I3 Energy Share Chat (I3E)

GTE announced a 50% Farm-out of a portion of the Simonette Montney assets for 52 million canadian dollars with Logan Energy!

I hope Majid is suitably ashamed.

Possibly right

No-one did as there were too many electing for that option:

https://www.lse.co.uk/rns/I3E/result-of-elections-under-the-mix-match-facility-p68a8lszzcprwuj.html

Finally got some cash.

Opted for maximum cash, but only got the basic plus shares.

Has any of you got all cash?

Https://www.grantierra.com/news/gran-tierra-energy-inc-announces-exploration-success-in-ecuador-and-strategic-joint-venture-transaction-and-partnership-to-accelerate-value-in-high-impact-canadian-montney-oil-play-with-logan-energy/

TSX is open today so will see if any further improvement there later.

Trading closed on the US exchange yesterday at $6.77, which is equivalent to £5.35.

I am being quoted to sell my shares listed in the UK for £5.06. Market maker is cleaning up, that's for sure.

Somethings happening, prices improving on all three markets.

Note US is closed tomorrow and also Friday afternoon (at 6pm GMT) for Thanksgiving.

The GTE shares held through Fidelity are actually held on the New York stock exchange which I wasn’t expecting.

Haven’t sold either. Exciting prospects in South America and natural gas price improving which is great for the former I3E assets.

This might have worked in your favour.

I got a quote of 4.55 to sell my shares a few weeks ago. As of right now (November 27th 2024), I am now being quoted an improved 4.92 to sell.

Personally I haven't sold any, I think they are undervalued at this price.

I've also received nothing yet.i'm with Barclays who are often slow reimbursing me with items like this.

Still have not received anything.

No cash, no shares.

Anyone on the same situation?

Likewise complete now with HL, thus ending my brief flirtation with I3E. Hoping for better things elsewhere. @conrad02 I sold mine entirely at the first available opportunity, didn't feel the need to wait and see what happened. GTE is not a stock I would have invested in independently, so in that circumstance I'd just get out at any price.

Yes, HL have now completed everything this morning, live and learn, 5 years ago I thought i3 looked a good inv. and should have been, just cashed in at a 43% loss

SDM received the Dividend on Wedsnesday, the remaining payment yesterday.

tabhair as a matter of interest, having opted for total cash, I received the correct remttance for div and main payment plus an amount for the scaled backed GTE shares, not received. That amounts to £6.65/share, which is OK

Have two lines of Gran Tierra Energy now .

USA ones cheaper now at $6.21 not much in that today, but they did fall to $6.1 on 15th November .

Posted on 17/10/24 16.52pm post below, buying company shares are at a low so bought some in Gran Tierra Energy Inc for $6.23.

Money and small amount of Grand Tierra ( GTE ) shares in today.

From below .

10.43p in cash and one new Gran Tierra share for every 207 i3 Energy shares held.

I see I sold just one on 18th October 2024. ( 12.84p ) must of been a part of order .

Sharecast News) - Gran Tierra Energy has agreed to acquire i3 Energy, it was announced on Tuesday morning, in a cash and share deal worth £174.1m.

The deal, which would be implemented through a court-sanctioned scheme of arrangement, would see Gran Tierra acquiring the entire issued and to-be-issued share capital of the AIM-traded i3 Energy.

Under the terms of the acquisition, i3 Energy shareholders would receive 10.43p in cash and one new Gran Tierra share for every 207 i3 Energy shares held.

Additionally, shareholders would receive a 0.2565p dividend per share, bringing the total value of the offer to 13.92p per i3 Energy share, representing a 49% premium to the share price as of 16 August.

The acquisition would result in i3 Energy shareholders owning up to 16.5% of the combined entity, which would have significant oil and gas production assets across Canada, Colombia, and Ecuador, with a diversified portfolio that enhances capital allocation and investor access.

It was expected to be completed in the fourth quarter, subject to regulatory approvals and shareholder votes.

The i3 Energy board unanimously recommended the offer, citing the strategic benefits and enhanced financial position the merger would bring to both companies.

"We believe that the acquisition presents an exceptional opportunity for i3 Energy's shareholders," said i3 chief executive officer Majid Shafiq.

"The acquisition represents the culmination of a thorough process to realise the maximum value available for shareholders and offers significant upside potential; it expedites the realisation of fair value, with a cash premium and incremental upside through continued ownership in the combined group, without necessitating additional capital investment, time, or operational risk.

"This business combination will significantly enhance scale, thereby improving capacity to drive growth, production, and cash flows for the benefit of all shareholders and local stakeholders."

Gran Tierra said that, with a strong balance sheet and focus on high-quality assets, the acquisition was a significant step in its strategy to increase scale and relevance in the international energy market.

"We are thrilled to announce this acquisition, which marks a significant milestone in diversifying our portfolio while strengthening our asset base," said Gran Tierra president and chief executive officer Gary Guidry.

"By integrating these high-quality, operated assets, including low-decline production, large resources in place and a substantial land base, we are not only enhancing our asset base but also aligning with our long-term strategic vision.

"We are excited to welcome the talented Canadian team to our company, as their expertise and dedication will be invaluable in driving our continued success."

At 0850 BST, shares in i3 Energy were up 26.48% at 12.11p.

The last time I bought these was on 11th January 2023 at 21.4p and posted that here on that date .

I managed to sell just one on Friday 18th just gone for 12.84p.

I am going for the default option of share sale offer and a few of GTS shares as did not fully understand the other to options and how they might work as appear to be reliant on others in mix and match .

I bought some GTS Shares on 17th October for $.23.

mariog poster below hints I might end up with two different lines of stock .( as given shares might be on London )

That might be handy as could buy LSE ones in ISA ( no longer want usa shares in the ISA as the dealing charge and any dividends not clear )

Have had look at other USA energy stocks ( the top ten performers ,GST not among them )

Selected 3 or 4 as GTC buys .

A couple more unable to set as my offer to far away from today's price .

New GTS shares will be listed in London

So i have now have shares in GTE which have gone down around 23% since offer, what is everyone`s feeling, keep or sell?

Ii credited shares to my account 2 weeks ago, credited the Dividend yesterday. They (Ii) have stated the main payment is expected today.

Your'e experiences are a good advert for Halifax!!!

Ref Halifax, that's shambolic, the shares should have been credited ages ago, the deadline for that was the 1st November I think?

Same here with Halifax, can still see my old I3E shares with the valuation blanked out but no sign of cash or shares from GTE.

Had a look this morning on Halifax and cant see Jack...no shares no cash payment and no dividend!!

Yeah, with the complete disconnect shown in the results of the mix & match elections I too thought there would be more selling but off to a slow start. I wonder if the initial positive reaction to GTE Q3 results on 4th Nov has maybe got folk thinking they might hold off for a recovery and higher rate? It's drifted back since then though and if sentiment turns then there could still be a sell off; the spread not really encouraging much buying.

Payed into my Ii account this morning.

Check your accounts

Not helped by the fact that the mix and match RNS contained a typo - 270 shares instead of 207 at the end - but I got credited with the correct number of shares by HL. NB it will be the registrar doing this, not your broker. I wouldn't be holding out for a statement, you should do your own calculations, and if it's not what you expect, be prepared to explain why to your broker, if you want them to investigate.

Result from the Mix & Match (31st Oct RNS) if you requested all cash, after scaling back: “In respect of Scheme Shares for which a valid Election has been made for more cash, Scheme Shareholders will receive 10.536460 pence in cash per Scheme Share and 0.004672 of a new Gran Tierra share per Scheme Share.”

You then need to round down the total shares due to the nearest whole number as any fraction of a GTE share in the above calc would likely be lost as below £5 in value, the amount lost being retained by GTE (per Scheme Doc).

For the cash settlement: “In each case settlement of consideration will occur as soon as practicable and in any event not later than 14 days after the date of this announcement, being 14 November 2024.”

It is possible that ii help desk read that and then stated the 14th as fact rather than deadline (they have previous with that kind of thing). If Fidelity have credited the cash element to accounts on Friday then other Brokers should have received the cash already as well, just need to get it reconciled and paid out.

Dividend payment date is “by 13 November” so Wednesday latest.

Tony, with respect there is disparity as until a statement is issued the allocation of shares and cash cannot be validated.

The information so far received does not equate to the scheme details as approved by the Court.

A statement is fundamental for proper evaluation.

The point being you said there was a disparity - there’s no disparity. I’m sure you will get a statement but you should be able to calculate yourself from the informations already released.

The point being, I3e shareholders should get a statement to confirm how the cash/shares allocation has been arranged.

That is exactly what I have asked Ii.

Thanks @jun_man

@callit they are all the same class of share, it's just that they are capable of being traded on multiple exchanges. It depends on where your broker is able to trade. They may only be able to trade on the LSE (though I'd be surprised if this were the case); or they may choose only to trade on the LSE because it's cheaper for them. They should be able to tell you the venue (and best price available) if you call them.

Separately, I'm now assuming that they are waiting for the dividend to be paid before crediting accounts with the cash, as I'm still not in receipt of funds.

"@IBB_Invest Former $ITE investors. Do not sell your new $GTE shares. Gran Tierra are going bananas drilling out those extensive i3 lands. This is the development program that i3 investors prayed for before the acquisition. "

https://www.grantierra.com/news/gran-tierra-energy-inc-reports-third-quarter-2024-results-and-announces-its-sixth-consecutive-ecuador-oil-discovery-from-the-charapa-b7-well/

Acquisition of i3 Energy

On October 31, 2024, Gran Tierra completed its acquisition of i3 Energy. Gran Tierra is integrating the Canadian operations and are forecasting an active Q4 2024, including drilling 19 gross wells (8.4 net), targeting each of its core operating areas in Central AB, Simonette, Clearwater and Wapiti.

The Company drilled 2 gross (2 net) horizontal Dunvegan oil wells at Simonette. These high-impact 2-mile wells are currently being stimulated and are expected to be brought on stream in late November. With success, Gran Tierra can drill 2 additional Dunvegan development wells in 2025.

Clearwater activity commenced in mid-October with the Company’s first operated Clearwater multilateral well at Dawson (100% working interest). The 8-leg multilateral horizontal well (11,870 m of total lateral length) was a follow-up to the Company’s initial 6-leg (7,500 m of total lateral length) discovery at Dawson. The 8-leg well follow-up multilateral was located structurally up-dip of the discovery well and encountered high quality reservoir throughout while drilling. The well will be placed on production imminently as the rig has skidded to and spud the third Clearwater well from the same pad. The Company has been working to secure multiple pad sites at East Dawson to facilitate future expansion of the field, upon further operational success. Following these two wells the rig will move to Walrus and drill 2 prospective Falher sands.

In addition to the operated capital program, Gran Tierra plans to participate in 10 gross (1.67 net) non-operated partner horizontal wells across its land base.

In connection with i3 Energy acquisition closing on October 31, 2024, the Company amended and restated the existing revolving credit facility agreement of i3 Energy Canada Ltd. (“i3 Energy Canada”) with National Bank of Canada dated March 22, 2024. As a result of the amendment and restatement, among other things, the borrowing base was revised to C$100.0 million (US$74.1 million) with available commitment of a C$50.0 million (US$37.0 million) revolving credit facility comprised of C$35.0 million (US$25.9 million) syndicated facility and C$15.0 million (US$11.1 million) of operating facility. Subject to the next borrowing base redetermination which will occur on or before June 30, 2025, the revolving credit facility is available until October 31, 2025 with a repayment date of October 31, 2026, which may be extended by further periods of up to 364 days, subject to lender approval. The facility is undrawn.

I have the GTE shares showing in my trading account.

Are these LSE shares?

Is it possible to buy more of them on LSE rather then the US ones?

So for info I sold my holding at US$6.75 over the phone with HL, which was £5.08 per share net of expenses

You could be right, Jmort, activity picking up this morning and Bids going through in the 480s now. 422 yesterday didn't last long and was lifted just after a few USD trades appeared again.

https://www.lse.co.uk/ShareTrades.html?shareprice=GTE&share=Gran-Tierra

Volumes still low though, if the market gets swamped over a couple of days it may have to fall short term, but being helped by the upward response to GTE update on Monday.

A couple of thoughts, not sure if correct:

1) Any disparity between GTE on LSE and NYSE should disappear with arbitrageurs stepping in to exploit the difference.

2) Some people have commented that the GTE price will drop heavily when the former I3E shareholders sell their new GTE shares. However, if point one above is true and the fact that I3E shareholders only acquired 13% of GTE through the acquisition, I'm thinking the drop may not be as big as some expect.

Any comments would be appreciated.

Second small GBP trade now gone through and immediately dropped the Bid to 422. Quoted 525 to buy small amounts.

Looks like at least one broker maybe now crediting accounts, or paper certificates have been received?

If selling for the 450, be interested to know what the deal value in real terms ended up. An all cash offer at 13p would have been better route.

First GBP trade on GTE for several weeks has just gone through at 451.50p. Spread was 500-520 until last Friday but the Bid dropped to 450 on Monday, likely in anticipation of folk offloading when their broker gets round to allocating the new shares. US/TSX equivalents are around 495p after FX.

No sign of GTE shares or cash?

Https://www.investing.com/news/stock-market-news/earnings-call-gran-tierra-reports-growth-and-diversification-post-i3-energy-acquisition-93CH-3700996

I just got this from my broker, Thoughts

SCHEME OF ARRANGEMENT

The Company have announced the Max Cash Option has been oversubscribed under the Scheme of Arrangement.

Therefore, the consideration received by holders who elected for the Max Cash Consideration via the Mix and Match Facility

has been scaled back pursuant to the terms and conditions of the Offer.

Further to your Max Cash Election, your account will shortly be credited with the resultant New Gran Tierra Common Shares.

The Cash proceeds will be posted to your account as soon as they have been received from the Company Registrar. There

is potential for a short delay while we await the Cash proceeds from the Company Registrar.

Tony, thanks for all the information and analysis you've posted here and on the ADVFN site. It's been much appreciated.

All, good luck and hope to see you on the GTE discussion.

Not sure about that jun_nan, no trades today.

Shares and money deadline is 14 days but it should be a lot quicker. It does depend in part on how quickly your broker moves as well. The shares have been admitted to trading, but that's not tied to whether or not your allocation is available for you to transact on. As of trading today, the total number of shares in issue for GTE (which are all tradable across the various exchanges) includes the shares issued to complete the I3E acquisition.

If 44% of new holders want to sell (implied by the mix and match elections) the GTE share price could be in for a hard time in the short term, let's see.

The GTE shares were supposed to be admitted to trading at 8.00am today - but of this no sign.

Agreed that it read very weirdly. It certainly suggested something outside the expected course of the acquisition.

I’ve had another RNS come up on my feed from GTE that seems to explain what is going to happen

SCHEME OF ARRANGEMENT BECOMES EFFECTIVE

On 19 August 2024, the boards of directors of i3 Energy and Gran Tierra announced that they had reached agreement on the terms of a recommended and final cash and share acquisition of the entire issued, and to be issued, share capital of i3 Energy (the "Acquisition"). The Acquisition is being implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.

i3 Energy published a circular in relation to the Scheme dated 29 August 2024 (the "Scheme Document").

On 29 October 2024, i3 Energy announced that the Court had sanctioned the Scheme at the Sanction Hearing held on 29 October 2024.

i3 Energy and Gran Tierra are pleased to announce that, following delivery of the Court Order to the Registrar of Companies and satisfaction or waiver of all of the conditions set out in the Scheme Document, the Scheme has now become Effective in accordance with its terms and, pursuant to the Scheme, the entire issued and to be issued share capital of i3 Energy is now owned by Gran Tierra.

Consideration

A Scheme Shareholder on the register of members of i3 Energy at the Scheme Record Time, being 6.00 p.m. on 30 October 2024, will be entitled to receive one New Gran Tierra Share per every 207 i3 Energy Shares held and 10.43 pence cash per i3 Energy Share subject to any adjustments to such consideration resulting from valid Elections made under the Mix and Match Facility. For Scheme Shareholders holding Scheme Shares in certificated form, settlement of the consideration will be effected by electronic payment or (for those Scheme Shareholders who have not set up an electronic payment mandate) by the despatch of cheques. For Scheme Shareholders holding Scheme Shares in uncertificated form, settlement of consideration will be effected by the crediting of CREST or CDS accounts, as applicable. In each case settlement of consideration will occur as soon as practicable and in any event not later than 14 days after the date of this announcement, being 14 November 2024.

Further to the announcement on 7 October 2024, i3 Energy confirms that, the Scheme having become Effective, the Acquisition Dividend totalling £3,084,278 will be paid as follows:

Dividend:

0.2565 pence / i3 Energy Share

Record Date:

6.00 p.m. on 30 October 2024

Payment date:

by 13 November 2024

i3 Energy admission to listing on AIM

An application was made for the suspension of admission to trading in i3 Energy Shares on the London Stock Exchange's AIM Market ("AIM") and such suspension has taken effect from 7.30 a.m. today. The cancellation of the admission to trading of the i3 Energy Shares on AIM has been applied for and is expected to take place by 8.00 a.m. on 1 November 2024. The delisting of the i3 Energy Shares on the Toronto Stock Exchange has been applied for and is

It's the standard wording issued by the stock exchange for this kind of activity, but yes it looks weird given what else is going on. The announcement it refers to was issued immediately after that by GTE, via Global Newswire, that confirms what we already expected from the previous timetable:

"An application was made for the suspension of admission to trading in i3 Energy Shares on the London Stock Exchange's AIM Market ("AIM") and such suspension has taken effect from 7.30 a.m. today. The cancellation of the admission to trading of the i3 Energy Shares on AIM has been applied for and is expected to take place by 8.00 a.m. on 1 November 2024. The delisting of the i3 Energy Shares on the Toronto Stock Exchange has been applied for and is expected to take place at the close of markets on 1 November 2024."

So the cancellation part is still in the "applied for" stage as far as the stock exchange is concerned, therefore "temporary suspension" until complete tomorrow.

A strangely worded RNS given the circumstances. The suspension part was expected around now plus or minus a few days, but "temporarily suspended pending an announcement" ?

Thoughts anyone ?

Yes, the timetable has the 11th or thereabouts as the deadline by which it needs to be done, but hopefully it's done on Friday ("on or soon after 8.00 a.m. on the date of Admission [1st November] but not later than 14 days after the Effective Date").

On my ii account, the corporate action announcement was saying, the new shares and cash payment date is 11th November.

So may have to wait a little longer than Friday.

GLA

Apropos of nothing, we're now in the final days and we should know the result of the mix and match later this week.

Court meeting is in 25 minutes; last day of trading for I3E shares is tomorrow (trading suspended at 6pm UK time); effective date is Thursday and Mix & Match announcement expected on Friday (I assume 7am); and we'll get our new GTE shares later on Friday.

My broker added a note that I cannot sell and the shares i submitted are now locked.

OK I checked the rns - revised timelines are last day of dealing is 30th Oct - so I can still sell now, or on 01st Nov get the GTE shares and cash. with the divi on 13th Nov. (In case anyone else is wondering)

Hey guys, I have a small holding across mine and my wife's accounts. I realise I have missed the deadline (got a letter late(ish) from Jarvis, but also I simply didnt have the time. I now go down the route of defaul shares and cash. Anyone know when this get's executed in terms of a date and when I can expect the funds and the GTE shares? (I3E shares are still showing in my account)?

"Question 2, the allocation is limited to what other parties do. If people wanted all cash, they would be required to take their pro rata amount of GTE shares. Both the cash component and share component are fixed pools. If people wanted more shares, they would leave more cash in the pool for others to take."

This is the response from GTE clarifying how the mix and match will work - basically as stated in the scheme of arrangement and as suggested by "mix and match". For anyone hoping like me that GTE might provide more cash to fund the "all cash" option - they are not.

Morning Tony , you may be correct and it will be interesting to see how it pans out . It would be wise of GTE to factor in their SP movement affecting the likelihood of going all cash and having enough to cover it but if they cant it will go back to default option so its win win for them.

Just placed my election for all cash - it will be interesting to see what if any additional cash investors will get - as I've said previously - I cannot see how it will work.

Election closed for me on Friday (Ajbell) and they have now removed them from my account so I can not trade them anyway. Like you gone all cash.

I don't see how the mix and match will work if its strictly mix and match - in short GTE shares were $8.66 when the scheme of arrangement was published - they're now about $6.30 - so you can elect to go all cash and get paid $8.66 for your GTE share shares or opt for more shares but pay $8.66 per share when the're worth only $6.30. Who on earth is going to pay $8.66 for GTE shares that you can currently buy on the market for $6.30 ?

Good news is that if your with Hargreaves Lansdown - you have until midday Monday to decide. The only sensible options in my opinion is to opt for all cash although I cannot see how your going to get anymore cash or sell out before i3e stop trading. I think the current SP (12.8p) reflects what the market think would will end up getting if you take the default option and sell your GTE shares at the current SP (about $6.30)

Some big buy`s today inc. a 50K would anyone like to speculate why? thanks

Just received a call back from Barclays. FWIW, this is how it works with that them.

I'm told that whatever option I choose, I must do so by close today. If I do nothing, the default option of a mix of shares and cash will apply. Today will be the last day of trading in I3E shares on the Barclays platform.

The message I got from HL is that the mix and max option closes on the 21st. I'm clarifying whether it is close of business on monday the 21st or close of business today.

Does anyone happen to know ?

Once you make a mix-and-match choice with the Halifax the shares actually disappear from your account so you can't sell them.

"If you opted for any option and deadline was today then you cannot sell your holding until record day". Thank you mariog, that's what I wanted to know.

And as the record deadline is 6pm on Weds 30/11 and the shares suspended 7.30am on Thurs 31/10, it means that if I opt for any option today, I've committed myself and therefore can't subsequently trade the shares. Thus, if i do nothing today (i.e. take the default option), I'll be able to trade my I3E shares next week but if I pick an option like all-cash or all-shares today then I'm stuck.

If you opted for any option and deadline was today then you cannot sell your holding until record day. Confirmed by my broker and this condition was attached to the election.

This is what Halifax are offering me, tbh I've no idea which one to opt for.

Acquisition by Gran Tierra Energy Inc.

Under the terms of the Acquisition, each i3 Energy Plc (i3) shareholder will receive 10.43 pence and 1 New Gran Tierra Energy Inc (GTE) Ordinary share for every 207 Existing i3 Ordinary shares held (Default).

Under the Mix and Match Facility, i3 shareholders may elect for the following:

Option 2: All Share option.

Option 3: All Cash option.

If you Elect for Options 2 or 3, your election maybe be subject to scaling back according to the instructions from the Company.

Thanks Tony.

JMort,

Your calculations look approximately correct - however, there are a couple of things you are not taking into account:

1) Exchange rate - I've seen on other US listed shares that i've held with HL in the past - exchange rates have not been particularly competitive which have eaten into gains

2) Dealing costs / buy sell spreads - the buy /sell spreads are typically far higher on foreign shares than UK AIM or FTSE listed shares which again eat into your gains.

In short - the break even price you have calculated is almost certainly higher than what you have calculated based on the the assumptions made.

Am I correct in thinking the following would be the break even point for option 1 (the standard mix of cash + shares) based on the current share prices of GTE ($6.26) and I3E (12.80p):

If GTE were $5.68 = £4.36, this would give you £4.36 / 207 = 2.11p per I3E share.

Therefore one I3E share = 10.43p + .2565p + 2.11 = £12.80

So GTE needs to drop by around 9.25% from the current value of $6.26 to $5.68 before you get the same as the current I3E price of 12.8p, and therefore no better than selling your I3E shares now.

Thanks in advance for any thoughts.

N.B this assumes no US withholding tax applies on the dividend portion which I'm not sure is the case. If this does apply then need to deduct 15% from the dividend amount (or 30% if you haven't completed your W-8BEN form).

Fidelity states that "Gran Tierra Energy, Inc. is treated as a U.S. corporation for all purposes under the Section 7874 of The Internal Revenue Code. Therefore, dividends and corporate actions from the Company may be subject to US withholding taxes..."

Does this mean the dividend portion of the acquisition of 0.2565 pence per i3E share will be subject to US withholding taxes?

I assume you are referring to the GTE trades? See my posts on 2nd October at 12:02 first and then 21:11 (currently on page 6 here).

Can anyone explain why all the trades on the LSE seem to be 'off market'. The price also seems to be too high but would be in GBP not USD. Any idea?

Looks like Fidelity (at least within a SIPP) isn't giving us the option to make any election. They will just take the given cash/shares ratio and then sell the Gran Tierra shares received (god knows what price will be available). Very average

I haven't had it from Fidelity. However, I have had it from Halifax! Surprising since they never offered the ability to vote on the takeover.

Same - I've had nothing yet from fidelity

Has everyone received their invitation from their ISA / SIPP etc providers to elect the the ratio of cash and shares they want to take yet? I hold with Fidelity and have not heard anything from them yet.

Sharesahoy,

I think GTE shares might do quite well also - the shares appear cheap and I think the a acquisition of I3E increases the appeal.

I will look at the forms sent by my broker again (HL) to make sure I’m not missing something - but my initial reaction is that what you are proposing does not make sense. If you like GTE - take the cash and the 1 share for every 207 shares of I3E and then use the cash to buy GTE on the open market - as prices stand now you would end up with more shares of GTE. That could change depending on how GTE shares change between now and when the deal completes.

If you are that confident in GTE you could even sell I3E now and buy GTE and you are likely to end up with more shares than the mix and match option.

Would recommend you look at it again and try to make the best decision.

@tony,right, upon receiving forms for instruction from Jarvis, and reading all the attached information regarding the proposed takeover etc., I know I am ignorant in a lot of it but I am going to go for 100% get shares. I must correct myself in thinking they were short of cash and therefore an equity raise would be forthcoming but upon reading all this I feel that they will do extremely nicely, especially with the acquisition of I3e. Good luck to you and thank you for the years of knowledge that you have provided so generously.

...thanks Tony for reply (y)

Serif,

“So why do you think funds are still buying at the current price….”

Simples - So I don’t know what funds in particular you are referring to but in general the SP is about 12.5p and the offer at the current GTE share price is worth about 13.1p with the ability to trade for at least another couple of weeks.

I believe also there is still time for a competing bid although I’m not sure it’s likely.

Hello Tony, well I got an e-mail off ‘Wall street trader’ and looking at their risk ratio etc. it just didn’t look too good.