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A lot of buying seems to be going on at the moment. Sit tight and wait for events to unfold! We may be very pleasantly surprised. At least the Ithaca bid (miserable though it is) is giving a measure of protection against falling oil prices
The stated timetable: "Further information on the status of Stella field operations will be provided when the Company issues its 2016 Financial Results in late March 2017."
and IAE yet again will potentially benefit.
Three weeks since first hydrocarbons........ are we to get some updated flows here?
I've been fortunate enough to have held shares in companies where the BoD have recommended an offer for the business only for them to change their mind when a better offer comes along. There is no need for a prospective bidder to rush; nothing will likely happen this side of the issue of Delek's document. The major shareholders will bide their time until the deadline to accept or reject the Delek offer arrives. I'm going to wait and see what happens....
Transaction Process & Timeline Further details regarding the terms and conditions of the Offer, as provided for in the Agreement, and the process for tendering shares will be set out in a takeover bid circular, which is to be mailed to shareholders prior to 31 March 2017. The tendering process will remain open for a period of at least 35 days following commencement of the Offer.
"Resolve" is my middle name! The shares are not going down; not exactly win, win, but as good as it gets for the time being.
and maybe weaken the resolve of some longterm investors ... but not me for all it is worth
Before the 31st March is the only date reference we have at the moment - almost certainly by design. It is a limbo that serves nobody except Delek and the board.
What date are the actual offer documents to be supplied?
I don't disagree with you wwt but one's investment is also a representation of one's degree of trust in the boards actions and 'recommendations' and that is what has gone for me. Despite the potential under the ground, which is there, there are far too many questions I am asking myself about the timing, the jb's 'issue's that took forever to resolve, weirdly. Why is this formal offer taking so long? Too little info and too much scope for them to take the p##s. Are the board cutting and running FH1? Seems not. Maybe I've just become a cynical old sod!
Lets see the offer document however am disappointed in the boards desire to cut and run here.
What the 'board' recommends and what the share holders decide are two different things. Regardless of the boards actions IAE remains a solid investment which the majority of investors will not relinquish without acquiring fair value. Let us see the offer document and see how this plays out. Far more upward potential to come if it goes how I expect it to. My risk, but based upon limited downside.
I'm not a"running around looking for a quick return" type of investor but the board recommending an offer at this price and at this time has made me re-evaluate their quality. That is what had made me decide to turn my back... and yes we're all down today :-( You wouldn't expect me to have deposited it with a bank now would you!?
We have yet to see the offer document so I can't see a counter offer coming prior to that, but what is a few weeks if this either goes to £1.20 or as I suspect is thrown out unless a more sensible upwardly revised offer is made. IAEs situation has not changed materially since the offer and as such all the enthusiasm regarding its true potential holds up. If we can see that so can others with deeper pockets. I am holding fast as the risk related to IAE is low. Running around looking for a quick return often is not a lucrative as hanging on to quality.
To the end some people have no staying power each to there own HUR down today most of the market by the look's of it ,Keep the day job.
Decided the lack of all sense of transparency by this co. no longer deserved my investment so I bid it farewell last week. I thought other offers may appear but if they were to have made some noises I would have expected it by now but alas no. I moved it to add to my significant HUR position and got a nice uptick just to make up for the fact couldn't even get 1.20 on IAE which was making me all the more bitter. Good luck all continuing to hang on here and I may find I wished I'd done the same but you make your bed etc,etc. Cheers.
good post BlooBird, some of us still keeping an eye on this board, still have shares
This board has died since the take over so here is something to read! http://www.telegraph.co.uk/business/2017/03/03/north-sea-oil-projects-dogged-delay-third-budget-warns-regulator/ If it wasn't for all the delays, I think Ithaca would be quite a bit higher now.
"The formal “take-over bid” requirements are triggered when the securities subject to a bid combined with the securities owned by the bidder constitute 20% or more of the outstanding securities of any class." http://www.mcmillan.ca/files/Overview_take-over_bids_in_Canada_c4.pdf
I think thats right. They could end up with the same 20% they started with. Thats why they will up the offer to get to at least their minimum requirement of 60%. Anyone have any idea why it is taking so long to get the formal offer out and this process under way? Really looks like they rushed the press release out before they were ready to get in before first oil. Being an insider and with all the delays, you would have thought this was going to be easy for them. What are they up to?
they are limited to 20%, already there, that's why they have to go through actual bid to all shareholders... just my opinion among others
Is Delek entitled to purchase Ithaca shares in the market without hindrance up to the bid price?
Is Delek entitled to purchase Ithaca shares in the market without hindrance up to the bid price?
Shenanigans of AIM I expect.