Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Goings on BT
Thanks foresight & rollononsummer. I do hope that our BoD get the recognition they truly deserve. Disgraceful conduct IMO.
As foresight stated don't have to do anything hold sell in the market or transfer them to delek but that's what they hope you will do TRANSFER THEM not me .
The way it works is that you have tender your shares to Delek by April 20th and by that time they need to receive 50% of the remaining shares they don't own. So you do not need to do anything. By not tendering your shares in effect it becomes a no vote. If Delek do not get the 50% then they can increase the offer. If they get the 50% or more they can extend for another 10 days to mop up any more who do not then want to be part of a Delek controlled entity. A complete take over is off the table unless they increase the offer. None of the main shareholders have come out in support so it is just the retail holders that are taking profits after a good run. So the arb funds will be buying up at £1.14 hoping to sell into the offer at £1.20. If this fails, then they will lose out as the price will be back to £1. But then time to hang in for oil price and production to push the shares up to £2 by year end.
Please can someone help me understand WTF is going on? I've been waiting to see details of Delek's offer and emailed my management company for an update, only to receive the following statement: "At present it doesn't appear that the Offer is subject to shareholder approval. If there is a meeting that you can vote at, details will be included in the correspondence sent to you." I'm aware of the negative sentiments towards our BoD (which I share) however I did not anticipate that I'd have zero opportunity to register my opposition to this (derisory) bid. Can anyone offer a rational explanation how this is allowed? Who is supporting the bid apart from our so-called BoD and Delek? Many thanks in anticipation
We need to start to see Event Driven funds turning up on the share register to increase the chance of an improvement in price from Delek. None so far, but maybe they are under 3%.
Well, £1.35 would be an improvement, and one which many might find acceptable even if still disappointing. I suppose Delek will win in the end, - it's a case of getting as much as possible out of them.
I can see Delek raising the offer to get past the 50% they need and then being the controlling g shareholder. I doubt they will go high enough to clear all the institutions that want £1.50. So a revised offer at£1.35 gets them where they want to be for now. Then they can mop up the rest next year at £2+ without having paid top whack
A deal at the offer price might be seen as dead but do you see Delek walking away without making a revised offer. I wouldn't see that as the likely outcome.
To fill his own pockets no doubt! Pathetic POFS
no 1.13.... maybe the market already senses this is a dead deal and we will soon be back at £1 before rebuilding the business and getting on with the day job!
FX rate has worked against us and now CAD1.95 is equal to £1.16. This is a 7% premium on the day - laughable. At this rate there will be no premium and we will still be being told this is a great deal for all shareholders. The board has really made some fundamental mistakes here - the timing of the offer, the premium, the pricing in CAD when the institutions are in GBP. This should be an MBA class in how not to execute M&A
The reason they need to drum up support is because they know there is a good chance the deal will fail and if it does, so do they. Les is fighting for his job and reputation. Att he current price we are virtually getting no premium. The low price may reflect views that this deal will fail and there will be a drop in the share price. I would not buy now but will when we are back to £1 and then look for it to climb to £1.5 under new management later in the year. Ithaca is in a good position to grow through buying assets from the majors - lets see the pain of the past 3 years be turned to our advantage.
As Crow on the Stockhouse board has pointed out C$1.95 currently equates to 116.8p. So that is what tendering your shares will get you, assuming the pound doesn't fall further when Brexit talks start.,not the measly £1.20 they were originally peddling. At this rate we will end up with a negative bid premium! The recent results were very positive which makes the bid appear even more like daylight robbery.
If and when thus deal fails, shareholders should kick Les Thomas off the board due to no confidence. He is clearly not acting in all shareholders best interests and some could argue he is an agent for Delek. Definite conflict of interests going on and a lack of integrity. He needs bto go.
The message on website is what I am basing my decision on not selling at this offer price. Ithaca’s strategy is centred on generating sustainable long term shareholder value?
What's in it for Les, you have to ask yourself?
The other thing I find odd is that Les Thomas/ 'Ithaca' are running round trying to drum up support for this bid. As things stand LT is still supposed to represent all the shareholders of Ithaca, not just Delek. If there is any persuasion or negotiation to be done let Delek do it themselves!
What is clear is that meetings with Cavendish and Artemis were held and LT failed to persuade them of the merits of the offer. Can't see what a second meeting will achieve unless it is along the lines of 'how much will it take to change your mind?'. Strange we have heard nothing from the other big institutional holders, unless they are letting Cavendish and Artemis do the talking.
I'm sticking too. Can't believe the bigger holders will capitulate. Delek and BoD have played this long and are not being very straight IMO but ii's will know the score and react accordingly to get a proper offer.
Agree Londoner - there are more major shareholders for sure who will reject it. I found Les to be patronising - having to make sure we understood that $1 means $1 - repeating in case you did not understand it the first time... Also there was a value of $2.36 - that is £1.44 the same as the GMP valuation in January. Why are we not getting that as an offer? That is the upside and if we wait then that is what we might get later. I am sticking.
monkey_spank, thanks for the link, I have a different interpretation of the interview, but I guess it depends which side of the fence you are sitting. What is clear from the interview is that Ithaca have spoken to the two people (as Les put it who happen to represent 6% of the shares) who came out against the offer and will be speaking to them again. So we know that Cavendish and Artemis are not yet offering their shares. He describes them as being in the minority, which makes me wonder why he is talking to them again if it's a done deal, Les is also misleading in his comment that only investors who tender their shares will receive the cash offer and therefore must be proactive in offering their shares. Wrong! Investors can safely ignore the first deadline. If Delek succeed then there will be a mandatory extension (minimum 10 days) for other investors to tender if they do not want to be minority investors. I'm encouraged by this interview to holdout with the 'two guys' speaking for 6%. Why didn't Les name the investors who support his position? Londoner7
Sounds like they are going to get the votes. Les makes reference to Cavendish and Artimus as being in the minority and that IAE management will be having another talk with them now that the circular is in shareholders hands. Below is a link to the interview http://www.bnn.ca/video/ithaca-s-deep-water-output-up-as-management-supports-buyout-offer~1084919
The UK phone link was late (dead at 11:58), I missed the opening remarks, and the webcast link was added to site some 20 minutes late. My key takeouts from the call: Stella production based on 2 'heavily chocked wells' looks very encouraging. If I interpret the numbers correctly, 1,700 barrels oil per day average and 10 MMscf/d gas then the oil to gas ratio is considerably higher than the nominal 50:50 ratio used to date. These numbers represent a 90:10 ratio. I do not expect that to be the plateau ratio but I've argued before that if the First Energy estimate uses 50:50it is a significant undervaluation of Stella cash flows. In Q&A, BMO asked a couple of good questions: First, on possible additions to the field portfolio around the Stella hub. Les dodged this with a long winded reference to the development of 'internal' assets before finally coming round to what he knew was the point of the question. He used the priority of paying down debt to suggest near hub acquisitions are not on the agenda. Nonsense! If Stella production rates and oil ratios are above nominal forecasts then the cash would be available for acquisitions. This will definitely be on Delek's agenda. Second, on analysts' expectations of 2P upgrades to Stella. Les ignored this completely, unless he was attempting to address it in his long winded answer to the first question, but I heard nothing on 2P Stella reserves. I was peeved by the closing remarks on no questions from the phones. It wasn't an option to me. Good job they are in the oil business and not IT. Londoner7
I have the same read foresight, no technical glitches, just a slower ramp up, curiously...