' Chronicle that financiers have backed away from the North Sea
February 28, 2023
By Alex Hamer
Ithaca Energy (ITH) picked an interesting time to come back to public life. Its first five months since November's initial public offering (IPO) have seen oil and gas prices drop at the same time as the UK government ramped up its energy profits levy (EPL).
As a result, the company's share price is down a quarter from its IPO price of 250p, a drop similar to those sustained by other North Sea-exposed companies like Harbour Energy (HBR) and Serica Energy (SQZ) over the same period.
Executive chair Gilad Myerson told Investors’ Chronicle the EPL had taken the air out of the sector even with the government calling for greater domestic oil and gas supply. “Since the listing, we’ve faced quite some headwinds coming from the UK government,” he said, adding that Ithaca was “very committed” to developing its assets and to the North Sea specifically.
Prime minister Rishi Sunak brought in the windfall tax on energy company profits as chancellor, then expanded it in November once he moved into 10 Downing St. The levy was hiked from 25 per cent to 35 per cent, bringing the headline tax rate for UK oil and gas producers to 75 per cent.
The move was aimed at raising cash to fund the government’s cost of living support programmes such as the energy price guarantee. But industry figures have argued that the lack of an end date, and lack of a price floor below which the tax would disappear, had hurt investment at a time when energy security and supply remains a top concern for the UK.
Ithaca is at the centre of this discussion as it is considering a green light for the Cambo and Rosebank fields, the largest undeveloped fields in the UK North Sea. Cambo is more significant for Ithaca as it holds a 70 per cent stake and is the operator of the asset. Ithaca also has a 30 per cent stake in Rosebank, which is operated by Equinor (NO:EQNR). Cambo is expected to be a huge field when operational, producing tens of thousands of barrels of oil per day.
The final investment decision was expected in the first half of this year but comments by Myerson cast doubt on that timeline: “The readiness to hit the FID approval has gone down quite significantly because of a lack of financing,” he said.
“The challenge is that the credit availability to develop these projects has been reduced significantly. The [reserve-based lending] is run using an oil price of $50-$54 a barrel, and if you add a 75 per cent tax rate at $52 a barrel [average], it leaves you with very little credit availability to develop a project."
Going north
Previous roadblocks for the two fields were part of the reason why Ithaca was able to acquire its stakes in the first place. It acquired ownership via a takeover of Siccar Point Energy for $1.46bn last year ($1.1bn upfront), and after Shell (SHEL) had publicly said it would not back the development of the Cambo field, albeit this was before the energy crisis. The energy giant’s 30 per cent stake is reportedly up for grabs.
Barclays analyst James Hosie said the EPL introduction and extension had “shifted the investment climate for companies like Ithaca, with the value of UK upstream assets further eroded by worries that it becomes a permanent part of UK upstream taxation”.
In its IPO prospectus, Ithaca was positive about the investment allowance aspects of the EPL policy, which also cuts the tax paid for companies spending big on North Sea development. Myerson said meetings with the government before the listing had indicated this would be a fixture of the strategy in order to encourage more development.
The investment allowance was reduced in the Autumn Statement by chancellor Jeremy Hunt, and Labour has campaigned to remove it entirely. “We were seen as an organisation that would be shielded from the EPL due to the [investment allowance provisions],” said Myerson.
Ithaca 2.0
The company that now trades as Ithaca is very different to the one that Delek Group took over and delisted in 2017. Its production is around eight times the company’s 2016 production of 9,000 barrels of oil equivalent per day (boepd), and the various development options could take it over 100,000boepd.
Delek still holds just under 90 per cent of the company. Harbour Energy, which itself listed 2021 and had one significant shareholder in EIG Asset Management, has managed to open up its share register without major share sales derailing its share price.
If a similar move is on the cards for Ithaca, it could not happen before May, when a lock-up on Delek share sales ends. Myerson said the Israeli company was a dedicated long-term shareholder.
One other point of interest for potential shareholders will be the balance sheet - the company has focused on paying down debt in recent months, including the intragroup loans advanced by Delek. These have largely been paid down, and Barclays forecasts a net debt reduction from $1.1bn (£910mn) at the end of 2022 to just $193mn by the end of this year. But the plan is to load up on debt again to enable building on a variety of projects, if possible, so this may shoot up again in the coming years.
Hosie, who has an underweight rating on the company, said the forecast debt level would leave the company “well positioned to commit to the planned increase in capital investments and dividend policy”. The dividend yield is one of the highest on the London Stock Exchange at its current share price - a whopping 18 per cent for 2023, as forecast by Barclays.
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Posted at 28/2/2023 11:07 by ashkv
Ithaca Energy currently trading way below November 2022 IPO price of 250p.

Hefty dividend of USD 400 million a year and would appear a compelling buy in the 170-175p range.

However, was flummoxed to come across the below Barclay's analyst 12 month target price for Ithaca.

Any thoughts as to why the low opinion of the share from the analyst?

"9 February 2023 Barclays starts Ithaca Energy with 'underweight' - price target 140 pence"
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Posted at 23/1/2023 17:08 by anley
The price seems to be steady but still in an unloved sector.
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Posted at 09/11/2022 07:19 by pro_s2009
Offer Highlights

-- The Offer Price has been set at 250 pence per Ordinary Share.
-- Ithaca Energy's total market capitalisation at the commencement of conditional dealings on the main market of London Stock Exchange will be approximately GBP2.5 billion ($2.9 billion) based on the Offer Price.

-- The Offer comprises 105,000,000 new Ordinary Shares being sold by the Company. This equates to a total offer size of GBP262.5 million ($303.6 million) and represents approximately 10.4 per cent of Ithaca Energy's issued share capital on Admission. The Company will retain no net proceeds from the Offer, with all net proceeds ultimately being received by Delek Group Ltd ("Delek").

-- In addition, a further 15,000,000 Ordinary Shares in the Company are being made available by DKL Energy Limited ("DKL Energy"), the Company's immediate shareholder and an entity ultimately owned by Delek, pursuant to the over-allotment option, which, if exercised in full, would increase the number of shares in public hands to 120,000,000 Ordinary Shares in total and approximately 11.9 per cent of Ithaca Energy's issued share capital.

-- Immediately following Admission, the Company's issued share capital will be 1,005,162,217 Ordinary Shares.

-- The Prospectus, including full details of the Offer, will be submitted for approval with the FCA and is expected to be published later today. A copy of the Prospectus, following publication, will be available on the Company's website at ( www.ithacaenergy.com ), subject to certain access restrictions.
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Posted at 09/11/2022 07:15 by pro_s2009
Announcement of Offer Price

Offer Price Set at 250 pence per Ordinary Share

Following the announcement made by Ithaca Energy on 25 October 2022 of its intention to float, Ithaca Energy today announces the successful pricing of its initial public offering (the "IPO" or the "Offer") at 250 pence per Ordinary Share (the "Offer Price"). Based on the Offer Price, Ithaca Energy's market capitalisation will be approximately £2.5 billion ($2.9 billion) at the commencement of conditional dealings on the main market of the London Stock Exchange.

Gilad Myerson, Executive Chairman of Ithaca Energy said:

"I am delighted with the outcome of our IPO. We have received great support from a high-quality selection of institutional investors and I am excited to welcome them on board as we continue to create value in the public markets.


Ithaca Energy has undergone a transformation over the past three years to become one of the UK's leading independent oil and gas companies and I am very excited for what lies ahead as we continue our journey in the public markets."
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Posted at 03/8/2011 01:00 by hew
Cheap, cheap, cheap! Though happy to be shot of my last few, which are in fact my first few, albeit at a small loss. At least it's a meaningful price, rather than a trivial one, and I did well out of most of my significant holdings over the years. So, through gritted teeth, I'll say Good Luck to the new organisation and those that sail in her. H
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Posted at 28/7/2011 12:08 by topinfo
Nice Guys!!

*DJ Inrix Holdings UK Ltd Offer for ITIS Holdings plc

(END) Dow Jones Newswires

July 28, 2011 07:03 ET (11:03 GMT)

Copyright (c) 2011 Dow Jones & Company, Inc.

TIDMZZZZ

RNS Number : 2745L

Inrix Holdings UK Ltd

28 July 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO

28 July 2011

RECOMMENDED CASH OFFER

for ITIS Holdings plc

by INRIX Holdings UK Ltd (a wholly owned subsidiary of INRIX, Inc)

Summary

-- The Board of ITIS and the Board of INRIX are pleased to announce that agreement has been reached on the terms of a recommended cash offer, to be made by INRIX UK, to acquire the entire issued and to be issued share capital of ITIS.

-- The Offer price is 37.48 pence in cash for each ITIS Share. This represents a premium of:

-- approximately 226 per cent. over the price of 11.5 pence, being the price paid per ITIS share on 6 June 2011, being the most recent transaction in ITIS Shares that the Board of ITIS is aware of as at 27 July 2011; and

-- approximately 210 per cent. over the price of 12.1 pence, being the price paid per ITISShare on 24 January 2011, being the highest price paid per ITIS Share since the cancellation of ITIS Shares from trading on AIM that the Board of ITIS is aware of as at 27 July 2011.

-- The Offer values the entire issued share capital of ITIS at approximately GBP36.9 million.

-- INRIX is a leading provider of accurate real-time, historical and predictive traffic information. INRIX is a privately held corporation based in Seattle in the USA and was founded in July 2004 by former Microsoft executives Bryan Mistele and Craig Chapman. INRIX's mission is to reduce traffic congestion by providing traffic and connected driving services across public sector, automotive, mobile, media, and fleet markets to the world's one billion drivers.

-- INRIX UK is a wholly owned subsidiary of INRIX which was incorporated in the UK for the purpose of making the Offer.

-- It is intended that the business of the ITIS Group will continue substantially as it is at present.

-- The Board of ITIS, who have been so advised by PricewaterhouseCoopers, financial advisers to ITIS, consider the terms of the Offer to be fair and reasonable. In providing such advice, PricewaterhouseCoopers has taken into account the commercial assessments of the Board of ITIS.

-- INRIX UK has received irrevocable undertakings to accept or procure acceptance of the Offer and a letter of intent to accept the Offer in respect of a total of 73,796,320 issued ITIS Shares, and a total of 3,690,001 options over ITIS Shares, which amount, in aggregate, to 77,486,321 issued ITIS Shares, representing, in aggregate, approximately 78.71 per cent. of the issued ordinary share capital of ITIS. The Offer will be conditional, inter alia, upon valid acceptances being received in respect of not less than 90 per cent. (or such lower percentage being not less than 84.60 per cent., as INRIX UK decides) in nominal value of the issued ordinary share capital of ITIS.

-- INRIX UK intends that the Offer Document, setting out the full terms of the Offer, together with the Form of Acceptance, will be posted to ITIS Shareholders as soon as is reasonably practicable and, in any event (unless the Panel permits otherwise), within 28 days after the date of this announcement.

Comments on the Offer

-- Bryan Mistele, Chairman of INRIX, said:

"We are pleased to be announcing today the recommended offer for ITIS by INRIX. We have long admired the business ITIS has built in Europe, and believe combining our companies can take us one step closer to achieving our mission of reducing traffic by providing better information and driver services globally. We are committed to continuing to grow and expand the ITIS business moving forward."

-- Sir Trevor Chinn, Chairman of ITIS Holdings plc, said:

"We are delighted to be announcing today the recommended offer for ITIS by INRIX, which is the culmination of an extensive market testing process and a lot of work by the ITIS management team. The Offer price represents a significant premium to the prices at which the relatively illiquid unlisted ITIS Shares have traded in the period since the delisting from AIM, and gives ITIS Shareholders the opportunity to sell their entire shareholdings in ITIS for cash."

Zeus Capital is acting as financial adviser to INRIX. PricewaterhouseCoopers is acting as financial adviser to ITIS.

Enquiries:

INRIX Holdings UK Ltd

Tel: +1 425 284 3800

Bryan Mistele (Chairman)

Jeff deCillia (CFO)

ITIS Holdings plc

Tel: +44(0)16 1927 3600

Stuart Marks (CEO)

Zeus Capital Limited

Financial adviser to INRIX UK and INRIX

Tel: +44(0)16 1831 1512

Alex Clarkson

Tom Rowley

PricewaterhouseCoopers LLP

Financial adviser to ITIS

Tel: +44(0)20 7583 5000

Neil Sutton

Rob Morgan

Jon Raggett

This summary
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Posted at 22/7/2011 10:56 by biggest bill
Itis Holdings has announced that it has cancelled all of the ordinary shares which were held in treasury. This tidying up of the share structure may mean that a takeover bid is imminent.
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Posted at 26/6/2007 18:00 by russianlinesman
ITH share price fell after TomTom made that acquisition, but only fairly recently tomtom extended their contract with ITH so they must have something tomtom want.

The competition in this market was always the operators, that was what caught Cambridge Positioning. If Vod is in with TomTom, ok because ITH has O2. Would be good to have a Europe-wide deal with O2.

Given how long it has taken to roll out Estimotion in small targets, will be astonished if TT can roll out continent-wide so quickly. They still have the issue of parallel roads, motorways crossing, and other stuff, which require a lot of processing and tailoring.

All that has happened today is TT has signed an MOU with Vod. It is far from the end of the world.
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