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topteam, the circular was only released a few days ago. I guess most investors hold their shares in nominee accounts and the response time of brokers varies. I am not in the UK to receive any correspondance but Barclay's, my broker, allows me to respond online. Not that I plan to by the first deadline. Just to remind investors, this was Cavendish's response at the time of the bid. -------------------------------------------------------------------------------- Ithaca (IAE.TO) investor Cavendish Asset Management said it "strongly urges" shareholders in the North Sea oil producer to reject a $524 million offer from Delek Group (DLEKG.TA) to buy 80 percent of Ithaca's equity it does not already own. "I anticipate lots of potential deals in the future...This acquisition would be relatively cheap, and Delek Group will see good payback in a short space of time," said Paul Mumford, fund manager at Cavendish Asset Management, which has over 13 million shares in Ithaca, or about a 3 percent stake. -------------------------------------------------------------------------------------- I don't anticipate a further response from Cavendish until after the updates from Ithaca due later this month. Londoner7
I hold shares through SIPP and also ISA and contacted IWEB and Bestinvest today and they stated that you have to register interest to use voting rights etc with them for all shares which i did today so i will have to wait and see if i have done this in time. It should be noted that i will not be accepting current offer but wanted ducks in a row should future offer be better.
ignore that i see on the IAE website they were sent out on the 14th. Can you advice if you can take up or not through your broker.
Seems a bit strange that some Holders have had correspondence and others have received nothing.
Hi, there is a lot of misleading information being put out by posters. I have put together my own action plan based on various scenarios but the one that seems to 'put wind up undecided investors' is what happens to the shareholdings of Investors holding shares if Delek declare a successful bid, which is the third of three scenarios I envisage. 3) Delek has achieved the 50% target and the deadline is extended for remaining shareholders to tender their shares (the mandatory minimum extension is 10 days – Delek circular pg32). If this event occurs my broker will inform me of the extension and I will have a minimum period of 10 days to respond. I'm waiting for information from my broker Barclay's on their notice period but I will not be responding to the first deadline 20th April. Londoner7
I just received notification from Share Centre with offer details. Rather ominously, they note that if "sufficient votes are received, it is expected that Ithaca Energy Inc. will delist from trading. If this occurs and the offer closes prior to it being declared compulsory, and you have not accepted the offer, you will then be unable to sell your shares or accept the offer". Can this really happen, or is Share Centre just trying to put the wind up undecided investors?
Why so it is - thanks.
slenderloris, I'd suggest you read the letter more closely. There isn't a deadline today. Today is 20th Mar, not Apr.
I received an email from Ithaca informing me that I would get a letter as will all shareholders with the final offer. I haven't received this yet. I would rather hold onto my shares but am concerned as I do not know what will happen to them if the sale goes through. Can anyone anyone advise please?
Did you receive the offer through the post or via your broker ? i don't seem to have received anything ?
Been incommunicado for the last week and arrived home to the letter of transmittal this morning. Deadline today. Do I need to formally reject or accept? Should I be accepting this offer?
Stake builder in cahoots no doubt.
Looks like somone stake building?
I to have now rejected the offer as it is to low in my opinion.
From 14th March appeared today! Nearly 15 million UK pounds in 4 trades!
Been informed of takeover offer at 1.95 CD - may I be the first to state I have rejected the offer.
Gekko Share Options Info ? From Gekkos post...isn't it interesting that there are share options to Les at a strike price of 2.53 and 2.71...the BOD must have thought the company had alot more value...what was that basis and when? Scammers ? SELLER’S SECURITIES NAME: Les Thomas Number of Securities Exercise Price - Common Shares 224,117 Options 2,000,000 - C$0.55 1,000,000 - C$1.06 1,000,000 - C$2.53 600,000 - C$2.71
Well Guys I'm not tending mine till the last min still holding and waiting If I cashed in where to put it in this casino ? GL to those holding for now.
At least my selling today seems to have generated some chatter here fellas :-) It's personal decision.. I could be wrong (hence keeping a few back). I think the whole thing has been bad work by the involved parties. Great news at FPF1 (after JunctionBoxGate) then a total news blackout. Crikey, at one point it seemed they turned off the transponders on the surrounding vessels...!! I sincerely hope there is an improved offer. North
I hold my hands up I had missed the 10 day extension. I will have to look it up. If correct then this makes a big difference.
"But there isn't a risk of anyone missing out. If Delek reach their 50% level the bid timeline is extended by 10 days so remaining shareholder still have the opportunity to tender their shares if they don't want to be part of a minority holding." Very good point.
Rich73, Good point on the tax year. But doesn't everyone have their investments in an ISA or SIPP? Or is it just me ;-) To be clear, if the tax year is a factor and you want to realise capital gains for this year you should sell in the market on or before 5th April. Tending your shares doesn't count as the bid closes after the end of the tax year. Londoner7
Kejolo, I generally agree with your comments, but the impact smaller shareholders can have is in timing. For example shareholders tending their share today have no advantage over shareholders waiting until the 20th April. I would not expect the larger minority shareholders Artemis, Cavendish, etc. to come out before the updates at the end of March. So if you want to play safe, as you put it, why not hold off tendering until then? But there isn't a risk of anyone missing out. If Delek reach their 50% level the bid timeline is extended by 10 days so remaining shareholder still have the opportunity to tender their shares if they don't want to be part of a minority holding. Don't be frightened by the wording in the circular - it's a deliberate tactic, but understandable, Delek need a large number of small shareholders to tender their shares. Hence the 'health warnings' on every page of the circular. Surprised they didn't add a skull and crossbones! In practice there are always a number of shareholders who are off the radar. If Delek succeed, in time these shares will be mopped up and the accounts credited or cheques sent out. Londoner7
I am still silently sitting and waiting and I am sure there are a lot like me. I don't think we'll get any player noise or movement until the results (23rd?). I am waiting for these and the probable downplay of the situation at Stella, no matter as its expected so no effect. Thereafter all the news is out so time to decide, and you are perfectly correct in that I watching and wanting to see "some declarations of intention from some of the larger shareholders". If that comes, the remaining smaller PIs will rally around it and hopefully force an improved offer. If the institutions don't declare, then I can see at least some selling in the market to protect ones interests and move onto already identified plays. Towards the end of the month to tax deadline will be critical.
My problem with this deal is that I think all small investors (however you define that) and some not so small will be tempted to tender their shares for sale even if they don't want the deal to go ahead. That way if it does not go ahead they have lost nothing and if it does they will sell their shares and have no fear of the company being delisted and them having a difficult time selling. Unfortunately if enough people do this the deal will succeed! For the deal to fail shareholders will have to "Vote" for want of a better word on merit and not think about covering their own back "just in case". I think when push comes to shove they will hope everyone else does it for them and take a "safe" option themselves. My guess is Delek and the board know this and is why certain wording is used in the offer documentation. They are trying to deal on fear and human nature to get the lowest price. If the market really thought this company was worth a lot more then why has the share price not risen beyond the offer? That would then make the deal an inevitable failure. For me there has to be some momentum generated so that people don't take that "safe" option. An oil price rise would do that and so would some declarations of intention from some of the larger shareholders.