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Sorry supposed to be tender not get!
As a matter of interest, did you get your shares to Delek?
It is now. Still in shock as to how a takeover can happen of a company with no premium which is where we have ended up! Very sad to see it end this way - I was excited for the future and having been involved for a long time, felt I understood the company well. Maybe Delek had a similar view - I would love to buy the company for this price. We shall see what happens to Stella and the other assets and in the fullness of time, we shall see whether we were robbed by a board who seemed to represent us for a time at least. I am cynical about the way the markets work now - if the board had done a proper defence job with an advisor, we would have got a better deal. But then it was not in their interest to do so. There has been collusion between Delek and the board to effect this deal and the shareholders through fear or apathy have rolled over. It is a shame the main institutions do not want the publicity and at the end of the day do not really care when they have so many companies in their huge funds that they have not got the time to focus on any one individual. Hence we end up with a way to get a company on the cheap if the board can see it in their best interest to support a low ball offer. Maybe a class action law suit next.... Farewell folks and caveat emptor in future!
Also SQZ directors have links with BP board so expect acquisitions from SQZ to be with BP assets
AAOG workovers start in a week of two production wells with a drill to follow low market cap low risk and low free float
I cashed in (sold) my shares in IAE last Monday with TD for 112.75p. The sale did not go through immediatly, but I was told it was "Pending". Oh gosh I thought, but in a minute or two later it was confirmed (executed). I had not responded to the action required notice. I rember a year or so ago (with Darty) I had accepted the offer, and subsequently tried to Sell, which I couldn't do. TD told me on the phone this was because I had accepted the offer, and would have to await the payout (which I eventually got).
Thanks Maverick I will take a look
Have a look at SQZ, for the following reasons: - low amount of shares in issue - producing asset generating $3m+ every month - looking at making additional acquisitions with its cash pile - exploration interests - no debt Just some of the reasons, I topped up on SQZ after selling out here a while back
Can I ask which broker this was?
Spoke with them again this afternoon. Apparently, the shares were held in a nominee account and the majority of holders (by number of shares) had agreed to tender. On a majority rules basis, they tendered all shares. Maybe my ignorance of how nominee accounts work but still seems odd. As I said in my earlier post I had decided to sell anyway but baffled how they can act in this way without at least telling me. They had written to me about the offer and if I wanted to tender I had to positively respond which I didn't. I'm not convinced the people I spoke with really knew what had happened as I was told a different story this afternoon. Not out of pocket but will probably seek a written explanation.
mbrown55, they can't tender your shares without your agreement. Your broker service is way wrong. The stock is still trading, the bid is $1.94 on the canadian side. We will know the results on may 4th. At this date, if they reach 90%, they will be able to trigger a forced sell. Everything is documented with references on my previous posts. Just from my own research...
107?? lmao....move on folks
I agree... can't be right otherwise trading would have ceased, yet almost 1 million shares traded today already. At the moment IAE is sell 108.00 buy 108.25
They really must be applauded for totally sh@fting shareholders, particularly UK holders. At least Dick Turpin wore a mask! Thought 1.20 was pathetic? Try 1.07.... that's actually a negative premium now isn't it ?
Can't be right. Brokers aren't allowed to tender your shares without your permission. There has been no notification of it going unconditional. DELEK would need 90% for that I think. Interesting to see what other posters think as this is just my opinion
My first post here but have read with interest all the comments over the past few years. Have been a relatively long term small holder with my first purchases being at the £1.50p level. With everything that has been going on I finally made a decision this morning to sell. When I went to do this through my on-line account the sale was blocked. When I spoke to the broker they had already tendered my shares (and everyone elses they held) as they had been told by the company that the offer was now unconditional and they had to as Delek had reached the required holding! Whilst financially I am not out of pocket as I had made my decision to sell there is something seriously wrong happening here. I asked why there was a 10 day extension if there was no option. The person I spoke to did not know why and merely stated that the company had said the conditions had been met and they had to be tendered.
Quite unbelievable... for those holding in GBP how the FX rate has just suddenly moved so significantly against us. Given that Delek will be paying in a foreign currency, the deal keeps getting cheaper for them. We are now at nil premium. A fully recommended take over of a solid company at no premium because a) the board just rolled over and exploited their conflict of interest and b) the exchange rate moved against the majority of shareholders through no fault of their own. If you tendered your shares at £1.20 then see the measly premium wiped out, what a sad situation. Who is representing "all shareholders" here. As the management are in effect buyers, they must be laughing all the way to the bank.
Thanks North Been looking at AST recently and it looks good haven't heard about echo so will take a look. I'm really disappointed that the Delek deal went through I was expecting a decent rise in the next few months
My profit here went into Echo Energy You choose though, AST could come good too if they ever get the permit. IMO DYOR
Ive decided to cash my measly amount in, and look for other low cost shares.......any suggestions to look for ??
hi, here is my personal view: 1- my understanding is that when you give the order to your your broker to deposit, they accumulate te name and deposit at the end of the extended period. The shares are not deposited before the end, so you can tell them you changed your mind, imo. 2- the line you highlight may apply once the offer is closed, imo. A little lower you can see: "Shares validly deposited in acceptance of the Offer may be properly withdrawn by or on behalf of the depositing Shareholder: (a) at any time before the Common Shares have been taken up by the Offeror under the Offer; (b) if the Common Shares have not been paid for by the Offeror within three business days (as defined under applicable Canadian securities Laws) after having been taken up; " they will pay after the extended period is closed, in my opinion...
KeithR39 ... It would appear to me that, except for special circumstances, then it IS too late. The first line states :- "Except as otherwise stated in this Section 7 or as otherwise required by applicable Laws, all deposits of Common Shares under the Offer are irrevocable."
they can trigger a forced sell, at the same terms as the offer. See delek's circular, page 59, section 13: http://www.ithacaenergy.com/sites/default/files/uploads/takeover_offer/20170314-delek-takeover-bid-circular.pdf
Not too late to withdraw your deposited shares. See delek's circular, page 34, section 7: http://www.ithacaenergy.com/sites/default/files/uploads/takeover_offer/20170314-delek-takeover-bid-circular.pdf
Just got off the phone to my broker and he says its normally couple of day not a couple of weeks and that i only have until tomorrow morning to decided