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Make a ton of dough and a ton of love on your journey's!!
This was a decent board.
First bought Ithaca back in 2009 it was my first ever share on the AIM it has been very kind to me over the years. It's a real shame to see one of the better one's go.
why is the sp £!.12 ? is this due to the exchange rate?
Almost £1.10p per share..pity exchange rate didn't go other way 😯 as £1.30p more agreeable to me
I had 900 shares left which I sold earlier today - not waiting for Delek to finally buy me out. Have put that modest amount into MRS, in which I was already invested. Good Luck All
Extract from today`s RNS ," Ithaca`s goal is to generate sustainable long term shareholder value by building a highly profitable 25k bopd north sea gas company." Talk about rubbing salt into our wounds, the proof reader should be sacked along with the board. Still got my shares but for how long?
I don't know if this qualifies as an answer to your question but I tested the water in London and Toronto on Thursday evening, finger hovered over the buy button in London half an hour before close (was offered 88 pence) and in Toronto as late as 3:30 PM local time (TSE closes hard at 4 PM), I was offered $1.60 with a poor exchange rate. Decided I would buy first thing Friday in London and avoid the hassle! A poster commented on Thurday evening "The question to ask yourself is if it was that simple would the share be this price". Well, the market doesn't always know what's going on, this is not the first time the market has been bafflingly, slow to realise what was happening. The traders don't always get it right. Nobody should have been selling in the $1,50s after we knew Delek had 94.2% (per the RNS). I got the satisfaction of being dead right in my thinking but too cautious.
Thanks londoner, Well my broker has nothing for me in my account unfortunately. I was going to hold, but the missus convinced me to tender on the last day as I would have been gutted to get trapped in IAE when there's other opps out there. She had a point, but Im still gutted IAE is sold :-(
Did anyone get onboard before the boat sailed? What's that old saying-"if it looks too good...."-not always apparently!
"it's been an honor flying with you." https://www.youtube.com/watch?v=YMj6us9BHNk
I did londoner7. Sincerely, thank you for you very supportive posts all along that bumpy road... Good luck to all
Mosttyn, If you are referring to those that tendered under the mandatory extension then the funds should be with your broker today or Monday latest. Considering the timing of this update from Delek I'd guess the funds have already been tranferred. I sold in the market on the day Delek announced success but I know my broker (Barclays) took a week to pay out. Londoner7
The delisting is a dead cert. Minority shareholders are now in a similar position to their position under the mandatory extension, except the timing of the $1.95 payment is still an unknown. Again, unless you want to play the FX you can sell in the market - unless of course you want to be ejected from the room by the scruf of your neck :-) Congrats to anyone that bought in the recent 80-85p range. While the $1.95 was a likely outcome I felt the timing might be nearer 180 days out. Interesting, to see we can continue to follow the progress of Stella while the senior notese are still outstanding, albeit without any skin in the game. Let's see if they can achieve Stella ramp up before June 2019 ;-) Londoner7
When do we actuslly get the cash?
= £1.11 at this present moment in time, so why £1.07?
Now at £1.08, is this a dead cert? Delisting? Any ideas anyone?
The question to ask yourself is if it was that simple would the share be this price.
Hi All , sold up at 112 , always did good with this share even when it went to 2.00 , had hoped to keep it to pay for daughters wedding , ,, if I buy at this low price now , would the Dalek still pay 116 ? And would it take a long time to be paid back . Thanks for any help
Thank you for sharing your excellent/intelligent observations based on facts KeithR39. I did not want this takeover. I sold 50% of my holding in the market to reduce my risk. I held 50% in the hope my fellow shareholders would reject the offer. I still hold 50% and plan to be a bl**dy difficult minority shareholder but i believe i will be compulsory purchased before that opportunity arises :) Bean
As per my math, delek has up to mid july to exercise the forced sell at $1.95 to the remaining shareholders and close the file: from Delek's circular, page 59, section 13: "If within 120 days after the date of the Offer, the Offer is accepted by holders who in the aggregate hold not less than 90% of the issued and outstanding Common Shares (...) the Offeror may, at its option, acquire those Common Shares which remain outstanding held by those persons who did not accept the Offer on the same terms as the Common Shares acquired under the Offer pursuant to the provisions of Part 16 of the ABCA (a “Compulsory Acquisition”). " A copy of the circular is available on SEDAR website: http://www.sedar.com/FindCompanyDocuments.do All in my personal opinion
Conditions for a delisting not likely to be met imo. It's easier for delek to apply their right to a forced sell at $1.95 once they get 90% shares in hands. Here are the conditions for a delisting: "The rules and regulations of the TSX and AIM establish certain criteria which, if not met, could lead to the cessation of trading and delisting of the Common Shares from the TSX and/or AIM. According to the TSX Company Manual, the Common Shares may be involuntarily delisted if (i) the market value of the freely-tradable, publicly held Common Shares is less than $2,000,000 over any period of 30 consecutive trading days, (ii) the number of freelytradable, publicly held Common Shares is less than 500,000; or (iii) the number of public security holders, each holding a board lot or more, is less than 150 in each case exclusive of holdings of officers and directors of Ithaca and persons who own or control, directly or indirectly, 10% or more of the Common Shares(...)Furthermore, Ithaca may apply to have the Common Shares voluntarily delisted from the TSX, in which case section 720 of the TSX Company Manual may, subject to TSX discretion, require minority shareholder approval..." from delek's circular, which you can find on SEDAR website: http://www.sedar.com/FindCompanyDocuments.do
Or they can let those holding shares to wallow - not make a further offer and eventually delist the company. Good luck with your bet. The best play both before the first deadline and after was to sell into the market. With oil prices now low you could have used the IAE funds to buy better companies at a much lower cost.