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The "against" voters will cheer - that's 2.58m "For" votes eliminated. I did my best to promote the deal, and still think it'll get over the line, but a failed deal would generate huge uncertainty and potentially devistate the SP (I believe). I agree with comments below, the RNS promoting the deal (IMO) suggests the vote is close. I can normally take the pressure and sleep at night, but not this time. Taken the 12p+ (20% profit) and running in a safe direction. I'm keeping 50% dry powder in case of a general market crash.

If you guys get a second bidder - I'll toast the lot of you at my local.

I wanted to be transparent and wish you luck whatever you choose to do. I also note that the bid was up on the close, so my selling has had a +ve effect??

Why not?

Go with the flow - the future ain’t fixed, why should our opinions be?

Concerning changing your vote, you need to get in touch with your broker in writing and explain your change. Easy to do.

P Milton selling could indicate lots of things. Perhaps GTE shares simply don’t fit their portfolio?

I wonder how many I3 shares GTE own now?

GTE successfully commenced and completed the fund-raise for the cash component of the I3e deal over the last week or so. GTE and I3e are using Proxymity to administer the vote, so they know the current status of the voting in real-time, including proxy votes ( see Proxymity website). Some punters, representing a few % of the company, have voted ‘no’; not sure how widespread the revolt has been. Some have voted no and sold out, so their vote won’t count. There are three weeks to go, so many more may sell before the record date.

There are also retail shareholders voting yes to the deal. If the deal fails it could be catastrophic for the SP of I3e following the Proactive ‘warts and all’ interview with Majid. Some are holding out for a rival bid, but nothing yet.

Meanwhile the temptation of selling above 12p and ploughing into Serica to make back dividends and lost capital has been too much for some.

I say the deal carries - certainly hope so.

Oh I’m not planning on making GTE my life. But after the TO I can foresee a 20-40% pop up once the dust settles. If that happens then I’ll ride the trend obvs.

Yes, well the debt needs to be dealt with overtime. I don’t see the additional shares from i3 deal being a problem. This isn’t dilution, the company is just much bigger. I think you will also have to add in the greater diversity across three countries, including Canada now which makes the company far more investable. In my opinion, the shares will recover probably sooner than most people imagine. Put it this way I wouldn’t like to be short in the new enlarged company. But there’s a lot of uncertainty At the moment until the vote is out of the way.

Rehauer

Yes, please can you post up-dates when you have time.

I note that GTE were up significantly yesterday.

Yeah, also looking at SQZ for a small punt (perhaps).

Now is not the right time though, way too much froth and FOMO.

HBR is more interesting once it flattens out; and both have a nice divi. Again, not yet though... not yet.

There is a UK listing in £ so no problem.

Folk will tell you how illiquid GTE is in the UK, but it'll be far less so after the acquisition.

bp

reflecting back i meant to say "glacial growth or dividend cuts".

suffice to say, one or other or both have to give.

your question "what am i missing here?"

i don't know! how about seeing the macro gas price as just 'one' factor that might affect growth? maybe reflect on our aim market listing (aim being close to all time lows whereas the ftse 100 is near to all time highs)? maybe consider how happy you would be with a divi cut (perhaps to zero)? maybe reflect on the motivation of the directors to continue the day job effectively and efficiently if the deal fails? maybe reflect on the very real possibility of a us debt default or recession? maybe reflect on all the political instability in the world, including trudeau waining popularity and some of the climate nutters clammering to take over? maybe consider how attractive labour's punitive taxes on o&g are to international investors looking to park their cash? maybe watch ms's proactive interview again without earmuffs? maybe consider how good it would be to leave all this behind with a wad of cash and shares in gte, who have the critical mass and gravitas to drill the **** out of simonitte at pace?

i don't know????

imo dyor

All company directors try to put a positive spin on their business. Brokers too in their research citing lofty valuations and forecasts. If this doesn’t happen, the shareprice plummets on the AIM market. Indeed just a scintilla of bad news (even good news) can cause AIM to mark share prices down. As an efficient market, AIM is useless IMO.

You are all lamenting that I3e didn’t say something sooner; well imagine what would have happened if MS has put out the Proactive interview before the GTE deal announcement; perhaps adding that I3e was looking for a buyer. The reality of a company that can either provide income or growth but probably not both. Where would that have left the SP? 5p would be my guess.

… and we’d be looking at firesale prices for the TO.

You want that?

For me it’s GTE and thank you very much.

IMO DYOR

Hello JMort

I voted via an email weeks ago. Suggest you get in touch.

Fairdealer

I3E are (allegedly) communicating with shareholders as "members" perhaps - You do understand that owning stock means that you own part of the company. If you want exposure to I3e without membership, buy a derivative from City Index.

Consequently you seem to be contradicting yourself by saying the company hasn't been transparent enough and then complaining about the company's (alleged) attempts to be 'transparent' by delivering information consistently via multiple communications.

As for being informed about early negotions relating to a merger or takeover, this is inside information. It was outside information on the 20th August when I3e announced a 'possible' offer from GTE under Rule 2.4 of the City Code.

The shareprice rose accordingly on the 20th August suggesting there was no leak of information. In my book that's good corporate governance.

I believe the court meeting (7th Oct) is to ensure that the voting process has been conducted fairly and transparently. This may include the representativeness of the voting; and the transparancy and consistency of engagement with investors by the company. For example, I3E have communicated with shareholders via their website, RNS's and a video interview (GTE will also be releasing a video). If individual 'members' are also being contacted to provide information and to listen to their feedback, I imagine this will also play well at the court meeting.

It's worth noting that they are using a relatively new company called Proymity for the vote. If you look at the website they say:

"Proxymity is the leading digital investor communications platform. We connect issuers, intermediaries and investors in real time via our unique digital pathway, providing transparency, efficiency and accuracy throughout the ecosystem."

https://www.proxymity.io/about-us/

As far as I'm aware they can provide stakeholder companies with a realtime voting status drawing on digital data from participants across the globe - it's impressive stuff. Proxymity 'may' be behind the phone calls - I don't know - but recommend folk are cautious with any unsolicitated calls just in case.

I note that some people were dissappointed that MS read pre-written answers to questions in the Proactive interview. However, MS had to do this. It's important that information concerning the bid is released consistently across essential media and formats. He had to read the answers to ensure this happened.

All in my humble opinion, DYOR

ISAman

GTE increased their offer twice before the announcement according to MS this morning. I’m sure that’s why they state no further increase in the Scheme. If the vote fails they may consult with any II voting no; but more likely will walk away. I’d love them to provide a better offer, but I also want the deal. So I say stop playing games and progress with the GTE/ I3 combo.

Humble opinion of course.

I3 Prospects

Glacial growth and dividend cuts. Still on the broken AIM market - so undervalued and forgotten.

Bottom draw stuff.

With GTE, growth would be significantly quicker and their SP is primed to recover strongly.

It’s got scam written all over it.

Companies aren’t going to contact you and I don’t believe they’re short of yes votes. If anything they just want more people voting to get a representative sample to satisfy the court process. I imagine someone has had their email hacked ( maybe the receiver).

Tony

If the market had been informed about the auction, the shareprice would have precluded any deal being done.

My queries are:

1/ If companies were contacting I3 for m&a, how come the deal is so lowball? Surely demand was from the buyer not seller.

2/ If GTE was the best deal and was raised twice before the announcement, what exactly were the others offering - green shield stamps?

3LB

Lots of things I don’t trust.

1/ I don’t see I3 being able to progress Simonette without at divi cut, perhaps completely.

2/ I don’t trust AIM markets to fairly value I3 moving forwards, even with good news.

3/ I don’t see the Trans Mountain Pipeline delivering the LNG uplift it was promising, never did.

In the absence of competitive offer, it’s GTE and thank you very much.